<SEC-DOCUMENT>0001104659-20-040106.txt : 20200330
<SEC-HEADER>0001104659-20-040106.hdr.sgml : 20200330
<ACCEPTANCE-DATETIME>20200330114951
ACCESSION NUMBER:		0001104659-20-040106
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20200330
FILED AS OF DATE:		20200330
DATE AS OF CHANGE:		20200330

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Grupo Supervielle S.A.
		CENTRAL INDEX KEY:			0001517399
		STANDARD INDUSTRIAL CLASSIFICATION:	COMMERCIAL BANKS, NEC [6029]
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-37777
		FILM NUMBER:		20755132

	BUSINESS ADDRESS:	
		STREET 1:		Bartolome Mitre 434, 5th Gloor
		STREET 2:		C1036AAH
		CITY:			Buenos Aires
		STATE:			C1
		ZIP:			00000
		BUSINESS PHONE:		54-11-4340-3100

	MAIL ADDRESS:	
		STREET 1:		Bartolome Mitre 434, 5th Gloor
		STREET 2:		C1036AAH
		CITY:			Buenos Aires
		STATE:			C1
		ZIP:			00000
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>tm2013224d2_6k.htm
<DESCRIPTION>FORM 6-K
<TEXT>
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<P STYLE="font: bold 1pt Book Antiqua,serif; margin: 0; text-align: left">&nbsp;</P>

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<!-- Field: Rule-Page --><DIV STYLE="margin-top: 1pt; margin-bottom: 1pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 18pt Times New Roman,serif; margin: 4pt 0 0; text-align: center"><B>UNITED STATES </B></P>

<P STYLE="font: 18pt Times New Roman,serif; margin: 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><B>Washington, D.C. 20549 </B></P>

<P STYLE="font: bold 10pt Book Antiqua,serif; margin-top: 0; margin-bottom: 0; text-align: center">_________________</P>

<P STYLE="font: 18pt Times New Roman,serif; margin: 12pt 0 0; text-align: center"><B>FORM 6-K </B></P>

<P STYLE="font: bold 10pt Book Antiqua,serif; margin-top: 0; margin-bottom: 0; text-align: center">_________________</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0.25in 0 0; text-align: center"><B>Report of Foreign Issuer </B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><B>Pursuant to Rule 13a-16 or 15d-16 </B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><B>under the Securities Exchange Act of 1934 </B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 12pt 0 0; text-align: center"><B>For the month of March, 2020 </B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 12pt 0 0; text-align: center"><B>Commission File Number: 001-37777 </B></P>

<P STYLE="font: bold 10pt Book Antiqua,serif; margin-top: 0; margin-bottom: 0; text-align: center">_________________</P>

<P STYLE="font: 24pt Times New Roman,serif; margin: 12pt 0 0; text-align: center"><B>GRUPO SUPERVIELLE S.A. </B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center">(Exact name of registrant as specified in its charter)</P>

<P STYLE="font: 24pt Times New Roman,serif; margin: 0; text-align: center"><B>SUPERVIELLE GROUP S.A. </B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center">(Translation of registrant&rsquo;s name into English)</P>

<P STYLE="font: bold 10pt Book Antiqua,serif; margin-top: 0; margin-bottom: 0; text-align: center">_________________</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 12pt 0 0; text-align: center"><B>Bartolom&eacute; Mitre 434, 5th Floor </B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><B>C1036AAH Buenos Aires </B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><B>Republic of Argentina </B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center">(Address of principal executive offices)</P>

<P STYLE="font: bold 10pt Book Antiqua,serif; margin-top: 0; margin-bottom: 0; text-align: center">_________________</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 12pt 0 0; text-align: justify">Indicate by check mark whether the registrant
files or will file annual reports under cover of Form 20-F or Form 40-F:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 12pt 0 0; text-align: center">Form 20-F&nbsp;&nbsp;&#9746;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Form
40-F&nbsp;&nbsp;&#9744;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 12pt 0 0; text-align: justify">Indicate by check mark if the registrant is
submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 12pt 0 0; text-align: center">Yes&nbsp;&nbsp;&#9744;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
No&nbsp;&nbsp;&#9746;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 12pt 0 0; text-align: justify">Indicate by check mark if the registrant is
submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 12pt 0 0; text-align: center">Yes&nbsp;&nbsp;&#9744;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
No&nbsp;&nbsp;&#9746;</P>

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<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>Explanatory Note</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">All figures presented throughout this document
are expressed in Argentine pesos (AR$) and all financial information has been prepared in accordance with the valuation and disclosure
criteria set forth by the Argentine Central Bank, which differ in certain material aspects from IFRS as issued by the IASB.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">For the Grupo Supervielle 20-F filed with
the SEC on May 10, 2019 financial statements should be prepared in accordance with IFRS, as issued by the IASB, or in accordance
with US GAAP or provide a reconciliation with US GAAP. As the Argentine Central Bank is in a convergence plan towards the application
of IFRS for entities under its supervision, Grupo Supervielle S.A. prepared its financial statements included in its SEC annual
report in accordance with IFRS, as issued by the IASB.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">The abovementioned convergence plan, effective
for fiscal years beginning on or after January 1, 2018, has two exceptions to the application of IFRS: (i) item 5.5 (Impairment)
of IFRS 9 &ldquo;Financial Instruments&rdquo;, and (ii) IAS 29 &ldquo;Financial Reporting in Hyperinflationary Economies&rdquo;,
both of which were waived until January 1, 2020, at which time entities will be required to apply the provisions of IFRS in full.</P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0; text-align: left">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><B>GRUPO SUPERVIELLE S.A. </B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0.25in 0 0; text-align: center">TABLE OF CONTENTS</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 6%; border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 8pt"><B>Item</B></FONT></TD>
    <TD STYLE="width: 94%; padding-left: 0.1in; font: 10pt Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: center">1.</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; padding-left: 5.85pt"><FONT STYLE="font-family: inherit,serif">Financial Statements for the financial year ended on December 31, 2019, presented on comparative basis.</FONT></TD></TR>
</TABLE>
<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>


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<P STYLE="font: 10pt Book Antiqua,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Book Antiqua,serif; margin: 0"><IMG SRC="gruposupervielle.jpg" ALT="" STYLE="width: 2in">&nbsp;</P>

<P STYLE="font: 10pt Book Antiqua,serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0 0 0 106.35pt; text-align: left; text-indent: -7.1pt">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0 0 0 106.35pt; text-align: left; text-indent: -7.1pt">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0; text-align: left">Consolidated Financial Statements</P>

<P STYLE="font: bold 10pt Book Antiqua,serif; margin: 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">For the financial year
ended on</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">December 31, 2019, presented
on comparative basis</FONT></P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0 0 0 106.35pt; text-align: center; text-indent: -7.1pt">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0 0 0 106.35pt; text-align: center; text-indent: -7.1pt">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0 0 0 106.35pt; text-align: center; text-indent: -7.1pt">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0 0 0 106.35pt; text-align: center; text-indent: -7.1pt">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0 0 0 106.35pt; text-align: left; text-indent: -7.1pt">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0 0 0 106.35pt; text-align: left; text-indent: -7.1pt">&nbsp;</P>

<P STYLE="font: bold 9pt Times New Roman,serif; margin: 0; text-align: left">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><IMG SRC="gruposupervielle.jpg" ALT="" STYLE="width: 2in"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Contents</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
<TR STYLE="text-align: left; vertical-align: bottom; font: 8pt Times New Roman">
    <TD STYLE="width: 90%; text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><B><A HREF="#cf1">CONSOLIDATED STATEMENT OF CASH FLOWS</A></B></TD>
    <TD STYLE="width: 10%; text-align: right; padding-top: 0in; padding-bottom: 0pt"><B><A HREF="#cf1">9</A></B></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 8pt Times New Roman">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><B><A HREF="#cf2">CONSOLIDATED STATEMENT OF CASH FLOWS</A></B></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><B><A HREF="#cf2">10</A></B></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 8pt Times New Roman">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><B><A HREF="#n1">1.&nbsp;&nbsp;&nbsp;BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES</A></B></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><B><A HREF="#n1">11</A></B></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 8pt Times New Roman">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><B><A HREF="#n2">2.&nbsp;&nbsp;&nbsp;SEGMENT REPORTING</A></B></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><B><A HREF="#n2">37</A></B></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 8pt Times New Roman">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><B><A HREF="#n5">5.&nbsp;&nbsp;&nbsp;FAIR VALUES</A></B></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><B><A HREF="#n5">43</A></B></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 8pt Times New Roman">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><B><A HREF="#n9">9.&nbsp;&nbsp;&nbsp;RELATED PARTY TRANSACTIONS</A></B></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><B><A HREF="#n9">48</A></B></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 8pt Times New Roman">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><B><A HREF="#n10">10.&nbsp;&nbsp;&nbsp;LEASES</A></B></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><B><A HREF="#n10">49</A></B></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 8pt Times New Roman">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><B><A HREF="#n11">11.&nbsp;&nbsp;&nbsp;COMPOSITION OF THE MAIN ITEMS OF THE CONSOLIDATED FINANCIAL STATEMENT AND COMPREHENSIVE INCOME</A></B></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><B><A HREF="#n11">51</A></B></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 8pt Times New Roman">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><B><A HREF="#n12">12.&nbsp;&nbsp;&nbsp;DIVIDENDS</A></B></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><B><A HREF="#n12">55</A></B></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 8pt Times New Roman">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><B><A HREF="#n14">14.&nbsp;&nbsp;&nbsp;INSURANCE</A></B></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><B><A HREF="#n14">55</A></B></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 8pt Times New Roman">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><B><A HREF="#n16">16.&nbsp;&nbsp;&nbsp;ADDITIONAL INFORMATION REQUIRED BY THE BCRA</A></B></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><B><A HREF="#n16">57</A></B></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 8pt Times New Roman">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><B><A HREF="#n17">17.&nbsp;&nbsp;&nbsp;CONTRACT AS A FINANCIAL AGENT BY THE PROVINCE OF SAN LUIS</A></B></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><B><A HREF="#n17">62</A></B></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 8pt Times New Roman">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><B><A HREF="#n18">18.&nbsp;&nbsp;&nbsp;FINANCIAL RISK FACTORS</A></B></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><B><A HREF="#n18">63</A></B></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 8pt Times New Roman">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><B><A HREF="#n21">21.&nbsp;&nbsp;&nbsp;COMPENSACI&Oacute;N DE INSTRUMENTOS FINANCIEROS</A></B></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><B><A HREF="#n21">72</A></B></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 8pt Times New Roman">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><B><A HREF="#n23">23.&nbsp;&nbsp;&nbsp;ECONOMIC CONTEXT IN WHICH THE GROUP OPERATES</A></B></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><B><A HREF="#n23">73</A></B></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 8pt Times New Roman">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><B><A HREF="#schedA">SCHEDULE A - DEBT SECURITIES AT FAIR VALUE THROUGH PROFIT OR LOSS, OTHER DEBT SECURITIES, EQUITY INSTRUMENTS</A></B></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><B><A HREF="#schedA">76</A></B></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 8pt Times New Roman">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><B><A HREF="#schedB1">SCHEDULE B &ndash; CLASSIFICATION OF LOANS AND OTHER FINANCING CREDIT ACCORDING TO STATUS AND COLLATERAL RECEIVED</A></B></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><B><A HREF="#schedB1">77</A></B></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 8pt Times New Roman">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><B><A HREF="#schedB2">SCHEDULE B &ndash; CLASSIFICATION OF LOANS AND OTHER FINANCING CREDIT ACCORDING TO STATUS AND COLLATERAL RECEIVED</A></B></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><B><A HREF="#schedB2">78</A></B></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 8pt Times New Roman">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><B><A HREF="#schedC">SCHEDULE C - CONCENTRATION OF LOANS AND OTHER FINANCING</A></B></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><B><A HREF="#schedC">79</A></B></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 8pt Times New Roman">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><B><A HREF="#schedD">SCHEDULE D &ndash; BREAKDOWN OF TOTAL LOANS AND OTHER FINANCING</A></B></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><B><A HREF="#schedD">79</A></B></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 8pt Times New Roman">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><B><A HREF="#schedF1">SCHEDULE F - PROPERTY, PLANT AND EQUIPMENT</A></B></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><B><A HREF="#schedF1">80</A></B></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 8pt Times New Roman">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><B><A HREF="#schedF2">SCHEDULE F - INVESTMENT PROPERTIES</A></B></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><B><A HREF="#schedF2">80</A></B></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 8pt Times New Roman">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><B><A HREF="#schedG">SCHEDULE G - INTANGIBLE ASSETS</A></B></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><B><A HREF="#schedG">81</A></B></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 8pt Times New Roman">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><B><A HREF="#schedH">SCHEDULE H &ndash; CONCENTRATION OF DEPOSITS</A></B></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><B><A HREF="#schedH">81</A></B></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 8pt Times New Roman">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><B><A HREF="#schedI">SCHEDULE I &ndash; BREAKDOWN OF FINANCIAL LIABILITIES FROM REMAINING TERMS</A></B></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><B><A HREF="#schedI">82</A></B></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 8pt Times New Roman">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><B><A HREF="#schedL">SCHEDULE L - ASSETS AND LIABILITIES IN FOREIGN CURRENCY</A></B></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><B><A HREF="#schedL">83</A></B></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 8pt Times New Roman">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><B><A HREF="#schedR">SCHEDULE R &ndash; LOAN LOSS RISK PROVISIONS</A></B></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><B><A HREF="#schedR">84</A></B></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 8pt Times New Roman">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><B><A HREF="#separateSOCI">Separte Statement Of Comprehensive Income</A></B></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><B><A HREF="#separateSOCI">89</A></B></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 8pt Times New Roman">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><B><A HREF="#separateCF">Separate Statement of Cash Flow</A></B></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><B><A HREF="#separateCF">91</A></B></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 8pt Times New Roman">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><B><A HREF="#sn1">1.&nbsp;&nbsp;&nbsp;ACCOUNTING STANDARDS AND BASIS OF PREPARATION OF THE UNAUDITED SEPARATE&nbsp; FINANCIAL STATEMENTS</A></B></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><B><A HREF="#sn1">92</A></B></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 8pt Times New Roman">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><B><A HREF="#sn2">2.&nbsp;&nbsp;&nbsp;FINANCIAL INSTRUMENTS</A></B></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><B><A HREF="#sn2">100</A></B></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 8pt Times New Roman">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><B><A HREF="#sn3">3.&nbsp;&nbsp;&nbsp;FAIR VALUES</A></B></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><B><A HREF="#sn3">100</A></B></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 8pt Times New Roman">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><B><A HREF="#sn4">4.&nbsp;&nbsp;&nbsp;PROPERTY, PLANT AND EQUIPMENT</A></B></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><B><A HREF="#sn4">102</A></B></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 8pt Times New Roman">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><B><A HREF="#sn5">5.&nbsp;&nbsp;&nbsp;INTANGIBLE ASSETS</A></B></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><B><A HREF="#sn5">102</A></B></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 8pt Times New Roman">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><B><A HREF="#sn6">6.&nbsp;&nbsp;&nbsp;INVESTMENT IN SUBSIDIARIES AND ASSOCIATES</A></B></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><B><A HREF="#sn6">103</A></B></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 8pt Times New Roman">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><B><A HREF="#sn7">7.&nbsp;&nbsp;&nbsp;COMPOSITION OF THE MAIN ITEMS OF THE SEPARATE STATEMENT OF FINANCIAL POSITION ANDSEPARATED STATEMENT OF COMPREHENSIVE INCOME:</A></B></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><B><A HREF="#sn7">104</A></B></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 8pt Times New Roman">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><B><A HREF="#sn8">8.&nbsp;&nbsp;&nbsp;RESTRICTED ASSETS</A></B></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><B><A HREF="#sn8">105</A></B></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 8pt Times New Roman">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><B><A HREF="#sn9">9.&nbsp;&nbsp;&nbsp;COMPANIES UNDER SECT. 33 OF CORPORATE LAW AND OTHER RELATED COMPANIES</A></B></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><B><A HREF="#sn9">105</A></B></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 8pt Times New Roman">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><B><A HREF="#sn11">11.&nbsp;&nbsp;&nbsp;LOAN AND DEBT ESTIMATED TERMS</A></B></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><B><A HREF="#sn11">110</A></B></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 8pt Times New Roman">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><B><A HREF="#sn12">12.&nbsp;&nbsp;&nbsp;CAPITAL STOCK</A></B></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><B><A HREF="#sn12">111</A></B></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 8pt Times New Roman">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><B><A HREF="#sn13">13.&nbsp;&nbsp;&nbsp;ECONOMIC CONTEXT IN WHICH THE GROUP OPERATES</A></B></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><B><A HREF="#sn13">111</A></B></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 8pt Times New Roman">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><B><A HREF="#sn15">15.&nbsp;&nbsp;&nbsp;SUBSEQUENT EVENTS</A></B></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><B><A HREF="#sn15">111</A></B></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 8pt Times New Roman">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><B><A HREF="#sschedA">SCHEDULE A &ndash; OTHER DEBT SECURITIES</A></B></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><B><A HREF="#sschedA">112</A></B></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 8pt Times New Roman">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><B><A HREF="#sschedL">SCHEDULE L &ndash; ASSETS AND LIABILITIES IN FOREIGN CURRENCY</A></B></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><B><A HREF="#sschedL">112</A></B></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 8pt Times New Roman">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><B><A HREF="#addinfo">Additional Information pursuant to Art, 12, Chapter III, Title IV of standards issued by the National Securities Commission</A></B></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><B><A HREF="#addinfo">113</A></B></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 8pt Times New Roman">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><B><A HREF="#informative">INFORMATIVE REVIEW as of December 31, 2019</A></B></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><B><A HREF="#informative">115</A></B></TD></TR>
</TABLE>
<P STYLE="font: bold 11pt Times New Roman,serif; margin: 0; text-align: left">&nbsp;</P>


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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; padding-bottom: 2pt; border-bottom: rgb(98,145,178) 2pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
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<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0; text-align: left">Consolidated Financial Statements</P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">For the financial year
ended on</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">December 31 2019, presented
on comparative basis </FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>


<!-- Field: Page; Sequence: 6; Section: financials -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; padding-bottom: 2pt; border-bottom: rgb(98,145,178) 2pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence -->&nbsp;</P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><B>GRUPO SUPERVIELLE S.A.</B></P><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR>
    <TD STYLE="width: 48%; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="width: 52%; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">Grupo Supervielle S.A. </FONT></TD></TR>
<TR>
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">Financial year: </FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">N&deg; 41 started on January 1, 2019</FONT></TD></TR>
<TR>
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">Legal Address:</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">Bartolom&eacute; Mitre 434, piso 5<BR>
    Ciudad Aut&oacute;noma de Buenos Aires</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">Core Business:</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">Carry out, on its own account
    or third parties&rsquo; 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. </FONT></TD></TR>
<TR>
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">Registration Number at the IGP:</FONT></TD>
    <TD STYLE="padding-left: 0.2pt; font-family: Times New Roman,serif; text-indent: -0.2pt"><FONT STYLE="font-size: 10pt">212,617</FONT></TD></TR>
<TR>
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">Date of Registration at IGP: </FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">October 15, 1980</FONT></TD></TR>
<TR>
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">Amendment of by-laws (last):</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">April 24, 2018 (Registration in progress) </FONT></TD></TR>
<TR>
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">Expiration date of the Company&rsquo;s By-Laws:</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">October 15, 2079</FONT></TD></TR>
<TR>
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">Corporations Article 33 Companies general Law
    &nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">Note 9 to Separate Condensed Interim Financial
    Statements</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 14.2pt; text-indent: -14.2pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 35.45pt; text-align: center; text-indent: -35.45pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 35.45pt; text-align: center; text-indent: -35.45pt"><B>Composition of
Capital Stock as of December 31, 2019</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 14.2pt; text-align: center; text-indent: -14.2pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="7" STYLE="font: bold 10pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Shares</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font: bold 10pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Capital
    Stock</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Quantity</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Class</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">N.V.
    $</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Votes
    per share</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Subscribed
    in thousands of $</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Integrated
    in thousands of $</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; width: 13%; text-align: left; padding-bottom: 1pt; text-indent: -28.35pt; padding-left: 28.35pt"><FONT STYLE="font-size: 10pt">61,738,188</FONT></TD><TD STYLE="width: 2%; font: 10pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; width: 32%; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">A:
    Non endorsable, common shares of a nominal value</FONT></TD><TD STYLE="width: 2%; font: 10pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 10%; font: 10pt Times New Roman,serif; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">1</FONT></TD><TD STYLE="width: 2%; font: 10pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 11%; font: 10pt Times New Roman,serif; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">5</FONT></TD><TD STYLE="width: 2%; font: 10pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; width: 11%; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">61,738</FONT></TD><TD STYLE="width: 2%; font: 10pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; width: 11%; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">61,738</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; padding-bottom: 1pt; text-indent: -28.35pt; padding-left: 28.35pt"><FONT STYLE="font-size: 10pt">394,984,134</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">B: Non
    endorsable, common shares of a nominal value</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">1</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">1</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">394,984</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">394,984</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: bold 10pt Times New Roman,serif; text-align: left; padding-bottom: 2.5pt; text-indent: -28.35pt; padding-left: 28.35pt"><FONT STYLE="font-size: 10pt">456,722,322</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: center; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: center; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: center; padding-bottom: 2.5pt; text-indent: -7.1pt; padding-left: 7.1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman,serif; text-align: right; padding-bottom: 2.5pt; text-indent: -7.1pt; padding-left: 7.1pt"><FONT STYLE="font-size: 10pt">456,722</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman,serif; text-align: right; padding-bottom: 2.5pt; text-indent: -7.1pt; padding-left: 7.1pt"><FONT STYLE="font-size: 10pt">456,722</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 14.2pt; text-align: center; text-indent: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 14.2pt; text-indent: 0pt">&nbsp;</P>


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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; padding-bottom: 2pt; border-bottom: rgb(98,145,178) 2pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence -->&nbsp;</P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><B>GRUPO SUPERVIELLE S.A.</B></P><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><B>Consolidated Statement
of Financial Position </B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt">As of December 31, 2019,
2018</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt">(Expressed in thousands
of pesos)</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">ASSETS</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Notes and<BR> Schedules</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">12/31/2019</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">12/31/2018</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="width: 58%; font-weight: bold; text-align: left">Cash and due from banks</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 12%; text-align: center">1.9 y 4</TD><TD STYLE="width: 2%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-weight: bold; text-align: right">26,403,099</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-weight: bold; text-align: right">33,687,553</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Cash</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,751,111</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,789,701</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="text-align: left">Financial institutions and correspondents</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">17,622,078</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">28,887,453</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;Argentine Central Bank</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,927,336</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">27,388,784</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;Other local and foreign financial institutions</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,694,742</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,498,669</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;Others</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">29,910</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,399</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font-weight: bold; text-align: left">Debt Securities at fair value through profit or loss</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">1.9, 4, 11.1 y A</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">568,501</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">15,112,115</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold">Derivatives</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">4</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">257,587</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">15,924</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font-weight: bold; text-align: left">Other financial assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">1.9, 11.2 y 4</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">2,092,818</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">1,715,534</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Loans and other financing</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">4, 11.3 y B</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">88,922,160</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">78,791,903</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="text-align: left">To the non-financial public sector</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">28,872</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">32,802</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 13.75pt">To the financial sector</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">64,522</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">398,551</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="text-align: left; padding-left: 13.75pt">To the Non-Financial Private Sector and Foreign residents</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">88,828,766</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">78,360,550</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Other debt securities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">4, 11.4 y A</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">10,671,556</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">4,311,095</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font-weight: bold; text-align: left">Financial assets in guarantee</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">4 y 11.5</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">5,333,704</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">2,007,217</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Current income tax assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">120,722</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font-weight: bold; text-align: left">Investments in equity instruments</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">4 y A</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">14,579</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">10,404</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Property, plant and equipment</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">F</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">3,074,769</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">1,777,403</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font-weight: bold; text-align: left">Investment properties</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">F</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">3,877,642</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">412,822</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Intangible assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">G</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">2,308,394</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">1,961,817</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font-weight: bold; text-align: left">Deferred income tax assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">3.1</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">1,841,125</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">519,231</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Other non-financial assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">11.6</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">978,083</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">728,068</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font-weight: bold">Inventories</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">11.7</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">28,369</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">61,655</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">Non-current assets held for sale</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2,800</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt">TOTAL ASSETS</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">146,493,108</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">141,115,541</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 8pt Times New Roman,serif; margin: 0 0 0 7.1pt">&nbsp;</P>

<P STYLE="font: 8pt Times New Roman,serif; margin: 0; text-align: center">The accompanying notes and schedules are an integral
part of the Consolidated Financial Statements .</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence -->&nbsp;</P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><B>GRUPO SUPERVIELLE S.A.</B></P><P STYLE="margin: 0pt"></P></DIV>
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<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><B>Consolidated Statement
of Financial Position </B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt">As of December 31, 2019,
2018</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt">(Expressed in thousands
of pesos)</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Notes and<BR> Schedules</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">12/31/2019</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">12/31/2018</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font-weight: bold">LIABILITIES</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 58%; font-weight: bold">Deposits</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 12%; text-align: center">4, 11.8 y H</TD><TD STYLE="width: 2%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-weight: bold; text-align: right">89,008,177</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-weight: bold; text-align: right">94,906,014</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="text-align: left">&nbsp;Non-financial public sector</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,470,177</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11,105,477</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;Financial sector</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">28,098</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">25,236</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="text-align: left">&nbsp;Non-financial private sector and foreign residents</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">83,509,902</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">83,775,301</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Liabilities at fair value through profit or loss</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">4 y 11.9</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">189,554</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">268,086</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font-weight: bold">Derivatives</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">4</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">94,222</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Repo transactions</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">4</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">319,817</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font-weight: bold; text-align: left">Other financial liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">4 y 11.10</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">9,171,170</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">4,268,401</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Financing received from the Argentine Central Bank and other financial institutions</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">4 y 11.11</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">9,017,597</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">8,033,222</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -28.35pt; padding-left: 28.35pt">Unsubordinated negotiable Obligations</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">4 y 16.4</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">6,086,475</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">9,307,171</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Current income tax liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">192,999</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font-weight: bold; text-align: left">Subordinated negotiable obligations</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">4 y 16.4</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">2,119,888</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">1,383,817</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold">Provisions</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">11.12</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">677,018</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">86,915</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font-weight: bold; text-align: left">Deferred income tax liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">3.1</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">2,028</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">172</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">Other non-financial liabilities</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 1pt">11.13</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">8,202,737</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">5,404,345</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">TOTAL LIABILITIES</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">124,794,461</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">123,945,364</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 0.1pt">SHAREHOLDERS' EQUITY</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;&nbsp;&nbsp;Capital stock</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">456,722</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">456,722</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="text-align: left">&nbsp;&nbsp;&nbsp;Paid in capital</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,997,297</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,996,882</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;&nbsp;&nbsp;Reserves</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,800,154</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,447,192</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="text-align: left">&nbsp;&nbsp;&nbsp;Retained earnings</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(911,607</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;&nbsp;&nbsp;Other comprehensive income</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,167,932</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">598,797</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="text-align: left">&nbsp;&nbsp;&nbsp;Net income for the period/year</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,257,932</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,567,569</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Shareholders' Equity attributable to owners of the parent company</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">21,680,037</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">17,155,555</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Shareholders' Equity attributable to non-controlling interests</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">18,610</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">14,622</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">TOTAL SHAREHOLDERS' EQUITY</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">21,698,647</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">17,170,177</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt">TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">146,493,108</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">141,115,541</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 8pt Times New Roman,serif; margin: 0 0 0 7.1pt">&nbsp;</P>

<P STYLE="font: 8pt Times New Roman,serif; margin: 0; text-align: center">The accompanying notes and schedules are an integral
part of the Consolidated Financial Statements .</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 9; Section: financials -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; padding-bottom: 2pt; border-bottom: rgb(98,145,178) 2pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence -->&nbsp;</P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><B>GRUPO SUPERVIELLE S.A.</B></P><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->


<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0; text-align: center">Consolidated Statement of Comprehensive Income</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">For the financial
years ended on December 31, 2019 and 2018</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">(Expressed in thousands
of pesos)</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-style: italic; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Notes and<BR> Schedules</TD><TD STYLE="font-weight: bold; font-style: normal; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; font-style: normal; text-align: center; border-bottom: Black 1pt solid">12/31/2019</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; font-style: normal">&nbsp;</TD><TD STYLE="font-weight: bold; font-style: normal; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; font-style: normal; text-align: center; border-bottom: Black 1pt solid">12/31/2018</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; font-style: normal">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="width: 58%; text-align: left">Interest income</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 12%; text-align: center">11.14</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">36,729,501</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">25,416,468</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Interest expenses</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 1pt">11.15</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(28,204,512</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(14,954,100</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">Net interest income</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">8,524,989</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">10,462,368</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Service fee income</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">11.17</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,016,636</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,121,990</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="text-align: left">Service fee expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">11.18</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,850,006</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,140,506</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Income from insurance activities</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 1pt">14.2</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">946,087</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">657,554</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">Net Service Fee Income</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">6,112,717</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">4,639,038</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">Subtotal</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">14,637,706</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">15,101,406</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font-style: normal; text-align: left">Net income from financial instruments (NIFFI) at fair value through profit or loss</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">11.16</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">16,653,797</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,584,803</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-style: normal; text-align: left; padding-bottom: 1pt">Exchange rate difference on gold and foreign currency</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(204,897</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">835,758</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font-weight: bold; font-style: normal; text-align: left; padding-bottom: 1pt">NIFFI And Exchange Rate Differences</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">16,448,900</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">6,420,561</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; font-style: normal; padding-bottom: 1pt">Subtotal</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">31,086,606</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">21,521,967</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="text-align: left">Other operating income</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">11.19</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,652,337</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,852,306</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Loan loss provisions</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(6,479,260</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(4,220,645</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">Net operating income</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">27,259,683</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">19,153,628</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Personnel expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">11.20</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11,707,904</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,244,626</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="text-align: left">Administration expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">11.21</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,241,408</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,599,163</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Depreciations and impairment of non-financial assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">11.22</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">894,209</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">354,601</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Other operating expenses</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 1pt">11.23</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">5,188,157</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">3,547,388</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">Operating income</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">3,228,005</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">3,407,850</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Result for associates and joint ventures</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">Income before taxes from continuing operations</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">3,228,005</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">3,407,850</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Income tax</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,033,380</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(814,975</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">Net income for the year</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 1pt">3</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">4,261,385</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2,592,875</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="text-align: left">Net income for the year attributable to owners of the parent company</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,257,932</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,567,569</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Net income for the year attributable to non-controlling interests</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,453</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">25,306</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><FONT STYLE="font-size: 8pt">The accompanying notes
and schedules are an integral part of the Consolidated Financial Statements.</FONT>.</P>

<P STYLE="font: 8pt Times New Roman,serif; margin: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 10; Section: financials -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; padding-bottom: 2pt; border-bottom: rgb(98,145,178) 2pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence -->&nbsp;</P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><B>GRUPO SUPERVIELLE S.A.</B></P><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->


<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0; text-align: center">Consolidated Statement of Comprehensive Income</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">For the years ended
on December 31, 2019 and 2018</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">(Expressed in thousands
of pesos)</FONT></P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0 85pt 0 78pt; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: center">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid">12/31/2019</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid">12/31/2018</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: bold 10pt Times New Roman,serif">NUMERATOR</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 72%; font: 10pt Times New Roman,serif; text-align: left">Net income for the period attributable to owners of the parent company</TD><TD STYLE="width: 2%; font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 9pt Times New Roman,serif; text-align: right">4,257,932</TD><TD STYLE="width: 1%; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 9pt Times New Roman,serif; text-align: right">2,567,569</TD><TD STYLE="width: 1%; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">PLUS: Diluting events inherent to potential ordinary shares</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">Net income attributable to owners of the parent company adjusted by dilution</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">4,257,932</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">2,567,569</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman,serif">DENOMINATOR</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif">Weighted average of ordinary shares</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">456,722</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">456,722</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">PLUS: Weighted average of number of ordinary shares issued with dilution effect.</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif">Weighted average of number of ordinary shares issued of the period adjusted by dilution effect</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">456,722</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">456,722</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman,serif">Basic Income per share</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right">9,32</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right">5,62</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 2.5pt">Diluted Income per share</TD><TD STYLE="font: bold 9pt Times New Roman,serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 9pt Times New Roman,serif; text-align: right">9,32</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 9pt Times New Roman,serif; text-align: right">5,62</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0 85pt 0 78pt; text-align: center">&nbsp;</P>

<P STYLE="font: 8pt Times New Roman,serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">The accompanying notes
and schedules are an integral part of the Consolidated Financial Statements</FONT></P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0 85pt 0 78pt; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0 85pt 0 78pt; text-align: center">&nbsp;</P>


<!-- Field: Page; Sequence: 11; Section: financials -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence -->&nbsp;</P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><B>GRUPO SUPERVIELLE S.A.</B></P><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->


<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0; text-align: center">Consolidated Statement of Comprehensive Income</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">For the years ended
on December 31, 2019 and 2018</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">(Expressed in thousands
of pesos)</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 8pt Times New Roman,serif; margin: 0 0 0 14.2pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid">12/31/2019</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid">12/31/2018</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="width: 72%; font: bold 10pt Times New Roman,serif; text-align: left; padding-bottom: 1pt">Net income for the period</TD><TD STYLE="width: 2%; font: bold 10pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman,serif; text-align: right">4,261,385</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font: bold 10pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman,serif; text-align: right">2,592,875</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: bold 10pt Times New Roman,serif; text-align: left">Components of Other Comprehensive Income not to be reclassified to profit or loss</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">Revaluation surplus of property, plant and equipment</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">746,640</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">602,422</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; padding-bottom: 1pt">Income tax</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right">(183,782</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right">(150,606</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman,serif; text-align: left; padding-bottom: 1pt">Net revaluation surplus of property, plant and equipment</TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman,serif; text-align: right">562,858</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman,serif; text-align: right">451,816</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">Income for the year from equity instrument at fair value through other comprehensive income</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">(18</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">883</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; padding-bottom: 1pt">Income tax</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right">5</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right">(265</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: bold 10pt Times New Roman,serif; text-align: left; padding-bottom: 1pt">Net income from equity instrument at fair value through changes in other comprehensive income</TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman,serif; text-align: right">(13</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman,serif; text-align: right">618</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman,serif; text-align: left; padding-bottom: 1pt">Total Other Comprehensive Income not to be reclassified to profit or loss</TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman,serif; text-align: right">562,845</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman,serif; text-align: right">452,434</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: bold 10pt Times New Roman,serif; text-align: left">Components of Other Comprehensive Loss to be reclassified to profit or loss</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">Loss for the year from financial instrument at fair value through other comprehensive income</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">9,651</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">9,355</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; padding-bottom: 1pt">Income tax</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right">(2,894</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right">1,100</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman,serif; text-align: left; padding-bottom: 1pt">Net income from financial instrument at fair value through changes in other comprehensive income</TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman,serif; text-align: right">6,757</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman,serif; text-align: right">10,455</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: bold 10pt Times New Roman,serif; text-align: left; padding-bottom: 1pt">Total Other Comprehensive Loss to be reclassified to profit or loss</TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman,serif; text-align: right">6,757</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman,serif; text-align: right">10,455</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman,serif; text-align: left; padding-bottom: 1pt">Total Other Comprehensive Income</TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman,serif; text-align: right">569,602</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman,serif; text-align: right">462,889</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">Other comprehensive income attributable to owners of the parent company</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">569,135</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">462,413</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; padding-bottom: 1pt">Other comprehensive income attributable to non-controlling interests</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right">467</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right">476</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: bold 10pt Times New Roman,serif; text-align: left; padding-bottom: 1pt">Total Comprehensive Income</TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman,serif; text-align: right">4,830,987</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman,serif; text-align: right">3,055,764</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">Total comprehensive income attributable to owners of the parent company</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">4,827,067</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">3,029,982</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">Total comprehensive income attributable to non-controlling interests</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">3,920</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">25,782</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 8pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 8pt Times New Roman,serif; margin: 0; text-align: center">The accompanying notes and schedules are an integral
part of the Consolidated Financial Statements..</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence -->&nbsp;</P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><B>GRUPO SUPERVIELLE S.A.</B></P><P STYLE="margin: 0pt"></P></DIV>
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<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0; text-align: center">Consolidated Statement of Changes in Shareholders&acute;
Equity</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">For the financial
years ended on December 31, 2019 and 2018</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">(Expressed in thousands
of pesos)</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Other comprehensive income</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">Items</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Capital stock</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Paid in capital</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Legal reserve</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Other reserves</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Retained earnings</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Revaluation of PPE</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Earnings or los accrued by financial institutions at FV through profit and loss</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total<BR> Shareholders&acute; equity attributable to parent company</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total <BR> Shareholders&acute; equity attributable to non-controlling interest</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total Shareholders&acute; equity</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="width: 10%; font-weight: bold; padding-bottom: 1pt">Balance at December 31, 2018</TD><TD STYLE="width: 1%; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; border-bottom: Black 1pt solid; font-weight: bold; text-align: right">456,722</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; border-bottom: Black 1pt solid; font-weight: bold; text-align: right">8,996,882</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; border-bottom: Black 1pt solid; font-weight: bold; text-align: right">91,344</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; border-bottom: Black 1pt solid; font-weight: bold; text-align: right">5,355,848</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; border-bottom: Black 1pt solid; font-weight: bold; text-align: right">1,655,962</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; border-bottom: Black 1pt solid; font-weight: bold; text-align: right">582,380</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; border-bottom: Black 1pt solid; font-weight: bold; text-align: right">16,417</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; border-bottom: Black 1pt solid; font-weight: bold; text-align: right">17,155,555</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; border-bottom: Black 1pt solid; font-weight: bold; text-align: right">14,622</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; border-bottom: Black 1pt solid; font-weight: bold; text-align: right">17,170,177</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Paid in capital in subsidiaries</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">415</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">415</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">68</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">483</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="text-align: left">Distribution of retained earnings by the shareholders&rsquo; meeting on April 26, 2019:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 9.95pt">&nbsp;-&nbsp;&nbsp;Other reserves (Note 11)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,352,962</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,352,962</TD><TD STYLE="text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&mdash;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&mdash;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="text-align: left; padding-left: 9.95pt">&nbsp;-&nbsp;&nbsp;Dividend distribution (Note 11)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(303,000</TD><TD STYLE="text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(303,000</TD><TD STYLE="text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&mdash;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(303,000</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Net Income for the year</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,257,932</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,257,932</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,453</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,261,385</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Other comprehensive income for the year</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">562.398</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">6,737</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">569,135</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">467</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">569,602</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; padding-bottom: 2.5pt">Balance at December 31, 2019</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">456,722</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">8,997,297</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">91,344</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">6,708,810</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">4,257,932</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">1.144.778</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">23,154</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">21,680,037</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">18,610</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">21,698,647</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>




<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 8pt Times New Roman,serif; margin: 0; text-align: center">The accompanying notes and schedules are an integral
part of the Consolidated Financial Statements..</P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0; text-align: center">&nbsp;</P>


<!-- Field: Page; Sequence: 13; Section: financials -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; padding-bottom: 2pt; border-bottom: rgb(98,145,178) 2pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence -->&nbsp;</P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><B>GRUPO SUPERVIELLE S.A.</B></P><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->


<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0; text-align: center">Consolidated Statement of Changes in Shareholders&acute;
Equity</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">For the financial
years ended on December 31, 2019 and 2018</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">(Expressed in thousands
of pesos)</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 8pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 8pt Times New Roman,serif; margin: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Other comprehensive income</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">Items</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Capital stock</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Paid in capital</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Legal reserve</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Other reserves</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Retained earnings</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Revaluation of PPE</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Earnings or los accrued by financial institutions at FV through profit and loss</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total<BR> Shareholders&acute; equity attributable to parent company</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total <BR> Shareholders&acute; equity attributable to non-controlling interest</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total <BR> Shareholders&acute;<BR> equity</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="width: 10%; font-weight: bold; padding-bottom: 1pt">Balance at December 31, 2017</TD><TD STYLE="width: 1%; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; border-bottom: Black 1pt solid; font-weight: bold; text-align: right">456,722</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; border-bottom: Black 1pt solid; font-weight: bold; text-align: right">8,997,178</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; border-bottom: Black 1pt solid; font-weight: bold; text-align: right">72,755</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; border-bottom: Black 1pt solid; font-weight: bold; text-align: right">3,181,084</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; border-bottom: Black 1pt solid; font-weight: bold; text-align: right">1,525,452</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; border-bottom: Black 1pt solid; font-weight: bold; text-align: right">131,040</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; border-bottom: Black 1pt solid; font-weight: bold; text-align: right">5,344</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; border-bottom: Black 1pt solid; font-weight: bold; text-align: right">14,369,575</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; border-bottom: Black 1pt solid; font-weight: bold; text-align: right">150,593</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; border-bottom: Black 1pt solid; font-weight: bold; text-align: right">14,520,168</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Other movements</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(161,643</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(161,643</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="text-align: left">Distribution of retained earnings by the shareholders&rsquo; meeting on April 24, 2018:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 9.95pt">&nbsp;-&nbsp;&nbsp;Other reserves</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">18,589</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,174,764</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,193,353</TD><TD STYLE="text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="text-align: left; padding-left: 9.95pt">&nbsp;-&nbsp;&nbsp;Dividend distribution</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(243,706</TD><TD STYLE="text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(243,706</TD><TD STYLE="text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(243,706</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Purchase of subsidiaries &lsquo;shares</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(296</TD><TD STYLE="text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(296</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(110</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(406</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="text-align: left">Net Income for the year</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,567,569</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,567,569</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">25,306</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,592,875</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Other comprehensive income for the year</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">451,340</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">11,073</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">462,413</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">476</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">462,889</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font-weight: bold; padding-bottom: 2.5pt">Balance at December 31, 2018</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">456,722</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">8,996,882</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">91,344</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">5,355,848</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">1,655,962</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">582,380</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">16,417</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">17,155,555</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">14,622</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">17,170,177</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>




<P STYLE="font: 8pt Times New Roman,serif; margin: 0"></P>

<P STYLE="font: 8pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 8pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 8pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 8pt Times New Roman,serif; margin: 0; text-align: center">The accompanying notes and schedules are an integral
part of the Consolidated Financial Statements..</P>


<!-- Field: Page; Sequence: 14; Section: financials -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; padding-bottom: 2pt; border-bottom: rgb(98,145,178) 2pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence -->&nbsp;</P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><B>GRUPO SUPERVIELLE S.A.</B></P><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->


<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0; text-align: center"><a name=cf1></a>CONSOLIDATED STATEMENT OF CASH FLOWS</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">For the financial
years ended on December 31, 2019 and 2018</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">(Expressed in thousands
of pesos)</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 8pt Times New Roman,serif; margin: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 9pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid">12/31/2019</TD><TD STYLE="padding-bottom: 1pt; font: bold 9pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 9pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid">12/31/2018</TD><TD STYLE="padding-bottom: 1pt; font: bold 9pt Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">CASH FLOW FROM OPERATING ACTIVITIES</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="width: 72%; font: 9pt Times New Roman,serif; text-align: left">Net income for the period before Income Tax</TD><TD STYLE="width: 2%; font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 9pt Times New Roman,serif; text-align: right">3,228,005</TD><TD STYLE="width: 1%; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 9pt Times New Roman,serif; text-align: right">3,407,850</TD><TD STYLE="width: 1%; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">Adjustments to obtain flows from operating activities:</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left; text-indent: 27pt">Depreciation and impairment of non-financial assets</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">894,209</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">354,601</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left; text-indent: 27pt">Loan loss provisions</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">6,479,260</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">4,220,645</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left; text-indent: 27pt">Other adjustments</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left; text-indent: 27pt">-Exchange rate difference on gold and foreign currency</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">204,897</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">(835,758</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left; text-indent: 27pt">- Interests from loans and other financing</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">(36,729,501</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">(25,416,468</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left; text-indent: 27pt">- Interests from deposits and financing</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">28,204,512</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">14,954,100</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left; text-indent: 27pt">- Net income from financial instruments at fair value through profit or loss</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">(16,653,797</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">(5,584,803</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left; text-indent: 27pt">- Fair value measurement of investment properties</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">(428,468</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">(208,983</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left; text-indent: 27pt">- Interest on liabilities for financial leases</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">173,964</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left; text-indent: 27pt">- Allowances reversed</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">(413,675</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">(272,670</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: 8pt Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Arial,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="font: 8pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Arial,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="font: 8pt Arial,sans-serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">(Increases) / decreases from operating assets:</TD><TD STYLE="font: 8pt Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Arial,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="font: 8pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Arial,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="font: 8pt Arial,sans-serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left; text-indent: 0.25in">Debt securities at fair value through profit or loss</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">19,142,107</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">(746,389</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 9pt Times New Roman,serif; text-indent: 0.25in">Derivatives</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">(241,663</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">10,992</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left; text-indent: 0.25in">Repo transactions</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">3,349,822</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left; text-indent: 0.25in">Loans and other financing</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left; text-indent: 0.25in">&nbsp;&nbsp;&nbsp;&nbsp;To the non-financial public sector</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">3,930</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">(195</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left; text-indent: 0.25in">&nbsp;&nbsp;&nbsp;&nbsp;To the other financial entities</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">334,029</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">(72,540</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left; text-indent: 0.25in">&nbsp;&nbsp;&nbsp;&nbsp;To the non-financial sector and foreign residents</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">17,176,007</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">3,193,369</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left; text-indent: 0.25in">Other debt securities</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">(6,360,461</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">(3,951,898</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left; text-indent: 0.25in">Financial assets in guarantee</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">(3,326,487</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">(705,980</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left; text-indent: 0.25in">Investments in equity instruments</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">(4,175</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">36,249</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left; text-indent: 0.25in">Other assets</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">844,163</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">1,018,525</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font: 8pt Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Arial,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="font: 8pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Arial,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="font: 8pt Arial,sans-serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">Increases / (decreases) from operating liabilities:</TD><TD STYLE="font: 8pt Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Arial,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="font: 8pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Arial,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="font: 8pt Arial,sans-serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 9pt Times New Roman,serif; text-indent: 17.8pt">Deposits</TD><TD STYLE="font: 8pt Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Arial,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="font: 8pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Arial,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="font: 8pt Arial,sans-serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left; text-indent: 38.95pt">Non-financial public sector</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">(5,635,300</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">4,933,816</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left; text-indent: 38.95pt">Financial sector</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">2,862</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">9,534</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left; text-indent: 38.95pt">Private non-financial sector and foreign residents</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">(30,770,033</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">18,599,879</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left; text-indent: 17.8pt">Liabilities at fair value through profit or loss</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">(78,532</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">268,086</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 9pt Times New Roman,serif; text-indent: 17.8pt">Derivatives</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">(94,222</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">94,222</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left; text-indent: 17.8pt">Repo operations</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">319,817</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left; text-indent: 17.8pt">Other liabilities</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">6,380,479</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">1,977,915</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left; text-indent: 17.8pt">Income Tax paid</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">(787,054</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">(1,344,571</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">Total operating activities (A)</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right">(18,135,127</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right">17,289,350</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">CASH FLOW FROM INVESTING ACTIVITIES</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-indent: 17.8pt">Payments:</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left; text-indent: 17.8pt">Purchase of PPE, intangible assets and other assets</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">(871,102</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">(2,416,820</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left; padding-left: 17.8pt">Purchase of liabilities and equity instruments issued by other entities</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">(135,861</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left; padding-left: 17.8pt">Purchase of investments in subsidiaries</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">(197,954</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">(1,406,361</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">)</TD></TR>
</TABLE>




<P STYLE="font: 8pt Times New Roman,serif; margin: 0"></P>

<P STYLE="font: 8pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 8pt Times New Roman,serif; margin: 0; text-align: center">The accompanying notes and schedules are an integral
part of the Consolidated Financial Statements.</P>

<P STYLE="font: 8pt Times New Roman,serif; margin: 0">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence -->&nbsp;</P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><B>GRUPO SUPERVIELLE S.A.</B></P><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->


<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0; text-align: center"><a name=cf2></a>CONSOLIDATED STATEMENT OF CASH FLOWS</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">For the financial
years ended on December 31, 2019 and 2018</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">(Expressed in thousands
of pesos)</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 9pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid">12/31/2019</TD><TD STYLE="padding-bottom: 1pt; font: bold 9pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 9pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid">12/31/2018</TD><TD STYLE="padding-bottom: 1pt; font: bold 9pt Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">CASH FLOW FROM INVESTING ACTIVITIES</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-indent: 17.8pt">Collections:</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 72%; font: 9pt Times New Roman,serif; text-align: left; text-indent: 17.8pt">Purchase of PPE, intangible assets and other assets</TD><TD STYLE="width: 2%; font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 9pt Times New Roman,serif; text-align: right">129,887</TD><TD STYLE="width: 1%; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 9pt Times New Roman,serif; text-align: right">144,639</TD><TD STYLE="width: 1%; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-indent: 17.8pt">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">Total investing activities (B)</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right">(939,169</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right">(3,814,403</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">CASH FLOWS FROM FINANCING ACTIVITIES</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-indent: 17.8pt">Payments:</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; text-indent: 17.8pt">Changes in investments in subsidiaries that do not result in control loss</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">483</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">(406</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left; text-indent: 17.8pt">Intereses sobre pasivos por arrendamientos financieros</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">(995,901</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; text-indent: 17.8pt">Financing received from Argentine Financial Institutions</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">(86,992,885</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">(68,373,253</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; text-indent: 17.8pt">Unsubordinated negotiable obligations</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">(10,573,129</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">(3,461,110</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; text-indent: 17.8pt">Subordinated negotiable obligations</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">(98,024</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">(12,985</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 9pt Times New Roman,serif; text-indent: 0.75pt; padding-left: 17.05pt">Dividends</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">(303,000</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">(243,706</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font: 8pt Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Arial,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="font: 8pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Arial,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="font: 8pt Arial,sans-serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-indent: 17.8pt">Collections:</TD><TD STYLE="font: 8pt Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Arial,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="font: 8pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Arial,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="font: 8pt Arial,sans-serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; text-indent: 17.8pt">Financing received from Argentine Financial Institutions</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">87,980,035</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">72,882,208</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; text-indent: 17.8pt">Unsubordinated negotiable obligations</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">6,630,087</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">4,179,311</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; text-indent: 17.8pt">Subordinated negotiable obligations</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">710,929</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">Total Financing activities (C)</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right">(4,352,334</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right">5,680,988</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font: 8pt Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Arial,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="font: 8pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Arial,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="font: 8pt Arial,sans-serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">EFFECT OF CHANGES IN THE EXCHANGE RATE (D)</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right">4,386,557</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right">6,395,255</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font: 8pt Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Arial,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="font: 8pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Arial,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="font: 8pt Arial,sans-serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">NET INCREASE IN CASH AND CASH EQUIVALENTS&nbsp;&nbsp;(A+B+C+D)</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right">(19,040,073</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right">25,551,190</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE YEAR (NOTE 1.6)</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right">46,976,558</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right">21,425,368</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left; padding-bottom: 2.5pt">CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD (NOTE 1.6)</TD><TD STYLE="font: bold 9pt Times New Roman,serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 9pt Times New Roman,serif; text-align: right">27,936,485</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 9pt Times New Roman,serif; text-align: right">46,976,558</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">(*) In the items &ldquo;Loans and other financing - <FONT STYLE="font-size: 9pt">non-financial
sector and foreign residents</FONT>&rdquo;, &ldquo;Other Assets&rdquo; and &ldquo;Other liabilities&rdquo; 3,032,240 and 991,547
corresponding to non-monetary transactions were eliminated.</P>

<P STYLE="font: 8pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 8pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 8pt Times New Roman,serif; margin: 0; text-align: center">The accompanying notes and schedules are an integral
part of the Consolidated Financial Statements.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence -->&nbsp;</P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><B>GRUPO SUPERVIELLE S.A.</B></P><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->


<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0; text-align: center">Notes to Consolidated Financial Statements</P>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">As of December 31, 2019 presented in comparative basis</FONT></P>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 10pt; text-align: center"><FONT STYLE="font-weight: normal">(Expressed in thousands of pesos)</FONT></P>

<a name=n1></a>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>1.</B></TD><TD STYLE="text-align: justify"><B>BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 14.2pt; text-align: justify"><FONT STYLE="font-weight: normal">Grupo
Supervielle S.A. (hereinafter, &quot;the Group&quot;), 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.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 14.2pt; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 14.2pt; text-align: justify"><FONT STYLE="font-weight: normal">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 Compa&ntilde;&iacute;a Financiera S.A., Sofital S.A. F. e I.I., Tarjeta Autom&aacute;tica 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.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 14.2pt; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 14.2pt; text-align: justify"><FONT STYLE="font-weight: normal">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).</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 14.2pt; text-align: justify"><FONT STYLE="font-weight: normal">These
consolidated financial statements have been approved by the Board of Directors of the Company at its meeting held on February 19,
2020.&#9;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 14.2pt; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>1.1.a) Differences between the accounting framework
established by the BCRA and IFRS</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 14.2pt; text-align: justify">The Central Bank of the Argentine Republic
(BCRA), through Communications &quot;A&quot; 5541 and amendments, established the convergence plan towards the International Financial
Reporting Standards (IFRS) issued by the International Financial Reporting Standards Board (IASB, for its acronym in English) and
the interpretations issued by the Committee on Interpretations of International Financial Reporting Standards (IFRIC), for the
entities under its supervision, for the periods beginning on or after January 1, 2018, with the exception of the application of
point 5.5 &quot;Impairment&quot; of IFRS 9 &quot;Financial Instruments&quot; and of IAS 29 &quot;Financial Information in Hyperinflationary
Economies&quot;.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 14.2pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 14.2pt; text-align: justify"><B>(i) Impairment of financial assets</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 14.2pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 14.2pt; text-align: justify">In accordance with Communication &ldquo;A&rdquo;
6114, for the recognition of credit losses in these financial statements, the Group has applied the &ldquo;Minimum provisions for
bad debt&rdquo; provisions set forth in the Liquidity and Solvency standards (LISOL 1) of the BCRA (Note 1.14)</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 14.2pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 14.2pt; text-align: justify">For this purpose, IFRS 9 provides for a
model of expected credit losses, by which financial assets are classified into three stages of impairment, based on changes in
credit quality since their initial recognition, which dictate how an entity measures losses due to impairment, impairment and applies
the effective interest method.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 14.2pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 14.2pt; text-align: justify">Should the impairment model contemplated
in point 5.5 of IFRS 9 be applied, the Group&rsquo;s equity and results would differ significantly from the balances currently
reported.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 14.2pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 14.2pt; text-align: justify"><B>(ii) Restatement for inflation of the
financial statements</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 14.2pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 14.2pt; text-align: justify">IAS 29 &quot;Financial information in hyperinflationary
economies&quot; requires that the financial statements of an entity, whose functional currency is that of a high inflation economy,
be expressed in terms of the current unit of measurement as of the closing date of the financial year that is reported, regardless
of whether they are based on the historical cost method or the current cost method. For this, in general terms, inflation produced
from the date of acquisition or from the revaluation date, as applicable, must be computed in the non-monetary items. These requirements
also include the comparative information of the financial statements.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 14.2pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 9.3pt 0 16.5pt; text-align: justify">In order to conclude on whether an economy
is categorized as high inflation in the terms of IAS 29, the standard details a series of factors to be considered among which
is a cumulative rate of inflation in three years that approximates or exceeds The 100%. It is for this reason that, according to
IAS 29, the Argentine economy must be considered as high inflation starting on July 1, 2018.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 9.3pt 0 16.5pt; text-align: justify">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->12<!-- Field: /Sequence -->&nbsp;</P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><B>GRUPO SUPERVIELLE S.A.</B></P><P STYLE="margin: 0pt"></P></DIV>
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<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0; text-align: center">Notes to Consolidated Financial Statements</P>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">As of December 31, 2019 presented in comparative basis</FONT></P>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 10pt; text-align: center"><FONT STYLE="font-weight: normal">(Expressed in thousands of pesos)</FONT></P>


<P STYLE="font: 10pt Times New Roman,serif; margin: 0 9.3pt 0 16.5pt; text-align: justify">Briefly, the restatement mechanism of
IAS 29 establishes that monetary assets and liabilities will not be restated since they are already expressed in the current unit
of measurement at the end of the reporting period. Assets and liabilities subject to adjustments based on specific agreements will
be adjusted in accordance with such agreements. The non-monetary items measured at their current values at the end
of the reporting period, such as the net realization value or others, will not be restated. The remaining non-monetary assets and
liabilities will be restated by a general price index. The loss or gain from the net monetary position will be included in the
net result of the reporting period, revealing this information in a separate line item.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 9.3pt 0 16.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 9.3pt 0 16.5pt; text-align: justify">Through Communication &quot;A&quot;
6651, the B.C.R.A. established that the Financial Institutions should begin to apply the provisions on restatement for inflation
of the financial statements as of the years beginning on January 1, 2020. Therefore, IAS 29 has not been applied in these unaudited
consolidated condensed financial statements.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 14.2pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 14.2pt; text-align: justify">The application of IAS 29 &quot;Financial
information in hyperinflationary economies&quot; has general effects in these unaudited separate condensed financial statements
affecting balances significantly, increasing the Group's equity and its comprehensive income as of December 31, 2019 approximately
to 24,170 and (1,445) millions, respectively.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 9.3pt 0 16.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 14.2pt"><B>1.1.b) Changes in the accounting framework set by the Argentine
Central Bank and to be implemented as from 01/01/2020</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 14.2pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 14.2pt">Pursuant to Communication &ldquo;A&rdquo; 6651, issued by the
Argentine Central Bank, Financial Entities shall begin to apply regulations related to the re-expression of inflation of financial
statements as from fiscal years starting on January 1, 2020. Communication &ldquo;A&rdquo; 6849 included the guidelines for the
application of the financial statements re-expression procedure set by IAS 29, including the financial statements comparative re-expression
procedure. The impact produced by the application of this regulation is set forth in note 1.1.a)(i).</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 14.2pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 14.2pt">Additionally, pursuant to Communication &ldquo;A&rdquo; 6430
provisions on Financial Assets Impairment included in paragraph 5.5 of IFRS 9 as from fiscal years starting on 01/01/2020 shall
be started. Later, Communication &ldquo;A&rdquo; 6778 established that Group &ldquo;B&rdquo; entities may extend the impact produced
by the application of such regulation over 5 years, whereas Group &ldquo;A&rdquo; entities will not rely on such possibility. Pursuant
to Communication &ldquo;A&rdquo; 6847, debt securities of the Non-Financial public sector will be excluded temporarily from IFRS
9 application scope; therefore, such securities will not be affected by provisions on impairment of financial assets. Likewise,
financial entities will be allowed to re-categorize, as from 01/01/2020, 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.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 14.2pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 14.2pt">Upon the application of impairment model included in the accounting
framework set by the Argentine Central Bank, a decrease in the shareholders&acute;equity would have been recorded as of December
31, 2019 as well as a decrease in income of approximately $ 57 million.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 14.2pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 14.2pt">Likewise, pursuant to Communication &ldquo;A&rdquo; 6851, provisions
on &ldquo;Minimum Provisions for uncollectibillity risk&rdquo; shall keep a &ldquo;regulatory&rdquo; scope, regardless of the fact
that financial statements of financial entities shall be subject to International Financial Reporting Standards (IFRS). Financial
entities shall, temporarily, deduct the positive difference between the &ldquo;regulatory&rdquo; provision calculated pursuant
regulations on &ldquo;Minimum provisions for uncollectibillity risk&rdquo; or the accounting for the last fiscal year closed upon
disclosure of said communication, the higher of both, and the new accounting standard recorded as per paragraph 5.5 of IFRS 9 from
its computable equity responsibility. In virtue of the re-calculation of the minimum capital position included in Section 3 of
standards om &ldquo;Distribution of income&rdquo;, Grupo &ldquo;B&rdquo; financial entities shall apply paragraph 5.5 of IFRS 9.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 50.2pt"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.45pt"></TD><TD STYLE="width: 18pt"><B>1.1.</B></TD><TD><B>Basis of preparation </B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 9.3pt 0 16.5pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 14.2pt; text-align: justify">These consolidated financial statements
have been prepared in accordance with the Accounting Framework established by the B.C.R.A. described in Note 1.1.(a).</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 14.2pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 8pt 0.25in; text-align: justify; text-indent: 17.45pt"><B>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Going
concern </B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">As of the date of these consolidated 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.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->13<!-- Field: /Sequence -->&nbsp;</P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><B>GRUPO SUPERVIELLE S.A.</B></P><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0; text-align: center">Notes to Consolidated Financial Statements</P>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">As of December 31, 2019 presented in comparative basis</FONT></P>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 10pt; text-align: center"><FONT STYLE="font-weight: normal">(Expressed in thousands of pesos)</FONT></P>


<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 8pt 0.25in; text-align: justify; text-indent: 17.45pt"><B>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Measuring
unit</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 14.2pt; text-align: justify">The Group&rsquo;s consolidated financial
statements recognize the changes in the purchasing power of the currency until February 28, 2003, after adjusting for inflation,
as of that date, as required by the Communication &quot; A &quot;3921 B.C.R.A., taking considerations on Note 1.1.(a) (ii).</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: 17.45pt"><B>(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New
accounting standards, amendments and interpretations issued by the IASB that have been adopted by the Group</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">The Group has applied the following standard
for the first time as of January 1, 2019:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify"><B>IFRS 16 &ldquo;Leases&rdquo;</B>: In
January 2016, the IASB issued IFRS 16 &quot;Leases&quot;, which establishes the new lease transaction registration model. Under
IFRS 16, a contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a
period of time in exchange for a consideration. IFRS 16 requires the lessee to recognize the lease liability that reflects future
lease payments and a right to use assets, for almost all lease agreements, with the exception of certain short-term leases and
leases of asset Low value. The accounts of the lessors are maintained as indicated in IAS 17; however, it is expected that the
new accounting model for lessees will impact the negotiations between landlords and tenants. Through the Com, &quot;A&quot; 6560
the B.C.R.A. introduced changes to the chart of accounts and information regimes as a consequence of the entry into force of said
IFRS as of January 1, 2019.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 14.2pt; text-align: justify">As a consequence of IFRS 16 adoption, the
Group recognized financial lease liabilities related to those financial leases that had been classified as operating leasing pursuant
to the previous regulation (IAC 17). Such liabilities were rated at the current value of remaining payments under leasing contracts,
discounted through the utilization of an incremental interest rate average as of January 1, 2019. The utilized rate amounted to
the 44.26% for operations in pesos and 14.36% for operations in US dollars.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 14.2pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 14.2pt; text-align: justify">As for financial lease classified as operating
financial lease pursuant to the previous regulation, the Group recognized an asset through use right and liabilities from financial
lease equal to the accounting value of the assets and liabilities from financial lease recorded prior to the initial application
date. Measurement principles of IFRS 16 are applied after such date. The re-measurement of financial lease liabilities was recognized
as an adjustment of assets through use right after the initial application date.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 14.2pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 14.2pt; text-align: justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Practical
solutions utilized</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 14.2pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 14.2pt; text-align: justify">In the initial application of IFRS 16, the
Group has applied the following practical solutions allowed by the regulation:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 14.2pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">Application of a single discount rate for one leasing portfolio of similar features</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">Continuation of the previous evaluation prior to the application of the new regulation regarding
whether leases were onerous in order not to carry out a devaluation test &ndash; the entity did not record any onerous contract
as of January 1, 2019</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">Record operating leases with a remaining period of less than 12 months as of January 1, 2019 as
short-term leases</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">Remove initial direct costs for the measurement of the assets though use right as of initial application
date and,</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">Utilization of any available information as of the evaluation date to determine the term of the
leasing contract when such contract offers extension or termination options.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 14.2pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 14.2pt; text-align: justify">The Group also decided not to re-evaluate
whether a contract is or contains a lease as of initial application date. For contracts entered into prior to the transition date,
the Group kept the evaluation pursuant to IAC 17 and the interpretation 4.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 14.2pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 14.2pt">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Measurement of
leasing liabilities</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 14.2pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 80%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="width: 86%">Leases recorded as of 12/31/2018</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">1,293,193</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Discounted at incremental interest rate as of initial application date</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">905,945</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font-weight: bold">Leasing liabilities recorded as of 01/01/2019</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">905,945</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Which produces:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="text-align: left">Current leasing liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">399,238</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Non-current leasing liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">506,706</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 14.2pt; text-align: justify">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->14<!-- Field: /Sequence -->&nbsp;</P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><B>GRUPO SUPERVIELLE S.A.</B></P><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0; text-align: center">Notes to Consolidated Financial Statements</P>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">As of December 31, 2019 presented in comparative basis</FONT></P>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 10pt; text-align: center"><FONT STYLE="font-weight: normal">(Expressed in thousands of pesos)</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 14.2pt; text-align: justify">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Measurement
of leasing assets</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 14.2pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 14.2pt; text-align: justify">The asset through use right was measured
by an amount equal to the leasing liabilities.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 14.2pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 14.2pt; text-align: justify">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjustments
recognized in the financial position as of January 1, 2019</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 14.2pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 14.2pt; text-align: justify">The change in the accounting policy affected
the following items in the financial position as of January 1, 2019:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 14.2pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">Property, plant and equipment&ndash; increase of $ 905,945</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">Other financial liabilities &ndash; increase of $ 905,945</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 14.2pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 14.2pt; text-align: justify"><B>(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New
accounting standards and amendments issued by the IASB that have not been adopted by the Group</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 14.2pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 14.2pt; text-align: justify">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 Federaci&oacute;n
Argentina de Consejos Profesionales en Ciencias Econ&oacute;micas (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.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 14.2pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 14.2pt; text-align: justify">New released standards, modifications and
interpretations that have not become in force for fiscal years starting on January 1, 2019 and have not been adopted in advance
are described below:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 14.2pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 14.2pt; text-align: justify"><B>IFRS 17 &ldquo;Insurance contracts&rdquo;</B>:
In May 18, 2017, the IASB issued IFRS 17 &ldquo;Insurance contracts&rdquo; as replacement for IFRS 4. It requires a current measurement
model where estimates are re-measured each reporting period. Contracts are measured using the building blocks of discounted probability-weighted
cash flows, an explicit risk adjustment, and a contractual service margin representing the unearned profit of the contract which
is recognized as revenue over the coverage period. This standard <FONT STYLE="font-family: ArialMT">is effective for fiscal years
beginning on or after November 1, 2021.</FONT> The Group is evaluating the impact of the adoption of this new standard.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 14.2pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 14.2pt; text-align: justify">There are no other IFRS or IASB interpretations
not yet effective and which are expected to have a significant impact on the Group.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 2.55pt 0 14.2pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 14.2pt"><B>1.2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Critical accounting
policies and estimates</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 50.2pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 14.2pt; text-align: justify">The preparation of financial statements
requires the Group 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 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 consolidated financial statements.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 14.2pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 14.2pt; text-align: justify">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:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 14.2pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 14.2pt; text-align: justify"><B>a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fair
value of derivatives and other instruments </B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 14.2pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 14.2pt; text-align: justify">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.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 14.2pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 14.2pt; text-align: justify">The information on instruments that have
not been valuated based on the market information is included in Note 5.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 14.2pt; text-align: justify">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->15<!-- Field: /Sequence -->&nbsp;</P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><B>GRUPO SUPERVIELLE S.A.</B></P><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0; text-align: center">Notes to Consolidated Financial Statements</P>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">As of December 31, 2019 presented in comparative basis</FONT></P>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 10pt; text-align: center"><FONT STYLE="font-weight: normal">(Expressed in thousands of pesos)</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 14.2pt; text-align: justify"><B>b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allowances
for loan losses and advances.</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 14.2pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 14.2pt; text-align: justify">The Group produces forecasts on repayment
capacity of clients in order to determine the provisioning level to be applied pursuant to provisions set by the Argentine Central
Bank.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 14.2pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 14.2pt; text-align: justify">Such forecasts are carried out with the
regularity set by minimum provisioning standards set by the Argentine Central Bank.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 14.2pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 14.2pt; text-align: justify"><B>c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impairment
of Non-Financial Assets </B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 14.2pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 14.2pt; text-align: justify">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.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 14.2pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 14.2pt; text-align: justify">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.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 14.2pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 14.2pt; text-align: justify">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.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 14.2pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 14.2pt; text-align: justify">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.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 14.2pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 14.2pt; text-align: justify">The Group decided that it would not be necessary
to recognize an impairment loss in indefinite useful life intangible assets under such conditions.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 14.2pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 14.2pt; text-align: justify"><B>d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Structured
Entities. </B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 14.2pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 14.2pt; text-align: justify">Structured entities are designed so that
the vote or similar rights do not account for the dominant factor when deciding who controls the entity. Likewise, judgment to
determine whether the relation between the Group and a structured entity indicates that the structured entity is controlled by
the Group is required. The Group does not consolidate non-controlled structured entities.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 14.2pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 14.2pt; text-align: justify">Given the fact that it might be difficult
to determine whether the Group controls a structured entity, the administration evaluates its risk exposure and rewards, as well
as its capacity to take operating decisions for such structured entity. In many cases, there are elements that, considered in an
isolated manner, shows the control or lack of control over a structured entity, but when considered as a whole, it is difficult
to draw up a clear conclusion. In those cases in which there are more arguments for the existence of control, the structured entity
is consolidated. The following elements were utilized to determine the control existence or lack of control existence:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 14.2pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">-</TD><TD STYLE="text-align: justify">Object and design of the financial trust.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">-</TD><TD STYLE="text-align: justify">Identification of relevant activities.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">-</TD><TD STYLE="text-align: justify">Deciding process regarding such activities.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">-</TD><TD STYLE="text-align: justify">Whether the rights the Group holds enable it to run relevant activities of the financial trust.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">-</TD><TD STYLE="text-align: justify">Whether the Group is exposed, or holds rights over variable results of its interest in such financial
trust.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">-</TD><TD STYLE="text-align: justify">Whether the Group relies on the capacity to allocate such results in virtue of its power over the
financial trust.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 14.2pt; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 21; Section: financials -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; padding-bottom: 2pt; border-bottom: rgb(98,145,178) 2pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->16<!-- Field: /Sequence -->&nbsp;</P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><B>GRUPO SUPERVIELLE S.A.</B></P><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0; text-align: center">Notes to Consolidated Financial Statements</P>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">As of December 31, 2019 presented in comparative basis</FONT></P>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 10pt; text-align: center"><FONT STYLE="font-weight: normal">(Expressed in thousands of pesos)</FONT></P>


<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 14.2pt; text-align: justify"><B>e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income
tax and deferred tax </B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 14.2pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 14.2pt; text-align: justify">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.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 14.2pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 14.2pt; text-align: justify">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&acute;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.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 14.2pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 14.2pt; text-align: justify">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.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 14.2pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.45pt"></TD><TD STYLE="width: 18pt"><B>1.3.</B></TD><TD><B>Consolidation </B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">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&acute;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&rsquo;s relevant activities. The Group can have
control over an entity, even when it has less voting powers than those required for the majority.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">Accordingly, the protecting rights of other
investors, as well as those related to substantive changes in the subsidiary&acute; 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.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 14.2pt; text-align: justify">The following chart provides the subsidiaries
which are object to consolidation:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 9pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="11" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Percentage of Participation</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">12/31/2019</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">12/31/2018</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Company</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Condition</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Legal Adress</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Principal <BR>
Activity</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Direct</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Direct and Indirect</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Direct</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Direct and Indirect</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="vertical-align: middle; width: 18%; text-align: center"><FONT STYLE="font-size: 9pt">Banco Supervielle S.A.</FONT></TD><TD STYLE="vertical-align: middle; width: 1%; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; width: 1%; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; width: 9%; text-align: center"><FONT STYLE="font-size: 9pt">Controlled</FONT></TD><TD STYLE="vertical-align: middle; width: 1%; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; width: 1%; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; width: 12%; text-align: center"><FONT STYLE="font-size: 9pt">Bartolom&eacute; Mitre 434, C.A.B.A., Argentina</FONT></TD><TD STYLE="vertical-align: middle; width: 1%; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; width: 1%; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; width: 9%; text-align: center"><FONT STYLE="font-size: 9pt">Commercial Bank</FONT></TD><TD STYLE="vertical-align: middle; width: 1%; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; width: 1%; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; width: 8%; text-align: center">97.10%</TD><TD STYLE="vertical-align: middle; width: 1%; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; width: 1%; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; width: 8%; text-align: center"><FONT STYLE="font-size: 9pt">99.90% (1)</FONT></TD><TD STYLE="vertical-align: middle; width: 1%; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; width: 1%; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; width: 8%; text-align: center">97.03%</TD><TD STYLE="vertical-align: middle; width: 1%; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; width: 1%; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; width: 8%; text-align: center"><FONT STYLE="font-size: 9pt">99.89% (1)</FONT></TD><TD STYLE="vertical-align: middle; width: 1%; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="vertical-align: middle; text-align: center"><FONT STYLE="font-size: 9pt">Cordial Compa&ntilde;&iacute;a Financiera S.A.</FONT></TD><TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; text-align: center"><FONT STYLE="font-size: 9pt">Controlled</FONT></TD><TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; text-align: center"><FONT STYLE="font-size: 9pt">Reconquista 320, C.A.B.A., Argentina</FONT></TD><TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; text-align: center"><FONT STYLE="font-size: 9pt">Financial Company</FONT></TD><TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; text-align: center">5.00%</TD><TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; text-align: center">99.90%</TD><TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; text-align: center">5.00%</TD><TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; text-align: center">99.90%</TD><TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="vertical-align: middle; text-align: center"><FONT STYLE="font-size: 9pt">Tarjeta Autom&aacute;tica&nbsp;&nbsp;S.A.</FONT></TD><TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; text-align: center"><FONT STYLE="font-size: 9pt">Controlled</FONT></TD><TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; text-align: center"><FONT STYLE="font-size: 9pt">Bartolom&eacute; Mitre 434, C.A.B.A., Argentina</FONT></TD><TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; text-align: center"><FONT STYLE="font-size: 9pt">Credit Card</FONT></TD><TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; text-align: center">87.50%</TD><TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; text-align: center">99.99%</TD><TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; text-align: center">87.50%</TD><TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; text-align: center">99.99%</TD><TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="vertical-align: middle; text-align: center"><FONT STYLE="font-size: 9pt">Supervielle Asset&nbsp;&nbsp;Management S.A. </FONT></TD><TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; text-align: center"><FONT STYLE="font-size: 9pt">Controlled</FONT></TD><TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; text-align: center"><FONT STYLE="font-size: 9pt">Bartolom&eacute; Mitre 434, C.A.B.A., Argentina</FONT></TD><TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; text-align: center"><FONT STYLE="font-size: 9pt">Mutual Fund</FONT></TD><TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; text-align: center">95.00%</TD><TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; text-align: center">100.00%</TD><TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; text-align: center">95.00%</TD><TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; text-align: center">100.00%</TD><TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="vertical-align: middle; text-align: center"><FONT STYLE="font-size: 9pt">Sofital S.A.F. e I.I.</FONT></TD><TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; text-align: center"><FONT STYLE="font-size: 9pt">Controlled</FONT></TD><TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; text-align: center"><FONT STYLE="font-size: 9pt">Bartolom&eacute; Mitre 434. C.A.B.A., Argentina</FONT></TD><TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; text-align: center"><FONT STYLE="font-size: 9pt">Real State</FONT></TD><TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; text-align: center">96.80%</TD><TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; text-align: center">100.00%</TD><TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; text-align: center">96.80%</TD><TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; text-align: center">100.00%</TD><TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="vertical-align: middle; text-align: center"><FONT STYLE="font-size: 9pt">Espacio Cordial de Servicios S.A.</FONT></TD><TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; text-align: center"><FONT STYLE="font-size: 9pt">Controlled</FONT></TD><TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; text-align: center"><FONT STYLE="font-size: 9pt">San Mart&iacute;n 719/731. 1&deg; Piso. Ciudad de Mendoza. Argentina</FONT></TD><TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; text-align: center"><FONT STYLE="font-size: 9pt">Retail Services</FONT></TD><TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; text-align: center">95.00%</TD><TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; text-align: center">100.00%</TD><TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; text-align: center">95.00%</TD><TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; text-align: center">100.00%</TD><TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="vertical-align: middle; text-align: center"><FONT STYLE="font-size: 9pt">Supervielle Seguros S.A.</FONT></TD><TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; text-align: center"><FONT STYLE="font-size: 9pt">Controlled</FONT></TD><TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; text-align: center"><FONT STYLE="font-size: 9pt">Reconquista 320. 1&deg; Piso. C.A.B.A., Argentina</FONT></TD><TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; text-align: center"><FONT STYLE="font-size: 9pt">Insurance</FONT></TD><TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; text-align: center">95.00%</TD><TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; text-align: center">100.00%</TD><TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; text-align: center">95.00%</TD><TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; text-align: center">100.00%</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 22; Section: financials -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->17<!-- Field: /Sequence -->&nbsp;</P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><B>GRUPO SUPERVIELLE S.A.</B></P><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0">&nbsp;</P>

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    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="11" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Percentage of Participation</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="width: 18%; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 9pt">Micro Lending S.A.U.</FONT></TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 9pt">Controlled</FONT></TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 9pt">Bartolom&eacute; Mitre 434. C.A.B.A., Argentina</FONT></TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 9pt">Financial Company</FONT></TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; border-bottom: Black 1pt solid; text-align: right">100.00%</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; border-bottom: Black 1pt solid; text-align: right">100.00%</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; border-bottom: Black 1pt solid; text-align: right">100.00%</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; border-bottom: Black 1pt solid; text-align: right">100.00%</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 9pt">InvertirOnline S.A.U.</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 9pt">Controlled</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 9pt">San Martin 323. 11&deg; Piso. C.A.B.A., Argentina</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 9pt">Clearing and settlement agent</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">100.00%</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">100.00%</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">100.00%</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">100.00%</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 9pt">InvertirOnline.Com Argentina S.A.U.</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 9pt">Controlled</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><P STYLE="font: 9pt Times New Roman,serif; margin: 0; text-align: center">San Martin 323. 11&deg; Piso. C.A.B.A.,</P> <P STYLE="font: 9pt Times New Roman,serif; margin: 0; text-align: center">Argentina</P></TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 9pt">Representations</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">100.00%</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">100.00%</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">100.00%</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">100.00%</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 9pt">Supervielle Productores Asesores de Seguros S.A.</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 9pt">Controlled</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 9pt">Reconquista 320. 1&deg; Piso. C.A.B.A., Argentina</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 9pt">Insurance Broker</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">95.00%</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">100.00%</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 9pt">Bolsillo Digital S.A.U.</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 9pt">Controlled </FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 9pt">Bartolom&eacute; Mitre 434, C.A.B.A., Argentina</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 9pt">Computer Services</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">100.00%</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">100.00%</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 9pt">Futuros del Sur S.A.</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 9pt">Controlled </FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 9pt">03 de Febrero 515, Rosario,&nbsp;&nbsp;Santa Fe</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 9pt">Clearing and settlement agent</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">100.00%</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">100.00%</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.1pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-weight: normal">(1)</FONT></TD><TD STYLE="text-align: justify; padding-right: 16.15pt"><FONT STYLE="font-weight: normal">Grupo Supervielle S,A,&rsquo;s direct
and indirect interest in Banco Supervielle S,A votes amounts to 99.87% as of 12/31/19 and 12/31/2018.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.1pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-weight: normal">(2)</FONT></TD><TD STYLE="text-align: justify; padding-right: 16.15pt"><FONT STYLE="font-weight: normal">All the subsidiaries carry out their
activities in Argentina, the local and functional currency being Argentine pesos.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 16.15pt 0 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">It should be noted that the Group has begun to recognize
in its Consolidated Financial Statements, Supervielle Productores Asesores de Seguros S.A. and Bolsillo Digital S.A.U as of the
date of the constitution and Futuros del Sur S.A. as of the date of acquisition (See Note 20).</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">In virtue of the consolidation, the following Financial
Statements were utilized as of December 31, 2018 Financial Statements of Banco Supervielle S.A., Cordial Compa&ntilde;&iacute;a
Financiera S.A., Supervielle Seguros S.A, Sofital S.A. F. e I.I., Supervielle Asset Management S.A., Tarjeta Autom&aacute;tica
S.A., Espacio Cordial de Servicios S.A., Micro Lending S.A.U., InvertirOnline S.A.U. and InvertirOnline.Com Argentina S.A.U. which
cover the same period of time regarding the Group&acute;s Financial Statements. Financial Statements of Banco Supevielle S.A. and
Cordial Compa&ntilde;&iacute;a Financiera S.A. have been prepared based on the accounting framework set by the Argentine Central
Bank (See Note 1.2).</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Financial Statements of Supervielle Seguros S.A. have
been prepared pursuant to accounting standards issued by the National Insurance Superintendence.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Financial Statements of Tarjeta Autom&aacute;tica S.A.,
Supervielle Asset Management S.A., Supervielle Seguros S.A, Sofital S.A. F. e I.I., Espacio Cordial de Servicios 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. have been adjusted so that such Financial Statements include criteria similar to those applied by
the Group in the preparation of Consolidated Financial Statements.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Assets and liabilities and income from operations among
members of the Group that were not transferred to third parties have been removed from the Consolidated Financial Statements.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Non-controlling investment accounts for that portion
of net income and shareholders&acute; equity of a subsidiary attributable to interest which is not owned, directly or indirectly,
by the Group. Non-controlling investments are included in a separate item of the shareholders&acute; equity of the Group.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">In accordance with the provisions of IFRS 3, the acquisition
method is used to account for the acquisition of subsidiaries. The identifiable assets acquired and the contingent liabilities
assumed in a business combination are measured at their fair values at the acquisition date.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->18<!-- Field: /Sequence -->&nbsp;</P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><B>GRUPO SUPERVIELLE S.A.</B></P><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0; text-align: center">Notes to Consolidated Financial Statements</P>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">As of December 31, 2019 presented in comparative basis</FONT></P>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 10pt; text-align: center"><FONT STYLE="font-weight: normal">(Expressed in thousands of pesos)</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The goodwill is measured as the difference between
the net of the amounts at the date of acquisition of the identifiable assets acquired, the liabilities assumed, the consideration
transferred, the amount of the non-controlling interest in the acquiree and the fair value of a share in the acquiree prior to
the acquisition date.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The consideration transferred in a business combination
is measured at the fair value of the assets transferred by the acquirer, the liabilities incurred by it with the previous owners
of the acquiree and the equity interests issued by the acquirer. Transaction costs are recognized as expenses in the periods in
which costs have been incurred and services have been received, except for transaction costs incurred to issue equity instruments
that are deducted from equity and transaction costs incurred to issue debt that are deducted from their book value.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 16.15pt 0 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.3pt"></TD><TD STYLE="width: 18pt"><B>1.4.</B></TD><TD><B>Consolidated Structured Entities </B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">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.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Regarding the financial statements as of December 31,
2019 the following consolidated structured entities have been consolidated as of the date of these consolidated financial statements:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="9" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Issued
    Securities</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">Issuers</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">Financial Trust</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">Set-up on</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">Due of principal
    obligation</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Securitized
    Amount</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">Type</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Amount</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">Type</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Amount</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="width: 24%; text-align: center"><FONT STYLE="font-size: 8pt">Banco Supervielle S.A.</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 8%; text-align: center"><FONT STYLE="font-size: 8pt">Serie 97</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 8%; text-align: center"><FONT STYLE="font-size: 8pt">03/27/2018</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 8%; text-align: center"><FONT STYLE="font-size: 8pt">03/20/2020</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="width: 8%; text-align: right"><FONT STYLE="font-size: 8pt">750,000</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 8%; text-align: center"><FONT STYLE="font-size: 8pt">VDF TV A</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">VN$</FONT></TD><TD STYLE="width: 8%; text-align: right"><FONT STYLE="font-size: 8pt">712,500</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 8%; text-align: center"><FONT STYLE="font-size: 8pt">CP</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">VN$</FONT></TD><TD STYLE="width: 8%; text-align: right"><FONT STYLE="font-size: 8pt">37,500</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">Cordial Compa&ntilde;&iacute;a Financiera S.A.</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">20</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">04/08/2019</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">01/15/2022</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">600,000</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">VDF</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">VN$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">480,000</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">CP</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">VN$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">120,000</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">Cordial Compa&ntilde;&iacute;a Financiera S.A.</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">21</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">06/24/2019</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">06/15/2022</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,000,000</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">VDF</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">VN$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">220,000</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">CP</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">VN$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">780,000</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">Cordial Compa&ntilde;&iacute;a Financiera</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">22</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">11/13/2019</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">01/15/2021</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">571,560</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">VDF</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">VN$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">469,260</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">CP</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">VN$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">102,300</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">Micro Lending S.A.U.</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">III</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">06/08/2011</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">10/12/2016</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">39,779</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">VDF TV A </FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">VN$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">31,823</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">CP</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">VN$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,592</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">VDF B</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">VN$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">6,364</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">Micro Lending S.A.U.</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">IV</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">09/01/2011</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">06/29/2017</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">40,652</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">VDF TV A </FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">VN$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">32,522</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">CP</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">VN$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,626</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">VDF B</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">VN$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">6,504</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">Micro Lending S.A.U.</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">XVIII</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">12/01/2017</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">10/15/2022</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">119,335</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">VDF TV A</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">VN$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">89,501 </FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">CP</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">VN$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">22,543</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">VDF TV B</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">VN$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">7,291</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 8pt Times New Roman,serif; margin: 0">*The Financial Trusts III and IV of Micro Lending S.A.U. are in the process
of liquidation.</P>



<P STYLE="font: 10pt Times New Roman,serif; margin: 0 2.55pt 0 14.2pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 2.55pt 0 14.2pt; text-align: justify">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.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 2.55pt 0 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 2.55pt 0 0.25in; text-align: justify">As for financial trusts, the Group
has evaluated the following:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 2.55pt 0 0.25in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD STYLE="text-align: justify; padding-right: 2.55pt">The purpose and design of the trust</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD STYLE="text-align: justify; padding-right: 2.55pt">Identification of relevant activities</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD STYLE="text-align: justify; padding-right: 2.55pt">Decision-making process on these activities</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD STYLE="text-align: justify; padding-right: 2.55pt">If the rights that the Group owns allow it to direct the relevant activities
of the trust</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD STYLE="text-align: justify; padding-right: 2.55pt">If the Group is exposed, or is entitled to the variable results from its
participation in said trust</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD STYLE="text-align: justify; padding-right: 2.55pt">If the Group has the capacity to affect said results through its power over
the trust</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 2.55pt 0 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 2.55pt 0 0.25in; text-align: justify">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.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 2.55pt 0 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 2.55pt 0 0.25in; text-align: justify"></P>

<!-- Field: Page; Sequence: 24; Section: financials -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; padding-bottom: 2pt; border-bottom: rgb(98,145,178) 2pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->19<!-- Field: /Sequence -->&nbsp;</P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><B>GRUPO SUPERVIELLE S.A.</B></P><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 2.55pt 0 0.25in; text-align: justify"></P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0; text-align: center">Notes to Consolidated Financial Statements</P>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">As of December 31, 2019 presented in comparative basis</FONT></P>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 10pt; text-align: center"><FONT STYLE="font-weight: normal">(Expressed in thousands of pesos)</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 2.55pt 0 0.25in; text-align: justify">The following chart details the assets
and liabilities of Structured Entities that have been consolidated by the Group as of December 31, 2019:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 1.95pt 0 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 9pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid">12/31/2019</TD><TD STYLE="padding-bottom: 1pt; font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 9pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid">12/31/2018</TD><TD STYLE="padding-bottom: 1pt; font: bold 9pt Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: bold 9pt Times New Roman,serif; padding-bottom: 1pt">Assets</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 72%; font: 9pt Times New Roman,serif; padding-bottom: 1pt">Loans</TD>
    <TD STYLE="width: 2%; border-bottom: Black 1pt solid; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; font: 9pt Times New Roman,serif; text-align: right">1,594,664</TD><TD STYLE="width: 2%; padding-bottom: 1pt; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 2%; border-bottom: Black 1pt solid; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; font: 9pt Times New Roman,serif; text-align: right">1,030,280</TD><TD STYLE="width: 2%; padding-bottom: 1pt; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left; padding-bottom: 1pt">Financial assets</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman,serif; text-align: right">108,839</TD><TD STYLE="padding-bottom: 1pt; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman,serif; text-align: right">139,869</TD><TD STYLE="padding-bottom: 1pt; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left; padding-bottom: 1pt">Other assets</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman,serif; text-align: right">291,691</TD><TD STYLE="padding-bottom: 1pt; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman,serif; text-align: right">126,160</TD><TD STYLE="padding-bottom: 1pt; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left; padding-bottom: 1pt">Total Assets</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Times New Roman,serif; text-align: right">1,995,194</TD><TD STYLE="padding-bottom: 1pt; font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Times New Roman,serif; text-align: right">1,296,309</TD><TD STYLE="padding-bottom: 1pt; font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 9pt Times New Roman,serif; padding-bottom: 1pt">Liabilities</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left; padding-bottom: 1pt">Financial liabilities</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman,serif; text-align: right">1,424,480</TD><TD STYLE="padding-bottom: 1pt; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman,serif; text-align: right">893,180</TD><TD STYLE="padding-bottom: 1pt; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left; padding-bottom: 1pt">Other liabilities</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman,serif; text-align: right">41,630</TD><TD STYLE="padding-bottom: 1pt; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman,serif; text-align: right">148,550</TD><TD STYLE="padding-bottom: 1pt; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left; padding-bottom: 1pt">Total Liabilities</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Times New Roman,serif; text-align: right">1,466,110</TD><TD STYLE="padding-bottom: 1pt; font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Times New Roman,serif; text-align: right">1,041,730</TD><TD STYLE="padding-bottom: 1pt; font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman,serif; margin: 0 2.55pt 0 42.55pt; text-align: justify; text-indent: -27.15pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt"><B>1.5.</B></TD><TD><B>Transactions with non-controlling interest </B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 2.55pt 0 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 2.55pt 0 0; text-align: justify">The Group applies a policy aimed at treating
non-controlling interest transaction as if such transactions were carried out with shareholders of the Group. As for non-controlling
interest acquisitions, the difference between any paid compensation and the relevant interest at book value of net assets acquired
by the subsidiary is recognized in the shareholder&acute;s equity. Earnings and losses for the sale of interest, as long as control
is held, are also recognized in the shareholders&acute; equity.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 2.55pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>1.6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Associates</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 2.55pt 0 0; text-align: justify">The associates are entities over which the
Group has significant influence (directly or indirectly), but not control, generally accompanying a participation of between 20
and 50 percent of the voting rights. Investments in associates are accounted for using the equity method, and are initially recognized
at cost. The book value of the associates includes the business key identified in the acquisition less accumulated impairment losses,
if applicable. Dividends received from associates reduce the book value of the investment in them. Other changes subsequent to
the acquisition of the Group's interest in the net assets of an associate are recognized as follows: (i) the Group's share in the
profits or losses of associates is recorded in the income statement as a result by associates and joint ventures and (ii) the Group's
participation in other comprehensive income is recognized in the statement of other comprehensive income and is presented separately.
However, when the Group's share in losses in an associate equals or exceeds its interest in the same, the Group will cease to recognize
its participation in the additional losses, unless it has incurred obligations or made payments on behalf of the associate.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 2.55pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 2.55pt 0 0; text-align: justify">Unrealized gains on transactions between
the Group and its associates are eliminated to the extent of the Group's participation in the associates; unrealized losses are
also eliminated unless the transaction provides evidence of impairment of the transferred asset.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 2.55pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 2.55pt 0 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>1.7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information by segment</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 2.55pt 0 0; text-align: justify">An operating segment accounts for an item
of an entity that (a) engages in business activities from which the Group may earn revenues and incur in expenses (including revenues
and expenses relating to transactions with other components of the same entity), (b) whose operating results is reviewed on a regular
basis by the Senior Management to make decisions about which discrete to be allocated to the segment and performance, and (c) for
about which discrete financial information is available.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 2.55pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 2.55pt 0 0; text-align: justify">The information by segments is provided
in a consistent manner with those internal reports delivered to:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 2.55pt 0 0.25in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 8pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">Key personnel of the senior management who account for the main authority in operating decision-making
processes and is responsible for the assignment of resources and the evaluation of operating segments; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 8pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">The Board, who is in charge of taking strategic decisions of the Group.</TD></TR></TABLE>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->20<!-- Field: /Sequence -->&nbsp;</P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><B>GRUPO SUPERVIELLE S.A.</B></P><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0; text-align: center">Notes to Consolidated Financial Statements</P>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">As of December 31, 2019 presented in comparative basis</FONT></P>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 10pt; text-align: center"><FONT STYLE="font-weight: normal">(Expressed in thousands of pesos)</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 14.2pt"><B>1.8.</B></TD><TD><B>Foreign currency translation </B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 8pt 0.25in; text-align: justify; text-indent: 3.3pt"><B>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Functional
and presentation currency</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">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 financial ftatements are expressed in Argentine pesos, which is the functional currency and the
reporting currency of the Group.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 2.55pt 0 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 8pt 0.25in; text-align: justify; text-indent: 3.3pt"><B>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transactions
and balances</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">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 &ldquo;Difference of exchange
rate in gold and foreign currency&rdquo;, except when such items are deferred in the shareholders&rsquo; equity for transactions
classified as cash flow hedging, when applicable.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">As of December 31, 2019 and 2018 the balances in US
dollars were converted at the reference exchange rate determined by the B.C.R.A. 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 B.C.R.A.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 14.2pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 2.55pt 0 42.55pt; text-align: justify; text-indent: -27.15pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 7.1pt"><B>1.9.</B></TD><TD STYLE="text-align: justify"><B>Cash and due from banks </B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">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.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Assets recorded in cash and due from Banks are recorded
at amortized cost which is close to its fair value.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Cash equivalents are made up by highly liquid short-term
securities with three-month or shorter initial maturities, with fair value rating.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The composition of the cash as of December 31, 2019,
2018 and 2017 is detailed below:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 14.2pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 9pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Item</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">12/31/2019</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">12/31/2018</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">12/31/2017</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="width: 58%; font-size: 9pt; text-align: left; padding-left: 5.4pt">Cash and due from banks</TD>
    <TD STYLE="width: 2%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">26,403,099</TD><TD STYLE="width: 2%; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 2%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">33,687,553</TD><TD STYLE="width: 2%; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 2%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">11,097,803</TD><TD STYLE="width: 2%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 9pt; text-align: left; padding-left: 5.4pt">Debt securities at fair value through profit or loss</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">568,501</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,633,443</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,646,700</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font-size: 9pt; text-align: left; padding-left: 5.4pt">Money Market Funds</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">964,885</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">655,562</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">680,865</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 9pt; font-weight: bold; text-align: left; padding-left: 5.4pt">Cash and cash equivalents</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">27,936,485</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">46,976,558</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">21,425,368</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">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:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 9pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Items</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">12/31/2019</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">12/31/2018</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">12/31/2017</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font-size: 9pt; font-weight: bold; text-align: left; text-indent: 3.35pt; padding-left: 3.5pt">Cash and due from Banks</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 58%; font-size: 9pt; text-indent: 10.45pt; padding-left: 3.5pt">As per Statement of Financial Position</TD>
    <TD STYLE="width: 2%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">26,403,099</TD><TD STYLE="width: 2%; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 2%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">33,687,553</TD><TD STYLE="width: 2%; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 2%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">11,097,803</TD><TD STYLE="width: 2%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font-size: 9pt; text-indent: 10.45pt; padding-left: 3.5pt">As per the Statement of Cash Flows</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">26,403,099</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">33,687,553</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">11,097,803</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 9pt; font-weight: bold; text-align: left; text-indent: 3.35pt; padding-left: 3.5pt">Debt securities at fair value through profit or loss</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font-size: 9pt; text-indent: 10.45pt; padding-left: 3.5pt">As per Statement of Financial Position</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">568,501</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,112,115</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11,404,286</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 9pt; text-align: left; text-indent: 10.45pt; padding-left: 3.5pt">&nbsp;Securities not considered as cash equivalents</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,478,672</TD><TD STYLE="text-align: left">)</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,757,586</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font-size: 9pt; text-indent: 10.45pt; padding-left: 3.5pt">&nbsp;As per the Statement of Cash Flows</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">568,501</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">12,633,443</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">9,646,700</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 9pt; font-weight: bold; text-align: left; text-indent: 3.35pt; padding-left: 3.5pt">Money Market Funds</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font-size: 9pt; text-align: left; padding-left: 10.45pt">As per Statement of Financial Position &ndash; Other financial assets</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,092,818</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,715,534</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,614,444</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 9pt; text-align: left; text-indent: 10.45pt; padding-left: 3.5pt">Other financial assets not considered as cash</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,127,933</TD><TD STYLE="text-align: left">)</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,059,972</TD><TD STYLE="text-align: left">)</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(933,579</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font-size: 9pt; text-indent: 10.45pt; padding-left: 3.5pt">&nbsp;As per the Statement of Cash Flow</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">964,885</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">655,562</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">680,865</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 49.65pt; text-align: justify"><B>&nbsp;</B></P>


<!-- Field: Page; Sequence: 26; Section: financials -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; padding-bottom: 2pt; border-bottom: rgb(98,145,178) 2pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->21<!-- Field: /Sequence -->&nbsp;</P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><B>GRUPO SUPERVIELLE S.A.</B></P><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0; text-align: center">Notes to Consolidated Financial Statements</P>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">As of December 31, 2019 presented in comparative basis</FONT></P>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 10pt; text-align: center"><FONT STYLE="font-weight: normal">(Expressed in thousands of pesos)</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">Reconciliation of financing activities at December 31, 2019 and 2018 is
as follows:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Cash Flows</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Items</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Balances at<BR> 12/31/2018</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Inflows</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Payments</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Other <BR> non-cash <BR> movements</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Balances at 12/31/2019</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="width: 35%; text-align: left">Unsubordinated Negotiable Obligations</TD>
    <TD STYLE="width: 2%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">9,307,171</TD><TD STYLE="width: 2%; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 2%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">6,630,087</TD><TD STYLE="width: 2%; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 2%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">(10,573,129</TD><TD STYLE="width: 2%; text-align: left">)</TD>
    <TD STYLE="width: 2%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">722,346</TD><TD STYLE="width: 2%; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 2%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">6,086,475</TD><TD STYLE="width: 2%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Subordinated Negotiable Obligations</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,383,817</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(98,024</TD><TD STYLE="text-align: left">)</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">834,095</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,119,888</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="text-align: left">Financing received from the Argentine Central Bank and other financial institutions</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,033,222</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">87,980,035</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(86,992,885</TD><TD STYLE="text-align: left">)</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,775</TD><TD STYLE="text-align: left">)</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,017,597</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Lease Liabilities</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(995,901</TD><TD STYLE="text-align: left">)</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,942,290</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">946,389</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font-weight: bold">Total</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">18,724,210</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">94,610,122</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(98,659,939</TD><TD STYLE="font-weight: bold; text-align: left">)</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">3,495,956</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">18,170,349</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>




<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;<B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><B>1.10.</B></TD><TD STYLE="text-align: justify"><B>Financial Instruments</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><U>Initial Recognition </U></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The Group recognizes financial assets or liabilities
in its Financial Statements, as applicable, when it is established in the contract clauses of the financial instrument in question.
Purchases and sales are recognized at the trade date of the transaction by which the Group undertakes to the purchase or sale of
the asset.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">In the initial recognition, the Group measures financial
assets or liabilities at their fair value. Instruments that are not recognized at fair value through profit or loss are recorded
at the fair value adjusted by the transaction costs that are directly attributed to its acquisition or issuance, such as fees and
commissions.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">When fair value differs from the cost of the initial
recognition, the Group will recognize the difference as follows:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 14.2pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 8pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">-</TD><TD STYLE="text-align: justify">When fair value is consistent with the market value of the financial asset or liability or is based
on a valuation technique that only uses market values, the difference will be recognized as profit or loss, as applicable.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 8pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">-</TD><TD STYLE="text-align: justify">In other situations, the difference is deferred and recognition at the time of the profit or loss
is determined individually. The difference is amortized through the life of the instrument until fair value can be measured on
market values.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B><U>Financial Assets</U></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><U>a &ndash; Debt Instruments</U></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The Group consider debt instruments as those regarded
as financial liabilities for the issuer, such as loans, public and private securities, debt securities and accounts receivable
from clients.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 14.2pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><U>Classification</U></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Pursuant to IFRS 9, the Entity classifies financial
assets depending on whether these are subsequently measured at amortized cost, fair value through other comprehensive incomes or
fair value through profit or loss, on the basis of:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 31.65pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Cambria,serif">a)</FONT></TD><TD STYLE="text-align: justify">the Group&rsquo;s business model for managing financial assets, and;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 49.65pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 31.65pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Cambria,serif">b)</FONT></TD><TD STYLE="text-align: justify">the contractual cash-flows characteristics of the financial asset</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 14.2pt; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 27; Section: financials -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; padding-bottom: 2pt; border-bottom: rgb(98,145,178) 2pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->22<!-- Field: /Sequence -->&nbsp;</P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><B>GRUPO SUPERVIELLE S.A.</B></P><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0; text-align: center">Notes to Consolidated Financial Statements</P>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">As of December 31, 2019 presented in comparative basis</FONT></P>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 10pt; text-align: center"><FONT STYLE="font-weight: normal">(Expressed in thousands of pesos)</FONT></P>


<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><U>Business Model </U></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The business model refers to the way in which the Group
manages a group of financial assets in order to achieve a concrete business objective. It represents the form in which instruments
are held for generating funds.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 14.2pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 14.2pt; text-align: justify">Business models the Group may adopt are
the following:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 14.2pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial,sans-serif">-</FONT></TD><TD STYLE="text-align: justify">to hold financial assets to collect contractual cash flows;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial,sans-serif">-</FONT></TD><TD STYLE="text-align: justify">to hold financial assets to collect contractual cash flows and sell them; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial,sans-serif">-</FONT></TD><TD STYLE="text-align: justify">to hold financial assets for trading.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 8pt; text-align: justify">The Group determines its business model in the
level that better reflects how it manages the groups of financial assets to achieve a concrete business objective.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The business model of the Group does not depend on
the management&rsquo;s intentions for an individual instrument. Consequently, such business model is not assessed instrument by
instrument, but at a higher aggregated level of disaggregated portfolios and it is based on observable factors such as:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial,sans-serif">-</FONT></TD><TD STYLE="text-align: justify">How the business model&rsquo;s return is evaluated and how financial assets held in that business
model are evaluated and reported to the Group&rsquo;s key personnel.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial,sans-serif">-</FONT></TD><TD STYLE="text-align: justify">The risks affecting the business model&rsquo;s return (and financial assets held in that business
model) and, particularly, the way these risks are managed.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial,sans-serif">-</FONT></TD><TD STYLE="text-align: justify">How the Group&rsquo;s key personnel is compensated (for instance, if salaries are based on the
fair value of the assets managed or on contractual cash flows collected)</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial,sans-serif">-</FONT></TD><TD STYLE="text-align: justify">The expected frequency, the value, moment and reasons of sales are also important aspects.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 8pt; text-align: justify">The evaluation of the business model is based
on reasonably expected scenarios, irrespective of worst-case or stress case scenarios. If after the initial recognition cash flows
are realized in a different manner from the original expectations, the Group will not change the classification of the remaining
financial assets held in that business model, but it will consider such information for evaluating recent purchases or originations.
An instrument&rsquo;s reclassification is only made when, and only when, an entity changes its business model for managing financial
assets.</P>


<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><U>Cash Flow Characteristics </U></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The Group evaluates the contractual terms of its financial
instruments to identify if the cash flow return of these grouped financial assets is not significantly different from the contribution
that it would receive only from interests, otherwise these shall be measured at fair value through profit or loss.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Based on the aforementioned, there are three different
categories of Financial Assets:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 28.35pt"><B>i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>Financial
assets at amortize cost.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Financial assets shall be measured at amortized cost
if:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 14.2pt; text-align: justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
financial asset is held within a business model whose objective is to hold financial assets in order to collect contractual cash
flows and</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 14.2pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 14.2pt; text-align: justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest
on the principal amount outstanding.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">These financial instruments shall be measured at its
fair value plus incremental, directly attributable, transaction costs, and subsequently measured at amortized cost.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 14.2pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">A financial asset&rsquo;s amortized cost is the amount
at which it is acquired minus the cumulative amortization plus accrued interests (using the effective interest method), net of
any impairment loss.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 14.2pt; text-align: justify">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->23<!-- Field: /Sequence -->&nbsp;</P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><B>GRUPO SUPERVIELLE S.A.</B></P><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0; text-align: center">Notes to Consolidated Financial Statements</P>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">As of December 31, 2019 presented in comparative basis</FONT></P>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 10pt; text-align: center"><FONT STYLE="font-weight: normal">(Expressed in thousands of pesos)</FONT></P>


<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 14.2pt; text-align: justify">The effective interest method uses the rate
that allows the estimated future cash flows to be discounted to be received or paid over the life of the instrument or a shorter
period, if appropriate, equalizing the net book value. By applying this method, the Group identifies the incremental direct costs
as an integral part of the effective interest rate.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 14.2pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 28.35pt; text-align: justify"><B>ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>Financial
assets at fair value through other comprehensive income:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 28.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 14.2pt; text-align: justify">Financial assets shall be measured at fair
value through other comprehensive income when:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 14.2pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">the financial asset is held within a business model whose objective is achieved by both collecting
contractual cash flows and selling financial assets and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 32.2pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">the contractual terms of the financial asset give rise on specified dates to cash flows that are
solely payments of principal and interest on the amount outstanding.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">These instruments shall be initially recognized at
fair value plus incremental, directly attributable, transaction costs, and subsequently measured at fair value through other comprehensive
incomes. Gains and losses arising out of changes in fair value shall be included in other comprehensive incomes within a separate
component of equity. Impairment losses or reversal, interest revenue and foreign exchange rate gains and losses shall be recognized
in profit or loss. At the time of sale or disposal, the accumulated gain or loss previously recognized in other comprehensive incomes
are reclassified from equity to the income statement.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 28.35pt; text-align: justify"><B>iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>Financial
assets at fair value through profit or loss:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Financial assets at fair value through profit or loss
comprise:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 8pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial,sans-serif">-</FONT></TD><TD STYLE="text-align: justify">Instruments held for trading</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 8pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial,sans-serif">-</FONT></TD><TD STYLE="text-align: justify">Instruments specifically designated at fair value through profit or loss</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 8pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial,sans-serif">-</FONT></TD><TD STYLE="text-align: justify">Instruments with contractual terms that do not represent contractual cash flows that are solely
payments of principal and interest on the principal amount outstanding</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">These financial instruments shall be initially recognized
at fair value and any gain or loss shall be recognized in profit or loss upon effectiveness.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The Group classifies a financial instrument as held
for trading if it is acquired or incurred with an intention to sell or repurchase them in the short term, or it is part of a portfolio
of financial instruments that are managed together and for which there is evidence of a recent pattern of short-term profit-taking
or it is a derivative which is not embedded in a qualifying hedging relationship. Derivatives and instruments held for trading
shall be classified as held for trading and are recognized at fair value.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The fair value of these instruments was calculated
using current prices at the closing of each period in active markets, in case they are representative. In the event that there
is no active market, valuation techniques were used, which included the use of arm&rsquo;s length market transactions between knowledgable
and willing parties, provided that they are available, as well as references to the current fair value of another instrument that
is substantially similar, or the analysis of discounted cash flows. Fair values&rsquo; estimate is explained in more detail in
section &ldquo;critical accounting policies and estimates&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 7.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Additionally, financial assets can be valued (&quot;designated&quot;)
at fair value through profit or loss when, in doing so, the Group eliminates or significantly reduces an inconsistency in measurement
or recognition.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><U>b &ndash; Equity Instruments </U></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Equity instruments are those recognized as such by
the issuer, that is, instruments that do not imply any payable contractual obligation and that record a residual interest over
the asset of the issuer after deducting its total liabilities.<BR>
<BR>
</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Such instruments are valued at fair value through profit
and loss, except in those cases in which the senior management has utilized, upon initial recognition, the irrevocable option of
measuring such instruments at fair value through other comprehensive income. This method is applicable when instruments are not
held to negotiate and results are recorded in OCI with no reclassification option, even when effective. Receivable dividends that
result from such instrument would be recognized only under the right to receive such payment.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 29; Section: financials -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->24<!-- Field: /Sequence -->&nbsp;</P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><B>GRUPO SUPERVIELLE S.A.</B></P><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0; text-align: center">Notes to Consolidated Financial Statements</P>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">As of December 31, 2019 presented in comparative basis</FONT></P>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 10pt; text-align: center"><FONT STYLE="font-weight: normal">(Expressed in thousands of pesos)</FONT></P>


<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><U>Derecognition of Financial Assets</U></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The Group recognizes the write-off of financial assets
only when any of the following conditions is met:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 14.2pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.2pt"></TD><TD STYLE="width: 18pt">1.</TD><TD STYLE="text-align: justify">The rights on the financial asset cash flows have expired; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.2pt"></TD><TD STYLE="width: 18pt">2.</TD><TD STYLE="text-align: justify">The financial asset is transferred pursuant to the requirements in 3.2.4 of IFRS 9.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 32.2pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 14.2pt; text-align: justify">The Group derecognizes financial assets
that have been transferred only when the following characteristics are met:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 14.2pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.2pt"></TD><TD STYLE="width: 18pt">1.</TD><TD STYLE="text-align: justify">The contractual rights on receiving fund flows from future funds have been transferred.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.2pt"></TD><TD STYLE="width: 18pt">2.</TD><TD STYLE="text-align: justify">It retains the contractual rights to receive cash flows but assumes an obligation to transfer them
provided that the following three requirements are met::</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 32.2pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 32.2pt; text-align: justify; text-indent: 24.5pt">a.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Group is not obliged to pay any amount before receiving the cash flow for the asset transfer;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 32.2pt; text-align: justify; text-indent: 24.5pt">b.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Group is banned from selling the financial asset; and</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 32.2pt; text-align: justify; text-indent: 24.5pt">c.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Group has to refer the fund flows to which it has committed.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B><U>Financial Liabilities</U></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><U>Classification </U></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The Group classifies its financial liabilities at amortized
cost utilizing the effective rate method except for:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial,sans-serif">-</FONT></TD><TD STYLE="text-align: justify">Financial liabilities valued at fair value through profit or loss.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial,sans-serif">-</FONT></TD><TD STYLE="text-align: justify">Liabilities that arise from financial assets transfers.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial,sans-serif">-</FONT></TD><TD STYLE="text-align: justify">Financial guarantee contracts.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial,sans-serif">-</FONT></TD><TD STYLE="text-align: justify">Agreements on granting loans below market rates.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><U>Financial Liabilities valued at fair value through
profit or loss</U>: The Group can choose to use, at the beginning, the irrevocable option to designate a liability at fair value
through profit or loss if and only if by doing so, it reflects more appropriately the financial information because:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 14.2pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial,sans-serif">-</FONT></TD><TD STYLE="text-align: justify">The Group removes or reduces significantly the inconsistencies of measurements or recognition which,
otherwise, would be presented in the valuation;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial,sans-serif">-</FONT></TD><TD STYLE="text-align: justify">Whether the assets and financial liabilities are managed and their performances evaluated on a
fair value basis pursuant to an investment strategy or a documented risk management; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial,sans-serif">-</FONT></TD><TD STYLE="text-align: justify">A principal contract has one or more embedded derivatives.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><U>Financial guarantee contract</U>: A guarantee contract
is a contract which requires the issuer to make specific payments to reimburse the holder for the loss incurred when a specific
debtor default on his debt as they fall due, according to the conditions, either original or amended, of a debt instrument.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Financial guarantee contracts and agreements on granting
loans below market rate are valued at fair value, in the first instance; so later, a comparison between the higher value of the
commission to be accrued at the financial year closing and the applicable allowance.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><U>Derecognition of financial liabilities</U></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The Group derecognizes financial liabilities only when
they have expired; this is, when they have been settled, paid or the contract expired. For cases of repurchase of own debt, see
Note 1.24.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; background-color: white"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.3pt"></TD><TD STYLE="width: 18pt"><B>1.12.</B></TD><TD STYLE="text-align: justify"><B>Derivatives</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Derivatives, including currency contracts, interest
rate futures, term contracts, interest rate and currency swaps, and options over currency and interest rates are registered at
their fair value.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->25<!-- Field: /Sequence -->&nbsp;</P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><B>GRUPO SUPERVIELLE S.A.</B></P><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0; text-align: center">Notes to Consolidated Financial Statements</P>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">As of December 31, 2019 presented in comparative basis</FONT></P>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 10pt; text-align: center"><FONT STYLE="font-weight: normal">(Expressed in thousands of pesos)</FONT></P>


<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">All derivative instruments are recorded as assets when
their fair value is positive, and as liabilities when their fair value is negative, related to the agreed price. Any change in
the fair value of derivative instruments is included in the financial year income.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; background-color: white">The Group has not applied
hedge accounting.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.3pt"></TD><TD STYLE="width: 18pt"><B>1.13.</B></TD><TD STYLE="text-align: justify"><B>Repo Transactions</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The sale and repurchase agreements (&ldquo;repo liability
operations&rdquo;), which effectively provide the lender&rsquo;s return to the counterparty, are treated as guaranteed financing
transactions. Securities sold under those sale and repurchase agreements are not withdrawn from accounts. The securities are not
reclassified in the statement of financial position unless the assignee has the right by contract or sale to sell or replace them.
In such case, securities are reclassified as recoverable accounts by repurchase. Appropriate liabilities are presented within Financings
received from Argentine Central Bank and other Financial Institutions item.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The securities purchased pursuant to the resale agreements
(&ldquo;repo asset transactions&rdquo;), which effectively provide the lender&rsquo;s return to the Group, are registered as debts
within Financings received from Argentine Central Bank and other Financial Institutions item.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The difference between the sale price and the repurchase
price or the purchase price and the resale price, adjusted by interest and dividends received by the counterparty or by the Group,
as appropriate, constitute the premium of the operation. Such premium is treated as interest income or expenses, which are accrued
during the effectiveness of the agreements.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 14.2pt"><B>1.14.</B></TD><TD><B>Loans and other financing</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0.2pt 12pt 0; text-align: justify">Provisions set by the Argentine Central
Bank on the classification of debt are aimed at both providing guidelines to identify and classify the quality of assets and evaluating
the real or potential risk of capital or interest losses to determine (taking into account guarantees) whether there are suitable
provisions for such contingencies. The Group must classify its loan portfolio in two categories: (i) consumer loans or mortgage
loans and (ii) commercial loans. Consumer or mortgage loans (including credit card financing), loans of up to 19,800 to Micro-Crdit
Institutions and Micro-entrepreneurs, and other types of commercial loans of up to 19,800 with or without guarantee. Any other
loan is considered as commercial loan. Consumer or Mortgage loans that exceed 19,800 and which repayment is tied to its productive
or commercial activity evolution, are classified as commercial loans.</P>


<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0.2pt 12pt 0; text-align: justify">At the Group&acute;s sole discretion,
commercial loans of up to 19,800, with or without preferred guarantees, may be classified as consumption or mortgage loans, and
will be treated under the said loans conditions. If a client holds both type of loans (commercial loans and consumer or mortgage
loans), consumer or mortgage loans are included in the commercial portfolio to determine under which portfolio the must be classified
depending of the amounts. In these cases, loans with preferred guarantees are recognized at the 50% of their nominal value.</P>


<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0.2pt 12pt 0; text-align: justify">Under this classification system, each
client, as well as his/her outstanding debts, are included in a one out of six sub-categories. Debt classification criteria applied
to consumer loan portfolios for are mainly based on objective factors related to the fulfilment of obligations on behalf of clients
and their legal situation; whereas the key criterion to classify commercial loan portfolios is given by each client&acute;s payment
capacity based on their future cash flow.</P>


<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0.2pt 12pt 0; text-align: justify"><B>Classification of commercial loans
</B></P>


<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0.2pt 12pt 0; text-align: justify">The main criterion utilized by the Group
to evaluate a commercial loan is given by the borrower&acute;s repayment capacity, which is measured by the future cash flow of
such borrower. Pursuant to provisions issued by the Argentine Central Bank, commercial loans are classified as follows:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0.2pt 0 0; text-align: justify"><I>&nbsp;</I></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 25%; border-bottom: Black 1pt solid; font-family: Times New Roman,serif; text-align: justify"><B>Classification</B></TD>
    <TD STYLE="width: 75%; border-bottom: Black 1pt solid; font-family: Times New Roman,serif; text-align: justify"><B>Criteria</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify">In normal situation</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Debtors in virtue of whom there are no doubts regarding
        their capacity to honor their payment obligations.</P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif">With special follow-up under observation&nbsp;&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Debtors whose delinquency does not exceed 90 days,
        among other criteria, though considered capable of serving any financial obligation are sensitive to changes that may affect their
        capacity to serve their debts upon the lack of due correcting measures.</P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P></TD></TR>
</TABLE>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->26<!-- Field: /Sequence -->&nbsp;</P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><B>GRUPO SUPERVIELLE S.A.</B></P><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0; text-align: center">Notes to Consolidated Financial Statements</P>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">As of December 31, 2019 presented in comparative basis</FONT></P>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 10pt; text-align: center"><FONT STYLE="font-weight: normal">(Expressed in thousands of pesos)</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 25%; border-bottom: Black 1pt solid; font-family: Times New Roman,serif; text-align: justify"><B>Classification</B></TD>
    <TD STYLE="width: 75%; border-bottom: Black 1pt solid; font-family: Times New Roman,serif; text-align: justify"><B>Criteria</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif">Under special follow-up / under negotiation or with refinancing agreements </TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Includes clients who in face of their incapacity to
        serve their payment obligations under agreed-upon conditions, duly express, prior to 60 days to be counted as from the date on
        which such delinquency was recorded, their intention to refinance their debts. Upon failure to agree on such refinancing within
        90days (if two lending entities were involved) or 180 calendar days (if more than two lending entities were involved) following
        the payment default date, the debtor shall be reclassified to the lower relevant category in accordance with indicators set for
        each level.</P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify">With problems</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Debtors with difficulties to serve their financial
        obligations on a regular basis, and upon lack of correction produce losses for the bank or debtors under payment agreements resulting
        from judicial rulings or extrajudicial ratified agreements (including ratified extrajudicial pre-emptive agreements) to expire.</P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif">With high risk of insolvency</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Debtors with high chances of financial obligation payment
        default or debtors who have requested a pre-emptive agreement, entered into an extrajudicial pre-emptive agreement that has not
        been ratified or have filed for chapter 11 and such filing has not been declared.</P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif">Irrecoverable</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Loans classified as non-performing loans upon assessment
        (though there might be a possibility to collect such loans in the future). It is understood that the debtor will not serve his/her
        financial obligations with the financial entity. Loans to insolvent or under Chapter 11 debtors are included.</P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif">Irrecoverable under technical ruling </TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify">(a) A debtor has failed to serve his/her payment obligations over a period of more than 180 calendar days pursuant to the report issued by the Argentine Central Bank, including (1) financial entities liquidated by the Argentine Central Bank, (2) residual entities created as a result of the privatization of public financial entities,&nbsp;&nbsp;or in liquidation or privatization process, (3) financial entities whose license has been revoked by the Argentine Central Bank and are subject to judicial liquidation or bankruptcy procedures; and (4) trust funds where SEDESA is the beneficiary; or (b) certain types of foreign borrowers (including banks or other financial entities which are not subject to the supervision of the Argentine Central Bank or similar authority of the country where such entities are registered) who do not rely on the international classification &ldquo;<I>investment grade</I>&rdquo; to be issued by any risk rating agency&nbsp;&nbsp;recognized by the Argentine Central Bank. </TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 12pt 0; text-align: justify"><B>Classification of consumer and mortgage
loans </B></P>


<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0.3pt 12pt 0; text-align: justify">The main criterion utilized for the evaluation
of consumer and mortgage loan portfolio is given by default terms. Pursuant to provisions issued by the Argentine Central Bank,
debtors are classified as follows:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; font-family: Times New Roman,serif"><B>Classification</B></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-bottom: Black 1pt solid; font-family: Times New Roman,serif"><B>Criteria</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-family: Times New Roman,serif">Normal situation</TD>
    <TD COLSPAN="2">
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Upon due payment or delinquency not exceeding 31 days
        and upon current account overdrafts, delinquency of less than 61 days.</P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-family: Times New Roman,serif">Low risk</TD>
    <TD COLSPAN="2">
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0">Loans to clients who record from-time-to-time defaults in serving their
        obligations, falling behind payments over 31 to 90 days periods.</P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-family: Times New Roman,serif">Medium risk </TD>
    <TD COLSPAN="2">
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Loans that record delinquency over a period of more
        than 90 days but not exceeding 180 days.</P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P></TD></TR>
<TR>
    <TD STYLE="width: 25%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 73%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
</TABLE>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->27<!-- Field: /Sequence -->&nbsp;</P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><B>GRUPO SUPERVIELLE S.A.</B></P><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0; text-align: center">Notes to Consolidated Financial Statements</P>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">As of December 31, 2019 presented in comparative basis</FONT></P>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 10pt; text-align: center"><FONT STYLE="font-weight: normal">(Expressed in thousands of pesos)</FONT></P>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman,serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 31%; border-bottom: Black 1pt solid"><B>Classification</B></TD>
    <TD STYLE="width: 69%; border-bottom: Black 1pt solid"><B>Criteria</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>High risk</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Loans resulting a judicial collection process, or loans
        that bear delinquency of more than 180 days but not exceeding 365 days.</P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Irrecoverable</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Loans to insolvent clients, under judicial process
        or bankruptcy, with no or few recovery or under delinquency of more than 365 days.</P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Irrecoverable under technical ruling</TD>
    <TD>The same criteria as for commercial loans unrecoverable under technical ruling condition pursuant to provisions issued by the Argentine Central Bank. </TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>Loan loss Provisions</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">As regards uncollectibility risk provisions, the standards
on &ldquo;Minimum uncollectibility risk provisions&rdquo; in Section VIII of LISOL (by its Spanish acronym) are still effective
and described as follows:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Over the total of clients&rsquo; debt, the following
minimum uncollectibility guidelines must be applied:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; font-weight: bold">Commercial Portfolio</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; font-weight: bold">Loan portfolio or similar to loan</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">With preferred <BR> guarantees</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Without preferred <BR>
guarantees</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="width: 35%; text-align: left">Normal situation</TD><TD STYLE="width: 2%; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 25%; text-align: left">Normal situation</TD><TD STYLE="width: 2%; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 16%; text-align: center">1%</TD><TD STYLE="width: 2%; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 16%; text-align: center">1%</TD><TD STYLE="width: 2%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Under observation</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Low risk</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: center">3%</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: center">5%</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="text-align: left">Under bargaining process or with refinancing agreements</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">N/A</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: center">6%</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: center">12%</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">With problems</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Medium risk</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: center">12%</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: center">25%</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="text-align: left">High risk of insolvency</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">High risk</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: center">25%</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: center">50%</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Irrecoverable</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Irrecoverable</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: center">50%</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: center">100%</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="text-align: left">Irrecoverable under technical ruling</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Irrecoverable under technical ruling</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: center">100%</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: center">100%</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">In turn, the situation assigned to each debtor of the
commercial and consumer portfolio is defined in accordance with the client&acute;s repayment capacity and, only at a second stage,
in accordance with the liquidation of assets; whereas, as for consumer portfolio, the situation assigned for each debtor is defined
in accordance with delinquency days recorded by each debtor.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The Group has chosen to interrupt the accrual of interest
of those clients who report delays longer than 90 days instead of setting aside allowances for their 100%.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><B>1.15.</B></TD><TD><B>Leases </B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><U>Operating leases</U></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The Group (lessor) recognizes the leasing payments
as positive results in a linear manner. If another method of recognition is more appropriate, the Group will apply the recognition
of income in that manner. In turn, the Group recognizes costs, such as amortization and expenses.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The initial recognition value adds direct costs incurred
in detaining an operating lease at the carrying amount of the underlying asset and recognise those costs as an expense during the
lease term on the same basis as the lease income.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The depreciation policy for depreciable underlying
assets subject to operating leases is consistent with the group&acute;s similar assets. In addition, the Group applies IAS 36 to
account for any impairment loss identified.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><U>Financial leases</U></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">They have been registered at the current value of unearned
amounts, calculated according to agreed conditions in their respective contracts, depending on the interest rate implicit in the
lease.</P>


<!-- Field: Page; Sequence: 33; Section: financials -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; padding-bottom: 2pt; border-bottom: rgb(98,145,178) 2pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->28<!-- Field: /Sequence -->&nbsp;</P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><B>GRUPO SUPERVIELLE S.A.</B></P><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0; text-align: center">Notes to Consolidated Financial Statements</P>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">As of December 31, 2019 presented in comparative basis</FONT></P>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 10pt; text-align: center"><FONT STYLE="font-weight: normal">(Expressed in thousands of pesos)</FONT></P>


<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><U>Initial measurement</U></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The Group utilizes the interest rate implicit in the
lease to measure the net investment, which is defined in such a way that the income initial direct costs are automatically included
in the net investment of the lease.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The initial direct costs, which are different from
those incurred by the manufacturer or retailers, are included in the initial measurement of the lease net investment and decrease
the amount of income recognized during the lease term. The interest rate implicit in the lease is defined in such a way that the
initial direct costs are included automatically into the lease net investment; there is no need to add them separately.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The difference between the receivable gross amount
and the current value is represented in the financial income that is recognized during the lease term. The financial income from
the leases is recorded within the result for the year. Impairment losses are recognized in profit or loss.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The Group utilizes the criteria described in Note 1.14
to determine whether there is objective evidence that there was an impairment loss as regards loans at amortized cost.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">For the cases in which the Group acts as lessee, the
policies detailed in note 1.2.c) have been applied.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><B>1.16.</B></TD><TD STYLE="text-align: justify"><B>Property, plant and equipment</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Land and buildings are recorded their revalued values
based on periodic appraisals, using the service of independent appraisers, net of the consequent depreciation for
buildings. A revaluation reserve is recognized in Other Comprehensive Income.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Carried at it&acute;s acquisition or construction cost
less any accumulated depreciation and any accumulated impairment losses, except from real state, in virtue of which, the Group
adopted the revaluation method. The cost includes expenses directly attributable to the acquisition or building of these items.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Management updates the valuation of the fair value
of land, buildings, facilities and machinery (classified as property, plant and equipment), taking into account independent valuations.
Management determines the value of a property, plant and equipment within a range of estimates of their fair value and considering
the currency in which transactions are carried out in the market. The revaluations are carried out with sufficient regularity,
in order to ensure that the book value, at all times, does not differ significantly from the fair value of each asset subject to
revaluation.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The subsequent costs are included in the carrying value
or are recognized as a separate asset, as appropriate, if and only if it is probable that they will generate future economic benefits
for the Group, and their costs can be fairly measured. The carrying value of the asset that is being replaced is withdrawn, thus
the new asset is amortized by the number of years of useful life left at the moment of the improve.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The maintenance and reparations expenses are recognised
in profit or loss as incurred.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The depreciation is calculated following the straight-line
method, applying annual rates sufficient to extinguish the values of assets at the end of their estimated useful life. In those
cases in which an asset includes significant components with different useful lives, such components are recognized and depreciated
as separate items.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The following chart presents the useful life for each
of the items forming part of the item property, plant and equipment:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 80%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; width: 78%; font-weight: bold; text-align: left; padding-bottom: 1pt">Property, plant and equipment</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 18%; font-weight: bold; text-align: center; padding-bottom: 1pt">Estimated useful life</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font-weight: bold; text-align: justify">Buildings</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">50 Years</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: justify">Furniture and plant</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">10 Years</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font-weight: bold; text-align: justify">Machines and equipment</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">5 Years</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: justify">Vehicles</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">5 Years</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font-weight: bold; text-align: justify">Others</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">5 Years</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The residual value of the property, plant and equipment,
useful lives and depreciation methods are reviewed and adjusted if necessary, at each financial year closing or when there are
devaluation signs.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->29<!-- Field: /Sequence -->&nbsp;</P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><B>GRUPO SUPERVIELLE S.A.</B></P><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0; text-align: center">Notes to Consolidated Financial Statements</P>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">As of December 31, 2019 presented in comparative basis</FONT></P>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 10pt; text-align: center"><FONT STYLE="font-weight: normal">(Expressed in thousands of pesos)</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The Carrying amount of an item of property, plant and
equipment is immediately reduced at its recoverable amount when the Carrying amount is greater than the estimated recoverable amount.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">a)</TD><TD STYLE="text-align: justify">Result by sale</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The results for the sale of property, plant and equipment
are calculated by comparing the income obtained with the book value of the respective good. The resulting profits or losses are
recorded in the consolidated statement of comprehensive income.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">b)</TD><TD STYLE="text-align: justify">Real Estate - Revaluation and historical cost.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 46.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The following table reveals the following information
related to the class of assets that have been recorded at their revalued value, as well as the book values that would have been
recognized if the assets had been accounted for under the cost model:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="8" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Adjustment for Revaluation - Accumulated ORI</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Class Detail</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Appraiser</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Revaluation Date</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Balance at the beginning of the year</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Change of exercise</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Balance at the end of the year</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Amortization revaluation</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Amount in books according to Cost model</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="vertical-align: middle; width: 12%; padding-bottom: 1pt; text-align: center">Land and Buildings</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; width: 20%; padding-bottom: 1pt; text-align: center">Court of Appraisals of the Nation <BR> Court of Appraisals of the Nation<BR> Serinco<BR> Real Estate Report</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; width: 9%; padding-bottom: 1pt; text-align: center">12/31/2019</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="vertical-align: middle; width: 9%; border-bottom: Black 1pt solid; text-align: right">756,736</TD><TD STYLE="vertical-align: middle; width: 1%; padding-bottom: 1pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; width: 1%; border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="vertical-align: middle; width: 9%; border-bottom: Black 1pt solid; text-align: right">574,495</TD><TD STYLE="vertical-align: middle; width: 1%; padding-bottom: 1pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; width: 1%; border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="vertical-align: middle; width: 9%; border-bottom: Black 1pt solid; text-align: right">1,331,231</TD><TD STYLE="vertical-align: middle; width: 1%; padding-bottom: 1pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; width: 1%; border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="vertical-align: middle; width: 9%; border-bottom: Black 1pt solid; text-align: right">(22,997</TD><TD STYLE="vertical-align: middle; width: 1%; padding-bottom: 1pt; text-align: left">)</TD>
    <TD STYLE="vertical-align: middle; width: 1%; border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="vertical-align: middle; width: 9%; border-bottom: Black 1pt solid; text-align: right">329,719</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">TOTALS</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">756,736</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">574,495</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">1,331,231</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(22,997</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">)</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">329,719</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: Black 1pt solid; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="8" STYLE="font-weight: bold; text-align: justify; border-bottom: Black 1pt solid; border-top: Black 1pt solid">Adjustment for Revaluation - Accumulated ORI</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center; border-top: Black 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center; border-top: Black 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Class Detail</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Appraiser</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Revaluation Date</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Balance at the beginning of the year</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Change of exercise</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Balance at the end of the year</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Amortization revaluation</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Amount in books according to Cost model</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="vertical-align: middle; width: 12%; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 8pt">Land and Buildings</FONT></TD><TD STYLE="vertical-align: middle; width: 1%; padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; width: 20%; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 8pt">Court of Appraisals of the Nation<BR> Court of Appraisals of the Nation<BR> Serinco<BR> Real Estate Report</FONT></TD><TD STYLE="vertical-align: middle; width: 1%; padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; width: 9%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">12/31/2018</FONT></TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="vertical-align: middle; width: 9%; border-bottom: Black 1pt solid; text-align: right">181,334</TD><TD STYLE="vertical-align: middle; width: 1%; padding-bottom: 1pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; width: 1%; border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="vertical-align: middle; width: 9%; border-bottom: Black 1pt solid; text-align: right">575,402</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="vertical-align: middle; width: 9%; border-bottom: Black 1pt solid; text-align: right">756,736</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="vertical-align: middle; width: 9%; border-bottom: Black 1pt solid; text-align: right">(6,398</TD><TD STYLE="vertical-align: middle; width: 1%; padding-bottom: 1pt; text-align: left">)</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="vertical-align: middle; width: 9%; border-bottom: Black 1pt solid; text-align: right">337,164</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt"><B>TOTALS</B></FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">181,334</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">575,402</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">756,736</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(6,398</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">)</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">337,164</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The revaluation of the land and buildings owned by
the entity shows a surplus of 562,398 and 451,340 as of December 31, 2019 and 2018, respectively, which added to its historic cost
and net of revaluation depreciation, totals 1,825,297 and 1,106,054 for this active class, as of December 31, 2019 and 2018, respectively.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">In fiscal year 2019, the sum of Pesos 746,640 is charged
to Other Comprehensive Income (OCI).</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 49.65pt"><B>1.17.</B></TD><TD STYLE="text-align: justify"><B>Investment properties</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The investment properties are composed of buildings
held for obtaining a rent or for capital appreciation or both, but is never occupied by the Group.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Investment properties are measured at its fair value,
and any gain or loss arising from a change in the fair value is recognized in profit or loss when arises. Investment properties
are never depreciated. The fair value is determined using sales comparison approach prepared by the Group&rsquo;s management considering
a report of an independent expert.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The investment properties under the cost approach reflect
the amount that would be required at the present time to replace the service capacity of the asset. They were valued at acquisition
or construction cost, net of accumulated depreciation and / or accumulated depreciation losses. The cost includes expenses that
are directly attributable to the acquisition or construction of these items.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->30<!-- Field: /Sequence -->&nbsp;</P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><B>GRUPO SUPERVIELLE S.A.</B></P><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0; text-align: center">Notes to Consolidated Financial Statements</P>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">As of December 31, 2019 presented in comparative basis</FONT></P>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 10pt; text-align: center"><FONT STYLE="font-weight: normal">(Expressed in thousands of pesos)</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 8pt; text-align: justify">The movements in investment properties for the
year ended December 31, 2019 and 2018 were as follows:</P>

<P STYLE="font: 9pt Times New Roman,serif; margin: 0 0 8pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">12/31/2019</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">12/31/2018</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="width: 68%; font-weight: bold; text-align: left">Income derived from rents (rents charged)</TD>
    <TD STYLE="width: 2%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">8,963</TD><TD STYLE="width: 2%; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 2%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">3,979</TD><TD STYLE="width: 2%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Direct operating expenses of properties that generated income derived from rents</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(7,954</TD><TD STYLE="text-align: left">)</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(4,585</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font-weight: bold; text-align: left">Result by measurement at fair value</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">428,468</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">208,983</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; background-color: white">The net result generated by the investment property
as of December 31, 2019 and 2018 amounts to an income of 429,477 and 208,377 respectively, and is recognized in the captions &quot;Other
operating income&quot;, &quot;Administrative expenses&quot; and &quot;Other operating expenses&quot;. in the consolidated comprehensive
income statement.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 8pt; text-align: justify">Gain and losses on disposals are determined by
comparing proceeds with the carrying amount.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.3pt"></TD><TD STYLE="width: 0.05pt"><B>1.18.</B></TD><TD STYLE="text-align: justify"><B>Intangible Assets</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 8pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>(a)</B></TD><TD STYLE="text-align: justify"><B>Goodwill</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The Goodwill resulting from the acquisition of subsidiaries,
associates or joint ventures account for the excess between:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 8pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 36pt">(i)</TD><TD STYLE="text-align: justify">the acquisition cost, measured as the addition of the transferred amount, valued at fair value
as of acquisition date plus the amount of non-controlling interest; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 8pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 36pt">(ii)</TD><TD STYLE="text-align: justify">the fair value of acquired identifiable assets and liabilities assumed of the acquired item .</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Goodwill is included in the intangible assets item
in the consolidated financial statement.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Goodwill is not amortized. The Group
evaluates annually, or when there are signs of impairment, the recoverability of goodwill based on discounted future cash flows
plus other information available at the date of preparation of the consolidated financial statements. Impairment losses are not
reverted once recorded. Earnings and losses on the disposal of an entity include the carrying amount of goodwill relating to the
entity sold.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Goodwill is assigned to cash-generating units so as
to run recoverability tests. The assignment is carried out among those cash-generating units (or groups of units), which are identified
in accordance to the operating segment criterion and benefit from the combination of businesses from which such goodwill stemmed.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>(b)</B></TD><TD><B>Brands and licenses:</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Brands and licenses acquired separately are initially
valued at historical cost, while those acquired through a business combinations are recognized at their estimated fair value at
the acquisition date.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Intangible assets with a finite useful life are subsequently
carried at cost less accumulated depreciation and / impairment losses, if any. These assets are tested for impairment annually
or more frequently if events or changes in circumstances indicate that it might be impaired.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The trademarks acquired by the Group have been classified
as intangible assets with an indefinite useful life. The main factors considered for this classification include the years in which
they have been in service and their recognition among industry customers.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Intangible assets with an indefinite useful life are
those that arise from contracts or other legal rights that can be renewed without a significant cost and for which, based on an
analysis of all the relevant factors, there is no foreseeable limit of the period over which the asset is expected to generate
net cash flows for the Group. These intangible assets are not amortized, but are subject, annually or whenever there are indications
of devaluation, to annual assessment for impairment, either individually or at the level of the cash generating unit. The categorization
of the indefinite useful life is reviewed annually to confirm if it is still sustainable.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Impairment losses are recognized when the book value
exceeds its recoverable value. The recoverable value of the assets corresponds to the higher of the recoverable value of the asset
or its value in use. For purposes of the impairment test, the assets are grouped at the lowest level in which they generate identifiable
cash flows (cash-generating units). The devaluations of these non-financial assets - other than goodwill - are reviewed at each
reporting date to verify possible reversals.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->31<!-- Field: /Sequence -->&nbsp;</P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><B>GRUPO SUPERVIELLE S.A.</B></P><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0; text-align: center">Notes to Consolidated Financial Statements</P>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">As of December 31, 2019 presented in comparative basis</FONT></P>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 10pt; text-align: center"><FONT STYLE="font-weight: normal">(Expressed in thousands of pesos)</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 8pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>(c)</B></TD><TD STYLE="text-align: justify"><B>Software</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Costs related to software maintenance are recognized
as expenses when incurred. Development, acquisition or implementation costs which are directly attributable to identifiable and
single software design and tests controlled by the Group are recognized as assets.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Development, acquisition or implementation costs recognized
initially as period expenses, are not recognized as intangible asset cost. Costs incurred in the development, acquisition or implementation
of software, recognized as intangible assets are amortized through the application of straight-line method during their estimated
useful lives, over a term not exceeding five years.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>(d)</B></TD><TD STYLE="text-align: justify"><B>Goodwill&rsquo;s impairment test</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">Goodwill are assigned to the Group's cash generating units on the basis
of the operating segments.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 9pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">12/31/2019</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">12/31/2018</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="width: 68%; text-align: left">Supervielle Seguros S.A.</TD>
    <TD STYLE="width: 2%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">1,130</TD><TD STYLE="width: 2%; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 2%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">1,130</TD><TD STYLE="width: 2%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Cordial Compa&ntilde;&iacute;a Financiera S.A.</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">18,526</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">18,526</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="text-align: left">Banco Regional de Cuyo S.A.</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,556</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,556</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">InvertirOnline S.A.U. / InvertirOnline.Com Argentina S.A.U.</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">674,486</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">667,787</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="text-align: left">Micro Lending S.A.U.</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">525,796</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">525,796</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Futuros del Sur S.A. (Note 20)</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">3,766</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD>Others</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">8,893</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,893</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold">&nbsp;TOTAL</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">1,235,153</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">1,224,688</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The recoverable amount of a cash generating unit is
determined on the basis of its value in use. These method uses cash flow projections based on approved financial budgets covering
a period of five years.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The key assumptions are related to marginal contribution
margins. These were determined on the basis of historic performances, other external sources of information and the expectations
of market development.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The discount rates used are the respective average
cost of capital (&quot;WACC&quot;), which is considered a good indicator of the cost of capital. For each cash generating unit,
where the assets are assigned, a specific WACC was determined considering the industry, the country and the size of the business.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The main macroeconomic premises used are detailed below:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 9pt Times New Roman,serif; text-align: center">Real</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 9pt Times New Roman,serif; text-align: center">Forecast</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 9pt Times New Roman,serif; text-align: center">Forecast</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 9pt Times New Roman,serif; text-align: center">Forecast</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 9pt Times New Roman,serif; text-align: center">Forecast</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 9pt Times New Roman,serif; text-align: center">Forecast</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 9pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid">2019</TD><TD STYLE="padding-bottom: 1pt; font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 9pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid">2020</TD><TD STYLE="padding-bottom: 1pt; font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 9pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid">2021</TD><TD STYLE="padding-bottom: 1pt; font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 9pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid">2022</TD><TD STYLE="padding-bottom: 1pt; font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 9pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid">2023</TD><TD STYLE="padding-bottom: 1pt; font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 9pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid">2024</TD><TD STYLE="padding-bottom: 1pt; font: bold 9pt Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="width: 22%; font: 9pt Times New Roman,serif">Inflation (end of period)</TD>
    <TD STYLE="width: 2%; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; font: 9pt Times New Roman,serif; text-align: right">54.3%</TD><TD STYLE="width: 2%; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 2%; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; font: 9pt Times New Roman,serif; text-align: right">44.2%</TD><TD STYLE="width: 2%; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 2%; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; font: 9pt Times New Roman,serif; text-align: right">25.3%</TD><TD STYLE="width: 2%; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 2%; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; font: 9pt Times New Roman,serif; text-align: right">17.2%</TD><TD STYLE="width: 2%; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 2%; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; font: 9pt Times New Roman,serif; text-align: right">10.0%</TD><TD STYLE="width: 2%; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 2%; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; font: 9pt Times New Roman,serif; text-align: right">8.5%</TD><TD STYLE="width: 2%; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 9pt Times New Roman,serif">Inflation (average)</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">53.3%</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">54.6%</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">29.3%</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">20.6%</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">13.1%</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">9.1%</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 9pt Times New Roman,serif">Cost of funding (end of period)</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">61.4%</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">36.8%</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">25.9%</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">15.4%</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">11.5%</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">11.5%</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 9pt Times New Roman,serif">Cost of funding (average)</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">65.0%</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">45.2%</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">31.4%</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">19.9%</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">13.2%</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">11.5%</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">Loan&rsquo;s interest rate (average)</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">78.3%</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">61.0%</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">50.0%</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">41.8%</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">39.2%</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">39.0%</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Goodwill recorded as of December 31, 2019 and 2018,
have been tested for impairment. No adjustments have been determined over these assets as a result of the tests performed.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 8pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>1.19.</B></TD><TD STYLE="text-align: justify"><B>Inventories</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 8pt; text-align: justify">Inventories are valued at the lower value between
cost and net realizable value. The cost includes the acquisition costs (net of discounts, refunds and similar), as well as other
costs that have been incurred to give the inventories their location and conditions to be commercialized. The net realization value
is the estimated sale price in the ordinary course of business minus the selling expenses.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 8pt; text-align: justify">The Group carries out an evaluation of the net
realizable value of the inventories at the end of each fiscal year, allocating the corresponding value correction to the income
statement to the extent that the book value exceeds the net realizable value. When the circumstances that previously caused the
value correction will cease to exist, or when there is clear evidence of an increase in the net value.</P>


<!-- Field: Page; Sequence: 37; Section: financials -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; padding-bottom: 2pt; border-bottom: rgb(98,145,178) 2pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->32<!-- Field: /Sequence -->&nbsp;</P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><B>GRUPO SUPERVIELLE S.A.</B></P><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0; text-align: center">Notes to Consolidated Financial Statements</P>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">As of December 31, 2019 presented in comparative basis</FONT></P>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 10pt; text-align: center"><FONT STYLE="font-weight: normal">(Expressed in thousands of pesos)</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 8pt; text-align: justify">The Group establishes a forecast for obsolete
or low turnover products relative to the inventory at the end of each year. This forecast is established based on an anti-aging
analysis of the products carried out by management.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 8pt; text-align: justify">The inventories have been valued at their replacement
cost at the end of the year.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 49.65pt"><B>1.20.</B></TD><TD STYLE="text-align: justify"><B>Assets held for sale</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The assets, or groups of assets, possibly with some
directly associated liabilities, classified as held for sale in accordance with the provisions of IFRS 5 &quot;Non-current assets
held for sale and discontinued operations&quot; will be disclosed separately from the rest of the assets.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">An asset may be classified as held for sale (includes
loss of control of a subsidiary ) if its carrying amount will be recovered primarily through a sale transaction, rather than through
its continued use, and a sale is considered highly probable., within 12 months after the last year-end closing .</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">To apply the above classification, an asset must meet
the following conditions:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">-</TD><TD STYLE="text-align: justify">it must be available for immediate sale in its current conditions;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">-</TD><TD STYLE="text-align: justify">Management must be committed to a plan to sell the asset and have started an active program to
locate a buyer and complete the plan;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">-</TD><TD STYLE="text-align: justify">the asset must be actively marketed for sale at a reasonable price, in relation to its current
fair value;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">-</TD><TD STYLE="text-align: justify">the sale must be expected to be completed within 12 months from the reclassification date;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">-</TD><TD STYLE="text-align: justify">it is unlikely that the plan will be significantly changed or withdrawn.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Sometimes an entity has a group of assets (including
goodwill, if applicable), possibly with some directly associated liabilities, jointly and in a single transaction.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The assets, or groups of assets, possibly with some
directly associated liabilities, classified as held for sale in accordance with the provisions of IFRS 5 &quot;Non-current assets
held for sale and discontinued operations&quot;, are measured at the lower of their carrying amount and fair value less costs to
sell.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The Group will not depreciate the asset while classified
as held for sale, or while it is part of a group of assets for disposal classified as held for sale. However, both interest and
other expenses attributable to the liabilities of a group of assets for disposal that has been classified as held for sale will
continue to be recognized.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The balances of financial instruments, deferred taxes
and investment properties classified as held for sale are not subject to the valuation methods detailed above.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The liabilities directly associated with the groups
of assets to be disposed of will be reclassified and disclosed separately in the Group's Statement of Financial Position.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><B>1.21.</B></TD><TD STYLE="text-align: justify"><B>Impairment of non-financial assets </B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Assets with an indefinite useful life are not subject
to amortization but are tested annually for impairment or more frequently if events or changes in circumstances indicate that they
might be impaired. Other assets are tested for impairment whenever events or changes in circumstances indicate that the carrying
amount may not be recoverable or, at least, on an annual basis.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Impairment losses are recognized when the carrying
amount exceeds its recoverable amount. The recoverable amount of an asset is the higher of an asset&rsquo;s fair value less costs
of disposal and value in use. For purposes of assessing impairment, assets are grouped at the lowest level for which there are
separately identifiable cash inflows which are largely independent of the cash inflows from other assets or group of assets (cash-generating
units). Non-financial assets other than goodwill that suffered an impairment are reviewed for possible reversal of the impairment
at the end of each reporting period.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->33<!-- Field: /Sequence -->&nbsp;</P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><B>GRUPO SUPERVIELLE S.A.</B></P><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0; text-align: center">Notes to Consolidated Financial Statements</P>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">As of December 31, 2019 presented in comparative basis</FONT></P>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 10pt; text-align: center"><FONT STYLE="font-weight: normal">(Expressed in thousands of pesos)</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>1.22.</B></TD><TD STYLE="text-align: justify"><B>Trust Assets </B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Assets held by the Group in its Trustee role, are not
included in the Consolidated Financial Statements. Commissions and fees earned from trust activities are included in Service fee
income.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>1.23.</B></TD><TD STYLE="text-align: justify"><B>Offsetting </B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Financial assets and liabilities are set off through
the inclusion of the net amount in the consolidated financial statement only upon the existence of both a legally eligible right
to compensate recognized amounts and the intention to liquidate in net terms or make the assets effective and liquidate the responsibility
simultaneously.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>1.24.</B></TD><TD STYLE="text-align: justify"><B>Financing received from the Argentine Central Bank and other Financial Institutions </B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Debts with other financial entities are recorded when
the capital is paid in advance to the economic group by the banking entity. Non-derivative financial liabilities are measured at
amortized cost. In the case that the Group repurchases its own debt, it is eliminated from the consolidated financial statements
and the difference between the residual value of the financial liability and the amount paid is recognized as financial income
or expense.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>1.25.</B></TD><TD STYLE="text-align: justify"><B>Provisions / Contingencies</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Pursuant to provisions issued by the Argentine Central
Bank, an Entity shall hold provisions in the following cases:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">a-</TD><TD STYLE="text-align: justify">It holds a current obligation (legal or implicit) as a result of past event;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">b-</TD><TD STYLE="text-align: justify">The Entity is likely to get rid of resources that provide future economic benefits with the purpose
of serving an obligation; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">c-</TD><TD STYLE="text-align: justify">A reliable forecast of the obligation amount is made available.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">An Entity will be considered to hold an implicit obligation
if (a) as a result of previous economic or public policies practices, the Group has taken over certain responsibilities and (b)
therefore, expectations regarding the compliance of such obligations have been produced.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The Group recognizes the following provisions:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">For labor, civil and commercial lawsuits: provisions
are defined based on both reports provided by lawyers regarding any lawsuit status and the forecast resulting from potential losses
to be afforded by the Group, and past experience on this type of claims.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">For miscellaneous risks: provisions are aimed at affording
contingent situations that may result in obligations for the Group. The calculation of amounts includes the effectiveness likelihood
based on the opinion provided by legal advisors and other professionals of the Group.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The Group does not record positive contingencies, except
from deferred tax positive contingencies and those contingencies of virtually secure effectiveness.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">As of the issuance of these Consolidated Financial
Statements, the Group&acute;s Board considers that there have been no elements that show the existence of other contingencies that
may become effective and produce a negative impact on these Consolidated Financial Statements other than those defined in Note
13.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>1.26.</B></TD><TD STYLE="text-align: justify"><B>Other non-financial liabilities </B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Non-financial payable accounts are accrued once the
counterparty has served its obligations pursuant to the contract and are valued at amortized cost.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>1.26.1</B></TD><TD STYLE="text-align: justify"><B>Employee benefits</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The Group approved a retirement plan based on incentives
for members of senior management and the Board of Directors, who will be entitled to receive cash payments over time if certain
performance objectives are met.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->34<!-- Field: /Sequence -->&nbsp;</P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><B>GRUPO SUPERVIELLE S.A.</B></P><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0; text-align: center">Notes to Consolidated Financial Statements</P>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">As of December 31, 2019 presented in comparative basis</FONT></P>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 10pt; text-align: center"><FONT STYLE="font-weight: normal">(Expressed in thousands of pesos)</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Provisions related to pre-retirement plans and benefits
related to seniority rewards are set up. Liabilities related to such plans and benefits are expected to be settled within the following
12 months. Therefore, such liabilities are measured at current value of future fund flows expected to be recorded regarding services
set for employees until the end of the fiscal year through the utilization of a credit unit method. Salary levels, experience and
lay-offs and service years are taken into account. Expected future payments are discounted through the utilization of market rate
at the end of fiscal year for national bonds under terms and currency coinciding expected flows. Re-measurements resulting from
experience and changes in actuary standards are recognized as results.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Provisions are measured at the present value of the
disbursements that are expected to be required to settle the obligation using a pre-tax interest rate that reflects the current
market conditions on the value of the money and the specific risks for that obligation. The increase in the provision for the passage
of time is recognized in the line of net financial results of the consolidated statement of comprehensive income.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Benefits for termination are enforceable upon labor
relation termination prior to retirement date; or when the employee accepts a voluntary retirement in exchange for such benefit.
The Group recognizes termination benefits on the date that: (a) the Group cannot withdraw the offer of such benefits made to the
employee; and (b) when the Group recognizes re-structuring costs within IAC 37 scope and includes the payment of termination benefits.
Upon an offer for voluntary retirement, the termination benefit is measured in accordance with the number of employees expected
to accept such offer. Benefits expected to apply over a period of more than 12 months as of reporting date are discounted at current
value.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 35.45pt"><B>1.27.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Negotiable
Obligations Issued </B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 2.55pt 0 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Negotiable Obligations issued by the Group are measured
at Amortized Cost. If the Group purchases own negotiable obligations, such obligations are removed from the consolidated financial
statements and the difference between the residual value of the financial liabilities and the relevant payment is included in the
Statement of Comprehensive Income as income from advance settlement of a debt.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.3pt"></TD><TD STYLE="width: 18pt"><B>1.28.</B></TD><TD STYLE="text-align: justify"><B>Assets and liabilities derived from insurance contracts</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The Group applies IFRS 4 &ldquo;Insurance Contracts&rdquo;
in order to recognize and measure the assets and liabilities derived from insurance contracts.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>Assets derived from insurance contracts</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">An insurance contract is a contract under which the
Group (the insurer) accepts significant insurance risk from another party (the policyholder) by agreeing to compensate the policyholder
if a specified uncertain future event (the insured event) adversely affects the policyholder.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Once a contract has been classified as an insurance
contract, it remains an insurance contract for the rest of its useful life, even if the insurance risk is significantly reduced
during this period, unless all rights and obligations are extinguish or expire.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The insurance contracts offered by the Group include
property insurance that covers combined family insurance, theft and similar risks, property damage, personal accidents, among other
risks. They also include temporary life insurance contracts.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Total premiums are recognized on the date of issuance
of the policy as an account receivable. At the same time, a reserve for unearned premiums representing premiums for risks that
have not yet expired is recorded in the liability. Unearned premiums are recognized as income during the contract period, which
is also the coverage and risk period. The book value of insurance accounts receivable is reviewed for impairment whenever events
or circumstances indicate that the book value may not be recoverable. The impairment loss is recorded in the income statement.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>Liabilities derived from insurance contracts</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><U>Debt with insured</U></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The insurance claims reserves represent debts with
insured people for claims reported to the company and an estimate of the claims that have already been incurred but that have not
yet been reported to the company (IBNR). The reported claims are adjusted on the basis of technical reports received from independent
appraisers.</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->35<!-- Field: /Sequence -->&nbsp;</P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><B>GRUPO SUPERVIELLE S.A.</B></P><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0; text-align: center">Notes to Consolidated Financial Statements</P>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">As of December 31, 2019 presented in comparative basis</FONT></P>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 10pt; text-align: center"><FONT STYLE="font-weight: normal">(Expressed in thousands of pesos)</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><U>Debts with reinsurers and co-insurers</U></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The Group mitigates the risk for some of its insurance
businesses through co-insurance or reinsurance contracts in other companies. In the case of co-insurance, the Group associates
with another company to cover a risk assuming only a percentage of it and also the premium. In reinsurance, the risk is transferred
to another insurance company both proportionally (as a percentage of the risk) and not proportionally (excess loss is covered above
a certain limit). The reinsurance agreements assigned do not exempt the Group from its obligations to the insured.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Coinsurance and reinsurance liabilities represent balances
owed under the same conditions and the amounts payable are estimated in a manner consistent with the contract that gave rise to
them.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><U>Debts with producers</U></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">They represent liabilities with instinctive agents
originated in the commissions for the insurance operations that they originate for the Group companies. The balances of the current
accounts with these entities are also included.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><U>Technical commitments</U></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The current risk reserve regularizes the premiums to
be collected based on the accepted risk not taken.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 49.65pt"><B>1.29.</B></TD><TD STYLE="text-align: justify"><B>Capital Stock </B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Accounts included in this item are expressed in the
currency that has not considered changes in price indexes as from February 2003, except from the item &ldquo;Capital Stock&rdquo;,
which has been held at nominal value</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Ordinary shares are classified in the shareholders&acute;
equity and are held at nominal value.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt"><B>1.30.</B></TD><TD STYLE="text-align: justify"><B>Reserves and Dividend distribution</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Pursuant to the regulations established by the B.C.R.A.,
it is appropriate to assign to legal reserve 20% of the profits for the year net of any adjustments from previous years, if applicable.
Notwithstanding the aforementioned, for distribution of earnings and pursuant to Amended Text on Distribution of Income issued
by the Argentine Central Bank, Financial Entities shall be previously authorized by the Superintendence of Financial and Exchange
Entities, and shall meet all requirements set out in Note 16.6.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The distribution of dividends to the shareholders of
the Group and its subsidiaries is recognized as a liability in the consolidated financial statements in the year in which the dividends
are approved by the Shareholders' Meeting.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 49.65pt"><B>1.31.</B></TD><TD STYLE="text-align: justify"><B>Revenue Recognition </B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Financial income and expenses are recorded for all
assets and liability measured in accordance with the effective rate method; for which ends all positive and negative results included
as an integral part of the effective rate of the operation.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Results included in the effective rate include expenses
and income related to the setting-up or acquisition of financial assets or liabilities, such as compensations received from the
assessment of the client&acute;s financial condition, negotiation of the terms of an instrument, the preparation and processing
of necessary documents for the effectiveness of the transaction and compensations received from the granting of loans to be utilized
by the client. The Group records all of its non-derivative financial liabilities at amortized cost, except those included in the
caption &quot;liabilities at fair value with changes in results&quot;, which are measured at fair value.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">It should be noted that the fees that the Group receives
for the origination of syndicated loans are not part of the effective rate of the product, and are recognized in the Income Statement
at the time the service is provided, as long as the group does not retain part of it or it is maintained in the same conditions
as the rest of the participants. Neither are the fees received by the Group due to negotiations in the transactions of a third
party, which are recognized at the time they are perfected.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">IFRS 15 establishes the principles that an entity must
apply to account for income and cash flows from contracts for the sale of goods or services to its customers.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->36<!-- Field: /Sequence -->&nbsp;</P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><B>GRUPO SUPERVIELLE S.A.</B></P><P STYLE="margin: 0pt"></P></DIV>
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<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0; text-align: center">Notes to Consolidated Financial Statements</P>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">As of December 31, 2019 presented in comparative basis</FONT></P>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 10pt; text-align: center"><FONT STYLE="font-weight: normal">(Expressed in thousands of pesos)</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The amount to be recognized will be that which reflects
the payment to which one expects to be entitled for the services rendered.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Revenues from the Group's services are recognized in
the income statement in accordance with compliance with performance obligations, thus deferring those revenues related to customer
loyalty programs, which are provisioned based on the fair value of the item and its redemption rate, until they are exchanged by
the client and can be recognized in the results of the year.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">A summary of the main fees charged by the Bank is detailed
below:</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; width: 76%; font-weight: bold; padding-bottom: 1pt">Commissions</TD>
    <TD STYLE="width: 9%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 15%; font-weight: bold; text-align: center; padding-bottom: 1pt">Collection frequency</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="text-align: justify">Account maintenance</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">Monthly</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">Safe deposit box rental</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">Biannual</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="text-align: justify">Issuing bank</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">By event</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">Credit card renewal</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">Annual</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="text-align: justify">Check management</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">By event</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Income from the rental of investment properties is
recognized in the consolidated statement of comprehensive income on the basis of the straight-line method over the term of the
lease.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 49.65pt"><B>1.32.</B></TD><TD STYLE="text-align: justify"><B>Income tax and minimum presumed income tax </B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>Income Tax </B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Tax expense for the year comprises the charge for tax
currently payable and deferred income. The income tax is recognized in the statements of income, except to the extent that it relates
to items recognized in other comprehensive income or directly in equity, in which case, the tax is also recognized in other comprehensive
income or directly in equity, respectively.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Current income tax charge is calculated on the basis
of the tax laws enacted or substantially enacted at the date of the Statements of Financial Position in the countries where the
Company and its subsidiaries operate and generate taxable income. The Group periodically evaluates positions taken in tax returns
with respect to situations in which applicable tax regulation is subject to interpretation. The Group establishes provisions where
appropriate on the basis of amounts expected to be paid to the tax authorities.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Deferred income tax is recognized, using the deferred
tax liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts
in the Consolidated Financial Statements. However, deferred tax liabilities are not recognized if they arise from the initial recognition
of goodwill; deferred income tax is not accounted for if it arises from initial recognition of an asset or liability in a transaction
other than a business combination that at the time of the transaction affects neither accounting nor taxable profit or loss. Deferred
income tax is determined using tax rates (and laws) that have been enacted or substantively enacted by the date of the Statements
of Financial Position and are expected to apply when the related deferred income tax asset is realized or the deferred income tax
liability is settled.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Deferred tax assets are only recognized to the extent
that it is probable that future tax benefits will occur against which the temporary differences can be used.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The Group recognizes a deferred tax liability in the
case of taxable temporary differences related to investments in subsidiaries and affiliates, except that the following two conditions
are met:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">(i) the Group controls the timing of the reversal of
temporary differences;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">(ii) it is probable that this temporary difference
will not be reversed at a foreseeable time in the future.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Deferred income tax assets and liabilities are offset
when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred income
taxes assets and liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or
different taxable entities where there is an intention to settle the balances on a net basis.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 42; Section: financials -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; padding-bottom: 2pt; border-bottom: rgb(98,145,178) 2pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->37<!-- Field: /Sequence -->&nbsp;</P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><B>GRUPO SUPERVIELLE S.A.</B></P><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0; text-align: center">Notes to Consolidated Financial Statements</P>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">As of December 31, 2019 presented in comparative basis</FONT></P>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 10pt; text-align: center"><FONT STYLE="font-weight: normal">(Expressed in thousands of pesos)</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>Minimum presumed income tax</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The Group determines the minimum presumed income tax
by applying the current 1% rate on assets computable as of each closing date. This tax is complementary to the income tax. The
tax liability of the Group will coincide with the higher of both taxes. However, if the minimum presumed income tax exceeds the
income tax in a fiscal year, said excess may be computed as a payment on account of the income tax that may occur in any of the
following ten years.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The credit for minimum presumed income tax exposed
under other non-current credits is the portion that the Group estimates may be offset by income tax in excess of the minimum presumed
income tax to be generated within the next months ten fiscal years.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt"><B>1.33.</B></TD><TD STYLE="text-align: justify"><B>Earnings per share</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The result per basic share is determined by the quotient
between the result of the year attributable to the holders of ordinary shares of the Group by the average number of ordinary shares
outstanding during the current fiscal year.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Since the Group has not issued financial instruments
that have a dilutive effect on earnings per share, basic and diluted earnings per share are equal.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<a name=n2></a>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>2.</B></TD><TD STYLE="text-align: justify"><B>SEGMENT REPORTING</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 17.85pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 7.1pt; text-align: justify">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.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 14.2pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 14.2pt; text-align: justify">The Group considers the business for the
type of products and services offered, identifying the following operating segments:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">a-</TD><TD>Retail Banking &ndash; Includes a wide range of financial products and services targeted to small comoanies, included in Entrepreneours
 &amp; SMSs, and high income people identified with so-called Identit&eacute; proposal. Likewise, the Bank offers services and products
targeted to retirees and pensioneers.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">b-</TD><TD>Corporate Banking &ndash; Includes advisory services at a corporate and financial level, as well as the administration of assets
and loans targeted to big clients.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">c-</TD><TD>Treasury: This segment is in charge of the assignment of liquidity of the Entity in accordance with the different commercial
areas&acute; 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.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">d-</TD><TD>Consumer &ndash; Includes loans and other credit products targeted to middle and lowed-middle income sectors and non-financial
products and services.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">e-</TD><TD>Insurance: Includes insurance products, with a focus on life insurance, to targeted customers segments.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">f-</TD><TD>Mutual Fund Administration and Other Segments &ndash; 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</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 14.2pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 14.2pt; text-align: justify">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.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 14.2pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 14.2pt; text-align: justify">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.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 14.2pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 14.2pt; text-align: justify">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.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 14.2pt; text-align: justify">&nbsp;</P>


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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; padding-bottom: 2pt; border-bottom: rgb(98,145,178) 2pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->38<!-- Field: /Sequence -->&nbsp;</P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><B>GRUPO SUPERVIELLE S.A.</B></P><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0; text-align: center">Notes to Consolidated Financial Statements</P>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">As of December 31, 2019 presented in comparative basis</FONT></P>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 10pt; text-align: center"><FONT STYLE="font-weight: normal">(Expressed in thousands of pesos)</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 14.2pt; text-align: justify">The following chart includes information
by segment as of December 31, 2019 and 2018:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 7pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Result by segments</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Retail Banking</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Corporate Banking</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Treasury</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Consumer</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Insurance</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Adm. MF and other segments</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Adjustments</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total as of 12.31.2019</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="width: 28%; text-align: left">Interest income</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left"></TD><TD STYLE="width: 6%; text-align: right">16,394,643</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; text-align: right">13,676,818</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; text-align: right">3,706,619</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; text-align: right">4,024,696</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; text-align: right">&mdash;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; text-align: right">190,030</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; text-align: right">(1,263,305</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; text-align: right">36,729,501</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Interest expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(7,536,101</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,361,107</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(17,130,912</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,506,514</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(133,753</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,463,875</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(28,204,512</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Distribution of results by Treasury</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">4,735,941</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(6,707,314</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,971,373</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Net interest income</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">13,594,483</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">4,608,397</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(11,452,920</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">1,518,182</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">56,277</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">200,570</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">8,524,989</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="text-align: left">Services Fee Income</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,446,009</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">756,778</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">30,290</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,474,781</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">512,643</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(203,865</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,016,636</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Services Fee Expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,205,099</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(101,416</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(40,501</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(521,878</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(33,816</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">52,704</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,850,006</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Income from insurance activities</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">781,737</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">164,350</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">946,087</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">Net Service Fee Income</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">3,240,910</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">655,362</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(10,211</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">952,903</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">781,737</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">478,827</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">13,189</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">6,112,717</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font-weight: bold">Subtotal</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">16,835,393</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">5,263,759</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(11,463,131</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">2,471,085</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">781,737</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">535,104</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">213,759</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">14,637,706</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Net income from financial instruments at fair value through profit or loss</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,779</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,920,233</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">215,407</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">319,710</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">83,359</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">107,309</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">16,653,797</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Exchange rate difference on gold and foreign currency</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,140,297</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">123,507</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(1,482,135</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">7,229</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,170</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">17,309</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(12,274</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(204,897</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">NIFFI And Exchange Rate Differences</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">1,148,076</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">123,507</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">14,438,098</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">222,636</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">320,880</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">100,668</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">95,035</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">16,448,900</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="text-align: left">Other operating income</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,128,981</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">741,378</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">346,194</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">300,337</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,120</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">153,745</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(24,418</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,652,337</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Loan loss provisions</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(2,338,894</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(2,876,211</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">19,762</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(1,275,637</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(8,280</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(6,479,260</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font-weight: bold; text-align: left">Net operating income</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">16,773,556</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">3,252,433</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">3,340,923</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">1,718,421</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">1,108,737</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">781,237</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">284,376</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">27,259,683</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Personnel expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(8,083,587</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,512,263</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(538,301</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,029,302</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(156,312</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(261,908</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(126,231</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(11,707,904</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="text-align: left">Administration expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(4,027,668</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(541,932</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(255,136</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(960,120</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(223,162</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(234,263</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">873</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(6,241,408</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Depreciations and impairment of non-financial assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(649,327</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(131,871</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(35,448</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(43,846</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(7,841</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(3,346</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(22,530</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(894,209</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Other operating expenses</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(2,776,163</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(1,387,417</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(417,033</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(518,822</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(868</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(77,554</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(10,300</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(5,188,157</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Operating income</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">1,236,811</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(321,050</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">2,095,005</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(833,669</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">720,554</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">204,166</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">126,188</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">3,228,005</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Result&nbsp;&nbsp;from associates and joint ventures</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2,749</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(2,749</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Result before taxes from continuing operations</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">1,236,811</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(321,050</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">2,095,005</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(830,920</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">720,554</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">204,166</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">123,439</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">3,228,005</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Income tax</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">192,518</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">28,130</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">323,419</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">612,496</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(177,942</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(12,237</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">66,996</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,033,380</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Net income</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">1,429,329</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(292,920</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">2,418,424</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(218,424</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">542,612</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">191,929</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">190,435</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">4,261,385</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="text-align: left">Net income for&nbsp;&nbsp;the&nbsp;&nbsp;period attributable to owners of the parent company</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,429,329</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(292,920</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,418,424</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(218,424</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">542,612</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">191,929</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">186,982</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,257,932</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Net income for the period attributable to non-controlling interest</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,453</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,453</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">Other comprehensive income</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">130,854</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">92,335</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">233,044</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">79,116</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">34,253</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">569,602</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Other comprehensive income attributable to owners of the parent company</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">130,854</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">92,335</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">233,044</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">79,116</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">33,786</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">569,135</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="text-align: left">Other comprehensive income attributable to non-controlling interest</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">467</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">467</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">Comprehensive income for the period</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">1,560,183</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(200,585</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2,651,468</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(218,424</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">621,728</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">191,929</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">224,688</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">4,830,987</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="text-align: left">Comprehensive income attributable to owners of the parent company</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,560,183</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(200,585</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,651,468</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(218,424</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">621,728</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">191,929</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">220,768</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,827,067</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Comprehensive income attributable to non-controlling interests</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,920</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,920</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>






<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 7pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Assets by segments</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Retail Banking</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Corporate Banking</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Treasury</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Consumer</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Insurance</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Adm. MF and other segments</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Adjustments</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total as of 12.31.2019</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="width: 28%; text-align: left">Cash and due from banks</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; text-align: right">7,691,602</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; text-align: right">1,022,915</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; text-align: right">16,870,526</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; text-align: right">321,145</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; text-align: right">3,385</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; text-align: right">2,420,972</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; text-align: right">(1,927,446</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; text-align: right">26,403,099</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Debt securities at fair value through profit or loss</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">312,306</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">92,762</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">163,433</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">568,501</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="text-align: left">Loans and other financing</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">36,813,120</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">43,492,099</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,724,224</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,811,977</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">453,978</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">42,863</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,416,101</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">88,922,160</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Other Assets</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2,372,976</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,225,775</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">17,542,435</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2,587,983</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,070,873</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">529,390</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">5,269,916</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">30,599,348</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total Assets</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">46,877,698</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">45,740,789</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">38,449,491</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">8,813,867</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">1,528,236</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">3,156,658</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">1,926,369</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">146,493,108</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font-weight: bold; text-align: center">Liabilities by segments</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Deposits</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">59,571,802</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14,479,560</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,676,583</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,634,091</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,353,859</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">89,008,177</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="text-align: left">Financing received from the Argentine Central Bank and others financial institutions</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,605</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,998,730</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">949,764</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">46,020</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(989,522</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,017,597</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Unsubordinated Negotiable obligations</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">108,506</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">76,568</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,885,843</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,558</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,086,475</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Other liabilities</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">4,470,207</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,660,807</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">4,344,273</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">3,157,422</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">757,986</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2,617,350</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">3,674,167</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">20,682,212</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Total Liabilities</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">64,163,120</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">16,216,935</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">34,905,429</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">5,741,277</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">757,986</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">2,678,928</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">330,786</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">124,794,461</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 14.2pt; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 44; Section: financials -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; padding-bottom: 2pt; border-bottom: rgb(98,145,178) 2pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->39<!-- Field: /Sequence -->&nbsp;</P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><B>GRUPO SUPERVIELLE S.A.</B></P><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0; text-align: center">Notes to Consolidated Financial Statements</P>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">As of December 31, 2019 presented in comparative basis</FONT></P>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 10pt; text-align: center"><FONT STYLE="font-weight: normal">(Expressed in thousands of pesos)</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 7pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid">Result by segments</TD><TD STYLE="font: bold 7pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 7pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid">Retail Banking</TD><TD STYLE="padding-bottom: 1pt; font: bold 7pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 7pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid">Corporate Banking</TD><TD STYLE="padding-bottom: 1pt; font: bold 7pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 7pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid">Treasury</TD><TD STYLE="padding-bottom: 1pt; font: bold 7pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 7pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid">Consumer</TD><TD STYLE="padding-bottom: 1pt; font: bold 7pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 7pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid">Insurance</TD><TD STYLE="padding-bottom: 1pt; font: bold 7pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 7pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid">Adm. MF and other segments</TD><TD STYLE="padding-bottom: 1pt; font: bold 7pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 7pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid">Adjustments</TD><TD STYLE="padding-bottom: 1pt; font: bold 7pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 7pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid">Total as of 12.31.2018</TD><TD STYLE="padding-bottom: 1pt; font: bold 7pt Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="width: 28%; font: 7pt Times New Roman,serif; text-align: left">Interest income</TD><TD STYLE="width: 1%; font: 7pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; font: 7pt Times New Roman,serif; text-align: right">11,001,897</TD><TD STYLE="width: 1%; font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 7pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; font: 7pt Times New Roman,serif; text-align: right">8,996,130</TD><TD STYLE="width: 1%; font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 7pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; font: 7pt Times New Roman,serif; text-align: right">1,512,751</TD><TD STYLE="width: 1%; font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 7pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; font: 7pt Times New Roman,serif; text-align: right">4,272,902</TD><TD STYLE="width: 1%; font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 7pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; font: 7pt Times New Roman,serif; text-align: right">35,540</TD><TD STYLE="width: 1%; font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 7pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; font: 7pt Times New Roman,serif; text-align: right">287,082</TD><TD STYLE="width: 1%; font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 7pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; font: 7pt Times New Roman,serif; text-align: right">(689,834</TD><TD STYLE="width: 1%; font: 7pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="width: 1%; font: 7pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; font: 7pt Times New Roman,serif; text-align: right">25,416,468</TD><TD STYLE="width: 1%; font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 7pt Times New Roman,serif; text-align: left">Interest expenses</TD><TD STYLE="font: 7pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: right">(3,373,531</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 7pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: right">(1,141,696</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 7pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: right">(9,375,091</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 7pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: right">(1,606,499</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 7pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: right">(269,258</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 7pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: right">811,975</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: right">(14,954,100</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 7pt Times New Roman,serif; text-align: left; padding-bottom: 1pt">Distribution of results by Treasury</TD><TD STYLE="font: 7pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman,serif; text-align: right">746,366</TD><TD STYLE="padding-bottom: 1pt; font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman,serif; text-align: right">(4,287,089</TD><TD STYLE="padding-bottom: 1pt; font: 7pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 7pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman,serif; text-align: right">3,540,723</TD><TD STYLE="padding-bottom: 1pt; font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 7pt Times New Roman,serif; text-align: left">Net interest income</TD><TD STYLE="font: bold 7pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman,serif; text-align: right">8,374,732</TD><TD STYLE="font: bold 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman,serif; text-align: right">3,567,345</TD><TD STYLE="font: bold 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman,serif; text-align: right">(4,321,617</TD><TD STYLE="font: bold 7pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: bold 7pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman,serif; text-align: right">2,666,403</TD><TD STYLE="font: bold 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman,serif; text-align: right">35,540</TD><TD STYLE="font: bold 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman,serif; text-align: right">17,824</TD><TD STYLE="font: bold 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman,serif; text-align: right">122,141</TD><TD STYLE="font: bold 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman,serif; text-align: right">10,462,368</TD><TD STYLE="font: bold 7pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 7pt Times New Roman,serif; text-align: left">Services Fee Income</TD><TD STYLE="font: 7pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: right">3,064,320</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: right">470,000</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: right">22,909</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: right">1,238,524</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: right">362,332</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: right">(36,095</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 7pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: right">5,121,990</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 7pt Times New Roman,serif; text-align: left">Services Fee Expenses</TD><TD STYLE="font: 7pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: right">(652,048</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 7pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: right">(55,125</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 7pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: right">(45,503</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 7pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: right">(389,833</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 7pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: right">(16,685</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 7pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: right">18,688</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: right">(1,140,506</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 7pt Times New Roman,serif; text-align: left; padding-bottom: 1pt">Income from insurance activities</TD><TD STYLE="font: 7pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman,serif; text-align: right">504,898</TD><TD STYLE="padding-bottom: 1pt; font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman,serif; text-align: right">152,656</TD><TD STYLE="padding-bottom: 1pt; font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman,serif; text-align: right">657,554</TD><TD STYLE="padding-bottom: 1pt; font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 7pt Times New Roman,serif; text-align: left; padding-bottom: 1pt">Net Service Fee Income</TD><TD STYLE="font: bold 7pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 7pt Times New Roman,serif; text-align: right">2,412,272</TD><TD STYLE="padding-bottom: 1pt; font: bold 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 7pt Times New Roman,serif; text-align: right">414,875</TD><TD STYLE="padding-bottom: 1pt; font: bold 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 7pt Times New Roman,serif; text-align: right">(22,594</TD><TD STYLE="padding-bottom: 1pt; font: bold 7pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: bold 7pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 7pt Times New Roman,serif; text-align: right">848,691</TD><TD STYLE="padding-bottom: 1pt; font: bold 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 7pt Times New Roman,serif; text-align: right">504,898</TD><TD STYLE="padding-bottom: 1pt; font: bold 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 7pt Times New Roman,serif; text-align: right">345,647</TD><TD STYLE="padding-bottom: 1pt; font: bold 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 7pt Times New Roman,serif; text-align: right">135,249</TD><TD STYLE="padding-bottom: 1pt; font: bold 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 7pt Times New Roman,serif; text-align: right">4,639,038</TD><TD STYLE="padding-bottom: 1pt; font: bold 7pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: bold 7pt Times New Roman,serif">Subtotal</TD><TD STYLE="font: bold 7pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman,serif; text-align: right">10,787,004</TD><TD STYLE="font: bold 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman,serif; text-align: right">3,982,220</TD><TD STYLE="font: bold 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman,serif; text-align: right">(4,344,211</TD><TD STYLE="font: bold 7pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: bold 7pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman,serif; text-align: right">3,515,094</TD><TD STYLE="font: bold 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman,serif; text-align: right">540,438</TD><TD STYLE="font: bold 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman,serif; text-align: right">363,471</TD><TD STYLE="font: bold 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman,serif; text-align: right">257,390</TD><TD STYLE="font: bold 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman,serif; text-align: right">15,101,406</TD><TD STYLE="font: bold 7pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 7pt Times New Roman,serif; text-align: left">Net income from financial instruments at fair value through profit or loss</TD><TD STYLE="font: 7pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: right">42,406</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: right">5,116,608</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: right">(496,664</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 7pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: right">150,654</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: right">69,339</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: right">702,460</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: right">5,584,803</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 7pt Times New Roman,serif; text-align: left; padding-bottom: 1pt">Exchange rate difference on gold and foreign currency</TD><TD STYLE="font: 7pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman,serif; text-align: right">617,316</TD><TD STYLE="padding-bottom: 1pt; font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman,serif; text-align: right">59,829</TD><TD STYLE="padding-bottom: 1pt; font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman,serif; text-align: right">160,690</TD><TD STYLE="padding-bottom: 1pt; font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman,serif; text-align: right">3,535</TD><TD STYLE="padding-bottom: 1pt; font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman,serif; text-align: right">(8</TD><TD STYLE="padding-bottom: 1pt; font: 7pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 7pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman,serif; text-align: right">18,319</TD><TD STYLE="padding-bottom: 1pt; font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman,serif; text-align: right">(23,923</TD><TD STYLE="padding-bottom: 1pt; font: 7pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 7pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman,serif; text-align: right">835,758</TD><TD STYLE="padding-bottom: 1pt; font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 7pt Times New Roman,serif; text-align: left">NIFFI And Exchange Rate Differences</TD><TD STYLE="font: bold 7pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman,serif; text-align: right">659,722</TD><TD STYLE="font: bold 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman,serif; text-align: right">59,829</TD><TD STYLE="font: bold 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman,serif; text-align: right">5,277,298</TD><TD STYLE="font: bold 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman,serif; text-align: right">(493,129</TD><TD STYLE="font: bold 7pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: bold 7pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman,serif; text-align: right">150,646</TD><TD STYLE="font: bold 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman,serif; text-align: right">87,658</TD><TD STYLE="font: bold 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman,serif; text-align: right">678,537</TD><TD STYLE="font: bold 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman,serif; text-align: right">6,420,561</TD><TD STYLE="font: bold 7pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 7pt Times New Roman,serif; text-align: left">Other operating income</TD><TD STYLE="font: 7pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: right">740,094</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: right">706,297</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: right">58,460</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: right">362,649</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: right">3,499</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: right">68,568</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: right">(87,261</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 7pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: right">1,852,306</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 7pt Times New Roman,serif; text-align: left; padding-bottom: 1pt">Loan loss provisions</TD><TD STYLE="font: 7pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman,serif; text-align: right">(1,505,520</TD><TD STYLE="padding-bottom: 1pt; font: 7pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 7pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman,serif; text-align: right">(783,052</TD><TD STYLE="padding-bottom: 1pt; font: 7pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 7pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman,serif; text-align: right">(14,692</TD><TD STYLE="padding-bottom: 1pt; font: 7pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 7pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman,serif; text-align: right">(1,897,904</TD><TD STYLE="padding-bottom: 1pt; font: 7pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 7pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman,serif; text-align: right">(19,478</TD><TD STYLE="padding-bottom: 1pt; font: 7pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 7pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman,serif; text-align: right">1</TD><TD STYLE="padding-bottom: 1pt; font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman,serif; text-align: right">(4,220,645</TD><TD STYLE="padding-bottom: 1pt; font: 7pt Times New Roman,serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: bold 7pt Times New Roman,serif; text-align: left">Net operating income</TD><TD STYLE="font: bold 7pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman,serif; text-align: right">10,681,300</TD><TD STYLE="font: bold 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman,serif; text-align: right">3,965,294</TD><TD STYLE="font: bold 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman,serif; text-align: right">976,855</TD><TD STYLE="font: bold 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman,serif; text-align: right">1,486,710</TD><TD STYLE="font: bold 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman,serif; text-align: right">694,583</TD><TD STYLE="font: bold 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman,serif; text-align: right">500,219</TD><TD STYLE="font: bold 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman,serif; text-align: right">848,667</TD><TD STYLE="font: bold 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman,serif; text-align: right">19,153,628</TD><TD STYLE="font: bold 7pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 7pt Times New Roman,serif; text-align: left">Personnel expenses</TD><TD STYLE="font: 7pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: right">(4,727,082</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 7pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: right">(845,496</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 7pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: right">(291,723</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 7pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: right">(955,370</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 7pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: right">(92,196</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 7pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: right">(155,896</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 7pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: right">(176,863</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 7pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: right">(7,244,626</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 7pt Times New Roman,serif; text-align: left">Administration expenses</TD><TD STYLE="font: 7pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: right">(3,021,386</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 7pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: right">(390,281</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 7pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: right">(151,734</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 7pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: right">(758,447</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 7pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: right">(126,406</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 7pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: right">(162,545</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 7pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: right">11,636</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: right">(4,599,163</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 7pt Times New Roman,serif; text-align: left">Depreciations and impairment of non-financial assets</TD><TD STYLE="font: 7pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: right">(214,589</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 7pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: right">(68,862</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 7pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: right">(15,220</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 7pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: right">(36,017</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 7pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: right">(3,649</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 7pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: right">(1,094</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 7pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: right">(15,170</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 7pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: right">(354,601</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 7pt Times New Roman,serif; text-align: left; padding-bottom: 1pt">Other operating expenses</TD><TD STYLE="font: 7pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman,serif; text-align: right">(1,903,501</TD><TD STYLE="padding-bottom: 1pt; font: 7pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 7pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman,serif; text-align: right">(840,397</TD><TD STYLE="padding-bottom: 1pt; font: 7pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 7pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman,serif; text-align: right">(235,168</TD><TD STYLE="padding-bottom: 1pt; font: 7pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 7pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman,serif; text-align: right">(512,219</TD><TD STYLE="padding-bottom: 1pt; font: 7pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 7pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman,serif; text-align: right">(606</TD><TD STYLE="padding-bottom: 1pt; font: 7pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 7pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman,serif; text-align: right">(45,273</TD><TD STYLE="padding-bottom: 1pt; font: 7pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 7pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman,serif; text-align: right">(10,224</TD><TD STYLE="padding-bottom: 1pt; font: 7pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 7pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman,serif; text-align: right">(3,547,388</TD><TD STYLE="padding-bottom: 1pt; font: 7pt Times New Roman,serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 7pt Times New Roman,serif; text-align: left">Operating income</TD><TD STYLE="font: bold 7pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman,serif; text-align: right">814,742</TD><TD STYLE="font: bold 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman,serif; text-align: right">1,820,258</TD><TD STYLE="font: bold 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman,serif; text-align: right">283,010</TD><TD STYLE="font: bold 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman,serif; text-align: right">(775,343</TD><TD STYLE="font: bold 7pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: bold 7pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman,serif; text-align: right">471,726</TD><TD STYLE="font: bold 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman,serif; text-align: right">135,411</TD><TD STYLE="font: bold 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman,serif; text-align: right">658,046</TD><TD STYLE="font: bold 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman,serif; text-align: right">3,407,850</TD><TD STYLE="font: bold 7pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 7pt Times New Roman,serif; text-align: left; padding-bottom: 1pt">Result&nbsp;&nbsp;from associates and joint ventures</TD><TD STYLE="font: 7pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman,serif; text-align: right">(860</TD><TD STYLE="padding-bottom: 1pt; font: 7pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 7pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman,serif; text-align: right">860</TD><TD STYLE="padding-bottom: 1pt; font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 7pt Times New Roman,serif; text-align: left">Result before taxes from continuing operations</TD><TD STYLE="font: 7pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: right">814,742</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: right">1,820,258</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: right">283,010</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: right">(776,203</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 7pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: right">471,726</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: right">135,411</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: right">658,906</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: right">3,407,850</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 7pt Times New Roman,serif; text-align: left; padding-bottom: 1pt">Income tax</TD><TD STYLE="font: 7pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman,serif; text-align: right">(182,624</TD><TD STYLE="padding-bottom: 1pt; font: 7pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 7pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman,serif; text-align: right">(374,075</TD><TD STYLE="padding-bottom: 1pt; font: 7pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 7pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman,serif; text-align: right">(75,110</TD><TD STYLE="padding-bottom: 1pt; font: 7pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 7pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman,serif; text-align: right">219,733</TD><TD STYLE="padding-bottom: 1pt; font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman,serif; text-align: right">(148,837</TD><TD STYLE="padding-bottom: 1pt; font: 7pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 7pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman,serif; text-align: right">(63,484</TD><TD STYLE="padding-bottom: 1pt; font: 7pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 7pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman,serif; text-align: right">(190,578</TD><TD STYLE="padding-bottom: 1pt; font: 7pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 7pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman,serif; text-align: right">(814,975</TD><TD STYLE="padding-bottom: 1pt; font: 7pt Times New Roman,serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 7pt Times New Roman,serif; text-align: left">Net income</TD><TD STYLE="font: bold 7pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman,serif; text-align: right">632,118</TD><TD STYLE="font: bold 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman,serif; text-align: right">1,446,183</TD><TD STYLE="font: bold 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman,serif; text-align: right">207,900</TD><TD STYLE="font: bold 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman,serif; text-align: right">(556,470</TD><TD STYLE="font: bold 7pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: bold 7pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman,serif; text-align: right">322,889</TD><TD STYLE="font: bold 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman,serif; text-align: right">71,927</TD><TD STYLE="font: bold 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman,serif; text-align: right">468,328</TD><TD STYLE="font: bold 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman,serif; text-align: right">2,592,875</TD><TD STYLE="font: bold 7pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 7pt Times New Roman,serif; text-align: left">Net income for&nbsp;&nbsp;the&nbsp;&nbsp;period attributable to owners of the parent company</TD><TD STYLE="font: 7pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: right">608,665</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: right">1,446,183</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: right">207,900</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: right">(556,470</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 7pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: right">322,889</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: right">71,927</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: right">466,475</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: right">2,567,569</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 7pt Times New Roman,serif; text-align: left">Net income for the period attributable to non-controlling interest</TD><TD STYLE="font: 7pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: right">23,453</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: right">1,853</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: right">25,306</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: bold 7pt Times New Roman,serif; text-align: left; padding-bottom: 1pt">Other comprehensive income</TD><TD STYLE="font: bold 7pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 7pt Times New Roman,serif; text-align: right">(29,924</TD><TD STYLE="padding-bottom: 1pt; font: bold 7pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: bold 7pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 7pt Times New Roman,serif; text-align: right">238,905</TD><TD STYLE="padding-bottom: 1pt; font: bold 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 7pt Times New Roman,serif; text-align: right">233,166</TD><TD STYLE="padding-bottom: 1pt; font: bold 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 7pt Times New Roman,serif; text-align: right">404</TD><TD STYLE="padding-bottom: 1pt; font: bold 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 7pt Times New Roman,serif; text-align: right">(1,078</TD><TD STYLE="padding-bottom: 1pt; font: bold 7pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: bold 7pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 7pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; font: bold 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 7pt Times New Roman,serif; text-align: right">21,416</TD><TD STYLE="padding-bottom: 1pt; font: bold 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 7pt Times New Roman,serif; text-align: right">462,889</TD><TD STYLE="padding-bottom: 1pt; font: bold 7pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 7pt Times New Roman,serif; text-align: left">Other comprehensive income attributable to owners of the parent company</TD><TD STYLE="font: 7pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: right">(29,924</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 7pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: right">238,905</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: right">233,166</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: right">404</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: right">(1,078</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 7pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: right">20,940</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: right">462,413</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 7pt Times New Roman,serif; text-align: left">Other comprehensive income attributable to non-controlling interest</TD><TD STYLE="font: 7pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: right">476</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: right">476</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 7pt Times New Roman,serif; text-align: left; padding-bottom: 1pt">Comprehensive income for the period</TD><TD STYLE="font: bold 7pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 7pt Times New Roman,serif; text-align: right">602,194</TD><TD STYLE="padding-bottom: 1pt; font: bold 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 7pt Times New Roman,serif; text-align: right">1,685,088</TD><TD STYLE="padding-bottom: 1pt; font: bold 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 7pt Times New Roman,serif; text-align: right">441,066</TD><TD STYLE="padding-bottom: 1pt; font: bold 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 7pt Times New Roman,serif; text-align: right">(556,066</TD><TD STYLE="padding-bottom: 1pt; font: bold 7pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: bold 7pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 7pt Times New Roman,serif; text-align: right">321,811</TD><TD STYLE="padding-bottom: 1pt; font: bold 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 7pt Times New Roman,serif; text-align: right">71,927</TD><TD STYLE="padding-bottom: 1pt; font: bold 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 7pt Times New Roman,serif; text-align: right">489,744</TD><TD STYLE="padding-bottom: 1pt; font: bold 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 7pt Times New Roman,serif; text-align: right">3,055,764</TD><TD STYLE="padding-bottom: 1pt; font: bold 7pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 7pt Times New Roman,serif; text-align: left">Comprehensive income attributable to owners of the parent company</TD><TD STYLE="font: 7pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: right">578,741</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: right">1,685,088</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: right">441,066</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: right">(556,066</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 7pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: right">321,811</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: right">71,927</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: right">487,415</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: right">3,029,982</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 7pt Times New Roman,serif; text-align: left">Comprehensive income attributable to non-controlling interests</TD><TD STYLE="font: 7pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: right">23,453</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: right">2,329</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: right">25,782</TD><TD STYLE="font: 7pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 7pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Assets by segments</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Retail Banking</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Corporate Banking</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Treasury</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Consumer</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Insurance</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Adm. MF and other segments</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Adjustments</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total as of 12.31.2018</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="width: 28%; text-align: left">Cash and due from banks</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; text-align: right">4,706,116</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; text-align: right">325,248</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; text-align: right">28,505,898</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; text-align: right">61,414</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; text-align: right">3,135</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; text-align: right">582,100</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; text-align: right">(496,358</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; text-align: right">33,687,553</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Debt securities at fair value through profit or loss</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14,941,290</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100,041</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">70,784</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,112,115</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="text-align: left">Loans and other financing</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">30,897,152</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">39,133,720</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,834,700</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,531,749</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">459,404</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">660,435</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,725,257</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">78,791,903</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Other Assets</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,119,101</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">39,450</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">5,662,960</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,285,270</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">345,499</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">596,644</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">4,475,046</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">13,523,970</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total Assets</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">36,722,369</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">39,498,418</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">51,944,848</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">8,878,433</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">908,079</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">1,909,963</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">1,253,431</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">141,115,541</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 14.2pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 7pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Liabilities by segments</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Retail Banking</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Corporate Banking</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Treasury</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Consumer</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Insurance</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Adm. MF and other segments</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Adjustments</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total as of 12.31.2018</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="width: 28%">Deposits</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; text-align: right">51,679,015</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; text-align: right">9,420,938</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; text-align: right">32,906,385</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; text-align: right">1,670,250</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; text-align: right">&mdash;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; text-align: right">&mdash;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; text-align: right">(770,574</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; text-align: right">94,906,014</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Financing received from the Argentine Central Bank and others financial institutions</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,828</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,212,869</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">786,362</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,542,576</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">184,931</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,704,344</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,033,222</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="text-align: left">Unsubordinated Negotiable obligations</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,418,947</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,304,004</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">51,116</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">533,104</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,307,171</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Other liabilities</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">3,192,164</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,010,667</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,938,464</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,410,583</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">381,396</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,131,841</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2,633,842</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">11,698,957</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total Liabilities</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">54,882,007</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">17,644,474</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">43,050,158</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">6,927,413</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">381,396</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">1,367,888</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(307,972</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">123,945,364</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify"><B>&nbsp;</B></P>


<!-- Field: Page; Sequence: 45; Section: financials -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; padding-bottom: 2pt; border-bottom: rgb(98,145,178) 2pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->40<!-- Field: /Sequence -->&nbsp;</P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><B>GRUPO SUPERVIELLE S.A.</B></P><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0; text-align: center">Notes to Consolidated Financial Statements</P>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">As of December 31, 2019 presented in comparative basis</FONT></P>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 10pt; text-align: center"><FONT STYLE="font-weight: normal">(Expressed in thousands of pesos)</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>3.</B></TD><TD STYLE="text-align: justify"><B>INCOME TAX </B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Act 27,451 was enacted with the following main accounting
effects:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">- Pursuant to Article 27 of said law, upon the calculation
by inflation (tax), positive or negative, for the first and second fiscal year started as from January 1, 2019, one sixth (1/6)
shall be imputed to such fiscal period and the remaining five sixths (5/6), in equal parts, shall be imputed to(5) following immediate
fiscal years.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">In turn, it is mentioned that such provision applies
regardless of the calculation of remaining thirds for previous years, estimated pursuant to the previous version of article 194
of Income Tax Law.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">- Pursuant Article 48 of said Law, for fiscal years
starting on January 1, 2021, the tax aliquot shall amount to 30% - Dividends or distributed income hall amount to 7%.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The following table reconciles the statutory income
tax rate in Argentina to the Group&acute;s effective tax rate as of December 31, 2019 and 2018:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">12/31/2019</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">12/31/2018</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="width: 72%; text-align: justify">Current income tax</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">473,329</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">990,861</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-bottom: 1pt">Income tax &ndash; deferred method</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(1,506,709</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(175,886</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font-weight: bold; text-align: justify; padding-bottom: 1pt">Income tax allotted in the Income Statement</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(1,033,380</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">814,975</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: justify; padding-bottom: 1pt">Income tax allotted in Other comprehensive income</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">186,671</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">149,771</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font-weight: bold; text-align: justify; padding-bottom: 2.5pt">Total Income Tax Charge</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(846,709</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">964,746</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">The following is a reconciliation between the income tax charged to income
as of December 31, 2019 and 2018, and that which would result from applying the current tax rate on the accounting profit:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">12/31/2019</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">12/31/2018</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="width: 72%; text-align: left">Result of financial year before income tax</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">3,228,005</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">3,407,850</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Tax rate in force</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">30%</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">30%</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font-weight: bold; text-align: left">Result of financial year at tax rate</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">968,402</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">1,022,355</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Permanent differences at tax rate</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="text-align: left">- Contributions to Retirement Insurance</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">48,859</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">29,042</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">- Valuation of mutual funds</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(31,229</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,776</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="text-align: left">- Tax inflation adjustment</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,775,525</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">- Losses from previous years</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,940</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(33,422</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="text-align: left">- Donations and other non-deductible expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(61,986</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(64,311</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">- Results not taxed</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(1,170</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">9,306</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Specified tax</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(846,709</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">964,746</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>3.1. Deferred tax</B></P>

<P STYLE="font: 9pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">The net position of the deferred tax is as follows:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid">12/31/2019</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid">12/31/2018</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="width: 72%; font: 10pt Times New Roman,serif; text-align: left">Deferred tax assets</TD><TD STYLE="width: 2%; font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman,serif; text-align: right">1,841,125</TD><TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman,serif; text-align: right">519,231</TD><TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; padding-bottom: 1pt">Deferred tax liability</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right">(2,028</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right">(172</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: bold 10pt Times New Roman,serif; text-align: left; padding-bottom: 2.5pt">Net assets by deferred tax</TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman,serif; text-align: right">1,839,097</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman,serif; text-align: right">519,059</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">Deferred taxes to be recovered in more than 12 months</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">1,729,434</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">835,447</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; padding-bottom: 1pt">Deferred taxes to be recovered in 12 months</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right">804,191</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right">71,189</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: bold 10pt Times New Roman,serif; text-align: left">Subtotal - Deferred tax assets</TD><TD STYLE="font: bold 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman,serif; text-align: right">2,533,625</TD><TD STYLE="font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman,serif; text-align: right">906,636</TD><TD STYLE="font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">Deferred taxes to be paid in more than 12 months</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">(628,297</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">(318,661</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; padding-bottom: 1pt">Deferred taxes to be paid in 12 months</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right">(66,231</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right">(68,916</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman,serif; text-align: left; padding-bottom: 1pt">Subtotal - Deferred tax liabilities</TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman,serif; text-align: right">(694,528</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman,serif; text-align: right">(387,577</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman,serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: bold 10pt Times New Roman,serif; text-align: left; padding-bottom: 2.5pt">TOTAL NET ASSETS FOR DEFERRED TAX</TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman,serif; text-align: right">1,839,097</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman,serif; text-align: right">519,059</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
</TABLE>


<!-- Field: Page; Sequence: 46; Section: financials -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; padding-bottom: 2pt; border-bottom: rgb(98,145,178) 2pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->41<!-- Field: /Sequence -->&nbsp;</P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><B>GRUPO SUPERVIELLE S.A.</B></P><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0; text-align: center">Notes to Consolidated Financial Statements</P>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">As of December 31, 2019 presented in comparative basis</FONT></P>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 10pt; text-align: center"><FONT STYLE="font-weight: normal">(Expressed in thousands of pesos)</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">Following is the movement in assets and liabilities for deferred tax as
of December 31, 2019 and 2018:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 9pt Times New Roman,serif; border-bottom: Black 1pt solid">Detail</TD><TD STYLE="font: bold 9pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 9pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid">Balance at 12/31/2018</TD><TD STYLE="padding-bottom: 1pt; font: bold 9pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 9pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid">Position in Result of the year</TD><TD STYLE="padding-bottom: 1pt; font: bold 9pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 9pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid">Position in Other comprehensive results</TD><TD STYLE="padding-bottom: 1pt; font: bold 9pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 9pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid">Balance at <BR> 12/31/2019</TD><TD STYLE="padding-bottom: 1pt; font: bold 9pt Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="width: 44%; font: 10pt Times New Roman,serif">Shelters</TD><TD STYLE="width: 2%; font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: bold 9pt Times New Roman,serif; text-align: right">12,138</TD><TD STYLE="width: 1%; font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 9pt Times New Roman,serif; text-align: right">638</TD><TD STYLE="width: 1%; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 9pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="width: 1%; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: bold 9pt Times New Roman,serif; text-align: right">12,776</TD><TD STYLE="width: 1%; font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">Miscellaneous Goods</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right">1,381</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">(1,381</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">Financial Trusts</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right">(15,139</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">15,139</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">Organization and development expenses</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right">(34,576</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">(14,722</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right">(49,298</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">Intangible assets</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right">(3,931</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">3,823</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right">(108</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif">Investments</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right">(5,291</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">(12,798</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right">(18,089</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 10pt Times New Roman,serif">Others</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right">2,779</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">(8,903</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right">(6,124</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">Retirement plans</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right">57,509</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">26,956</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right">84,465</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">Allowances for eventual commitments</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right">560</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">(189</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right">371</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">Allowances for loan losses</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right">650,447</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">(64,314</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right">586,133</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">Property, plant and equipment</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right">(266,512</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">(128,928</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">(183,570</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right">(579,010</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">Valuation Foreign Currency</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right">(81,937</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">23,551</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">(3,101</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right">(61,487</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">Sale and replacement</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right">31,782</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">(3,786</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right">27,996</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">Provisions for liabilities</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right">10,765</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">172,152</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right">182,917</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">Loan origination costs</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">689</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right">689</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 9pt Times New Roman,serif">Losses</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right">159,084</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">5,940</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right">165,024</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left; padding-bottom: 1pt">Inflation adjustment</TD><TD STYLE="font: bold 9pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman,serif; text-align: right">1,492,842</TD><TD STYLE="padding-bottom: 1pt; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Times New Roman,serif; text-align: right">1,492,842</TD><TD STYLE="padding-bottom: 1pt; font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 9pt Times New Roman,serif; padding-bottom: 2.5pt">Total</TD><TD STYLE="font: bold 9pt Times New Roman,serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 9pt Times New Roman,serif; text-align: right">519,059</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 9pt Times New Roman,serif; text-align: right">1,506,709</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 9pt Times New Roman,serif; text-align: right">(186,671</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 9pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: bold 9pt Times New Roman,serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 9pt Times New Roman,serif; text-align: right">1,839,097</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 9pt Times New Roman,serif; border-bottom: Black 1pt solid">Detail</TD><TD STYLE="font: bold 9pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 9pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid">Balance at 01/01/2018</TD><TD STYLE="padding-bottom: 1pt; font: bold 9pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 9pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid">Position in Result of the year</TD><TD STYLE="padding-bottom: 1pt; font: bold 9pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 9pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid">Position in Other comprehensive results</TD><TD STYLE="padding-bottom: 1pt; font: bold 9pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 9pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid">Balance at<BR> 12/31/2018</TD><TD STYLE="padding-bottom: 1pt; font: bold 9pt Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="width: 44%; font: 10pt Times New Roman,serif">Shelters</TD><TD STYLE="width: 2%; font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: bold 9pt Times New Roman,serif; text-align: right">13,359</TD><TD STYLE="width: 1%; font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 9pt Times New Roman,serif; text-align: right">(1,221</TD><TD STYLE="width: 1%; font: 9pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="width: 2%; font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 9pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="width: 1%; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: bold 9pt Times New Roman,serif; text-align: right">12,138</TD><TD STYLE="width: 1%; font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">Miscellaneous Goods</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right">(6,310</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">7,691</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right">1,381</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">Financial Trusts</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right">(5,862</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">22,505</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">(31,782</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right">(15,139</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif">Guarantee</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right">3,782</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">(3,782</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">Organization and development expenses</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right">(14,423</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">(20,153</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right">(34,576</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">Intangible assets</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right">19,546</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">(22,096</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">(1,381</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right">(3,931</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 10pt Times New Roman,serif">Investments</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right">1,719</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">(7,275</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">265</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right">(5,291</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif">Others</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">3,257</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">(478</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right">2,779</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">Retirement plans</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right">179,484</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">(121,975</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right">57,509</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">Allowances for eventual commitments</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right">254</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">306</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right">560</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">Allowances for loan losses</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right">213,231</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">437,216</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right">650,447</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">Customer loyalty programs</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right">15,358</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">(15,358</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">Property, plant and equipment</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right">(99,149</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">(18,744</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">(148,619</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right">(266,512</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">Vacations Provision</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right">79,649</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">(79,649</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">Valuation Foreign Currency</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right">(53,714</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">(28,223</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right">(81,937</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">Sale and replacement</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right">33,054</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">(1,272</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right">31,782</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">Provisions for liabilities</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right">12,995</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">(2,230</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right">10,765</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">Loan origination costs</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right">54,462</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">(54,462</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 10pt Times New Roman,serif">Losses</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right">(1,039</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">160,123</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right">159,084</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; padding-bottom: 1pt">Loans to employees</TD><TD STYLE="font: bold 9pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Times New Roman,serif; text-align: right">42,779</TD><TD STYLE="padding-bottom: 1pt; font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman,serif; text-align: right">(42,779</TD><TD STYLE="padding-bottom: 1pt; font: 9pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 9pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: bold 9pt Times New Roman,serif; padding-bottom: 2.5pt">Total</TD><TD STYLE="font: bold 9pt Times New Roman,serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 9pt Times New Roman,serif; text-align: right">489,175</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 9pt Times New Roman,serif; text-align: right">211,879</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 9pt Times New Roman,serif; text-align: right">(181,995</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 9pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: bold 9pt Times New Roman,serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 9pt Times New Roman,serif; text-align: right">519,059</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">According to the analysis carried out by the Group,
it is considered that the assets detailed above meet the requirements to be considered recoverable and thus perform the corresponding
recognition.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 14.2pt; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 47; Section: financials -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; padding-bottom: 2pt; border-bottom: rgb(98,145,178) 2pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->42<!-- Field: /Sequence -->&nbsp;</P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><B>GRUPO SUPERVIELLE S.A.</B></P><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0; text-align: center">Notes to Consolidated Financial Statements</P>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">As of December 31, 2019 presented in comparative basis</FONT></P>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 10pt; text-align: center"><FONT STYLE="font-weight: normal">(Expressed in thousands of pesos)</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>4.</B></TD><TD><B>FINANCIAL INSTRUMENTS</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The portfolio of financial instruments held by the
Group is detailed below, as of December 31, 2019 and 2018:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 9pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">Instrument portfolio as of 12/31/2019</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Fair value - PL</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Amortized Cost</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Fair value - OCI</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font-weight: bold">Assets</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 44%; text-align: left">- Cash and equivalents</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">29,910</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">26,373,189</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">&mdash;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">26,403,099</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="text-align: left">- Debt securities at fair value through profit or loss</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">568,501</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">568,501</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>- Derivatives</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">257,587</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">257,587</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="text-align: left">- Other financial assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,093,152</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">999,666</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,092,818</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">- Loans and other financing</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">88,922,160</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">88,922,160</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="text-align: left">- Other debt securities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,500,385</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,171,171</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,671,556</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">- Financial assets in guarantee</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,924,540</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">409,164</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,333,704</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="text-align: left">- Investments in Equity Instruments</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,796</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,783</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14,579</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Total Assets</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">6,879,486</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">120,204,564</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">7,179,954</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">134,264,004</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font-weight: bold">Liabilities</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>- Deposits</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">89,008,177</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">89,008,177</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="text-align: left">-Liabilities at fair value through profit or loss</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">189,554</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">189,554</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>-Derivates</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">319,817</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">319,817</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="text-align: left">- Other financial liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,996,738</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,174,432</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,171,170</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">- Financing received from the Argentine Central Bank and other financial institutions</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,017,597</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,017,597</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="text-align: left">- Unsubordinated Negotiable obligations</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,086,475</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,086,475</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">-Subordinated Negotiable Obligations</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,119,888</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,119,888</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font-weight: bold; text-align: left">Total Liabilities</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">6,186,292</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">109,726,386</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">115,912,678</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 9pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">Instrument portfolio as of 12/31/2018</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Fair value - PL</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Amortized Cost</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Fair value - OCI</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font-weight: bold">Assets</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 44%; text-align: left">- Cash and equivalents</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">10,399</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">33,677,154</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">&mdash;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">33,687,553</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="text-align: left">- Debt securities at fair value through profit or loss</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,112,115</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,112,115</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>- Derivatives</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,924</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,924</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="text-align: left">- Other financial assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">678,569</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,036,965</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,715,534</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">- Loans and other financing</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">78,791,903</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">78,791,903</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="text-align: left">- Other debt securities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,198,548</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">112,547</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,311,095</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">- Financial assets in guarantee</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,882,600</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">124,617</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,007,217</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="text-align: left">- Investments in Equity Instruments</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,603</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,801</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,404</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Total Assets</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">17,701,210</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">117,829,187</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">121,348</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">135,651,745</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font-weight: bold">Liabilities</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>- Deposits</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">94,906,014</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">94,906,014</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="text-align: left">-Liabilities at fair value through profit or loss</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">268,086</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">268,086</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>-Derivates</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">94,222</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">94,222</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="text-align: left">- Other financial liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,907,704</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,360,697</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,268,401</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">- Financing received from the Argentine Central Bank and other financial institutions</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,033,222</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,033,222</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="text-align: left">- Unsubordinated Negotiable obligations</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,307,171</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,307,171</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">-Subordinated Negotiable Obligations</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,383,817</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,383,817</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font-weight: bold; text-align: left">Total Liabilities</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">3,270,012</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">114,990,921</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">118,260,933</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 14.2pt; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 48; Section: financials -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; padding-bottom: 2pt; border-bottom: rgb(98,145,178) 2pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->43<!-- Field: /Sequence -->&nbsp;</P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><B>GRUPO SUPERVIELLE S.A.</B></P><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0; text-align: center">Notes to Consolidated Financial Statements</P>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">As of December 31, 2019 presented in comparative basis</FONT></P>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 10pt; text-align: center"><FONT STYLE="font-weight: normal">(Expressed in thousands of pesos)</FONT></P>

<a name=n5></a>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>5.</B></TD><TD STYLE="text-align: justify"><B>FAIR VALUES</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Fair value is defined as the amount by which an asset
may be exchanged or a liability may be settled, in an arm&rsquo;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.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">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&rsquo;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.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The Group classifies the fair values of the financial
instruments into 3 levels, according to the quality of the data used for their determination.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">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.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">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&rsquo;s specific estimates. If all significant inputs
required to fair value a financial instrument are observable, such instrument is included in level 2.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Fair Value level 3: If one or more significant inputs
are not based on observable market data, the instrument is included in level 3.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The portfolio of financial instruments held by the
Group is detailed below, as of December 31, 2019 and 2018:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 9pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">Instrument portfolio as of 12/31/2019</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">FV level 1</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">FV level 2</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">FV level 3</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font-weight: bold">Assets</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 58%; text-align: left">- Cash and due from banks</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">29,910</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">&mdash;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">&mdash;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="text-align: left">- Debt securities at fair value through profit or loss</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">564,830</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,671</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>- Derivatives</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">257,587</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="text-align: left">- Other financial assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">167,672</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">- Other debt securities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,171,171</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="text-align: left">- Financial assets in guarantee</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,924,540</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">- Investments in Equity Instruments</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,796</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,783</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font-weight: bold; text-align: left">Total Assets</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">13,121,506</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">8,783</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">3,671</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold">Liabilities</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="text-align: left">- Liabilities at fair value through profit or loss</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">189,554</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">- Other financial liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,996,738</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font-weight: bold; text-align: left">Total Liabilities</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">6,186,292</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 9pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 9pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">Instrument portfolio as of 12/31/2018</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">FV level 1</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">FV level 2</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">FV level 3</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font-weight: bold">Assets</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 58%; text-align: left">- Cash and due from banks</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">10,399</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="text-align: left">- Debt securities at fair value through profit or loss</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,745,222</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11,366,893</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>- Derivatives</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,924</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="text-align: left">- Other financial assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,069</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">- Other debt securities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">112,547</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="text-align: left">- Financial assets in guarantee</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,882,600</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">- Investments in Equity Instruments</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,603</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,801</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font-weight: bold; text-align: left">Total Assets</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">5,783,364</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">11.375.694</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold">Liabilities</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="text-align: left">- Liabilities at fair value through profit or loss</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">268,086</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>- Derivatives</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">94,222</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="text-align: left">- Other financial liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,907,704</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Total Liabilities</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">3,175,790</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">94,222</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 49; Section: financials -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; padding-bottom: 2pt; border-bottom: rgb(98,145,178) 2pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->44<!-- Field: /Sequence -->&nbsp;</P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><B>GRUPO SUPERVIELLE S.A.</B></P><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0; text-align: center">Notes to Consolidated Financial Statements</P>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">As of December 31, 2019 presented in comparative basis</FONT></P>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 10pt; text-align: center"><FONT STYLE="font-weight: normal">(Expressed in thousands of pesos)</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 8pt; text-align: justify">Below is shown the reconcilation of the financial
instruments classiffied as Fair Value Level 3:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left; border-bottom: Black 1pt solid">FV level 3</TD><TD STYLE="font: bold 9pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 9pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid">12/31/2018</TD><TD STYLE="padding-bottom: 1pt; font: bold 9pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 9pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid">Transfers(*)</TD><TD STYLE="padding-bottom: 1pt; font: bold 9pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 9pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid">Additions</TD><TD STYLE="padding-bottom: 1pt; font: bold 9pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 9pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid">Disposals</TD><TD STYLE="padding-bottom: 1pt; font: bold 9pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 9pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid">P/L</TD><TD STYLE="padding-bottom: 1pt; font: bold 9pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 9pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid">12/31/2019</TD><TD STYLE="padding-bottom: 1pt; font: bold 9pt Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: bold 9pt Times New Roman,serif">Assets</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 28%; font: 9pt Times New Roman,serif; text-align: left">- Debt securities at fair value through profit or loss</TD><TD STYLE="width: 2%; font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font: 9pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="width: 1%; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font: 9pt Times New Roman,serif; text-align: right">3,671</TD><TD STYLE="width: 1%; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font: 9pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="width: 1%; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font: 9pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="width: 1%; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font: 9pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="width: 1%; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font: 9pt Times New Roman,serif; text-align: right">3,671</TD><TD STYLE="width: 1%; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 5pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 8pt Times New Roman,serif; margin: 0; text-align: justify">(*) The transfer was due to the lack of observable prices,
directly or indirectly, for the measurement of this Financial Instruments</P>

<P STYLE="font: 8pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The Group&rsquo;s policy is to recognize transfers
between fair value levels only at end of period. The transfers were produced by the classification as Level 3 of the financial
instruments with lack of observable prices.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>Valuation Techniques</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Valuation techniques to determine fair values include
the following:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.45in"></TD><TD STYLE="width: 0.3in"><FONT STYLE="font-family: Georgia,serif">-</FONT></TD><TD STYLE="text-align: justify">Market or quoted prices for similar instruments.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.45in"></TD><TD STYLE="width: 0.3in"><FONT STYLE="font-family: Georgia,serif">-</FONT></TD><TD STYLE="text-align: justify">The estimated present value of instruments.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">All fair value calculations are included in level 3.
To such ends, the Group utilizes valuation techniques through spot rate curves which calculate the yield upon market prices. They
are detailed below:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.45in"></TD><TD STYLE="width: 0.3in">-</TD><TD STYLE="text-align: justify">Interpolation model: It consists of the determination of the value of financial instruments that
do not have a market price at the closing date, based on the quotations of assimilable species (both in terms of issue, currency,
and duration) in the active market (MAE, Bolsar or secondary) through the linear interpolation of them .</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.3in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.45in"></TD><TD STYLE="width: 0.3in">-</TD><TD STYLE="text-align: justify">Performance Curve Model under Nelson Siegel: This model proposes a continuous function to model
the trajectory of the instant forward interest rate considering as a domain the term comprised until the next interest and / or
capital payment. It consists in the determination of the price of a species by means of a model of risk value at theoretical price,
estimating for this the volatility through market curves. The Entity has used this model to estimate prices in negotiable obligations
or adjustable species by BADLAR rate or inflation.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 14.2pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 14.2pt; text-align: justify">The main data and aspects taken into account
by the Group in virtue of the definition of fair values under the lineal interpolation model are the following:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 14.2pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.45in"></TD><TD STYLE="width: 0.3in">&bull;</TD><TD STYLE="text-align: justify">Prices of instruments listed on the date on which the curve is estimated and the settlement date
of the last available settlement.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.45in"></TD><TD STYLE="width: 0.3in">&bull;</TD><TD STYLE="text-align: justify">Implicit rates of the last available settlement.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.45in"></TD><TD STYLE="width: 0.3in">&bull;</TD><TD STYLE="text-align: justify">Only instruments traded under 24-hour settlement are considered.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.45in"></TD><TD STYLE="width: 0.3in">&bull;</TD><TD STYLE="text-align: justify">If the last instrument lists in MAE and Bolsar, the market quotation that traded a greater volume
is considered.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.45in"></TD><TD STYLE="width: 0.3in">&bull;</TD><TD STYLE="text-align: justify">The yield curve is standardized in in virtue of a set of nodes, each of which is related to a maturity
date.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.45in"></TD><TD STYLE="width: 0.3in">&bull;</TD><TD STYLE="text-align: justify">Dollar-denominated instruments are converted at the exchange date as of the date on which such
instrument is traded.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 14.2pt; text-align: justify">Likewise, in virtue of the definition of
fair values under Nelson Siegel model, the following are the main data and aspects taken into account by the Bank:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 14.2pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.45in"></TD><TD STYLE="width: 0.3in">&bull;</TD><TD STYLE="text-align: justify">Curves of Spot rate in pesos + BADLAR and Curves of Spot rate in dollars are established in virtue
of bonds pre-defined by the Financial Risk Department.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.45in"></TD><TD STYLE="width: 0.3in">&bull;</TD><TD STYLE="text-align: justify">MAE accounts for the main source of prices, without taking into account those bonds of operations
for own portfolio.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.45in"></TD><TD STYLE="width: 0.3in">&bull;</TD><TD STYLE="text-align: justify">Sets of eligible bonds are not static, thus being increased upon new issuances.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 14.2pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 14.2pt; text-align: justify">The Group periodically evaluates the performance
of the models based on indicators which have defined tolerance thresholds.</P>



<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 14.2pt; text-align: justify">Pursuant to IFRS, in general terms, the
residual value calculated for instruments at the beginning is given by the transaction price. If the transaction price differs
from certain fair value, such difference will be recognized in the Income Statement in a proportional manner during the instrument
duration. As of December 31, 2019, no differences have been recorded.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 14.2pt; text-align: justify"><B>&nbsp;</B></P>


<!-- Field: Page; Sequence: 50; Section: financials -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->45<!-- Field: /Sequence -->&nbsp;</P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><B>GRUPO SUPERVIELLE S.A.</B></P><P STYLE="margin: 0pt"></P></DIV>
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<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0; text-align: center">Notes to Consolidated Financial Statements</P>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">As of December 31, 2019 presented in comparative basis</FONT></P>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 10pt; text-align: center"><FONT STYLE="font-weight: normal">(Expressed in thousands of pesos)</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; background-color: white"><B>Fair Value of Other Financial Instruments </B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The following describes methodologies and assumptions
utilized to determine fair values of financial instruments that have not been recorded at fair value in these financial statements:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 14.2pt">-</TD><TD STYLE="text-align: justify">Assets which fair value is similar to that of the book value: For financial liquid assets and liabilities
with short term maturity (less than three months), it has been determined that the book value is similar to the fair value.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 42.55pt; text-align: justify; text-indent: -14.2pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 14.2pt">-</TD><TD STYLE="text-align: justify">Fixed rate financial instruments: The fair value of financial assets has been determined by discounting
future fund flows at current offered market rates for each fiscal year for financial instruments of similar features. The estimated
fair value of deposits with a fixed interest rate was determined by discounting future cash flows through the use of market interest
rates for deposits with maturities similar to those of the Group&rsquo;s portfolio.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 42.55pt; text-align: justify; text-indent: -14.2pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 14.2pt">-</TD><TD STYLE="text-align: justify">For quoted assets and quoted debt issued at fair value, the fair value has been determined in accordance
to market prices.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 14.2pt">-</TD><TD STYLE="text-align: justify">Other financial instruments: For financial liquid assets and liabilities with short term maturity,
the fair value is deemed to be similar to that of the accounting value. Such assumption also applies to savings account deposits,
current accounts and others.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The following chart includes a comparison between the
fair value and the accounting value of financial instruments not recorded at fair value as of December 31, 2019 and 2018:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 9pt Times New Roman,serif; border-bottom: Black 1pt solid">Other Financial Instruments as of 12/31/2019</TD><TD STYLE="font: bold 9pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 9pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid">Accounting value</TD><TD STYLE="padding-bottom: 1pt; font: bold 9pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 9pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid">Fair value</TD><TD STYLE="padding-bottom: 1pt; font: bold 9pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 9pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid">FV Level 1</TD><TD STYLE="padding-bottom: 1pt; font: bold 9pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 9pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid">FV Level 2</TD><TD STYLE="padding-bottom: 1pt; font: bold 9pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 9pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid">FV Level 3</TD><TD STYLE="padding-bottom: 1pt; font: bold 9pt Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: italic bold 9pt Times New Roman,serif; text-align: left; padding-left: 3.5pt">Financial Assets</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 35%; font: 9pt Times New Roman,serif; text-align: left; padding-left: 3.5pt">-Cash and due from Banks</TD><TD STYLE="width: 2%; font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; font: 9pt Times New Roman,serif; text-align: right">26,373,189</TD><TD STYLE="width: 1%; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; font: 9pt Times New Roman,serif; text-align: right">26,373,189</TD><TD STYLE="width: 1%; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; font: 9pt Times New Roman,serif; text-align: right">26,373,189</TD><TD STYLE="width: 1%; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; font: 9pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="width: 1%; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; font: 9pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="width: 1%; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left; padding-left: 3.5pt">-Other financial assets</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">999,666</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">999,666</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">999,666</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left; padding-left: 3.5pt">-Loans and other financing</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">88,922,160</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">92,549,649</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">92,549,649</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left; padding-left: 3.5pt">- Other Debt Securities</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">3,500,385</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">3,583,171</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">3,583,171</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left; padding-left: 3.5pt">-Financial assets in as guarantee</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">409,164</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">409,164</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">409,164</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font-size: 10pt; padding-left: 3.5pt">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right">120,204,564</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right">123,914,839</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right">31,365,190</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right">92,549,649</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: italic bold 9pt Times New Roman,serif; text-align: left; padding-left: 3.5pt">Financial Liabilities</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 9pt Times New Roman,serif; padding-left: 3.5pt">-Deposits</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">89,008,177</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">89,009,817</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">89,009,817</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left; padding-left: 3.5pt">- Repo transactions</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">319,817</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">319,817</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">319,817</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left; padding-left: 3.5pt">- Other financial liabilities</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">3,174,432</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">3,174,432</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">3,174,432</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left; padding-left: 3.5pt">-Finances received from the BCRA and other financial institutions</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">9,017,597</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">8,778,079</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">8,778,079</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left; padding-left: 3.5pt">- Unsubordinated negotiable obligations</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">6,086,475</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">6,086,475</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">6,086,475</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left; padding-left: 3.5pt">- Subordinated Negotiable Obligations</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">2,119,888</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">2,368,114</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">2,368,114</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; padding-left: 3.5pt">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right">109,726,386</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right">109,736,734</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right">11,948,838</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right">97,787,896</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 9pt Times New Roman,serif; border-bottom: Black 1pt solid">Other Financial Instruments as of 12/31/2018</TD><TD STYLE="font: bold 9pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 9pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid">Accounting value</TD><TD STYLE="padding-bottom: 1pt; font: bold 9pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 9pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid">Fair value</TD><TD STYLE="padding-bottom: 1pt; font: bold 9pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 9pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid">FV Level 1</TD><TD STYLE="padding-bottom: 1pt; font: bold 9pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 9pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid">FV Level 2</TD><TD STYLE="padding-bottom: 1pt; font: bold 9pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 9pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid">FV Level 3</TD><TD STYLE="padding-bottom: 1pt; font: bold 9pt Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: italic bold 9pt Times New Roman,serif; text-align: left">Financial Assets</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 35%; font: 9pt Times New Roman,serif; text-align: left">-Cash and due from Banks</TD><TD STYLE="width: 2%; font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; font: 9pt Times New Roman,serif; text-align: right">33,677,154</TD><TD STYLE="width: 1%; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; font: 9pt Times New Roman,serif; text-align: right">33,677,154</TD><TD STYLE="width: 1%; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; font: 9pt Times New Roman,serif; text-align: right">33,677,154</TD><TD STYLE="width: 1%; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; font: 9pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="width: 1%; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; font: 9pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="width: 1%; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">-Other financial assets</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">1,036,965</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">1,036,965</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">1,036,965</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">-Loans and other financing</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">78,791,903</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">90,052,089</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">90,052,089</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">- Other Debt Securities</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">4,198,548</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">4,203,711</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">4,203,711</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">-Financial assets in as guarantee</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">124,617</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">124,617</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">124,617</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right">117,829,187</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right">129,094,536</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right">39,042,447</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right">90,052,089</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: italic bold 9pt Times New Roman,serif; text-align: left">Financial Liabilities</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 9pt Times New Roman,serif">-Deposits</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">94,906,014</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">94,667,583</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">94,667,583</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">-Other financial liabilities</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">1,360,697</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">1,360,697</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">1,360,697</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">-Finances received from the BCRA and other financial institutions</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">8,033,222</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">6,587,763</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">34,489</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">6,553,274</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">- Unsubordinated negotiable obligations</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">9,307,171</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">7,952,052</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">7,952,052</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">- Subordinated Negotiable Obligations</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">1,383,817</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">1,371,488</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">1,371,488</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right">114,990,921</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right">111,939,583</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right">10,718,726</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right">101,220,857</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>


<!-- Field: Page; Sequence: 51; Section: financials -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->46<!-- Field: /Sequence -->&nbsp;</P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><B>GRUPO SUPERVIELLE S.A.</B></P><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0; text-align: center">Notes to Consolidated Financial Statements</P>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">As of December 31, 2019 presented in comparative basis</FONT></P>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 10pt; text-align: center"><FONT STYLE="font-weight: normal">(Expressed in thousands of pesos)</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>Investment Real State</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The Group receives valuations from independent experts
for investment real estate at least once a year.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The best example of the fair value is given by current
prices within an active market for similar real state. Even when there is no information available, th Group considers the following:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">- current prices within an active market for real state
of different nature or recent prices of similar real state within a less active market.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">- Fund flows discounted pursuant to reliable calculations
of future cash flows.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">- Income estimates</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">All calculations off air values for investment real
estate are included in level 3.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The following includes quantitative information on
items not to be observed utilized in the measurement of level 3:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Georgia,serif">-</FONT></TD><TD STYLE="text-align: justify">Average square meter value:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Land: 46,461</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Real State &ndash; Offices: 640</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Georgia,serif">-</FONT></TD><TD STYLE="text-align: justify">Comparison with three similar real state recent quotations and close to the real state.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Georgia,serif">-</FONT></TD><TD STYLE="text-align: justify">Given the fact that quotations are in foreign currency, the reference Exchange rate utilized is
the one released by the Argentine Central bank on the quotation date.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 14.2pt; text-align: justify"><B>Fair Value of Equity instruments</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 14.2pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 0in">The following are the equity instruments
measured at Fair Value with changes in profit or loss as of December 31, 2019 and 2018:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 9pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1pt solid">Detail</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">12/31/2019</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">12/31/2018</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="width: 72%; text-align: left">YPF SA</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">&mdash;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">1,082</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Grupo Financiero Galicia SA</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,796</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">521</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font-weight: bold; text-align: justify">Total</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">5,796</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">1,603</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">The following are the equity instruments measured at Fair Value with changes
in Other Comprehensive Income as of December 31, 2019 and 2018:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left; border-bottom: Black 1pt solid">Detail</TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid">FV at<BR> 12/31/2018</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid">Transfers <BR> to OCI</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid">FV at <BR>
12/31/2019</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="width: 58%; font: 9pt Times New Roman,serif; text-align: justify">Mercado Abierto Electr&oacute;nico S.A.</TD><TD STYLE="width: 2%; font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 9pt Times New Roman,serif; text-align: right">4,610</TD><TD STYLE="width: 1%; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 9pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="width: 1%; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 9pt Times New Roman,serif; text-align: right">4,610</TD><TD STYLE="width: 1%; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: justify">Seguro de Dep&oacute;sitos S.A</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">1,614</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">1,614</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: justify">Compensador Electr&oacute;nica S.A.</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">919</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">919</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: justify">Provincanje S.A.</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">272</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">272</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: justify">Cuyo Aval Sociedad de Garant&iacute;a Rec&iacute;proca</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">899</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">150</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">1,049</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: justify">Argencontrol S.A.</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">125</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">125</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: justify">Los Grobo Sociedad de Garant&iacute;a Rec&iacute;proca</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">209</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">(139</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">70</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: justify">IEBA S.A.</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">61</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">61</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: justify">Otras Sociedades de Garant&iacute;a Rec&iacute;proca</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">92</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">(29</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">63</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: justify">Total</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right">8,801</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right">(18</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right">8,783</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 52; Section: financials -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; padding-bottom: 2pt; border-bottom: rgb(98,145,178) 2pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->47<!-- Field: /Sequence -->&nbsp;</P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><B>GRUPO SUPERVIELLE S.A.</B></P><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0; text-align: center">Notes to Consolidated Financial Statements</P>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">As of December 31, 2019 presented in comparative basis</FONT></P>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 10pt; text-align: center"><FONT STYLE="font-weight: normal">(Expressed in thousands of pesos)</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Times New Roman,serif; text-align: left">Detail</TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid">FV at<BR> 12/31/2017</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid">Transfers <BR> to OCI</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid">FV at <BR>
12/31/2018</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="width: 58%; font: 9pt Times New Roman,serif; text-align: justify">Mercado Abierto Electr&oacute;nico S.A.</TD><TD STYLE="width: 2%; font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 9pt Times New Roman,serif; text-align: right">4,610</TD><TD STYLE="width: 1%; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 9pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="width: 1%; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 9pt Times New Roman,serif; text-align: right">4,610</TD><TD STYLE="width: 1%; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: justify">Seguro de Dep&oacute;sitos S.A</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">1,614</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">1,614</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: justify">Compensador Electr&oacute;nica S.A.</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">919</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">919</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: justify">Provincanje S.A.</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">272</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">272</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: justify">Cuyo Aval Sociedad de Garant&iacute;a Rec&iacute;proca</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">222</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">677</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">899</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: justify">Argencontrol S.A.</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">125</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">125</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: justify">Los Grobo Sociedad de Garant&iacute;a Rec&iacute;proca</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">68</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">141</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">209</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: justify">IEBA S.A.</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">61</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">61</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: justify">Otras Sociedades de Garant&iacute;a Rec&iacute;proca</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">28</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">64</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">92</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: justify">Total</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right">7,919</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right">882</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right">8,801</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: -0.25in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>6.</B></TD><TD STYLE="text-align: justify"><B>TRANSFER OF FINANCIAL ASSETS </B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">When the Group carries out a transfer of financial
assets under an agreement that meets all requirements to withdraw such assets but retains the right to service the financial assets
for a fee assets or liabilities from the commission under such agreement are recognized.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Upon the withdrawal of a financial asset, the difference
between the book value and the earning received is expensed against results.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><U>Transfers that do not meet the requirements for
derecognition of assigned financial assets</U></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The following is a detail of the financial assets transferred
by the Group that continue to be recognized in its consolidated financial statements as of December 31, 2019 and 2018:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 9pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">12/31/2019</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">12/31/2018</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="text-align: justify; padding-left: 5.4pt">Securitized Personal Loans</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 72%; text-align: justify; padding-left: 8.55pt">Asset</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">1,614,099</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">652,627</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="text-align: justify; padding-left: 8.55pt">Liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">849,775</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">224,992</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-left: 5.4pt">Transfers of receivables with recourse</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="text-align: justify; text-indent: 8.55pt; padding-left: 5.4pt">Asset</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">30,201</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">79,625</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; text-indent: 8.55pt; padding-left: 5.4pt">Liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">74,073</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The Group makes, in certain opportunities, non-recourse
portfolio sales. In these cases, the Group has not retained any substantial risk or reward regarding the transferred portfolio,
and therefore, such portfolio meets derecognition requirements.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>7.</B></TD><TD><B>NON - CONTROLLING INTEREST </B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">The movements in the Group's significant non-controlling interests as of
December 31, 2019 and 2018 were as follows:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">12/31/2019</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">12/31/2018</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="width: 72%; font-weight: bold; text-align: left">Balance at the beginning</TD><TD STYLE="width: 2%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-weight: bold; text-align: right">14,622</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 9pt; font-weight: bold; text-align: right">150,593</TD><TD STYLE="width: 1%; font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Share in the result of the exercise</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,453</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">25,306</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="text-align: left">Participation in ORI of the year</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">467</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">476</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Purchase of minority shares</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">68</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">(110</TD><TD STYLE="font-size: 9pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="text-align: left">Other movements</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">(161,643</TD><TD STYLE="font-size: 9pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Balance at closing</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">18,610</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: right">14,622</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>


<!-- Field: Page; Sequence: 53; Section: financials -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; padding-bottom: 2pt; border-bottom: rgb(98,145,178) 2pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->48<!-- Field: /Sequence -->&nbsp;</P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><B>GRUPO SUPERVIELLE S.A.</B></P><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0; text-align: center">Notes to Consolidated Financial Statements</P>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">As of December 31, 2019 presented in comparative basis</FONT></P>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 10pt; text-align: center"><FONT STYLE="font-weight: normal">(Expressed in thousands of pesos)</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>8.</B></TD><TD><B>LONG-TERM BENEFIT OBLIGATIONS</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">As of December 31, 2019 and 2018, the balances recorded for benefits from
personnel retirement plans amounted to 947,536 and 396,082, respectively. The amount of the year recognized as an expense with
respect to retirement benefits for personnel as of December 31, 2019 and 2018 was 739,182 y 83,433, respectively.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">The evolution during each period is detailed below:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 9pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">12/31/2019</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">12/31/2018</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="width: 72%; font-size: 10pt; text-align: left; padding-left: 5.4pt">Balance at the beginning</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">396,082</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">451,505</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-left: 5.4pt">Additions</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">741,121</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">125,880</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 5.4pt">Benefits paid to participants</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(189,667</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(181,303</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-left: 5.4pt">Balance at closing</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">947,536</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">396,082</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify"><B>&nbsp;</B></P>

<a name=n9></a>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>9.</B></TD><TD><B>RELATED PARTY TRANSACTIONS</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">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.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">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.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">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.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">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.</P>

<P STYLE="font: 6pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><U>Controlling Entity</U></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Mr. Julio Patricio Supervielle is the main shareholder
of the Groups, with registered address on Bartolom&eacute; Mitre 434, 5<SUP>th</SUP> floor, Autonomous City of Buenos Aires. Julio
Patricio Supervielle&acute;s interest in the capital and votes of the Group as of December 31, 2019 amounts to the 35.12% and 57.89%,
respectively. As of December 31, 2018 amounts to the 35.43% and 69.40%, respectively.</P>

<P STYLE="font: 7pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><U>Key staff remuneration</U></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">The remuneration received by the Group's key personnel as of December 31,
2019 and 2018 amounts to 359.8 million and 416.4 million, respectively.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><U>Related party transactions</U></P>

<P STYLE="font: 8pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">The following table shows the total credit assistance granted by the Group
to key personnel, principal shareholder trustees, their relatives of up to the second degree of consanguinity or first of affinity
(as defined by the BCRA's related natural person) and any company related to any of the previous ones whose consolidation is not
required</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 9pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">12/31/2019</TD><TD STYLE="padding-bottom: 1pt; font-size: 9pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 9pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">12/31/2018</TD><TD STYLE="padding-bottom: 1pt; font-size: 9pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="width: 72%; text-align: left; padding-left: 3.5pt">Aggregate total financial exposure</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">963,016</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 9pt; text-align: right">783,183</TD><TD STYLE="width: 1%; font-size: 9pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 3.5pt">Number of recipient related parties</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">70</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">75</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="padding-left: 3.5pt">Individuals</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">63</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">68</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 3.5pt">Companies</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">7</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="text-align: left; padding-left: 3.5pt">Average total financial exposure</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13,757</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">10,442</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 3.5pt">Single largest exposure</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">823,172</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">659,556</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">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 unrelated parties. Likewise, they did not imply a higher than normal risk of bad debt or presented
other types of unfavorable conditions.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>


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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; padding-bottom: 2pt; border-bottom: rgb(98,145,178) 2pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->49<!-- Field: /Sequence -->&nbsp;</P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><B>GRUPO SUPERVIELLE S.A.</B></P><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0; text-align: center">Notes to Consolidated Financial Statements</P>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">As of December 31, 2019 presented in comparative basis</FONT></P>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 10pt; text-align: center"><FONT STYLE="font-weight: normal">(Expressed in thousands of pesos)</FONT></P>

<a name=n10></a>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>10.</B></TD><TD><B>LEASES</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 68.2pt; text-align: justify; text-indent: -0.25in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 50.2pt"></TD><TD STYLE="width: 18pt"><B>10.1.</B></TD><TD STYLE="text-align: justify"><B>Leases in which the Group acts as lessee </B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">Amounts recognized in the financial position statement:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.75in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 9pt Times New Roman,serif; text-align: right; border-bottom: Black 1pt solid">12/31/2019</TD><TD STYLE="padding-bottom: 1pt; font: bold 9pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 9pt Times New Roman,serif; text-align: right; border-bottom: Black 1pt solid">12/31/2019</TD><TD STYLE="padding-bottom: 1pt; font: bold 9pt Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: justify">Right-of-use asset</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 72%; font: 9pt Times New Roman,serif; text-align: justify">Land and buildings</TD><TD STYLE="width: 2%; font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 9pt Times New Roman,serif; text-align: right">988,386</TD><TD STYLE="width: 1%; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 9pt Times New Roman,serif; text-align: right">905,945</TD><TD STYLE="width: 1%; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: justify">Lease liability</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: justify">Current</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">467,977</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">399,238</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: justify; padding-bottom: 1pt">Non-current</TD><TD STYLE="font: 9pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman,serif; text-align: right">478,413</TD><TD STYLE="padding-bottom: 1pt; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman,serif; text-align: right">506,707</TD><TD STYLE="padding-bottom: 1pt; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: justify">Total</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right">946,390</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right">905,945</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.75in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">Amounts recognized in the income statement:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.75in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 9pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: justify">Depreciation from right of use</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="width: 86%; text-align: justify">Land and Buildings &ndash; Depreciation</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">368,301</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">Interest expenses on lease liabilities (Other operating expenses)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">173,964</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify">Leasing activities of the Entity and how they are accounted for in accordance with IFRS 16:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">The Group leases several branches. Rental
agreements are generally made for fixed periods of 1 to 10 years, but may have extension options as described in (iv) below.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">Contracts may contain lease components or
not. The Group assigns consideration in the contract to the lease and non-lease components based on their independent relative
prices. However, for the leases of real estate for which the Group is a lessee, it has chosen not to separate the lease components
and those that are not, and instead counts them as a single lease component.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">Lease terms are negociated individually
and contain a wide rango of diffent terms and conditions. Lease agreements do not impose other obligations to do or not do, other
than the leased assets owned by the lessor. Leased assets cannot be used as collateral for obtaining loans.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">Until 2018, Property, Plant and Equipment
leases were classified as operating leases. As of January 1, 2019, leases are recognized as a right-of-use asset by registering
a liability as a counterparty on the date on which the leased asset is available for use by the Entity.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">Assets and liabilities arising from a lease
are initially measured based on the present value. Lease liabilities include the net present value of the following lease payments:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 31.65pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">fixed payments (including fixed payments in substance), less any incentive assets to collect;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 31.65pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">variable lease payments based on an index or a rate, initially measured using the index or rate
on the start date;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 31.65pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">amounts that the Group must pay under residual value guarantees;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 31.65pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the exercise price of a purchase option if the Group is reasonably sure to exercise that option,
and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 31.65pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">fines payments for terminating the lease, if the lease term reflects that the Group will exercise
that option.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">Lease payments to be made under reasonably
certain extension options are also included in the measurement of the liability.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 14.2pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">Lease payments are discounted using the
interest rate implicit in the lease. If that rate cannot be easily determined, which is generally the case with leases in the Group,
the lessee's incremental indebtedness rate is used, which is the rate that the individual lessee would have to pay to borrow the
necessary funds to obtain an asset of similar value to the asset by right of use in a similar economic environment with similar
terms, security and conditions.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">&nbsp;</P>


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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; padding-bottom: 2pt; border-bottom: rgb(98,145,178) 2pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->50<!-- Field: /Sequence -->&nbsp;</P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><B>GRUPO SUPERVIELLE S.A.</B></P><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0; text-align: center">Notes to Consolidated Financial Statements</P>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">As of December 31, 2019 presented in comparative basis</FONT></P>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 10pt; text-align: center"><FONT STYLE="font-weight: normal">(Expressed in thousands of pesos)</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">To determine the incremental interest rate,
the Group:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 31.65pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">whenever possible, use the external financing recently received as a starting point, adjusted to
reflect changes in financing conditions since the external financing was received.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 31.65pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">uses a rate determination approach that begins with a risk-free interest rate adjusted for credit
risk for leases that the Entity already has for those cases in which it does not have recent third-party financing, and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 31.65pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">makes specific adjustments for the lease, for example, term, currency and guarantee.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">The Group is exposed to possible future
increases in variable lease payments based on an index or rate, which are not included in the lease liability until they become
effective. When adjustments to lease payments based on an index or rate become effective, the lease liability is reassessed and
adjusted against the right-of-use asset.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">Lease payments are allocated between capital
and financial cost. The financial cost is charged to income during the lease period to produce a constant periodic interest rate
on the remaining balance of the liability for each period.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">The right-of-use assets are measured at
cost comprising the following:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 31.65pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the amount of the initial measurement of the lease liability</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 31.65pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">any lease payment made on or before the start date less any lease incentive asset</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 31.65pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">any initial direct costs, and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 31.65pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">restoration costs.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">The right-of-use assets are generally depreciated
during the shortest useful life of the asset and the lease term in a linear fashion.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">Payments associated with short-term leases
of equipment and all leases of low-value assets are recognized linearly as an expense in income. Short-term leases are leases with
a lease term of 12 months or less. Low-value assets include computer equipment and small items of office furniture.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">(iv) Extension and termination options</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">Extension and termination options are included
in several property leases. These are used to maximize operational flexibility in terms of managing the assets used in operations.
Most of the extension and termination options maintained are exercisable only by the Group and not by the respective lessor.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 50.2pt"></TD><TD STYLE="width: 18pt"><B>10.2.</B></TD><TD STYLE="text-align: justify"><B>Leases in which the Group acts as lessor</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The following is a breakdown of the maturities of the
Group's financial and operating leases receivables and of the current values as of December 31, 2019 and 2018:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 9pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify; border-bottom: Black 1pt solid">Financial Lease Receivables</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">12/31/2019</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">12/31/2018</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="width: 72%; font-size: 10pt; text-align: justify; text-indent: 0.5pt">Up to 1 year</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">1,783,106</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">1,708,103</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5pt">More than a year up to two years</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,167,248</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,321,057</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5pt">From two to three years</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">665,603</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">745,486</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5pt">From three to five years</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">421,983</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">442,841</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5pt">More than five years</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">20,379</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,396</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify; text-indent: 0.5pt">Total</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">4,058,319</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">4,226,883</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5pt">Finance charges to be accrued on finance leases</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(871,630</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(881,199</TD><TD STYLE="font-weight: bold; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5pt">Net investment in the lease</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">3,186,689</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">3,345,684</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 9pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify; border-bottom: Black 1pt solid">Operating Lease Receivables</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">12/31/2019</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">12/31/2018</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="width: 72%; font-size: 10pt; text-align: justify; text-indent: 0.5pt">Up to 1 year</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">16,706</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">2,402</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5pt">More than a year up to two years</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,732</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,402</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5pt">From two to three years</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13,543</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,414</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5pt">From three to five years</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,202</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify; text-indent: 0.5pt">Total</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">55,183</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">6,218</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The balance of allowance for loan losses related to
finance leases amounts to 82,052 and 54,901 as of December 31, 2019 and 2018, respectively.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 56; Section: financials -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->51<!-- Field: /Sequence -->&nbsp;</P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><B>GRUPO SUPERVIELLE S.A.</B></P><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<a name=n11></a>
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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>11.</B></TD><TD><B>COMPOSITION OF THE MAIN ITEMS OF THE CONSOLIDATED FINANCIAL STATEMENT AND COMPREHENSIVE INCOME</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: justify">11. 1 Debt securities at fair value through profit or loss</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">12/31/2019</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">12/31/2018</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="width: 72%; text-align: left">Goverment securities</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">564,833</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">3,732,263</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Corporate securities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,668</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">74,528</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Securities issued by the Argentine Central Bank</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">11,305,324</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">568,501</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">15,112,115</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font-weight: bold; text-align: justify">11. 2 Other financial assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Participation Certificates in Financial Trusts</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">30,592</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,947</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="text-align: left">Investments in Mutual Funds</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">865,872</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">655,562</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Other investments</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">59,608</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,938</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="text-align: left">Receivable from spot sales peading settlament</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">138,591</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,122</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Several debtors</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">579,107</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">549,664</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="text-align: left">Miscellaneous debtors for credit card operations</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">379,133</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">372,730</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Debtors for collections</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">39,915</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">114,571</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">2,092,818</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">1,715,534</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: justify">11. 3 Loans and other financing</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="text-align: left">To the non-financial public sector</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">28,872</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">32,802</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">To the financial sector</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">64,522</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">398,551</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD>Overdrafts</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,598,311</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,740,509</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Promisory notes</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">19,620,906</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,671,116</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="text-align: left">Mortgage loans</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,917,020</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,343,792</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Automobile and other secured loans</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,219,936</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,540,329</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="text-align: left">Personal loans</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">17,060,995</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">19,024,837</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Credit cards loans</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,953,381</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,210,204</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="text-align: left">Foreign trade Loans</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14,786,934</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">18,896,869</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Receivables from financial leases</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,186,689</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,400,585</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="padding-bottom: 1pt">Others</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">6,484,594</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">532,309</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">88,922,160</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">78,791,903</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font-weight: bold; text-align: justify">11. 4 Other debt securities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Negotiable obligations</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,560</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="text-align: left">Debt securities from Financial trusts</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,662,499</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,211</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Goverment securities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,057</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,307,292</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="padding-bottom: 1pt">Others</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">32</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">10,671,556</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">4,311,095</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font-weight: bold; text-align: justify">11. 5 Financial assets in guarantee</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Special guarantees accounts in the Argentine Central Bank</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,120,732</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,357,904</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Deposits in guarantee</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">3,212,972</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">649,313</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">5,333,704</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">2,007,217</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">11.6 Other non-financial assets</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><B>12/31/2019</B></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><B>12/31/2018</B></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Other Miscellaneous assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">565,349</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">427,373</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="text-align: left">Loans to employees</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">263,922</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">131,581</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Payments in advance</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(15,516</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">31,572</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="text-align: left">Works of art and collector's pieces</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,920</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,483</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Retirement insurance</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">151,171</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">127,931</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Other non-financial assets</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">237</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">5,128</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">978,083</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">728,068</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>


<!-- Field: Page; Sequence: 57; Section: financials -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; padding-bottom: 2pt; border-bottom: rgb(98,145,178) 2pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->52<!-- Field: /Sequence -->&nbsp;</P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><B>GRUPO SUPERVIELLE S.A.</B></P><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0; text-align: center">Notes to Consolidated Financial Statements</P>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">As of December 31, 2019 presented in comparative basis</FONT></P>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 10pt; text-align: center"><FONT STYLE="font-weight: normal">(Expressed in thousands of pesos)</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: justify">11.7&nbsp;&nbsp;Inventories</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">12/31/2019</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">12/31/2018</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="width: 72%; text-align: left">Technology, image and audio</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">21,752</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">52,983</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Household and personal use items</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,734</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,501</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="text-align: left">Tools and accessories</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">163</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">209</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Allowances for impairment</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(1,280</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(1,038</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">28,369</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">61.655</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold">11.8 Deposits</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="text-align: left">Non-financial sector</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,470,177</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11,105,477</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Financial sector</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">28,098</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">25,236</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="text-align: left">Current accounts</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,885,298</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,687,156</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Savings accounts</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">39,992,352</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">46,859,639</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="text-align: left">Time deposits and investments accounts</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">29,717,376</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">27,184,300</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt">Others</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2,914,876</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">3,044,206</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">89,008,177</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">94,906,014</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">11.9 Liabilities at fair value through profit and loss</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="text-align: left">Liabilities for transactions in local currency</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">189,554</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">115,200</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Liabilities for transactions in foreign currency</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">152,886</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">189,554</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">268,086</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">11.10 Other financial liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="text-align: left">Amounts payable for spot transactions pending&nbsp;&nbsp;settlement</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,193,866</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">552,612</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Collections and other operations on behalf of third parties</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,280,168</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,216,778</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="text-align: left">Fees accrued to pay</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">269</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">36,460</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Financial guarantee contracts</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,268</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">36,572</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="text-align: left">Liabilities associated with the transfer of financial assets not derecognised</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">713,177</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">385,545</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Financial leases to pay</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">946,389</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="padding-bottom: 1pt">Others</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">22,033</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">40,434</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">9,171,170</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">4,268,401</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">11.11 Financing received from the Argentine Central Bank and other financial institutions</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Financing received from local financial entities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">939,136</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,247,264</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Financing received from international institutions</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">8,078,461</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">6,785,958</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">9,017,597</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">8,033,222</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font-weight: bold">11.12 Provisions</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Legal issues</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">33,049</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">30,667</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="text-align: left">Labor lawsuits</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">28,023</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">17,156</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Tax</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">77,882</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13,255</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD>Others</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">21,930</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14,827</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Judicial Deposits</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,767</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,814</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="text-align: left">Eventual commitments</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">367</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,196</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Reorganization expenses</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">500,000</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">677,018</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">86,915</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">11.13 Other non-financial liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="text-align: left">Payroll and social securities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,967,872</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,274,800</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Sundry creditors</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,357,646</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,621,254</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="text-align: left">Tax payable</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,396,223</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,138,559</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Planned payment orders pending settlement</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">218,486</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">221,797</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="text-align: left">Revenue from contracts with customers</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">192,499</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">124,407</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Contribution to the deposit guarantee fund</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">66,462</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13,385</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="padding-bottom: 1pt">Other</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">3,549</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">10,143</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">8,202,737</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">5,404,345</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 58; Section: financials -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; padding-bottom: 2pt; border-bottom: rgb(98,145,178) 2pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->53<!-- Field: /Sequence -->&nbsp;</P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><B>GRUPO SUPERVIELLE S.A.</B></P><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0; text-align: center">Notes to Consolidated Financial Statements</P>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">As of December 31, 2019 presented in comparative basis</FONT></P>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 10pt; text-align: center"><FONT STYLE="font-weight: normal">(Expressed in thousands of pesos)</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Deferred income associated with contracts with customers
includes the liability for the customer loyalty program. The Bank estimates the value of the points assigned to customers in the
Club Supervielle and Club My Points Programs, through the application of a mathematical model that considers assumptions about
exchange rates, fair value of points redeemed depending on the combination of available products. and customer preferences, as
well as the expiration of unused points. As of December 31, 2019 and December 31, 2018, the amounts of $ 192,499 and $ 124,407
respectively, have been recorded for the points not redeemed.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The estimated use of the liability recorded at the
end of this fiscal year is shown in the following table:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Maturity</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: justify; border-bottom: Black 1pt solid">Concept</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Up to 12 months</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Up to 24 months</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">More than 24 months</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="width: 44%; text-align: justify; padding-left: 3pt">Revenue from contracts with customers</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">93,466</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">47,952</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">51,081</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">192,499</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid">12/31/2019</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid">12/31/2018</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: bold 10pt Times New Roman,serif; text-align: left">11.14 Interest income</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 72%; font: 10pt Times New Roman,serif; text-align: left">Interest on overdrafts</TD><TD STYLE="width: 2%; font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman,serif; text-align: right">3,734,422</TD><TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman,serif; text-align: right">2,757,265</TD><TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">Interest on promissory notes</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">4,834,157</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">3,426,879</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">Interest on personal loans</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">10,461,124</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">8,942,060</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">Interest on promissory notes</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">5,053,912</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">2,537,413</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">Interest on credit card loans</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">3,892,710</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">2,830,999</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">Interest on mortgage loans</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">3,146,002</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">1,712,868</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">Interest on automobile and other secured loan</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">579,469</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">393,113</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">Interest on foreign trade loans</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">1,401,063</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">984,947</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">Interest on financial leases</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">906,142</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">765,160</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt">Others</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right">2,720,500</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right">1,065,764</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman,serif; text-align: right">36,729,501</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman,serif; text-align: right">25,416,468</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: bold 10pt Times New Roman,serif; text-align: left">11.15 Interest expenses</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">Interest on current accounts deposits</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">5,027,209</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">4,520,100</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">Interest on time deposits</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">16,136,883</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">5,594,489</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">Interest on other liabilities from financial transactions</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">6,161,466</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">3,959,604</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">Interest from financing from financial sector</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">234,490</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">599,522</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt">Others</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right">644,464</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right">280,385</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman,serif; text-align: right">28,204,512</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman,serif; text-align: right">14,954,100</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman,serif; text-align: left">11.16 Net income from financial instruments at fair value through profit or loss</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">Income from corporate and government securities</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">1,167,782</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">1,881,719</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">Income from securities issued by the Argentine Central Bank</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">14,872,493</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">4,954,324</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt">Derivatives</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right">613,522</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right">-1,251,240</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman,serif; text-align: right">16,653,797</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman,serif; text-align: right">5,584,803</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman,serif; text-align: right"><B>12/31/2019</B></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman,serif; text-align: right"><B>12/31/2018</B></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman,serif; text-align: left">11.17 Service fee income</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">Commissions from deposit accounts</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">2,839,878</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">1,962,268</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">Commissions from credit and debit cards</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">2,318,312</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">1,811,390</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">Commissions from loans operations</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">233,942</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">246,366</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">Commissions from foreign trade</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">283,212</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">173,826</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">Commissions from miscellaneous operations</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">1,253,478</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">824,382</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt">Others</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right">87,814</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right">103,758</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman,serif; text-align: right">7,016,636</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman,serif; text-align: right">5,121,990</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>


<!-- Field: Page; Sequence: 59; Section: financials -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; padding-bottom: 2pt; border-bottom: rgb(98,145,178) 2pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->54<!-- Field: /Sequence -->&nbsp;</P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><B>GRUPO SUPERVIELLE S.A.</B></P><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0; text-align: center">Notes to Consolidated Financial Statements</P>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">As of December 31, 2019 presented in comparative basis</FONT></P>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 10pt; text-align: center"><FONT STYLE="font-weight: normal">(Expressed in thousands of pesos)</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman,serif">11.18 Service fee expenses</TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid">12/31/2019</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid">12/31/2018</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="width: 72%; font: 10pt Times New Roman,serif; text-align: left">Commissions paid</TD><TD STYLE="width: 2%; font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman,serif; text-align: right">1,812,134</TD><TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman,serif; text-align: right">1,112,961</TD><TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; padding-bottom: 1pt">Export and foreign currency operations</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right">37,872</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right">27,545</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman,serif; text-align: right">1,850,006</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman,serif; text-align: right">1,140,506</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman,serif; text-align: justify">11.19 Other operating incomes &#9;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">Loans recovered and allowances reversed</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">413,675</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">272,670</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">Insurance commissions</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">68,753</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">209,818</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">Rental from safety boxes</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">235,007</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">163,037</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">Commissions from trust services</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">20,851</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">7,368</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">Returns of risk funds</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">133,306</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">241,692</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">Adjust miscellaneous credits</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">156,762</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">Sales of property, plant and equipment</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">56,839</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">7,987</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">Miscellaneous credit adjustments</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">428,468</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">208,983</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">Default interests</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">333,785</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">168,406</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt">Others</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right">804,891</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right">572,345</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman,serif; text-align: right">2,652,337</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman,serif; text-align: right">1,852,306</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman,serif; text-align: left">11.20 Personnel expenses</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">Payroll and social securities</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">10,158,110</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">1,025,004</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; padding-bottom: 1pt">Personnel expenses</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right">1,549,794</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right">6,219,622</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman,serif; text-align: right">11,707,904</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman,serif; text-align: right">7,244,626</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman,serif; text-align: left">11.21 Administration expenses</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">Directors&acute; and statutory auditors&acute;fees</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">229,285</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">135,859</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">Other fees</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">837,755</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">1,361,965</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">Advertising and publicity</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">442,591</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">332,260</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif">Taxes</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">1,203,863</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">875,529</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">Maintenance, security and services</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">1,423,974</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">1,043,026</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif">Rent</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">45,017</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">384,430</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt">Others</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right">2,058,923</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right">466,094</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman,serif; text-align: right">6,241,408</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman,serif; text-align: right">4,599,163</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: bold 10pt Times New Roman,serif; text-align: left">11.22 Depreciation and impairment of non-financial assets</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">Depreciation of property, plant and equipment (Schedule F)</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">199,830</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">168,398</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">Depreciation of miscellaneous assets</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">78,572</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">64,125</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">Depreciation of investment properties (Schedule F)</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">2,087</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">473</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">Amortization of intangible assets (Schedule G)</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">245,419</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">121,605</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; padding-bottom: 1pt">Depreciation of asstes by right of use&nbsp;&nbsp;(Schedule F)</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right">368,301</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman,serif; text-align: right">894,209</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman,serif; text-align: right">354,601</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman,serif; text-align: justify">11.23 Other operating expenses</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">Promotions related with credit cards</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">419,109</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">342,772</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">Turnover tax</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">3,068,255</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">2,324,183</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">Result by initial recognition of loans</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">163,009</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">305,421</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">Charges paid to National Social Security Administration (ANSES)</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">133,627</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">108,091</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">Operational losses</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">47,599</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">35,324</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">Losses on quota refund</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">105,831</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">66,344</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">Interests for leases liabilities</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">173,964</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">Coverage services</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">15,464</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">38,143</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">Contributions made to deposit insurance fund</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">198,561</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">128,452</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt">Others</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right">862,738</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right">198,658</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman,serif; text-align: right">5,188,157</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman,serif; text-align: right">3,547,388</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 60; Section: financials -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; padding-bottom: 2pt; border-bottom: rgb(98,145,178) 2pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->55<!-- Field: /Sequence -->&nbsp;</P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><B>GRUPO SUPERVIELLE S.A.</B></P><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0; text-align: center">Notes to Consolidated Financial Statements</P>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">As of December 31, 2019 presented in comparative basis</FONT></P>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 10pt; text-align: center"><FONT STYLE="font-weight: normal">(Expressed in thousands of pesos)</FONT></P>

<a name=n12></a>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>12.</B></TD><TD><B>DIVIDENDS</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 14.2pt; text-align: justify">On April 26, 2019, the Shareholders&rsquo;
General Meeting approved the following distribution of retained earnings for the year ended on December 31, 2018:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 35.45pt">*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends in cash:
303,000,</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 35.45pt">*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other reserve: 1,352,962</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The results of the 2018 fiscal year had shown a profit
of $ 2,567,569, by adoption of the International Financial Reporting Standards (IFRS) from January 1, 2018, adjustments were made
to results of previous years in the amount of $ (911,607), which leaves a net result of outstanding profits of $ 1,655,962.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>13.</B></TD><TD><B>COMMITMENTS AND CONTINGENCIES</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">International Financial Reporting Standards establish
that a contingent liability consists of (i) a possible obligation, arising from past events, the existence of which must be confirmed
by the occurrence of one or more future events of an uncertain nature, which are not have been under the control of the Group or
(ii) a present obligation that is not probable or the amount of which should not be possible to measure or estimate with sufficient
reliability.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">The recorded provisions are detailed in note 11.12.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<a name=n14></a>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>14.</B></TD><TD><B>INSURANCE</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>14.1 Assets and liabilities related to insurances
activities</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 9pt Times New Roman,serif; margin: 0; text-align: justify">The assets and liabilities related to insurance contracts
are detailed below, on the dates indicated:</P>

<P STYLE="font: 5pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 9pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid">12/31/2019</TD><TD STYLE="padding-bottom: 1pt; font: bold 9pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 9pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid">12/31/2018</TD><TD STYLE="padding-bottom: 1pt; font: bold 9pt Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">Assets related to insurance contracts</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 72%; font: 9pt Times New Roman,serif; text-align: left; padding-bottom: 1pt; padding-left: 0.15in">Receivables premius</TD><TD STYLE="width: 2%; font: 9pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; font: 9pt Times New Roman,serif; text-align: right">453,978</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font: 9pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; font: 9pt Times New Roman,serif; text-align: right">41,201</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: bold 9pt Times New Roman,serif; padding-bottom: 1pt">Total</TD><TD STYLE="font: bold 9pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Times New Roman,serif; text-align: right">453,978</TD><TD STYLE="padding-bottom: 1pt; font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Times New Roman,serif; text-align: right">41,201</TD><TD STYLE="padding-bottom: 1pt; font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">Liabilities related to insurance contracts</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left; padding-left: 0.15in">Debt with insured</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">136,168</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">132,577</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left; padding-left: 0.15in">Debt with reinsurers</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">40,575</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">14,669</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left; padding-left: 0.15in">Debt with co-insurers</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">1,702</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">16,917</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left; padding-left: 0.15in">Debt with producers</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">150,384</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">28,896</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left; padding-left: 0.15in">Technical commitments</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">173,994</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">11,869</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left; padding-bottom: 1pt; padding-left: 0.15in">Outstanding claims paid by re-insurance companies (regularizer)</TD><TD STYLE="font: 9pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman,serif; text-align: right">(481</TD><TD STYLE="padding-bottom: 1pt; font: 9pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 9pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman,serif; text-align: right">(470</TD><TD STYLE="padding-bottom: 1pt; font: 9pt Times New Roman,serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 9pt Times New Roman,serif; padding-bottom: 1pt">Total</TD><TD STYLE="font: bold 9pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Times New Roman,serif; text-align: right">502,342</TD><TD STYLE="padding-bottom: 1pt; font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Times New Roman,serif; text-align: right">204,458</TD><TD STYLE="padding-bottom: 1pt; font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">Debt with insured</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">Property insurance</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left; padding-left: 0.15in">Direct administrative insurance</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">11,242</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">8,435</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left; padding-left: 0.15in">Direct insurance in mediation</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">800</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left; padding-left: 0.15in">Claims settled to pay</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">881</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">199</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left; padding-left: 0.15in">Claims occurred and not reported - IBNR</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">14,759</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">9,696</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">Life insurance</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left; padding-left: 0.15in">Direct administrative insurance</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">41,267</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">31,448</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left; padding-left: 0.15in">Direct insurance in judgments</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">1,240</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">707</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left; padding-left: 0.15in">Direct insurance in mediation</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">1,837</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">748</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left; padding-left: 0.15in">Claims settled to pay</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">20,218</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">13,634</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left; padding-bottom: 1pt; padding-left: 0.15in">Claims occurred and not reported - IBNR</TD><TD STYLE="font: 9pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman,serif; text-align: right">43,925</TD><TD STYLE="padding-bottom: 1pt; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman,serif; text-align: right">67,710</TD><TD STYLE="padding-bottom: 1pt; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 9pt Times New Roman,serif; padding-bottom: 1pt">Total</TD><TD STYLE="font: bold 9pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Times New Roman,serif; text-align: right">136,169</TD><TD STYLE="padding-bottom: 1pt; font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Times New Roman,serif; text-align: right">132,577</TD><TD STYLE="padding-bottom: 1pt; font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">Debt with producers</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left; padding-left: 0.15in">Producers currenct account</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">28,247</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">22,097</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left; padding-bottom: 1pt; padding-left: 0.15in">Commisions for premiums receivable</TD><TD STYLE="font: 9pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman,serif; text-align: right">122,137</TD><TD STYLE="padding-bottom: 1pt; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman,serif; text-align: right">6,799</TD><TD STYLE="padding-bottom: 1pt; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: bold 9pt Times New Roman,serif; padding-bottom: 1pt">Total</TD><TD STYLE="font: bold 9pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Times New Roman,serif; text-align: right">150,384</TD><TD STYLE="padding-bottom: 1pt; font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Times New Roman,serif; text-align: right">28,896</TD><TD STYLE="padding-bottom: 1pt; font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">Technical commitments</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">Course and similar risk</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left; padding-left: 0.15in">Premiums and surcharges</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">173,956</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">11,869</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left; padding-bottom: 1pt; padding-left: 0.15in">Premium insufficiency</TD><TD STYLE="font: 9pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman,serif; text-align: right">39</TD><TD STYLE="padding-bottom: 1pt; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: bold 9pt Times New Roman,serif; padding-bottom: 1pt">Total</TD><TD STYLE="font: bold 9pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Times New Roman,serif; text-align: right">173,995</TD><TD STYLE="padding-bottom: 1pt; font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Times New Roman,serif; text-align: right">11,869</TD><TD STYLE="padding-bottom: 1pt; font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 61; Section: financials -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; padding-bottom: 2pt; border-bottom: rgb(98,145,178) 2pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->56<!-- Field: /Sequence -->&nbsp;</P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><B>GRUPO SUPERVIELLE S.A.</B></P><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0; text-align: center">Notes to Consolidated Financial Statements</P>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">As of December 31, 2019 presented in comparative basis</FONT></P>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 10pt; text-align: center"><FONT STYLE="font-weight: normal">(Expressed in thousands of pesos)</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>14.2 Income from insurance activities</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 14.2pt; text-align: justify">The composition of &ldquo;Income from insurance
activities&rdquo; as of December 31, 2019 and 2018, is as follows:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 14.2pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 9pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1pt solid">Concepto</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">12/31/2019</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">12/31/2018</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="width: 72%; text-align: left">Accrued premiums</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">1,603,495</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">1,190,486</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Accrued losses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(295,125</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(296,235</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Production expenses</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(362,283</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(236,697</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; padding-bottom: 1pt">Total</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">946,087</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">657,554</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>15.</B></TD><TD STYLE="text-align: justify"><B>MUTUAL FUNDS</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 14.2pt; text-align: justify">As of December 31, 2019 and 2018, 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.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 14.2pt; text-align: justify">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 9pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Portfolio</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Net Worth</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Number of Units</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">Mutual Fund</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">12/31/2019</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">12/31/2018</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">12/31/2019</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">12/31/2018</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">12/31/2019</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">12/31/2018</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="width: 28%; text-align: left">Premier Renta CP en Pesos</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">14,031,863</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">5,383,139</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">14,010,386</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">5,373,434</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">3,958,398,573</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">1,475,029,312</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Premier Renta Plus en Pesos</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">109,147</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">372,537</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">107,200</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">360,626</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,250,999</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">49,671,811</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="text-align: left">Premier Renta Fija Ahorro</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">465,427</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,351,833</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">459,494</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,275,490</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,851,475</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">136,640,472</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Premier Renta Fija Crecimiento</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">46,922</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">43,644</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">46,657</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">43,322</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,688,485</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,369,322</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="text-align: left">Premier Renta Variable</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">166,391</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">159,411</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">163,998</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">146,952</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,982,580</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,130,311</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Premier Abierto Pymes</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">560,360</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">410,434</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">559,099</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">409,705</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">91,559,624</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">99,122,237</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="text-align: left">Premier Commodities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">21,039</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,793</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13,593</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,155</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,596,034</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,599,150</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Premier Capital</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">129,058</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">180,572</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">128,718</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">180,362</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">36,057,519</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">67,052,867</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="text-align: left">Premier Inversi&oacute;n</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">135,360</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">179,267</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">135,291</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">179,023</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">442,160,447</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">888,100,323</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Premier Balanceado</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">623,862</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">612,858</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">623,293</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">612,374</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">249,317,925</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">359,887,367</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="text-align: left">Premier Renta Mixta</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">133,255</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">58,586</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">133,147</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">58,557</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">76,562,093</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">44,863,120</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Premier Renta Mixta en D&oacute;lares</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">130,212</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">471,329</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">129,733</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,695,131</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,815,589</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13,892,155</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="text-align: left">Premier Performance D&oacute;lares</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">453,884</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,372,279</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">452,866</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,360,235</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,312,208</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">62,805,294</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Premier Global USD</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">698,915</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">696,759</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11,338,023</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>

<a name=n16></a>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>16.</B></TD><TD><B>ADDITIONAL INFORMATION REQUIRED BY THE BCRA</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>16.1.</B></TD><TD><B>DEPOSIT GUARANTEE INSURANCE SYSTEM</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-indent: -0.55pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">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.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">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 &ldquo;A&rdquo;
5943. As from March 1, 2019, the new limit amounts to 1,000 pursuant to Communication &ldquo;A&rdquo; 6654.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 62; Section: financials -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; padding-bottom: 2pt; border-bottom: rgb(98,145,178) 2pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->57<!-- Field: /Sequence -->&nbsp;</P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><B>GRUPO SUPERVIELLE S.A.</B></P><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0; text-align: center">Notes to Consolidated Financial Statements</P>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">As of December 31, 2019 presented in comparative basis</FONT></P>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 10pt; text-align: center"><FONT STYLE="font-weight: normal">(Expressed in thousands of pesos)</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">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 &ldquo;Deposit Guarantee Fund&quot; (F.G.D.), which is managed by the company Seguros de Dep&oacute;sitos 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.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">(*) Enforced on January 20, 2019, pursuant to provision
 &ldquo;A&rdquo; 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.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-indent: -0.55pt"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>16.2.</B></TD><TD><B>RESTRICTED ASSETS</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">As of December 31, 2019 and 2018 Grupo Supervielle&rsquo;s
following assets are restricted:</P>

<P STYLE="font: 7pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman,serif; border-bottom: Black 1pt solid">Detail</TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid">12/31/2019</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid">12/31/2018</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: bold 10pt Times New Roman,serif; text-align: left">Other receivables from financial transactions</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 72%; font: 10pt Times New Roman,serif; text-align: left; padding-bottom: 1pt">Special guarantee accounts in the Argentine Central Bank</TD><TD STYLE="width: 2%; font: 10pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right">2,120,732</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font: 10pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right">1,357,904</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman,serif; text-align: right">2,120,732</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman,serif; text-align: right">1,357,904</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: bold 10pt Times New Roman,serif; text-align: left">Miscellaneous Receivables</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">Trust guarantee deposits</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">3,800</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">3,333</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">Guarantee deposits for currency forward transactions</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">2,104,713</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">282,207</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">Guarantee deposits for credit cards transactions</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">317,407</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">244,417</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">Guarantee deposits for repo transactions</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">23,880</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; padding-bottom: 1pt">Other guarantee deposits</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right">158,562</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right">113,904</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman,serif; text-align: right">2,608,362</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman,serif; text-align: right">643,861</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>16.3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; COMPLIANCE OF PROVISIONS
ISSUED BY THE NATIONAL SECURITIES COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Pursuant to General Ruling N&deg; 629 issued by the
National Securities Commission, supporting documentation of our accounting and administration operations for the financial years
2013, 2014, 2015, 2016, 2017, 2018 and 2019 and the accounting books since September 2012 up to date and all corporate books are
safeguarded in the registered headquarters.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">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&deg;36, Km
31,500, Bosques, Partido de Florencio Varela, Buenos Aires Province.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 63; Section: financials -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; padding-bottom: 2pt; border-bottom: rgb(98,145,178) 2pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->58<!-- Field: /Sequence -->&nbsp;</P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><B>GRUPO SUPERVIELLE S.A.</B></P><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0; text-align: center">Notes to Consolidated Financial Statements</P>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">As of December 31, 2019 presented in comparative basis</FONT></P>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 10pt; text-align: center"><FONT STYLE="font-weight: normal">(Expressed in thousands of pesos)</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>16.4.</B></TD><TD><B>ISSUANCE OF NEGOTIABLE OBLIGATIONS</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B><U>Grupo Supervielle S.A.</U></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">On September 22, 2010, Grupo Supervielle&rsquo;s Shareholders&rsquo;
General Meeting passed the adhesion to the public offering regime pursuant Law 17,811 and the creation of a Simple Negotiable Obligations
Issuance Global Program, non-convertible into shares, which was passed by the National Securities Commission on November 11, 2010.
Said negotiable obligations may be short, medium and/or long term, subordinated or not, with or without guarantee, in pesos, in
US dollars or any other currency, for a maximum current amount that shall not exceed, at any time, 1,000 (one thousand million
pesos) or its equivalent in any other currency, pursuant to the last amendment of the Program on May, 7, 2015.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Likewise, negotiable obligations may be issued in several
classes and/or series over the course of the program enforcement, relying on the possibility of re-issuing successive classes and/or
series to be amortized. As of April 19, 2016, since the aforementioned Program was no longer in effect, the Group&rsquo;s Ordinary
and Extraordinary shareholders&rsquo; meeting, passed the creation of a new Negotiable Obligations Issuance Global Program, for
the issuance of simple, short and/o medium term, subordinated or not, with or without guarantees, securities for up to a maximum
outstanding amount of 1,000,000 (one thousand million pesos), under which different classes and/or series of Negotiable Obligations
denominated in pesos, dollar or other foreign currencies can be issued.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">As of December 31, 2019 and December 31, 2018, Grupo
Supervielle S.A. recorded the following series of negotiable obligations pursuant to the following issuance conditions:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; width: 8%; padding-left: 2.75pt; font-family: Times New Roman,serif; text-align: center; text-indent: -2.75pt"><FONT STYLE="font-size: 8pt"><B>Class</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 11%; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 8pt"><B>Issuance date</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 10%; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 8pt"><B>Currency </B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 11%; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 8pt"><B>Amount (in thousands)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 25%; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 8pt"><B>Rate</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 11%; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 8pt"><B>Maturity date</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 13%; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 8pt"><B>12/31/2019</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 11%; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 8pt"><B>12/31/2018</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(230,239,255)">
    <TD STYLE="font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 8pt">XIII</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 8pt">01/31/2014</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 8pt">$</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 8pt">23,100</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 8pt">BADLAR + 6.25%</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 8pt">01/31/2019</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right">&mdash;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">28,023</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD COLSPAN="6" STYLE="font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 8pt"><B>Total</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt"><B>&mdash;</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt"><B>28,023</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Funds resulting from the allocation of said negotiable
obligations classes, net of issuance expenses, were assigned in full, pursuant to Article 36 of Negotiable Obligations Law 23,576,
to the settlement of the Group&rsquo;s financial liabilities.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B><U>Banco Supervielle S.A.</U></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">On March 25, 2013, the Shareholders' meeting No. 39,
resolved to approve the creation of a Global Program for the Issuance of Negotiable Obligations (the &quot;Program&quot;) for up
to a maximum outstanding amount of AR$ 750,000. The Program was authorized by the National Securities Commission through Resolution
No. 17,066 dated May 02, 2013. On April 15, 2016, the Shareholders' meeting approved the Increase of the total amount of the Program
to a face value of up to $ 2,000,000. Such increase was passed by the NSC Board through Resolution N&deg;18,224 dated on September
22, 2016. The program has not been in force since May 2, 2018:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>Global Program for the Issuance of Medium-Term Securities
for up to V / N US $ 800,000,000</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">On September 22, 2016, the Extraordinary General Assembly
resolved to approve the creation of a Global Program for the Issuance of Negotiable Obligations for up to a maximum amount in circulation
at any time during the term of the program of US $ 800,000. The program was authorized by the National Securities Commission through
Resolution No. 18,376 dated November 24, 2016. On March 6, 2018, the expansion of the Global Program of Negotiable Obligations
for US $ 2,300,000 was approved by the minutes of the assembly. On April 16, 2018, the CNV approved the increase in the Program
through resolution No. 19,470.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>Registration regime request issuer NSC </B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">On August 6, 2018, the Board decided to request the
National Securities Commission (&ldquo;NSC&rdquo;) the registration of the Bank as negotiable obligations frequent issuer. Such
request was authorized by the NSC through Resolution N&deg; 19,958 dated on December 27, 2018. The Bank is registered before the
NSC as Negotiable Obligations frequent issuer under N&deg; 03. The board meeting dated on March 7, 2019, passed the ratification
of the Bank under the Frequent Issuer Regime and the Board meeting held on December 02, 2019, it was decided to assign the maximum
amount of USD 300,000 to the Negotiable Obligations Issuance Global Program for up to USD 2,300,000, being the Bank in the process
of reduction of such program maximum amount. The NSC passed such ratification through Resolution DI-2020-11-APN-GE #CNV dated on
February 11, 2020.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>


<!-- Field: Page; Sequence: 64; Section: financials -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->59<!-- Field: /Sequence -->&nbsp;</P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><B>GRUPO SUPERVIELLE S.A.</B></P><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0; text-align: center">Notes to Consolidated Financial Statements</P>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">As of December 31, 2019 presented in comparative basis</FONT></P>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 10pt; text-align: center"><FONT STYLE="font-weight: normal">(Expressed in thousands of pesos)</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The following describes issuances in force as of December
31, 2019 and 2018:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Book Value</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Issuance date</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Currency</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Nro. of Class</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Amount</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Amortization</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Term</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Maturity date</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Rate</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">12/31/2019</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">12/31/2018</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="vertical-align: top; width: 8%; text-align: center">02/09/17</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="vertical-align: top; width: 7%; text-align: center"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="vertical-align: top; width: 8%; text-align: center"><FONT STYLE="font-size: 8pt">A</FONT></TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="vertical-align: top; width: 8%; text-align: right">4,150,140</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 15%; text-align: center">50% on 2-9-2020 and 50% at maturity on 8-9-2020</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="vertical-align: top; width: 7%; text-align: center">42</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 8%; text-align: center">08/09/2020</TD>
    <TD STYLE="vertical-align: top; width: 13%; text-align: center">Floating Badlar of Private Banks + 4.50%. with a minimum 18% nominal annual</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; text-align: right">3,804,338</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; text-align: right">4,200,603</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="vertical-align: top; text-align: center">12/22/17</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 8pt">B</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="vertical-align: top; text-align: right">629,000</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">100% at mat.</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="vertical-align: top; text-align: center">24</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">12/22/2019</TD>
    <TD STYLE="vertical-align: top; text-align: center">Floating TM20 + 3.25%</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">600,155</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="vertical-align: top; text-align: center">12/22/17</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 8pt">C</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="vertical-align: top; text-align: right">659,750</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">3 installments:<BR> 12-22-2020 33.33%.<BR> 06-22-2021 33.33%. and upon maturity 33.34%.</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="vertical-align: top; text-align: center">48</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">12/22/2021</TD>
    <TD STYLE="vertical-align: top; text-align: center">Floating Badlar + 4.25%</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">667,169</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">667,236</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="vertical-align: top; text-align: center">02/14/18</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 8pt">D</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="vertical-align: top; text-align: right">748,889</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">100% at mat.</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="vertical-align: top; text-align: center">18</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">08/14/2019</TD>
    <TD STYLE="vertical-align: top; text-align: center">Floating Badlar of Private Banks + 3.5%</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">768,861</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="vertical-align: top; text-align: center">02/14/18</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 8pt">E</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="vertical-align: top; text-align: right">1,607,667</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">3 equal and consecutive annual installments. 1&deg; 02-14-21</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="vertical-align: top; text-align: center">60</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">02/14/2023</TD>
    <TD STYLE="vertical-align: top; text-align: center">Floating Badlar of Private Banks + 4.05%</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,599,410</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,687,173</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="vertical-align: top; text-align: center">02/04/19</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 8pt">F</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="vertical-align: top; text-align: right">3,000,000</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">100% at mat.</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="vertical-align: top; text-align: center">9</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">11/04/2019</TD>
    <TD STYLE="vertical-align: top; text-align: center">Floating Badlar of Private Banks + 4.85%</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: justify">Total</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">6,070,917</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">7,924,028</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">On October 17, 2018, the total outstanding amount of
Negotiable Obligations Class A was reduced to a total face value in pesos of $ 618,030,000 and on January 23, 2019 such amount
was reduced to a face value of $ 254,925. Thus, the total outstanding amount of $ 3,895,215.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Negotiable Obligations class B, D and F have been totally
amortized since August 14, 2019 for class D, November 4, 2019 for class F and December 23, 2019 for class B.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B><U>Subordinated Negotiable Obligations</U></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>Program for the issuance of Negotiable Obligations
for up to nominal value $ 750,000,000 (increased to nominal value $ 2,000,000,000)</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">As of March 25, 2013, the Bank&rsquo;s Extraordinary
General shareholders&rsquo; meeting, approved the creation of a Global Program for the issuance of Negotiable Obligations for up
to a maximum outstanding amount of 750,000,000 (seven hundred and fifty million pesos). On April 15, 2016, the Ordinary and Extraordinary
Shareholders' meeting approved the increase the maximum outstanding amount of the Program to 2,000,000,000 (two billion pesos)
or its equivalent in foreign currency, passed by Resolution N&deg; 18,224 from the National Securities Commission on September
22, 2016.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The following chart provides the main terms and conditions
of issuances underway as of December 31, 2019 and 2018:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="5" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Valor
    Libros</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Issuance date</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">Currency</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Nro.
    of Class</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Amount</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Amortization</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Term</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Maturity date</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Rate</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">31/12/2019</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">31/12/2018</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="vertical-align: top; width: 8%; text-align: center"><FONT STYLE="font-size: 8pt">08/20/2013</FONT></TD>
    <TD STYLE="vertical-align: top; width: 7%; text-align: center"><FONT STYLE="font-size: 8pt">US$</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="vertical-align: top; width: 8%; text-align: center"><FONT STYLE="font-size: 8pt">III</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="vertical-align: top; width: 8%; text-align: right"><FONT STYLE="font-size: 8pt">22,500</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 19%; text-align: center"><FONT STYLE="font-size: 8pt">100% at mat.</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="vertical-align: top; width: 7%; text-align: center"><FONT STYLE="font-size: 8pt">84
                                         Months</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 10%; text-align: center"><FONT STYLE="font-size: 8pt">08/20/2020</FONT></TD>
    <TD STYLE="vertical-align: top; width: 8%; text-align: center"><FONT STYLE="font-size: 8pt">7%</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 7%; text-align: right"><FONT STYLE="font-size: 8pt">1,308,192</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 7%; text-align: right"><FONT STYLE="font-size: 8pt">871.571</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 8pt">11/18/2014</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 8pt">US$</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 8pt">IV</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-size: 8pt">13,441</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 8pt">100% at mat.</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 8pt">84
                                         Months</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 8pt">11/18/2021</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 8pt">7%</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">811,696</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">512.246</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">Total</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: justify"></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">2,119,888</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">7,924,028</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B><U>Cordial Compa&ntilde;&iacute;a Financiera S.A:
Program for the Issuance of Negotiable Obligations</U></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; text-align: justify; margin-right: 0; margin-left: 0"><FONT STYLE="font-family: Times New Roman,serif">On
April 25, 2013, the Shareholders' meeting No. 39, resolved to approve the creation of a Global Program for the Issuance of Negotiable
Obligations (the &quot;Program&quot;) for up to a maximum outstanding amount of AR$ 500,000,000. The Program was authorized by
the National Securities Commission through Resolution No. 17,165 dated August 15, 2013. On April 18, 2016, the Shareholders' meeting
No. 43 approved the Increase of the total amount of the Program to a nominal value of up to AR$ 1,000,000,000. That increase was
authorized by the National Securities Commission Board through Resolution No. 18,296 dated October 27, 2016. On March 22, 2017
the Extraordinary General shareholders&rsquo; meeting No. 45 passed the issuance of the Program for a maximum amount of nominal
value AR$ 2,500,000,000. The National Securities Commission&acute;s Board approved the program&acute;s grow up by Resolution No.
18,608 on April 12, 2017. The program has not been in force since August 15, 2018</FONT><FONT STYLE="font-family: Arial,sans-serif">.
</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 65; Section: financials -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->60<!-- Field: /Sequence -->&nbsp;</P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><B>GRUPO SUPERVIELLE S.A.</B></P><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0; text-align: center">Notes to Consolidated Financial Statements</P>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">As of December 31, 2019 presented in comparative basis</FONT></P>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 10pt; text-align: center"><FONT STYLE="font-weight: normal">(Expressed in thousands of pesos)</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">On March 22, 2017, the Shareholders&acute;Meeting decided
to pass the creation of a Global Negotiable Obligations Program (the &ldquo;Program&rdquo;) for a maximum outstanding amount of
USD 500,000. The Program was authorized by the National Securities Commission through Resolution N&deg; 18,650 dated on May 10,
2017.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The following is a detail of the current issues as
of December 31, 2019 and 2018:</P>

<P STYLE="font: 6pt Times New Roman,serif; margin: 0 0 0 17.85pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 9pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Class</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Issuance Date</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Maturity Date</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">FV (in thousands)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Rate</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">12/31/2019</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">12/31/2018</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="vertical-align: top; width: 12%; text-align: center">Clase XIV</TD><TD STYLE="text-align: center; width: 2%; vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 12%; text-align: center">05/11/2017</TD><TD STYLE="text-align: center; width: 2%; vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 12%; text-align: center">05/11/2019</TD><TD STYLE="text-align: center; width: 2%; vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 14%; text-align: center">558,000</TD><TD STYLE="text-align: center; width: 2%; vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 18%; text-align: center">Floating BADLAR + 3,50%</TD><TD STYLE="text-align: center; width: 2%; vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 10%; text-align: right; text-indent: -35.45pt; padding-left: 35.45pt">&mdash;</TD><TD STYLE="text-align: center; width: 2%; vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 10%; text-align: right">397,590</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="vertical-align: top; text-align: center">Clase XV</TD><TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">08/24/2017</TD><TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">02/23/2019</TD><TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">413,500</TD><TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">Floating BADLAR + 4,75%</TD><TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&mdash;</TD><TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">365,401</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="vertical-align: top; text-align: center">Clase XVI</TD><TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">11/22/2017</TD><TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">11/21/2019</TD><TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">535,500</TD><TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">Floating TM20 4,25%</TD><TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&mdash;</TD><TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">541,013</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: center">Total</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">-</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">1,304,004</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">On August 22, 2018 and September 13, 2018, VN $ 15,000,000
and VN $ 10,000,000, respectively, corresponding to the Class XVI were repurchased.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">On September 4, 2018, September 19, 2018 and September
21, 2018, VN $ 20,000,000, VN $ 60,000,000 and VN $ 38,000,000, respectively, corresponding to Class XIV were repurchased.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B><U>Micro Lending S.A.U.: Program for the Issuance
of Negotiable Obligations</U></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">The following is a detail of the issues
in effect as of December 31, 2019 and 2018:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 9pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Class</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Issuance Date</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Maturity Date</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">FV (in thousands)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Rate</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">12/31/2019</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">12/31/2018</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="width: 12%; text-align: center">Clase II</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 12%; text-align: center">08/16/2016</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 12%; text-align: center">08/16/2019</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 14%; text-align: center">60,000</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 18%; text-align: center">Floating BADLAR + 5,00%</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 10%; text-align: right">-</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 10%; text-align: right">20,004</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: center">Clase III</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">10/04/2017</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">10/05/2020</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">35,000</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">Floating BADLAR + 7,0%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">15,558</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">31,112</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font-weight: bold; text-align: center">Total</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">15,558</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">51,116</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>16.5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FINANCIAL TRUSTS</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The detail of the financial trusts in which The Entity
acts as Trustee or as Trustee is summarized below:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B><U>As Trustee:</U></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B><U>Banco Supervielle S.A.</U></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Below is a detail of financial trusts:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Below is a detail of the Guarantee Management trust
where the Bank acts as a trustee as of December 31, 2019:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; width: 14%; font-weight: bold; text-align: center; padding-bottom: 1pt">Financial trust</TD><TD STYLE="width: 2%; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 8%; font-weight: bold; text-align: center; padding-bottom: 1pt">Indenture <BR>
executed on</TD><TD STYLE="width: 2%; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 14%; font-weight: bold; text-align: center; padding-bottom: 1pt">Due of<BR>
 principal <BR>
obligation</TD><TD STYLE="width: 2%; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 8%; font-weight: bold; text-align: center; padding-bottom: 1pt">Original <BR>
principal <BR>
amount</TD><TD STYLE="width: 2%; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 8%; font-weight: bold; text-align: center; padding-bottom: 1pt">Principal <BR>
balance</TD><TD STYLE="width: 2%; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 14%; font-weight: bold; text-align: center; padding-bottom: 1pt">Beneficiaries</TD><TD STYLE="width: 2%; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 14%; font-weight: bold; text-align: center; padding-bottom: 1pt">Settlers</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="vertical-align: top; text-align: center">Credimas</TD><TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">01/11/2013</TD><TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">A termination agreement was entered into on 06-21-2019</TD><TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&mdash;</TD><TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&mdash;</TD><TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">Banco Supervielle S.A.</TD><TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">Credimas S.A.</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="vertical-align: top; text-align: center">Fideicomiso de Administraci&oacute;n Interconexi&oacute;n 500 KV ET Nueva San Juan - ET Rodeo Iglesia</TD><TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">09/12/2018</TD><TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">The Term of this Trust Fund Contract will be in force over 24 months as from 09/12/2018, or until the expiration of liabilities through Disbursements (Termination Date&rdquo;). 30 days (thirty days) after the maturity of this Trust Agreement without the parties&rsquo; having agreed upon an Extension Commission, the Trustor of the trust account shall receive USD 6,000 (six thousand US Dollars) at the exchange rate in force in Banco Supervielle as a fine.</TD><TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&mdash;</TD><TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&mdash;</TD><TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">Those initially mentioned in Exhibit V (DISERVEL S.R.L., INGENIAS S.R.L, GEOTECNIA (INV. CALVENTE), NEWEN INGENIERIA S.A., INGICIAP S.A., MERCADOS ENERGETICOS, DISERVEL S.R.L.) and providers of works, goods and services included in the Project to be assigned by the Trustee with prior consent of the Trustor</TD><TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">Interconexion Electrica Rodeo S.A.</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<!-- Field: Page; Sequence: 66; Section: financials -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; padding-bottom: 2pt; border-bottom: rgb(98,145,178) 2pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->61<!-- Field: /Sequence -->&nbsp;</P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><B>GRUPO SUPERVIELLE S.A.</B></P><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0; text-align: center">Notes to Consolidated Financial Statements</P>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">As of December 31, 2019 presented in comparative basis</FONT></P>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 10pt; text-align: center"><FONT STYLE="font-weight: normal">(Expressed in thousands of pesos)</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">On the occasion of the merger with the former Banco
Regional de Cuyo S.A. carried out on November 1, 2010, the Entity took charge of the following trusts in which the former Regional
Bank of Cuyo S.A. acted as trustee:</P>

<P STYLE="font: 8pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><U>Mendoza Trust: </U>In liquidation phase, since it
has fulfilled the contract period, but is pending the completion of several acts that derive from the trustee. The liabilities
recorded as of December 31,2018, mainly originating from the exclusion of assets, amount to 21,018 and have been backed by assets
in trust (loans, other miscellaneous loans, and other non-financial assets, etc.) in the amount of 647. This trust will be liquidated
following the procedures established by Law 24,441.</P>

<P STYLE="font: 8pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><U>Luj&aacute;n Trust</U>: The term of the contract
has expired; therefore, Banco Supervielle S.A. has delivered all documentation related to the liquidation and has requested the
final deregistration, before Direcci&oacute;n General de Rentas, from the turnover tax and as seals and turnover collection agent.
Said entity has responded positively to the aforementioned request. Likewise, the final deregistration has been requested before
A.F.I.P. As of July 31, 2019, the final deregistration certificate has been issued by said entity.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B><U>As Settler</U></B></P>

<P STYLE="font: 9pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B><U>Banco Supervielle S.A.</U> (Supervielle Cr&eacute;ditos
Financial Trust)</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Below is a detail of financial trusts :</P>

<P STYLE="font: 7pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Publicly offered and listed financial trusts as of
December 31, 2019:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><U>Assets in Trust: </U>Personal Loans</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><U>Trustee: </U>Equity TMF Trust Company (Argentina)
S.A.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 90%; font: 9pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Securities issued</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center; padding-bottom: 1pt">Financial Trust</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center; padding-bottom: 1pt">Set up on</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center; padding-bottom: 1pt">Value initially assigned in trust</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center; padding-bottom: 1pt">Type</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center; padding-bottom: 1pt">T&iacute;tulos de deuda</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="width: 19%; text-align: center">Serie 97 (1), (2)</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 19%; text-align: center">03/27/2018</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 18%; text-align: center">750,000</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 18%; text-align: center">&mdash;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 18%; text-align: center">&mdash;</TD></TR>
</TABLE>



<P STYLE="font: 9pt Times New Roman,serif; margin: 6pt 0; text-align: justify">(1) Issued under Supervielle Confiance 4 program</P>

<P STYLE="font: 9pt Times New Roman,serif; margin: 0; text-align: justify">(2) Consumer loans granted by Banco Supervielle to retirees
and pensioners of ANSES.</P>

<P STYLE="font: 9pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B><U>Cordial Compa&ntilde;&iacute;a Financiera S.A.</U></B>
(<B>Cordial Compa&ntilde;&iacute;a Financiera Financial Trust)</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><U>Assets in Trust: </U>Personal Loans</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><U>Trustee: </U>Equity TMF Trust Company (Argentina)
S.A.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 90%; font: 9pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Securities issued</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center; padding-bottom: 1pt">Financial Trust</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center; padding-bottom: 1pt">Set-up on</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right; padding-bottom: 1pt">Initial Amount in Trust</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center; padding-bottom: 1pt">Participation Certificates</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center; padding-bottom: 1pt">Debt Securities</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="width: 19%; text-align: center">20</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 19%; text-align: center">04/08/2019</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 18%; text-align: right">600,000</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 18%; text-align: right">120,000</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 18%; text-align: right">480,000</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: center">21</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">06/24/2019</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">1,000,000</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">780,000</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">220,000</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="text-align: center">22</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">11/13/2019</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">571,560</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">102,300</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">469,260</TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B><U>Micro Lending S.A.U.</U></B> (<B>Financial Trust
Micro Lending)</B></P>

<P STYLE="font: 6pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">The following are financial trusts where Micro Lending S.A.U acts as settler:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 9pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="17" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Issued Securities</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Financial Trust</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Set-up on</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Securitized <BR> Amount</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Type</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Amount</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Type</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Amount</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Type</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Amount</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="width: 11%; text-align: center">III</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 11%; text-align: center">06/08/2011</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 8%; text-align: right">39,779</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 10%; text-align: center">VDF TV A</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">VN$</TD><TD STYLE="width: 7%; text-align: right"><FONT STYLE="font-size: 9pt"> 31,823</FONT></TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 11%; text-align: center">VDF B</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">VN$</TD><TD STYLE="width: 7%; text-align: right"><FONT STYLE="font-size: 9pt">6,364</FONT></TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 11%; text-align: center">CP</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">VN$</TD><TD STYLE="width: 7%; text-align: right"><FONT STYLE="font-size: 9pt">1,592</FONT></TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">Mat: 12/03/13</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">Vto: 11/12/13</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">Vto: 10/12/16</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">VDF TV A</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">VDF B</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">CP</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: center">IV</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">09/01/2011</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">40,652</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">Mat: 20/06/13</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">VN$</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt">32,522</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">Vto: 10/20/13</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">VN$</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt">6,504</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">Vto: 01/20/17</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">VN$</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt">1,626</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">Mat: 15/06/18</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">Vto: 08/15/18</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">Vto: 11/15/21</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">VDF TV A</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">VDF TV B</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">CP</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="text-align: center">XVIII</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">12/01/2017</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">119,335</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">Mat : 15/05/19</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">VN$</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt">89,501</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">Vto: 08/15/19</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">VN$</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt">7,291</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">Vto: 10/15/22</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">VN$</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt">22,543</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>


<!-- Field: Page; Sequence: 67; Section: financials -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; padding-bottom: 2pt; border-bottom: rgb(98,145,178) 2pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->62<!-- Field: /Sequence -->&nbsp;</P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><B>GRUPO SUPERVIELLE S.A.</B></P><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0; text-align: center">Notes to Consolidated Financial Statements</P>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">As of December 31, 2019 presented in comparative basis</FONT></P>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 10pt; text-align: center"><FONT STYLE="font-weight: normal">(Expressed in thousands of pesos)</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>16.6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RESTRICTIONS IMPOSED ON
THE DISTRIBUTION OF DIVIDENDS</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">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.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">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; iv) 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.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The entities not facing any of these situations may
distribute dividends in accordance with provisions set forth in said amended text, provided the entity&acute;s liquidity or solvency
is not jeopardized.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">It is worth to be mentioned that pursuant to Communication
 &ldquo;A&rdquo; 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.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">On August 30, 2019 and with the purpose of stabilizing
the exchange market, the Argentine Central Bank issued Communication &ldquo;A&rdquo; 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 &ldquo;A&rdquo; 6430 (Paragraph 5.5 of IFRS 9 &ndash; Detriment
of financial assets value) as well as the effects of the re-expression of financial statements pursuant to Communication &ldquo;A&rdquo;
6651.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Additionally, the Bank is restricted to distribute
income as a result of a breach in certain financial covenants mentioned in Note 19.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>16.7.</B></TD><TD STYLE="text-align: justify"><B>ACCOUNTS IDENTIFYING MINIMUM CASH INTEGRATION COMPLIANCE</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">As of December 31, 2019 and 2018, the minimum cash
reserve was made up as folllows:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 9pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: justify; border-bottom: Black 1pt solid">Concepto</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">12/31/2019</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">12/31/2018</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="width: 72%; font-size: 10pt; text-align: left; padding-left: 7.7pt">Current accounts in the Argentine Central Bank (*)</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">8,554,797</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">14,874,753</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 7.7pt">Sight accounts in the Argentine Central Bank (*)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,909,938</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,889,135</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 7.7pt">Special guarantee accounts in the Argentine Central Bank (*)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,975,535</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,256,084</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 7.7pt">Special accounts for previous credit payment (*)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,836</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font-weight: bold; padding-left: 7.7pt">Total</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">18,442,106</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">29,019,972</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">(*) Balances as per bank statements.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">It is worth mentioning that on those dates, the Entity
was in compliance with minimum cash integration requirements.</P>

<P STYLE="font: 9pt Times New Roman,serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<a name=n17></a>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>17.</B></TD><TD STYLE="text-align: justify"><B>CONTRACT AS A FINANCIAL AGENT BY THE PROVINCE OF SAN LUIS</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 21.3pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 2.55pt 0 0; text-align: justify">On January 17, 2017, Banco Supervielle S.A.
received a communication from the San Luis Public Treasury Ministry 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.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 2.55pt 0 21.3pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 2.55pt 0 0; text-align: justify">Since February 2017, the Bank has continued
to provide financial services to the government of the Province of San Luis and its employees despite the termination of the agreement.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 2.55pt 0 21.3pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 2.55pt 0 0; text-align: justify">On May 23, 2018, the Municipality of San
Luis designated Banco Supervielle (the &quot;Bank&quot;) as a financial agent for a period of 2 years, with automatic renewal for
an additional 2 years, beginning with the first payment of salaries on June 29 of the current year. With this designation, the
Bank became the financial agent of all the of the Province&acute;s municipalities.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 2.55pt 0 21.3pt; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 68; Section: financials -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; padding-bottom: 2pt; border-bottom: rgb(98,145,178) 2pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->63<!-- Field: /Sequence -->&nbsp;</P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><B>GRUPO SUPERVIELLE S.A.</B></P><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0; text-align: center">Notes to Consolidated Financial Statements</P>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">As of December 31, 2019 presented in comparative basis</FONT></P>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 10pt; text-align: center"><FONT STYLE="font-weight: normal">(Expressed in thousands of pesos)</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 2.55pt 0 0; text-align: justify">On June 7, 2018, the Province ratified the
agreement signed with the Bank for a period of 12 months formalizing its role of exclusive payment agent that it has continued
to exercise since more than 20 years ago. It has been renovated until December 9, 2019.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 2.55pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 2.55pt 0 0; text-align: justify">In January 2019, the government of the Province
of San Luis announced the terms and conditions of the auction that the Province will carry out for the new financial agency agreement.
The Bank has submitted an offer on March 15, 2019, and the date of the award is pending publication.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 2.55pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 2.55pt 0 0; text-align: justify">As of the date of these financial statements,
the Bank continues to provide financial services to the provincial government of the Province of San Luis and its employees.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<a name=n18></a>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>18.</B></TD><TD><B>FINANCIAL RISK FACTORS</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 14.2pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Integral Risk Management is a key discipline for financial
institutions. Grupo Supervielle intends to create, through its subsidiaries, a solid and efficient organization in risk management,
the framework for an optimal use of its capital and to identify business opportunities in the markets and geographic regions in
which it operates, seeking the best balance risk-reward. for its shareholders. The risk management framework is communicated to
the entire organization and strives to achieve a balance between a solid culture of risk and being an innovative company, focused
on its customers and recognized for its agile, simple and friendly operation style.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The Board of Directors considers that its criteria
and guidelines regarding risk management are a key part of its Corporate Governance. The risks to which the Company is exposed
are inherent to the financial industry, such as credit, the market, the interest rate, liquidity, operational risk, reputation
and strategic risk. In addition, the Company is exposed to the risk of securitization, given the leadership role it has over this
issue.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 14.2pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 8pt; text-align: justify"><B>Financial risk factors</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B><U>Credit risk</U></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The Integral Risk Committee passes credit risk strategies
and policies submitted in accordance with recommendations provided by the Integral Risk Corporate Department, the Credit Corporate
Department and commercial sectors and in compliance with regulations set by the Argentine Central Bank. The credit strategy and
policy is aimed at the development of commercial opportunities within the framework and conditions of the Group&acute;s business
plan, while keeping suitable caution levels in face of the risk.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Policies and procedures enable the definition of accurate
aspects aimed at the deployment of the Bank&acute;s Strategy related to the administration of credit risk; among them, the Group&acute;s
criteria to grant loans, credit benefits and powers, types of products and the way in which the structure is organized, among other
aspects. Likewise, the Group relies on an integral risk policy where aspects related to general key risk governance as well as
specific manuals and procedures that include, among others, all relevant regulations issued by the Argentine Central Bank.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The entity&acute;s credit risk administration policy
is open to corporate and individual markets. To such ends, a customer segmentation has been defined for corporate banking, retail
banking and finance.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 12pt; text-align: justify">The Group is focused on supporting companies
that belong to potential sectors, and, rely on a successful background in their activities. Within the credit products range offered
to the Corporate segment, the Group aims at developing and keeping its leading position in the factoring and leasing market in
addition to playing a reference role in international trade.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 12pt; text-align: justify">As for corporate banking, we seek to have a
solid proposal for the Megras market by building close ties with clients through attention centers, agreements with clients along
with their value chain and the delivery of effective responses through existing credit processes.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 12pt; text-align: justify">With regard to People and Businesses, in addition
to the loose flat segments and beneficiaries of pension assets (retirees), special focus is placed on Entrepreneurs and SMEs, SMEs
as well as the Bank's Identity segment.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 12pt; text-align: justify">In turn, the finance area is focused on trust
businesses, asset allocation in the capital market through financial trusts and bonds, its own portfolio or third parties&acute;,
and the trading desk. Some of the existing products are: interbanking call, Repo transactions, call corporate, Government Securities
and currency policy instruments of the Central Bank, Consumption portfolio purchase, third parties&acute; financial trusts, swap
negotiation (futures, swaps, etc.), among others.</P>


<!-- Field: Page; Sequence: 69; Section: financials -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; padding-bottom: 2pt; border-bottom: rgb(98,145,178) 2pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->64<!-- Field: /Sequence -->&nbsp;</P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><B>GRUPO SUPERVIELLE S.A.</B></P><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0; text-align: center">Notes to Consolidated Financial Statements</P>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">As of December 31, 2019 presented in comparative basis</FONT></P>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 10pt; text-align: center"><FONT STYLE="font-weight: normal">(Expressed in thousands of pesos)</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 12pt; text-align: justify">The Group is willing to carry out a strategy
that enable it to address its contractual commitments, both under normal market conditions and negative situations. Therefore,
the Entity relies on scoring and rating models with the purpose of estimating probability of default (PD) of the different client
portfolios. As for risk appetite framework, the Group relies on cut-offs for each segment that express the maximum risk to be assumed
in terms of probability of default.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 12pt; text-align: justify">In addition to PD parameters, the Group relies
on estimates of default exposure (DE) parameters and losses upon default (LUD) with the purpose of estimating statistic provisions
of the Group&acute;s portfolio and the necessary economic capital in face of unexpected losses that may arise regarding credit
risk.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">The Group is aimed at keeping a diversified and atomized portfolio, thus
minimizing risk concentration. To such ends, loan granting and portfolio profile are adjusted to each different circumstance.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 12pt 0 0; text-align: justify"><B>Credit Risk Measurement Models</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 12pt 0 0; text-align: justify">The Group relies on models aimed at estimating
the distribution of potential losses in its credit portfolio, which depend on the realization of defaults by the counterparties
(PD &ndash; Probability of Default), as well as the assumed exposure to such defaults (EAD &ndash;Exposure At the moment of Default)
and the proportion of each defaulted loan the Entity can recover (LGD &ndash; Loss Generated by Default).</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 12pt 0 0; text-align: justify">Based on the aforementioned, the Bank has kept
on working on the development of methodologies that enable the calculation of statistic provisions, economic capital and the Risk-Adjusted
Profitability (RAP) with the purpose of optimizing the administration and decision making processes.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 12pt 0 0; text-align: justify"><U>Economic Capital Calculation </U></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 12pt 0 0; text-align: justify">The economic capital for Credit Risk accounts
for the difference between the portfolio&rsquo;s value at risk (according to the confidence level for individuals of 99.9% and
for companies of 99%) and the expected losses.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 12pt 0 0; text-align: justify">The Group relies on Economic Capital models
for Credit Risk (one for individuals and another for companies). Such quantitative models include the exacerbation of Capital by
Concentration Risk, as well as that of Securitization Risk. The holding period utilized in economic capital calculation models
for this risk is a year, except from exposures related to factoring, in which case the holding period is six months.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 12pt 0 0; text-align: justify"><B>Counterparties&rsquo; Risk Administration
</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 12pt 0 0; text-align: justify">The Group relies on a Counterparty&rsquo;s Risk
Map where the following is defined for each counterparty according to the Group&rsquo;s risk appetite: credit exposure and settlement
limits, settlement risk in Exchanges, Securities, Repo Operation, among other issues the Group passes through the Credit Committee
while defining an action framework for Finances.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">As for the Economic Capital for the Counterparty&rsquo;s
Risk, it is included in the Credit Risk Economic Capital Quantitative Model.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 8pt; text-align: justify"><B>Impairment of Financial Instruments </B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 8pt; text-align: justify">The Group holds provisions on loans in accordance
with the type of loan portfolio through the individual assessment of each client classified as &ldquo;Commercial Portfolio&rdquo;
or &ldquo;Consumer Portfolio&rdquo; and a massive assessment based on delinquency days for those clients classified as &ldquo;Consumer
Portfolio&rdquo;. See Note 1.13, provisioning criteria utilized.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 8pt; text-align: justify">The following chart describes changes in impairment
provisions as of December 31, 2019 and 2018 fiscal year:</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 9pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">12/31/2019</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">12/31/2018</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="width: 72%; font-size: 10pt; text-align: justify">Balance at the beginning of fiscal year</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">3,453,331</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">1,698,207</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify">Charges of fiscal year</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,479,260</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,220,645</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font-size: 10pt; text-align: justify">Write Off and reverses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(4,025,612</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,465,521</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: justify">Final balance</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">5,906,979</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">3,453,331</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>


<!-- Field: Page; Sequence: 70; Section: financials -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; padding-bottom: 2pt; border-bottom: rgb(98,145,178) 2pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->65<!-- Field: /Sequence -->&nbsp;</P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><B>GRUPO SUPERVIELLE S.A.</B></P><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0; text-align: center">Notes to Consolidated Financial Statements</P>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">As of December 31, 2019 presented in comparative basis</FONT></P>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 10pt; text-align: center"><FONT STYLE="font-weight: normal">(Expressed in thousands of pesos)</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Pursuant to provisioning regulations, loans to the
financial sector and responsibilities of normal situation shall not produce losses from impairment. The vaue of said balances as
of December 31, 2019 and 2018 amount to 12,080 and 367 and 29,812 and 1,196 respectively.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><U>Withdrawn loans</U></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Those loans classified as non-performing loans are
withdrawn from assets and recognizing such loans out of balance sheet. The balance of such loans as of December 31, 2019 and 2018
amount to 3,849,244 and 1,726,076, respectively.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B><U>Market Risk</U></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Group defines Market Risk as the risk resulting from
deviations that take place in the trading portfolio value as a result of market fluctuations during the period required for the
settlement of portfolio positions.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The Risk Department&rsquo;s measurement, control and
follow-up perimeter covers those operations where the Entity&acute;s equity value loss risk is assumed as a result of changes in
market factors, at a consolidated and individual level of each entity against which such consolidation is carried out. Such risk
results from the variation in considered risk factors (interest rate, exchange rate, floating rate), as well as liquidity risk
in the different products and markets where the Entity operates.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Given its business profile features, Banco Supervielle
is the entity with the greatest exposure to this risk. In turn, Cordial Compa&ntilde;&iacute;a Financiera is exposed at a lower
level and such exposure is related to the Entity&acute;s liquidity administration. This is the reason why market risk controls
offer a higher detail and emphasis level over Banco Supervielle&acute;s negotiation portfolio.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">With the purpose of measuring the risk of positions
homogeneously and therefore, setting a limit and threshold structure in virtue of the management and control schemes, Banco Supervielle
utilizes the VaR model (Value at Risk), which defines the maximum expected loss to be recorded in a financial asset portfolio in
normal market situations, within a certain period of time and at a pre-established reliability level. Resulting indicators enable
the Entity to detect the level as from which a potential market risk is identified to take all relevant preventive measures as
the case may be.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The main focus for market risk administration is given
by the negotiation portfolio of the money desk, though there is a wider control that includes positions aimed at liquidity administration.
That is the reason why, as for the widest negotiation portfolio, controls are bound to risk exposure assumed, measured under VaR
methodology for the calculation of equity responsibility (CER).</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">During 2019, a limit in VaR for asset group was authorized;
thus, limiting the risk the Entity may assume in each asset group considered separately. The objective is to add a warning element
upon credit events or break-down in the correlations among asset groups, events that may not be considered in a diversified VaR.
Another milestone in the said year was the modification of the methodology utilized for the execution of stress tests for market
risk, both for the whole negotiation portfolio of the Entity and portfolios administered by its Trading Desk and Cordial Compa&ntilde;&iacute;a
Financiera. The new methodology includes the selection of one or more historical events featured by stress situations that may
produce an increase in the assumed market risk. Therefore, variance and co-variance matrixes of these historical events are added
to the evaluation of current negotiation portfolios.</P>

<P STYLE="font: 6pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">There are more thorough controls over the Trading Desk&acute;s
operations. Approved strategies and policies are reflected in what is internally known as Unified Risk Map, where operations to
be carried out by the Trading desk are thoroughly described. Such document is included in the whole framework of controls that
account for the risk appetite the Entity is willing to assume for its operations. Hence, there are limits over the open position
in certain financial instruments, limit VaR over the diversified portfolio, maximum loss amount acceptable before executing the
stop loss policy and conditions that may produce the execution of a gain stop strategy. The whole control scheme is complemented
with action plans that must be implemented upon the violation of limits defined for such operations.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 0in">The following chart describes the
exchange rate risk exposure of the Entity as of fiscal year closing by type of currency:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Balances as of 12/31/2019</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Balances as of 12/31/2018</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Currency</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Monetary <BR> Financial <BR> Assets</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Monetary <BR> Financial <BR> Liabilities</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Derivatives</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Net <BR> Position</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Monetary <BR> Financial <BR> Assets</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Monetary <BR> Financial <BR> Liabilities</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Derivatives</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Net <BR> Position</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="width: 10%">USD</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 9%; text-align: right">37,455,139</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 9%; text-align: right">36,825,985</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 9%; text-align: right">-</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 9%; text-align: right">629,154</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 9%; text-align: right">41,462,284</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 9%; text-align: right">40,327,318</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 9%; text-align: right">13,405</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 9%; text-align: right">1,148,371</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Euro</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">593,090</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">575,147</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">17,943</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">463,781</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">474,602</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">(10,821)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD>Others</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">146,439</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">3,693</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">142,746</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">114,521</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">3,338</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">111,183</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold">Total</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">38,194,668</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">37,404,825</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">-</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">789,843</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">42,040,586</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">40,805,258</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">13,405</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">1,248,733</TD></TR>
</TABLE>




<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>


<!-- Field: Page; Sequence: 71; Section: financials -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; padding-bottom: 2pt; border-bottom: rgb(98,145,178) 2pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->66<!-- Field: /Sequence -->&nbsp;</P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><B>GRUPO SUPERVIELLE S.A.</B></P><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0; text-align: center">Notes to Consolidated Financial Statements</P>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">As of December 31, 2019 presented in comparative basis</FONT></P>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 10pt; text-align: center"><FONT STYLE="font-weight: normal">(Expressed in thousands of pesos)</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 0in">Financial assets and liabilities
are expressed net of derivatives; thus, the latter being exposed separately. Balances of derivatives are exposed at Fair Value
as of fiscal year closing in their relevant currencies.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 0in">The chart above includes sonly Monetary
Assets and Liabilities because investments in equity instruments and non-monetary instruments do not entail any market risk exposure.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 0in">The following are sensitivity analysis
of results upon reasonable changes in the aforementioned exchange rates regarding the Entity&acute;s functional currency. The change
percentage included herein accounts for the percentage utilized in the Business Plan and Forecasts.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 0in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: center">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman,serif; text-align: center">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; font: bold 9pt Times New Roman,serif; text-align: center">12/31/2019</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman,serif; text-align: center">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; font: bold 9pt Times New Roman,serif; text-align: center">12/31/2018</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Times New Roman,serif; text-align: center">Currency</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 9pt Times New Roman,serif; text-align: center">Change</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 9pt Times New Roman,serif; text-align: center">Income</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 9pt Times New Roman,serif; text-align: center">Equity</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 9pt Times New Roman,serif; text-align: center">Change</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 9pt Times New Roman,serif; text-align: center">Income</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 9pt Times New Roman,serif; text-align: center">Equity</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="width: 22%; font: 9pt Times New Roman,serif; text-align: center">USD</TD><TD STYLE="width: 2%; font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; font: 9pt Times New Roman,serif; text-align: right">31.9%</TD><TD STYLE="width: 1%; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; font: 9pt Times New Roman,serif; text-align: right">200,700</TD><TD STYLE="width: 1%; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; font: 9pt Times New Roman,serif; text-align: right">200,700</TD><TD STYLE="width: 1%; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; font: 9pt Times New Roman,serif; text-align: right">29%</TD><TD STYLE="width: 1%; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; font: 9pt Times New Roman,serif; text-align: right">336,894</TD><TD STYLE="width: 1%; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; font: 9pt Times New Roman,serif; text-align: right">336,894</TD><TD STYLE="width: 1%; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">-31.9%</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">(200,700</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">(200,700</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">-29%</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">(336,894</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">(336,894</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: center">Euro</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">31.9%</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">5,724</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">5,724</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">29%</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">(3,175</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">(3,175</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">-31.9%</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">(5,724</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">(5,724</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">-29%</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">3,175</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">3,175</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: center">Others</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">31.9%</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">45,536</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">45,536</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">29%</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">32,617</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">32,617</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">-31.9%</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">(45,536</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">(45,536</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">-29%</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">(32,617</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">(32,617</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: center">Total</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">31.9%</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">251,960</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">251,960</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">29%</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">366,336</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">366,336</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">-31.9%</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">(251,960</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">(251,960</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">-29%</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">(366,336</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">(366,336</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">)</TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 10pt; text-align: justify"><U>Sensitivity Analysis </U></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 10pt; text-align: justify">It is worth to be mentioned that the daily report
delivered to the Trading Desk for the control of the assumed risk exposure, the Financial Risk Unit compares the recorded profitability
with the implicit risk. The utilization of a diversified VaR methodology requires information related with the contribution of
each asset in portfolio to the added VaR measurement, and mainly whether that assets produces risk diversification. That is the
reason why the variables of such daily report include the Component VaR of each asset, thus enabling a sensitivity analysis of
the impact of each asset in the total risk exposure.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 10pt; text-align: justify">With the purpose of contributing to the assumed
risk analysis with alternative measurement metrics aimed at mitigating habitual critics of the VaR methodology, the Entity recognizes
changes in the market conditions over the risk exposure by utilizing an adjustment over applied volatilities in the VaR calculation.
According to the utilized methodology, returns of assets recorded on most recent dates have a more significant impact on the calculation
of volatilities. In turn, the Entity carries out a measurement and follow-up of the assumed risk through the application of Expected
Shortfall methodology; thus, assessing the universe of unexpected losses in the distribution line beyond the critical point highlighted
by the VaR.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 10pt; text-align: justify"><U>Economic capital calculation </U></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 10pt; text-align: justify">Banco Supervielle utilizes the diversified Parametric
VaR methodology for the calculation of economic capital for Market Risk, both at a consolidated and individual level. It is worth
to be mentioned that in the case of Cordial Compa&ntilde;&iacute;a Financiera, pursuant to paragraph 1.3.2.3 of the O.T of Guidelines
for Risk Administration in Financial Entities, its Board has adopted the simplified methodology described in paragraph 1.3.3 of
said text for the calculation of its economic capital needs. According to this methodology, the economic capital results from the
following calculation:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">EC = (1,05 x MC) + max [0; &#8710;EVE &ndash; 15 %
x PNb)]</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Where,</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">EC: economic capital in accordance to the risk profile
(ICAAP).</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">MC: minimum capital requirement pursuant to paragraph
1.1. of &ldquo;Minimum Capital for Financial Entities&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&#8710;EVE: minimum capital requirement pursuant to
paragraph 1.dance with the Standardized Framework</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">PNb: Basic Net Equity (Level one capital).</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->67<!-- Field: /Sequence -->&nbsp;</P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><B>GRUPO SUPERVIELLE S.A.</B></P><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0; text-align: center">Notes to Consolidated Financial Statements</P>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">As of December 31, 2019 presented in comparative basis</FONT></P>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 10pt; text-align: center"><FONT STYLE="font-weight: normal">(Expressed in thousands of pesos)</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B><U>Interest Rate Risk</U></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Interest Rate Risk is defined as the risk that stems
from the likelihood of changes in the Group&rsquo;s financial condition as a result of market interest rate fluctuations, having
effect on the entity&rsquo;s financial incomes as well as their economic value. The following are such risk factors:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&uuml;</FONT></TD><TD STYLE="text-align: justify">Different maturity terms and interest rate re-adjustment dates for assets, liabilities and holdings
out of balance sheet.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&uuml;</FONT></TD><TD STYLE="text-align: justify">Local rate, foreign rate and CER in virtue of their forecast, evolution and volatility</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&uuml;</FONT></TD><TD STYLE="text-align: justify">The basis risk that results from the unsuitable correlation in the adjustment of assets and liabilities
rates for instruments that contain similar revaluation features;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&uuml;</FONT></TD><TD STYLE="text-align: justify">Implicit options in certain assets, liabilities and items out of the Entity&rsquo;s financial statement
scope</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Group implements the interest rate risk administration
model, also known as financial statement structural risk, by including the analysis of interest rates gaps. Such analysis enables
the basic explanation of the financial statement structure as well as the detection of interest risk concentration along the different
terms. Special attention is given to the gap accrued over the first ninety days, since it is the holding period utilized at the
moment of evaluating the exposure to interest rate risk in each entity and given its importance when evaluating actions that may
modify the balance sheet structural positioning.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The administration of the balance sheet interest rate
is aimed at keeping the Group&acute;s exposure within those levels of risk appetite profile validated by the Board upon changes
in the market interest rates.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">To such ends, the interest rate risk administration
relies on the monitoring of two metrics:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&uuml;</FONT></TD><TD STYLE="text-align: justify"><B><I>MVE &ndash; VaR Approach</I></B>: measures the difference between the economic values estimated
given the market curve and said value estimated given the interest rate curve resulting from the simulation of different stress
scenarios. The entity utilizes this approach to calculate the economic capital for this risk.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&uuml;</FONT></TD><TD STYLE="text-align: justify"><B><I>NIM &ndash; EaR Approach</I></B>: measures changes in expected accruals over a certain period
of time (12 months) upon an interest rate curve shift resulting from a different stress situation simulation practices.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 12pt 0 0; text-align: justify">Communication &ldquo;A&rdquo; 6397, issued by
the Argentine Central Bank, disclosed the guidelines to be applied for interest risk management in the investment portfolio. Such
regulation makes a difference between the impact of changes on interest rate levels over the underlying value of assets, liabilities
and items out of balance sheet of the entity (economic value or MVE) and variations such as changes in rates that may affect income
or expenses; thus, affecting the net income from interest (NII). This criterion had already been adopted by Banco Supervielle at
an individual and consolidated level; therefore, said new regulation meant a re-adaptation of the administration model to the suggested
measurement model while keeping certain criteria and adding others</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 12pt 0 0; text-align: justify">In terms of regulations, both Banco Supervielle
and Cordial Compa&ntilde;&iacute;a Financiera must utilize the Standardized Framework specified in paragraph 5.4 of Communication
 &ldquo;A&rdquo; 6397 for the measurement of the impact on the economic value of entities (&#8710;EVE) of six disturbance scenarios.
Such scenarios include parallel up or down movements in market rate curves, flattening or steeping of such curves&acute; slope,
as well as increases or decreases in short term rates. One average market rate curve is considered for every significant currency
in the financial statement of each entity. As it belongs to Group &ldquo;A&rdquo; of financial entities, pursuant to the classification
provided in paragraph 4.1 of provisions &ldquo;Authorities of Financial Entities&rdquo;, Banco Supervielle, at a consolidated and
individual level, must utilize an internal measurement system (IMS) for the measurement based on Income (&#8710;NIM). The aforementioned
requirement does not apply for Cordial Compa&ntilde;&iacute;a Financiera as it has been classified within Grupo &ldquo;B&rdquo;.
It is worth to be mentioned that Banco Supervielle is not compelled to rely on an internal measurement system of its own for the
measurement based on the economic value (&#8710;EVE) because, temporarily, it is not classified by the Argentine Central Bank as
Local Systemic Importance (LSI).</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 12pt 0 0; text-align: justify">It is important to point out that, beyond any
provision, both Banco Supervielle and Cordial Compa&ntilde;&iacute;a Financiera have been working on internal measurement systems
(IMS) for the measurement of the impact of rate changes, both over the economic value (&#8710;EVE) and income (&#8710;NIM). The
development of these systems included the inclusion of assumptions for the determination of maturity flow of different lines of
assets and liabilities without specified maturity or with behavior implicit or explicit options.</P>


<!-- Field: Page; Sequence: 73; Section: financials -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->68<!-- Field: /Sequence -->&nbsp;</P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><B>GRUPO SUPERVIELLE S.A.</B></P><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0; text-align: center">Notes to Consolidated Financial Statements</P>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">As of December 31, 2019 presented in comparative basis</FONT></P>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 10pt; text-align: center"><FONT STYLE="font-weight: normal">(Expressed in thousands of pesos)</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 12pt 0 0; text-align: justify">It is important to be mentioned that, unlike
provisions set by the Standardized Framework provided by the regulator for the measurement of the impact of changes in market rates
over the economic value, internal measurement systems utilized by the Entity consider assets and liabilities with UVA adjustment
as interest-rate-risk susceptible; therefore, the UVA variable is included as an additional risk factor, as well as active and
funding rates in pesos and dollars.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B><I>Economic Capital Calculation </I></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The first step in the calculation of the economic capital
of Banco Supervielle is given by the calculation of its exposure to interest rate risk based on the MVE-EaR (economic value) of
its internal measurement system (IMS), utilizing a three-month holding period (90 days) and a 99% reliability level. This quantitative
model includes the capital exacerbation by securitization risk. The produced outcome is compared with the worst result of changes
assumed in the sis scenarios proposed by the Standardized Framework, being the resulting economic capital the worst of both measurements
(IMS and Standardized Framework).</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">As for Cordial Compa&ntilde;&iacute;a Financiera, as
abovementioned, the Board of the Entity decided to quantify its economic capital need through the application of a simplified methodology.
As for interest rate risk, the Entity carries out measurements of the impact of changes in market rates over the economic value
through the application of the Standardized Framework. If the worst (&#8710;EVE) of the six scenarios proposed by the regulation
exceeds the 15% of the Entity&acute;s basic net equity (level one capital), the addition of economic capitals calculated in accordance
with the simplified methodology would be increased by such excess.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The following chart described the interest rate risk
exposure as well as residual values of assets and liabilities, classified by renegotiation dates or maturity date, the lowest.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman,serif; margin: 0; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="18" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Terms in days</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">Assets and liabilities as of 12/31/2019</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Up to 30</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">from 30 to 90</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">from 90 to 180</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">from 180 to 365</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">More than 365</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Total</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="width: 28%; text-align: left">Total Financial Assets</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">42,175,254</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">15,004,746</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">11,454,731</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">12,255,255</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">50,684,393</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font-weight: bold; text-align: right">131,574,379</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Total Financial Liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">50,567,576</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13,421,108</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,116,494</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,674,589</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">44,708,852</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">120,488,619</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font-weight: bold; text-align: left">Net Amount</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(8,392,322</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">1,583,638</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">6,338,237</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">5,580,666</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">5,975,541</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">11,085,760</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>




<P STYLE="font: 9pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="18" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Terms in days</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">Assets and liabilities as of 12/31/2018</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Up to 30</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">from 30 to 90</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">from 90 to 180</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">from 180 to 365</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">More than 365</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Total</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="width: 28%; text-align: left">Total Financial Assets</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">54,435,109</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">13,281,894</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">11,692,926</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">9,323,634</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">46,537,858</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font-weight: bold; text-align: right">135,271,421</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Total Financial Liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">74,913,615</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">21,093,049</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,498,595</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,500,302</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">25,041,966</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">124,047,527</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font-weight: bold; text-align: left">Net Amount</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(20,478,506</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(7,811,155</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">10,194,331</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">7,823,332</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">21,495,892</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">11,223,894</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 9pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The following chart describes the sensitivity upon
a potential addition variation in interest rates for the next fiscal year while taking into account the composition as of December
31, 2019 and 2018. Changes in rates have been determined in accordance with the scenarios proposed by Communication &ldquo;A&rdquo;
6397 for the calculation of Interest Rate Risk in Investment Portfolio. Parameters utilized as guidelines and/or budgeted by the
Bank for 2019 and 2018 fiscal year and changes are deemed reasonably likely as a result of the observation of market conditions:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman,serif; text-align: center">12/31/2019</TD><TD STYLE="font: bold 8pt Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman,serif; text-align: center">12/31/2018</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman,serif">Item</TD><TD STYLE="font: bold 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman,serif; text-align: center">Additional changes in Interest Rates</TD><TD STYLE="font: bold 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman,serif; text-align: center">Increase / (decrease) of income tax net income</TD><TD STYLE="font: bold 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman,serif; text-align: center">Additional changes in Interest Rates</TD><TD STYLE="font: bold 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman,serif; text-align: center">Increase / (decrease) of income tax net income</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="width: 44%; font: 8pt Times New Roman,serif; text-align: left">Decrease in the interest rate</TD><TD STYLE="width: 2%; font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 12%; font: 8pt Times New Roman,serif; text-align: right">4% ARS; 2% USD</TD><TD STYLE="width: 2%; font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 12%; font: 8pt Times New Roman,serif; text-align: right">(357,394)</TD><TD STYLE="width: 2%; font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 12%; font: 8pt Times New Roman,serif; text-align: right">4% ARS; 2% USD</TD><TD STYLE="width: 2%; font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 12%; font: 8pt Times New Roman,serif; text-align: right">55,643</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">Increase in the interest rate</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: right">4% ARS; 2% USD</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: right">260,313</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: right">4% ARS; 2% USD</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: right">(55,643)</TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">If market interest rates recorded 4 percentage points
decrease for pesos-denominated instruments and 2 percentage point decrease for those dollar-denominated instruments, the net annual
income, net of income tax, would fall in 357,394 and would amount to 55,643 thousand as from December 31, 2019 and 2018 closing
respectively. Otherwise, if rates recorded a like increase, earnings of $ 260,313 and losses of $ 55,643 thousand would be recorded
respectively.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->69<!-- Field: /Sequence -->&nbsp;</P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><B>GRUPO SUPERVIELLE S.A.</B></P><P STYLE="margin: 0pt"></P></DIV>
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<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0; text-align: center">Notes to Consolidated Financial Statements</P>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">As of December 31, 2019 presented in comparative basis</FONT></P>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 10pt; text-align: center"><FONT STYLE="font-weight: normal">(Expressed in thousands of pesos)</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B><U>Liquidity Risk </U></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The Group defines Liquidity Risk as the risk of assuming
additional financing expenses upon unexpected liquidity needs. Such risk results from the difference of sizes and maturities between
the Entity&rsquo;s assets and liabilities. Such risks involve the following:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&uuml;</FONT></TD><TD STYLE="text-align: justify">Funding Liquidity Risk means the risk that results from the impossibility of relying on funds at
normal market cost when needed, grounded on the market&rsquo;s perception for the Entity.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&uuml;</FONT></TD><TD STYLE="text-align: justify">Market Liquidity Risk means the risk resulting from the Entity&rsquo;s incapacity to off-set a
position at market price in one or several assets for the raising of funds, as a consequence of the following two key factors:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 63.8pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Assets are not liquid enough; that is, do not rely on the necessary secondary market.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 63.8pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Changes that may take place in those markets where it lists</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Indicators of liquidity and concentration of funding
sources enable the quantification of tolerance to this risk, starting from the most acid and restrictive definitions of liquidity
concept to the most comprehensive ones that include distinctive features of the Entity&rsquo;s business model.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The Following are the main core metrics utilized for
the liquidity risk administration:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.45pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&uuml;</FONT></TD><TD STYLE="text-align: justify"><B><I>LCR (Liquidity Coverage Ratio)</I></B>: measures the relation between high quality liquid
assets and total net cash outflows over a 30-day period. Banco Supervielle estimates this indicator on a daily basis, having met
the minimum forecasted value in 2018 as required by regulations in force and internally in accordance with the risk appetite.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.45pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&uuml;</FONT></TD><TD STYLE="text-align: justify"><B><I>NSFR or Stable Funding Ratio</I></B>: measures Banco Supervielle&acute;s capacity, at an
individual and consolidated level, to finance its activities with stable-enough sources to mitigate the risk of future stress situation
resulting from funding. As from 2018, Banco Supervielle calculates such indicator on a daily basis, having met the minimum forecasted
value in 2018 as required by regulations in force and internally in accordance with the risk appetite.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.45pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&uuml;</FONT></TD><TD STYLE="text-align: justify"><B><I>Coverage of Remunerated Accounts and Pre-Payable Term Deposits </I></B>this indicator is
aimed at limiting funding dependence of more unstable sources in illiquid scenarios, either idiosyncrasy or systemic.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">In addition, the administration is complemented with
the daily monitoring of a series of follow-up metrics within the framework of the Assets and Liabilities Committee. Such indicators
are aimed at disaggregating the main components of LCR, thus offering a liquidity situation evaluation for the Entity and warning
upon trend changes that may put those guidelines set by the risk appetite policy at stake. Within the follow-up indicators switchboard,
this Committee also evaluates the availability of liquid assets to be utilized upon a contingent outflow of more volatile deposits,
including remunerated sight accounts and public sector deposits in foreign currency.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">During 2019, the Entity carried out a revision of the
liquidity stress test. The strong outflow of deposits in foreign currency that affected the financial system as a whole as from
the second half of August revealed the need to rely on stress exercises that would evaluate independently the liquidity in foreign
currency. Therefore, two new metrics for the indicator table of ALCO Committee were proposed; thus, replacing the existing-by-then
follow-up ratio and adding the experience of what happened in terms of liquidity during 2019, both in pesos and foreign currency.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Finally, suitable inter-daily liquidity controls and
the compliance with minimum cash requirements account for the remaining pillars on which the entity&acute;s liquidity policy relies.
As for inter-daily liquidity, the Financial Risk Area implemented, as from 06.30.2019, guidelines set by Communication &ldquo;A&rdquo;
6685, which involved a daily monitoring of different metrics that enable the evaluation of liquidity sufficiency on an intra-daily
basis and a monthly report that includes conclusions on the execution of the different stress scenarios and an evolution summary
of the different metrics included in the regulation. It was determined that the criterion would establish that the balance at the
beginning of the current account of Banco Supervielle in the Argentine Central Bank, in addition to income resulting from maturity
on the date of monetary regulation instruments and/or repo operations with monetary authority, shall not be lower than the average
of sensitive payments over the period recorded in the immediate previous month.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Liquidity risk administration is featured by a strict
daily follow-up of liquidity coverage ratio (LCR), ensuring a suitable forecast of funding and free-availability liquid assets
needs with the purpose of maintaining LCR within levels set by the risk appetite policy. As from 2018, the follow-up on the normal
stable funding ration (NSFR) is included in accordance with provisions set by the Argentine Central Bank and Basle III criteria
guidelines.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 12pt 0 0; text-align: justify"><B><I>&nbsp;</I></B></P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->70<!-- Field: /Sequence -->&nbsp;</P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><B>GRUPO SUPERVIELLE S.A.</B></P><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0; text-align: center">Notes to Consolidated Financial Statements</P>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">As of December 31, 2019 presented in comparative basis</FONT></P>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 10pt; text-align: center"><FONT STYLE="font-weight: normal">(Expressed in thousands of pesos)</FONT></P>


<P STYLE="font: 10pt Times New Roman,serif; margin: 12pt 0 0; text-align: justify"><B><I>Economic Capital Calculation </I></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The Entity relies on the following elements that ensure
the suitable administration of this type of risk:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 17.45pt"><FONT STYLE="font-family: Wingdings">&uuml;</FONT></TD><TD STYLE="text-align: justify">Broad liquidity indicator switchboard, by means of which a wide range of liquidity levels is monitored.
Each indicator relies on its relevant threshold and limit, which are monitored on a daily basis by the Risk Area (sending due warnings
upon violation cases), on a fortnight basis by the Assets and Liabilities Committee (ALCO) and on a monthly basis by the Integral
Risk Committee. Likewise, a weekly report is drawn up and sent to members of the Integral Risk Committee, ALCO and the Board.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -21.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 17.45pt"><FONT STYLE="font-family: Wingdings">&uuml;</FONT></TD><TD STYLE="text-align: justify">Indicators that measure the concentration of funding sources, specifying the Entity&rsquo;s risk
appetite.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.45pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&uuml;</FONT></TD><TD STYLE="text-align: justify">Development and monitoring of new liquidity coverage and leverage indicators set by the Argentine
Central Entity in compliance with Basle III route map.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&uuml;</FONT></TD><TD STYLE="text-align: justify">Different liquidity risk follow-up tools have been added, including a disaggregate assessment of
contractual term mismatches and funding concentration reports of the Entity, by counterparty, product and significant currency.
The accuracy of the information required for the drawing-up of such reports contributed with the improvement of MIS (Management
Information System) of risks.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&uuml;</FONT></TD><TD STYLE="text-align: justify">The definition of the liquidity coverage ratio itself assumes the evaluation of the Entity&acute;s
capacity to meet liquidity needs over a 30-day period within a stress scenario described by the Argentine Central Bank. The follow-up
of this indicator dis carried out on a daily basis, keeping the Entity&acute;s liquidity director and officials updated on its
evolution.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&uuml;</FONT></TD><TD STYLE="text-align: justify">Permanent monitoring of limit and threshold compliance in virtue of the stable funding ratio (NSFR).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&uuml;</FONT></TD><TD STYLE="text-align: justify">Individual stress tests, carried out on a daily basis upon an eventual critical scenario of strong
deposit outflow and its impact on the minimum cash position and LCR.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&uuml;</FONT></TD><TD STYLE="text-align: justify">As for contingency plans, the Entity follows a policy that ensures the application of guidelines
in stress trials exercises, as well as situations of threshold and/or limit violation according to the decision taken by ALCO Committee
and the validation of the Integral Risk Committee.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The Risk administration scheme described herein enables
the justification of a suitable liquidity situation; therefore, the Entity considers the economic capital estimation unnecessary
to cover such risk, as long as the Entity&rsquo;s solvency should not be affected once the stress trial contingency plan measures
have been implemented.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The following chart offers an analysis of maturities
of assets and liabilities, defined in accordance with the remaining period as of the December 31, 2019 and 2018 fiscal year closing
dates until contractual maturity date in accordance with non-discounted cash flows:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1pt solid">At 12/31/2019</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Less than 1 month</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">From 1 to 6 months</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">From 6 to 12 months</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">From 12 months to 5 years</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">More than 5 years</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="width: 28%; font-weight: bold">Assets</TD><TD STYLE="width: 2%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font-weight: bold; text-align: right">71,187,751</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font-weight: bold; text-align: right">47,432,628</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font-weight: bold; text-align: right">28,940,376</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font-weight: bold; text-align: right">87,483,052</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font-weight: bold; text-align: right">33,914,944</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font-weight: bold; text-align: right">268,958,751</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Loans and other financing</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">71,187,751</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">47,432,628</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">28,940,376</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">87,483,052</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">33,914,944</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">268,958,751</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font-weight: bold">Liabilities</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">92,522,913</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">12,105,324</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">10,051,246</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">4,112,193</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">3,371,710</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">122,163,386</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Deposits</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">79,694,146</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,578,111</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,996,317</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,245</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">92,270,819</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="text-align: left">Liabilities at fair value through profit and loss</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">189,554</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">189,554</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Repo operations</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">319,817</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">319,817</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="text-align: left">Other financial liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,918,670</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">408,985</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">556,549</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">946,443</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">533,279</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,363,926</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Financing received from the Argentine Central Bank and other financial institutions</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,400,726</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">966,831</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">202,593</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">355,116</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">912,434</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,837,700</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="text-align: left">Negotiable obligations issued</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,074,692</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,871,655</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,946,204</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,925,997</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,818,548</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Subordinated negotiable obligations</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">76,705</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,424,132</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">862,185</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,363,022</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 76; Section: financials -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; padding-bottom: 2pt; border-bottom: rgb(98,145,178) 2pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->71<!-- Field: /Sequence -->&nbsp;</P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><B>GRUPO SUPERVIELLE S.A.</B></P><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0; text-align: center">Notes to Consolidated Financial Statements</P>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">As of December 31, 2019 presented in comparative basis</FONT></P>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 10pt; text-align: center"><FONT STYLE="font-weight: normal">(Expressed in thousands of pesos)</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">At 12/31/2018</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Less than 1 month</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">From 1 to 6 months</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">From 6 to 12 months</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">From 12 months to 5 years</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">More than 5 years</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Total</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="width: 28%; font-weight: bold">Assets</TD><TD STYLE="width: 2%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font-weight: bold; text-align: right">39,548,272</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font-weight: bold; text-align: right">40,063,014</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font-weight: bold; text-align: right">17,558,538</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font-weight: bold; text-align: right">43,326,741</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font-weight: bold; text-align: right">3,022,767</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font-weight: bold; text-align: right">143,519,332</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Loans and other financing</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">39,548,272</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">40,063,014</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">17,558,538</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">43,326,741</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,022,767</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">143,519,332</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font-weight: bold">Liabilities</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">89,264,057</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">19,103,013</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">3,483,759</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">4,958,072</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">15,072,096</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">131,880,997</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Deposits</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">84,606,576</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11,112,795</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,082,347</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">131,515</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">96,933,233</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="text-align: left">Liabilities at fair value through profit and loss</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,200,816</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,200,816</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Derivatives</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">94,222</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">94,222</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="text-align: left">Other financial liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,890,922</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">66,101</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">94,854</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">156,735</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">237,344</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,445,956</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Financing received from the Argentine Central Bank and other financial institutions</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">471,521</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,253,775</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">702,056</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">429,559</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,559,261</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,416,172</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="text-align: left">Negotiable obligations issued</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,639,906</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,586,617</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,192,142</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11,783,850</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">19,202,515</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Subordinated negotiable obligations</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">30,436</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">17,885</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">48,121</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,491,641</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,588,083</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 7.1pt"><B>19.</B></TD><TD STYLE="text-align: justify"><FONT STYLE="text-transform: uppercase"><B>INTERNATIONAL FINANCING PROGRAMS</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 32.2pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Banco Supervielle S.A. keeps active the following agreements:
1) The Foreign Trade Financing Facilitation Program of the Inter-American Development Bank (IDB), whose line amounts to USD 20,000,000
(USD 20 million) and 2) the Global Trade Finance Program of the International Finance Corporation (IFC), whose line amounts to
USD 30,000,000 (thirty million US dollars).</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">In turn, in September, 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.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">It is worth to be mentioned that such agreement is
subject to the compliance of certain financial covenants, certain &ldquo;do and do not do&rdquo; conditions as well as certain
reporting requirements.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">As of December 31, 2019, the Entity did not meet the
non-performing loan ration nor the coverage ratio which generates a potential breach in cross default clauses included in the loan
agreements with the FMO and Proparco. Such breach may enable such entities to accelerate the payment of such loans for an amount
of $7,167 million as of December 31, 2019.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">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. As of the issuance of these financial statements, the Entity breached
such ratios; therefore, on February 18, 2020, the Bank requested a new waiver before BID, which is under assessment and its response
will take place within habitual terms. The Bank&acute;s Senior Management is working jointly with BID, FMO and Proparco to produce
a new waiver and modify the loan agreements so that financial covenants included in such loan agreements adapt to the current macroeconomic
context and performance.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>20.</B></TD><TD><B>BUSINESS COMBINATIONS</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Georgia,serif">-</FONT></TD><TD STYLE="text-align: justify"><B>FUTUROS DEL SUR S.A. </B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">On December 18, 2019, the acquisition of 100% of the
stock of Futuros del Sur S.A. for a total price of $ 6.964. Futuros del Sur S.A. is a clearing and settlement agent.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The amounts recognized as of the date of acquisition
for each main class of assets acquired and liabilities assumed are:</P>


<!-- Field: Page; Sequence: 77; Section: financials -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->72<!-- Field: /Sequence -->&nbsp;</P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><B>GRUPO SUPERVIELLE S.A.</B></P><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0; text-align: center">Notes to Consolidated Financial Statements</P>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">As of December 31, 2019 presented in comparative basis</FONT></P>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 10pt; text-align: center"><FONT STYLE="font-weight: normal">(Expressed in thousands of pesos)</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid">Fair value</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="width: 86%; font: 10pt Times New Roman,serif; text-align: left">Cash and banks deposits</TD><TD STYLE="width: 2%; font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman,serif; text-align: right">2,618</TD><TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">Other financial assets</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">651</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">Other assets</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">54</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; padding-bottom: 1pt">Miscellaneous obligations</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right">(125</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: bold 10pt Times New Roman,serif; text-align: left; padding-bottom: 1pt">Net identifiable assets acquired</TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman,serif; text-align: right">3,198</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-decoration: underline; text-align: left">Consideration of the acquisition:</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; padding-bottom: 1pt">- Amount paid net of expenses</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right">6,964</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: bold 10pt Times New Roman,serif; text-align: left">Net cash flow used - investment activities</TD><TD STYLE="font: bold 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman,serif; text-align: right">6,964</TD><TD STYLE="font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: bold 10pt Times New Roman,serif; text-align: left; padding-bottom: 2.5pt">Goodwill by business combination</TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman,serif; text-align: right">3,766</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">&nbsp;</P>

<a name=n21></a>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>21.</B></TD><TD><B>COMPENSACI&Oacute;N DE INSTRUMENTOS FINANCIEROS</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">Financial assets and liabilities may be object of compensation, that is,
of inclusion for a net amount in the financial situation statement, provided the Entity meets provisions set by IAS 32 paragraph
42; thus, being entitled to, legally, compensate recognized amounts, and the intention to settle the net amount or execute the
asset or pay off liabilities simultaneously. Likewise, the Group has entered into agreements that do not meet the compensation
criterion but enable the compensation of financial assets and liabilities related under certain circumstances such as an event
of breach, bankruptcy or termination of a contract.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">The following chart includes assets and liabilities subject to contractual
compensation rights upon settlement as of December 31, 2019 and 2018:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman,serif; margin: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 9pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center">Amounts subject to netting agreements, non-compensated in the Financial Statements</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1pt solid">12-31-2019</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Gross amount before netting (a)</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Compensated amount (b)</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Net in Financial Statements (c)=(a)-(b)</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Amount related to recognized financial instruments</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Collaterals</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total net <BR> amount</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="width: 22%; text-align: left">Debts with retail stores resulting from our clients &lsquo;credit card consumption</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">&mdash;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">&mdash;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">&mdash;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">(2,288,756</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">607,592</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">(1,681,164</TD><TD STYLE="width: 1%; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Derivatives</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">310,969</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(53,382</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">257,587</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font-weight: bold">Total</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">310,969</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(53,382</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">257,587</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(2,288,756</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">607,592</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(1,681,164</TD><TD STYLE="font-weight: bold; text-align: left">)</TD></TR>
</TABLE>

<P STYLE="font: 9pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 9pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center">Amounts subject to netting agreements, non-compensated in the Financial Statements</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1pt solid">12-31-2018</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Gross amount before netting (a)</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Compensated amount (b)</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Net in Financial Statements (c)=(a)-(b)</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Amount related to recognized financial instruments</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Collaterals</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total net <BR> amount</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="width: 22%; text-align: left">Debts with retail stores resulting from our clients &lsquo;credit card consumption</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">&mdash;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">&mdash;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">&mdash;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">(1,937,072</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">530,451</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">(1,406,621</TD><TD STYLE="width: 1%; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold">Total</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(1,937,072</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">530,451</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(1,406,621</TD><TD STYLE="font-weight: bold; text-align: left">)</TD></TR>
</TABLE>



<P STYLE="font: 9pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>22.</B></TD><TD><B>SPLIT BETWEEN CURRRENT AND NON-CURRENT ITEMS</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">The Group has decided to disclose its assets and liabilities in accordance
with their liquidity degree as such modality offers more relevant information given the nature of the Group&acute;s activities.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">The following charts include amounts expected to be recovered or settled
for assets and liabilities as of December 2018 and 2017, while taking into account the following:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->73<!-- Field: /Sequence -->&nbsp;</P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><B>GRUPO SUPERVIELLE S.A.</B></P><P STYLE="margin: 0pt"></P></DIV>
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<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0; text-align: center">Notes to Consolidated Financial Statements</P>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">As of December 31, 2019 presented in comparative basis</FONT></P>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 10pt; text-align: center"><FONT STYLE="font-weight: normal">(Expressed in thousands of pesos)</FONT></P>

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<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 14.2pt">a)</TD><TD>those expected to be recovered or settled within twelve months following the period over which it is reported; and</TD></TR></TABLE>

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<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 14.2pt">b)</TD><TD>those expected to be recovered or settled within twelve months following such date.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="font: bold 9pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid">12/31/2019</TD><TD STYLE="padding-bottom: 1pt; font: bold 9pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="font: bold 9pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid">12/31/2018</TD><TD STYLE="padding-bottom: 1pt; font: bold 9pt Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 9pt Times New Roman,serif; border-bottom: Black 1pt solid">ASSETS</TD><TD STYLE="font: bold 9pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 9pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid">12 months</TD><TD STYLE="padding-bottom: 1pt; font: bold 9pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 9pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid">More than 12 months</TD><TD STYLE="padding-bottom: 1pt; font: bold 9pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 9pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid">Total</TD><TD STYLE="padding-bottom: 1pt; font: bold 9pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 9pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid">12 months</TD><TD STYLE="padding-bottom: 1pt; font: bold 9pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 9pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid">More than 12 months</TD><TD STYLE="padding-bottom: 1pt; font: bold 9pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 9pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid">Total</TD><TD STYLE="padding-bottom: 1pt; font: bold 9pt Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="width: 34%; font: bold 9pt Times New Roman,serif; text-align: left">Cash and deposits in Banks</TD><TD STYLE="width: 1%; font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font: bold 9pt Times New Roman,serif; text-align: right">26,403,099</TD><TD STYLE="width: 1%; font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font: 9pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="width: 1%; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font: bold 9pt Times New Roman,serif; text-align: right">26,403,099</TD><TD STYLE="width: 1%; font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font: bold 9pt Times New Roman,serif; text-align: right">33,687,553</TD><TD STYLE="width: 1%; font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font: 9pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="width: 1%; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font: bold 9pt Times New Roman,serif; text-align: right">33,687,553</TD><TD STYLE="width: 1%; font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 9pt Times New Roman,serif">&nbsp;&nbsp;&nbsp;Cash</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">8,751,111</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">8,751,111</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">4,789,701</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">4,789,701</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;&nbsp;&nbsp;Financial entities and corresponsals</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Argentine Central Bank</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">15,927,336</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">15,927,336</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">27,388,784</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">27,388,784</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Argentine and abroad</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">1,694,742</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">1,694,742</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">1,498,669</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">1,498,669</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 9pt Times New Roman,serif">&nbsp;&nbsp;&nbsp;Others</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">29,910</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">29,910</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">10,399</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">10,399</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">Debt securities at fair value through profit and loss</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right">568,501</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right">568,501</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right">15,112,115</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right">15,112,115</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 9pt Times New Roman,serif">Derivatives</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right">257,587</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right">257,587</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right">15,924</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right">15,924</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">Other financial assets</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right">2,092,818</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right">2,092,818</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right">1,715,534</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right">1,715,534</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">Loans and other financing</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right">62,739,239</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right">26,182,921</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right">88,922,160</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right">58,466,091</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right">20,325,812</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right">78,791,903</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;&nbsp;&nbsp;Non-financial public sector</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">7,020</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">21,852</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">28,872</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">7,526</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">25,276</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">32,802</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;&nbsp;&nbsp;Other financial entities</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">32,867</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">31,655</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">64,522</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">358,177</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">40,374</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">398,551</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;&nbsp;&nbsp;Non-financial private sector and residents abroad</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">62,699,352</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">26,129,414</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">88,828,766</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">58,100,388</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">20,260,162</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">78,360,550</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">Other debt securities</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right">10,319,598</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right">351,958</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right">10,671,556</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right">1,218,922</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right">3,092,173</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right">4,311,095</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">Financial assets delivered as collateral</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right">5,333,704</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right">5,333,704</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right">2,007,217</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right">2,007,217</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">Assets from current income tax</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right">120,722</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right">120,722</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">Investments in equity instruments</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right">14,579</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right">14,579</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right">10,404</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right">10,404</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">Property, plant and equipment</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right">3,074,769</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right">3,074,769</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right">1,777,403</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right">1,777,403</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">Investment properties</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right">3,877,642</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right">3,877,642</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right">412,822</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right">412,822</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">Intangible assets</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right">2,308,394</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right">2,308,394</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right">1,961,817</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right">1,961,817</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">Assets from deferred income tax</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right">276,117</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right">1,565,008</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right">1,841,125</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right">26,935</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right">492,296</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right">519,231</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">Other non-financial assets</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right">261,455</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right">716,628</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right">978,083</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right">168,470</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right">559,598</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right">728,068</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: bold 9pt Times New Roman,serif">Inventories</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right">28,369</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right">28,369</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right">61,655</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right">61,655</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">Non-current assets held for sale</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right">2,800</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right">2,800</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">TOTAL ASSETS</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right">108,401,209</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right">38,091,899</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right">146,493,108</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right">112,483,216</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right">28,632,325</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right">141,115,541</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 9pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">LIABILITIES</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">12 months</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">More than 12 months</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">12 months</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">More than 12 months</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="width: 34%; font-weight: bold; padding-bottom: 1pt">Deposits</TD><TD STYLE="width: 1%; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; padding-bottom: 1pt; font-weight: bold; text-align: right">89,006,977</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; padding-bottom: 1pt; font-weight: bold; text-align: right">1,200</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; padding-bottom: 1pt; font-weight: bold; text-align: right">89,008,177</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; padding-bottom: 1pt; font-weight: bold; text-align: right">94,819,436</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; padding-bottom: 1pt; font-weight: bold; text-align: right">86,578</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font-weight: bold; text-align: right">94,906,014</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;&nbsp;&nbsp;Non-financial public sector</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,470,177</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,470,177</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11,105,477</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11,105,477</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="text-align: left">&nbsp;&nbsp;Financial sector</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">28,098</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">28,098</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">25,236</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">25,236</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;&nbsp;&nbsp;Non-financial private sector and residents abroad</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">83,508,702</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,200</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">83,509,902</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">83,688,723</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">86,578</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">83,775,301</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font-weight: bold; text-align: left">Liabilities at fair value through profit and loss</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">189,554</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">189,554</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">268,086</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">268,086</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold">Derivatives</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">94,222</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">94,222</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font-weight: bold; text-align: left">Repo transactions</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">319,817</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">319,817</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Other financial assets</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">8,610,705</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">560,465</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">9,171,170</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">4,093,028</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">175,373</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">4,268,401</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font-weight: bold; text-align: left">Financing received from the Argentine Central Bank and other financial institutions</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">8,688,059</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">329,538</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">9,017,597</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">7,160,469</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">872,753</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">8,033,222</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Negotiable obligations issued</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">4,282,707</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">1,803,768</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">6,086,475</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">2,164,615</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">7,142,556</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">9,307,171</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font-weight: bold; text-align: left">Liabilities from current income tax</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">192,999</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">192,999</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Subordinated negotiable obligations</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">1,314,985</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">804,903</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">2,119,888</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">26,150</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">1,357,667</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">1,383,817</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font-weight: bold">Provisions</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">21,720</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">655,298</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">677,018</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">14,352</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">72,563</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">86,915</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Liabilities from deferred income tax</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">2,029</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">2,029</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">172</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">172</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font-weight: bold; text-align: left">Other non- financial liabilities</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">6,521,350</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">1,681,386</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">8,202,736</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">4,640,436</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">763,909</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">5,404,345</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">TOTAL LIABILITIES</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">118,957,903</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">5,836,558</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">124,794,461</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">113,473,965</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">10,471,399</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">123,945,364</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 79; Section: separate_financials; Options: NewSection; Value: 74 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; padding-bottom: 2pt; border-bottom: rgb(98,145,178) 2pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->74<!-- Field: /Sequence -->&nbsp;</P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><B>GRUPO SUPERVIELLE S.A.<BR> <FONT STYLE="font-weight: normal">(Expressed in thousands of pesos)</FONT></B></P><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<a name=n23></a>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>23.</B></TD><TD STYLE="text-align: justify"><B>ECONOMIC CONTEXT IN WHICH THE GROUP OPERATES</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B><FONT STYLE="font-weight: normal">(Expressed in thousands of pesos)</FONT></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The Group operates in a complex economic context, whose
main variables have been strongly volatile both at a national and international level.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The following circumstances are taken into account
at a national level:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">The first semester of the year recorded a 2.5% fall in GDP year-to-year.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">Accrued inflation between January 1, 2019 and December 31, 2019 amounted to 53.8%.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">The significant devaluation of the peso as from August produced and unexpected dollar deposit outflow
from the financial system (thus the fall in reserves of the Argentine Central Bank) and an increase in the reference interest rate
above 74%.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">In face of the aforementioned events, the government
decided to implement certain measures, among which the following:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">Limits in the acquisition of foreign currency.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">Specific terms to enter and settle exports.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">Prior authorization to be issued by the Argentine Central Bank to set up external assets for companies.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">Prior authorization to be issued by the Argentine Central Bank for the payment of debts to foreign
related companies related.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">Deferring of the payment of certain government debt instruments.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">Control of fuel prices.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">This volatility and uncertainty context remain as of the issuance of these
financial statements.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">The Group&rsquo;s Board is permanently controlling the evolution of variables
that affect its business in virtue of the definition of its course of action and identification of potential impacts on its equity
and financial situation. The Group&rsquo;s financial statements must be read in virtue of these cirumstances.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 80; Section: separate_financials; Value: 74 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; padding-bottom: 2pt; border-bottom: rgb(98,145,178) 2pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->75<!-- Field: /Sequence -->&nbsp;</P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><B>GRUPO SUPERVIELLE S.A.<BR> <FONT STYLE="font-weight: normal">(Expressed in thousands of pesos)</FONT></B></P><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<a name=schedA></a>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>SCHEDULE A - DEBT SECURITIES AT FAIR VALUE THROUGH PROFIT OR LOSS, OTHER
DEBT SECURITIES, EQUITY INSTRUMENTS </B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 26.8pt 0 0">As of December, 31 2019 and 2018:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="14" STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman,serif; text-align: center">HOLDING</TD><TD STYLE="font: bold 8pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman,serif; text-align: center">POSITION</TD><TD STYLE="font: bold 8pt Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold">Item</TD><TD STYLE="font: bold 8pt Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman,serif; text-align: center">Fair value</TD><TD STYLE="font: bold 8pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman,serif; text-align: center">Level of <BR> fair value</TD><TD STYLE="font: bold 8pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman,serif; text-align: center">Book value <BR> 12/31/2019</TD><TD STYLE="font: bold 8pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman,serif; text-align: center">Book value <BR> 12/31/2018</TD><TD STYLE="font: bold 8pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman,serif; text-align: center">Without <BR> options</TD><TD STYLE="font: bold 8pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman,serif; text-align: center">Options</TD><TD STYLE="font: bold 8pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman,serif; text-align: center">Final</TD><TD STYLE="font: bold 8pt Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: bold 8pt Times New Roman,serif; text-align: left">DEBT SECURITIES AT FAIR VALUE THROUGH PROFIT OR LOSS</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 8pt Times New Roman,serif; text-align: left">Government Securities</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="width: 25%; font: 8pt Times New Roman,serif; text-align: left">Treasury Bill U$S Mat. 09/13/2019</TD><TD STYLE="width: 1%; font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; font: 8pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="width: 1%; font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font: 8pt Times New Roman,serif; text-align: right">1</TD><TD STYLE="width: 1%; font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font: 8pt Times New Roman,serif; text-align: right">158,290</TD><TD STYLE="width: 1%; font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="width: 1%; font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font: 8pt Times New Roman,serif; text-align: right">158,290</TD><TD STYLE="width: 1%; font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="width: 1%; font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font: 8pt Times New Roman,serif; text-align: right">158,290</TD><TD STYLE="width: 1%; font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">Treasury Bill U$S Mat. 11/15/2019</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">1</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">126,313</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">264,313</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">264,313</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">Lecap coupon S30G9 60% $ Mat. 02/26/2020</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">1</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">22,659</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">-110,641</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">(110,641</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">Treasury Bonus $ TPM Mat.06/21/2020</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">1</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">1,373</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">1,373</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">1,373</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">Treasury Bill U$S Mat. 2/28/2020</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">3</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">3</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">3</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">3</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">Argentine National Bonus Usd 5.625% V2022 (A2E2)</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">1</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">3,948</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">3,948</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">3,948</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">Argentine National Bonus 2020 U$S 8% (AO20)</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">1</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">4,464</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">4,464</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">4,464</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">Argentine National Bonus USD 8.75% 2024 (AY24)</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">1</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">8,059</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">8,059</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">8,059</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">Bonus Discount $ 2033 (Arg Law) (DICP)</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">1</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">2,129</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">2,129</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">2,129</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">Argentine National Bonus 2.5% $ 22/07/2021 (TC21)</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">1</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">14,989</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">14,989</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">14,989</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 8pt Times New Roman,serif">Boncer 2020 (TC20)</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">1</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">13,492</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">13,492</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">13,492</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">T.D. Pcia de Buenos Aires $ V. 04/12/25 (PBA25)</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">1</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">8,093</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">8,093</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">8,093</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">Bocon &ndash; Consolidation Bonus $ 8 serie (PR15)</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">1</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">18,837</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">18,837</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">18,837</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">Treasury Bonus $ Tpm Mat. 06/21/2020 (TJ20)</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">1</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">6,353</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">6,353</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">6,353</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">Treasury Bill U$S Mat. 05/10/2019</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">1</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">1,238,920</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 8pt Times New Roman,serif">Others</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">1</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">83,070</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">2,505,468</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">Central Bank Bills</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">Liquidity Central Bank Bills Mat.01/02/19</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">2</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">5,990,274</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">Liquidity Central Bank Bills Mat.01/04/19</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">2</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">2,985,462</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">Liquidity Central Bank Bills Mat.01/08/19</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">2</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">988,764</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">Liquidity Central Bank Bills Mat.01/07/19</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">2</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">742,766</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">Liquidity Central Bank Bills Mat.01/03/19</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">2</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">598,058</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 8pt Times New Roman,serif">&nbsp;Others</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 8pt Times New Roman,serif; text-align: left">Corporate Securities</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">Vcp Pyme Catalinas Coop.3 V04/12/20 $ CG</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">3</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">2,593</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">2,593</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">2,593</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">On Quickfood Class 9 Mat. 11/24/22 $ C.G.</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">3</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">1,075</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">1,571</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">1,075</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">1,075</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">Vdff Credimas 33 Class A $ C.G.</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">2</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">1,603</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">On Ypf&nbsp;&nbsp;S.A. Class 41 Mat.09/24 /20 $ Esc</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">2</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">33,104</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">On Bco Galicia Bs.As. 5 S2 Mat.04/24/21 $CG</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">2</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">25,291</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">On Ypf SA Reg. 2 Class.28 8.75% Mat.04/04/2024</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">2</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">834</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 8pt Times New Roman,serif">Others</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">1</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">92,761</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 8pt Times New Roman,serif; text-align: left">Total Debt Securities at Fair value through profit or loss</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman,serif; text-align: right">568,501</TD><TD STYLE="font: bold 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman,serif; text-align: right">15,112,115</TD><TD STYLE="font: bold 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman,serif; text-align: right">397,370</TD><TD STYLE="font: bold 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: bold 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman,serif; text-align: right">397,370</TD><TD STYLE="font: bold 8pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B></B></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->76<!-- Field: /Sequence -->&nbsp;</P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><B>GRUPO SUPERVIELLE S.A.<BR> <FONT STYLE="font-weight: normal">(Expressed in thousands of pesos)</FONT></B></P><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>SCHEDULE A - DEBT SECURITIES AT FAIR VALUE THROUGH PROFIT OR LOSS, OTHER
DEBT SECURITIES, EQUITY INSTRUMENTS</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="14" STYLE="font: bold 8pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid">HOLDING</TD><TD STYLE="padding-bottom: 1pt; font: bold 8pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="font: bold 8pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid">POSITION</TD><TD STYLE="padding-bottom: 1pt; font: bold 8pt Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 8pt Times New Roman,serif; border-bottom: Black 1pt solid">Item</TD><TD STYLE="font: bold 8pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 8pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid">Fair value</TD><TD STYLE="padding-bottom: 1pt; font: bold 8pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 8pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid">Level of fair value</TD><TD STYLE="padding-bottom: 1pt; font: bold 8pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 8pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid">Book value 09/30/2019</TD><TD STYLE="padding-bottom: 1pt; font: bold 8pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 8pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid">Book value 12/31/2018</TD><TD STYLE="padding-bottom: 1pt; font: bold 8pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 8pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid">Without options</TD><TD STYLE="padding-bottom: 1pt; font: bold 8pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 8pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid">Options</TD><TD STYLE="padding-bottom: 1pt; font: bold 8pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 8pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid">Final</TD><TD STYLE="padding-bottom: 1pt; font: bold 8pt Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: bold 8pt Times New Roman,serif; text-align: left">OTHER DEBT SECURITIES</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 8pt Times New Roman,serif; text-align: left">Measured at fair value with changes in OCI</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: bold 8pt Times New Roman,serif">Argentine</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: italic 8pt Times New Roman,serif; text-align: left">Central Bank Bills</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="width: 25%; font: 8pt Times New Roman,serif; text-align: left">Liquidity Central Bank Bills Mat.01/07/20</TD><TD STYLE="width: 1%; font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font: 8pt Times New Roman,serif; text-align: right">2</TD><TD STYLE="width: 1%; font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font: 8pt Times New Roman,serif; text-align: right">5,435,852</TD><TD STYLE="width: 1%; font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="width: 1%; font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font: 8pt Times New Roman,serif; text-align: right">5,435,852</TD><TD STYLE="width: 1%; font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="width: 1%; font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font: 8pt Times New Roman,serif; text-align: right">5,435,852</TD><TD STYLE="width: 1%; font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">Liquidity Central Bank Bills Mat.01/08/20</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">2</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">918,038</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">918,038</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">918,038</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">Liquidity Central Bank Bills Mat. 01/03/20</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">2</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">543,264</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">543,264</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">543,264</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">Liquidity Central Bank Bills Mat.01/06/20</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">2</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">249,023</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">249,023</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">249,023</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">Liquidity Central Bank Bills Mat.01/02/20</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">2</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">24,962</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">24,962</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">24,962</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: bold 8pt Times New Roman,serif; text-align: left">Corporate Securities</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 8pt Times New Roman,serif">Others</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">32</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">32</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">32</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">32</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 8pt Times New Roman,serif; text-align: left">Measured at amortized cost</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: bold 8pt Times New Roman,serif; text-align: left">Government Securities</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">Treasury Argentine Sovereign Bonds TF Maturity 11/21/2020</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">3,090,168</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">3,090,168</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">3,090,930</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">3,090,168</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">3,090,168</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">Treasury Bills U$S 203 days Mat. 03/15/2019</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">1,039,760</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 8pt Times New Roman,serif">Others</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">404,760</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">164,491</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 8pt Times New Roman,serif; text-align: left">Corporate Securities</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">VD FF MBT 1 CLASE A</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">1,211</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">ON PREAR S.2 V. 02/15/19 $ ESC</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">2,560</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 8pt Times New Roman,serif">Others</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">5,457</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">12,111</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 8pt Times New Roman,serif; text-align: left">Total Other Debt Securities</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman,serif; text-align: right">10,671,556</TD><TD STYLE="font: bold 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman,serif; text-align: right">4,311,095</TD><TD STYLE="font: bold 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman,serif; text-align: right">10,261,339</TD><TD STYLE="font: bold 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman,serif; text-align: right">10,261,339</TD><TD STYLE="font: bold 8pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 8pt Times New Roman,serif; text-align: left">EQUITY INSTRUMENTS</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: bold 8pt Times New Roman,serif; text-align: left">Measured at fair value with changes in results</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">Grupo Financiero Galicia SA</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">5,796</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">521</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">5,796</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">5,796</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">YPF SA</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">1,082</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: bold 8pt Times New Roman,serif; text-align: left">Measured at fair value through OCI</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 8pt Times New Roman,serif">Argentine</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 8pt Times New Roman,serif">Others</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">8,783</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">8,801</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">8,783</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">8,783</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 8pt Times New Roman,serif; text-align: left">Total equity instruments</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman,serif; text-align: right">14,579</TD><TD STYLE="font: bold 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman,serif; text-align: right">10,404</TD><TD STYLE="font: bold 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman,serif; text-align: right">14,579</TD><TD STYLE="font: bold 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: bold 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman,serif; text-align: right">14,579</TD><TD STYLE="font: bold 8pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: bold 8pt Times New Roman,serif">Total</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman,serif; text-align: right">11,254,636</TD><TD STYLE="font: bold 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman,serif; text-align: right">19,433,614</TD><TD STYLE="font: bold 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman,serif; text-align: right">10,673,288</TD><TD STYLE="font: bold 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: bold 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman,serif; text-align: right">10,673,288</TD><TD STYLE="font: bold 8pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
</TABLE>



<!-- Field: Page; Sequence: 82; Section: separate_financials; Value: 74 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; padding-bottom: 2pt; border-bottom: rgb(98,145,178) 2pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->77<!-- Field: /Sequence -->&nbsp;</P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><B>GRUPO SUPERVIELLE S.A.<BR> <FONT STYLE="font-weight: normal">(Expressed in thousands of pesos)</FONT></B></P><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<a name=schedB1></a>
<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 0in">SCHEDULE B &ndash; CLASSIFICATION
OF LOANS AND OTHER FINANCING CREDIT ACCORDING TO STATUS AND COLLATERAL RECEIVED</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">As of December 31, 2019 and 2018 balances of loans and other financing are
the following:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 9pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">12/31/2019</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">12/31/2018</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">COMMERCIAL PORTFOLIO</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="width: 74%; font-weight: bold; text-align: left">Normal situation</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-weight: bold; text-align: right">40,792,911</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-weight: bold; text-align: right">39,863,548</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">-With "A" Preferred Collateral and Counter-guarantees</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,077,298</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,102,854</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="text-align: left">-With "B" Preferred Collateral and Counter-guarantees</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,705,776</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,174,967</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">- Without Preferred Collateral nor Counter-guarantees</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">30,009,837</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">29,585,727</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Subject to special monitoring</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font-weight: bold; text-align: left">- Under Observation</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">243,293</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">157,615</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">-With "A" Preferred Collateral and Counter-guarantees</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,680</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,397</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="text-align: left">-With "B" Preferred Collateral and Counter-guarantees</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">137,628</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,785</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">- Without Preferred Collateral nor Counter-guarantees</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">94,985</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">148,433</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">With problems</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">99,951</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">31,778</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="text-align: left">-With "A" Preferred Collateral and Counter-guarantees</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,132</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,387</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">-With "B" Preferred Collateral and Counter-guarantees</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">37,724</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,780</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="text-align: left">- Without Preferred Collateral nor Counter-guarantees</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">56,095</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">18,611</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font-weight: bold; text-align: left">High risk of insolvency</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">3,599,602</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">368,871</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">-With "A" Preferred Collateral and Counter-guarantees</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">18,904</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,573</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="text-align: left">-With "B" Preferred Collateral and Counter-guarantees</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,393,979</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">45,750</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">- Without Preferred Collateral nor Counter-guarantees</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,186,719</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">319,548</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold">Uncollectible</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">21,331</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">24,947</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="text-align: left">-With "A" Preferred Collateral and Counter-guarantees</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">-With "B" Preferred Collateral and Counter-guarantees</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,551</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">29</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">- Without Preferred Collateral nor Counter-guarantees</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: right">19,780</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">24,918</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">TOTAL COMMERCIAL PORTFOLIO</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-weight: bold; text-align: right">44,757,088</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">40,446,759</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 83; Section: separate_financials; Value: 74 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; padding-bottom: 2pt; border-bottom: rgb(98,145,178) 2pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->78<!-- Field: /Sequence -->&nbsp;</P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><B>GRUPO SUPERVIELLE S.A.<BR> <FONT STYLE="font-weight: normal">(Expressed in thousands of pesos)</FONT></B></P><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<a name=schedB2></a>
<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 0in">SCHEDULE B &ndash; CLASSIFICATION
OF LOANS AND OTHER FINANCING CREDIT ACCORDING TO STATUS AND COLLATERAL RECEIVED</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 9pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">12/31/2019</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">12/31/2018</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">CONSUMER AND HOUSING PORTFOLIO</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="width: 74%; font-weight: bold; text-align: left">Normal situation</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-weight: bold; text-align: right">45,485,588</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-weight: bold; text-align: right">37,159,169</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">-With "A" Preferred Collateral and Counter-guarantees</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">684,232</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">540,320</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="text-align: left">-With "B" Preferred Collateral and Counter-guarantees</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,990,396</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,363,601</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">- Without Preferred Collateral nor Counter-guarantees</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">37,810,960</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">31,255,248</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Low Risk</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">1,636,710</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">1,886,217</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="text-align: left">-With "A" Preferred Collateral and Counter-guarantees</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">90,781</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">26,512</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">-With "B" Preferred Collateral and Counter-guarantees</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">286,110</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">140,302</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="text-align: left">- Without Preferred Collateral nor Counter-guarantees</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,259,819</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,719,403</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font-weight: bold; text-align: left">Medium Risk</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">1,327,361</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">1,387,781</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">-With "A" Preferred Collateral and Counter-guarantees</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">46,794</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11,560</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="text-align: left">-With "B" Preferred Collateral and Counter-guarantees</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">168,352</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">33,497</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">- Without Preferred Collateral nor Counter-guarantees</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,112,215</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,342,724</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">High Risk</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">1,689,364</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">1,402,702</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="text-align: left">-With "A" Preferred Collateral and Counter-guarantees</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">23,998</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,148</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">-With "B" Preferred Collateral and Counter-guarantees</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">104,418</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,971</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="text-align: left">- Without Preferred Collateral nor Counter-guarantees</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,560,948</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,390,583</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font-weight: bold">Uncollectible</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">294,910</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">135,550</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">-With "A" Preferred Collateral and Counter-guarantees</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,990</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">52</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="text-align: left">-With "B" Preferred Collateral and Counter-guarantees</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">69,567</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,166</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">- Without Preferred Collateral nor Counter-guarantees</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">220,353</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">134,332</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Uncollectible classified as such under regulatory requirements</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">1,919</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">2,351</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="text-align: left">-With "A" Preferred Collateral and Counter-guarantees</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">-With "B" Preferred Collateral and Counter-guarantees</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">- Without Preferred Collateral nor Counter-guarantees</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,919</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2,351</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">TOTAL CONSUMER AND HOUSING PORTFOLIO</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">50,435,852</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">41,973,770</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt"><B>TOTAL GENERAL<SUP>(1)</SUP></B></FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">95,192,940</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">82,420,529</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">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,</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 9pt Times New Roman,serif">(1) Conciliation with Statement of Financial Position:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="width: 74%; font: bold 9pt Times New Roman,serif; text-align: left">Loans and other financing</TD><TD STYLE="width: 1%; font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: bold 9pt Times New Roman,serif; text-align: right">88,922,160</TD><TD STYLE="width: 1%; font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: bold 9pt Times New Roman,serif; text-align: right">78,791,903</TD><TD STYLE="width: 1%; font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">Other debt securities</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right">10,671,556</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right">4,311,095</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">Computable items out of balance</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right">(4,400,776</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right">(682,469</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;plus allowances</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">5,839,423</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">3,451,407</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;plus IFRS adjusments non computable for DCS</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">434,995</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">307,406</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;less non deductible &iacute;tems for DCS</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">(3,670</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">(7,163</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left; padding-bottom: 1pt">&nbsp;less Debt securities measured at amortized cost</TD><TD STYLE="font: 9pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman,serif; text-align: right">(10,671,524</TD><TD STYLE="padding-bottom: 1pt; font: 9pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 9pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman,serif; text-align: right">(4,434,119</TD><TD STYLE="padding-bottom: 1pt; font: 9pt Times New Roman,serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 9pt Times New Roman,serif; padding-bottom: 1pt">Total</TD><TD STYLE="font: bold 9pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Times New Roman,serif; text-align: right">95,192,940</TD><TD STYLE="padding-bottom: 1pt; font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Times New Roman,serif; text-align: right">82,420,529</TD><TD STYLE="padding-bottom: 1pt; font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
</TABLE>


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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; padding-bottom: 2pt; border-bottom: rgb(98,145,178) 2pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->79<!-- Field: /Sequence -->&nbsp;</P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><B>GRUPO SUPERVIELLE S.A.<BR> <FONT STYLE="font-weight: normal">(Expressed in thousands of pesos)</FONT></B></P><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<a name=schedC></a>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>SCHEDULE C - CONCENTRATION OF LOANS AND OTHER FINANCING</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">As of December 31, 2019 and 2018 the concentration of leans and other financing
are the following:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 9pt Times New Roman,serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="14" STYLE="font: bold 9pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid">Loans and other financing</TD><TD STYLE="padding-bottom: 1pt; font: bold 9pt Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font: bold 9pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid">12/31/2019</TD><TD STYLE="padding-bottom: 1pt; font: bold 9pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font: bold 9pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid">12/31/2018</TD><TD STYLE="padding-bottom: 1pt; font: bold 9pt Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 9pt Times New Roman,serif; border-bottom: Black 1pt solid">Number of Clients</TD><TD STYLE="font: bold 9pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 9pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid">Balance</TD><TD STYLE="padding-bottom: 1pt; font: bold 9pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 9pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid">% over total portfolio</TD><TD STYLE="padding-bottom: 1pt; font: bold 9pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 9pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid">Balance</TD><TD STYLE="padding-bottom: 1pt; font: bold 9pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 9pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid">% over total portfolio</TD><TD STYLE="padding-bottom: 1pt; font: bold 9pt Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="width: 44%; font: 9pt Times New Roman,serif; text-align: left">10 largest customers</TD><TD STYLE="width: 2%; font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 9pt Times New Roman,serif; text-align: right">12,095,853</TD><TD STYLE="width: 1%; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 9pt Times New Roman,serif; text-align: right">12.7%</TD><TD STYLE="width: 1%; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 9pt Times New Roman,serif; text-align: right">10,741,399</TD><TD STYLE="width: 1%; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 9pt Times New Roman,serif; text-align: right">13.0%</TD><TD STYLE="width: 1%; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">50 following largest customers</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">16,923,044</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">17.8%</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">12,720,768</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">15.4%</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">100 following largest customers</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">9,150,391</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">9.6%</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">7,164,839</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">8.7%</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 9pt Times New Roman,serif">Rest of customers</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">57,023,652</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">59.9%</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">51,793,523</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">62.9%</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: bold 9pt Times New Roman,serif">TOTAL</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right">95,192,940</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right">100.0%</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right">82,420,529</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right">100.0%</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<a name=schedD></a>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>SCHEDULE D &ndash; BREAKDOWN OF TOTAL LOANS AND OTHER FINANCING</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">As of December 31, 2019 the breakdown of leans and other financing are the
following:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 9pt Times New Roman,serif; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: 9pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="22" STYLE="font: bold 9pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid">Remaining terms for maturity</TD><TD STYLE="padding-bottom: 1pt; font: bold 9pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font-size: 9pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 9pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 9pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 9pt Times New Roman,serif; border-bottom: Black 1pt solid">Item</TD><TD STYLE="font: bold 9pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 9pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid">Past due portfolio</TD><TD STYLE="padding-bottom: 1pt; font: bold 9pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 9pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid">1 month</TD><TD STYLE="padding-bottom: 1pt; font: bold 9pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 9pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid">3 months</TD><TD STYLE="padding-bottom: 1pt; font: bold 9pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 9pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid">6 months</TD><TD STYLE="padding-bottom: 1pt; font: bold 9pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 9pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid">12 months</TD><TD STYLE="padding-bottom: 1pt; font: bold 9pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 9pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid">24 months</TD><TD STYLE="padding-bottom: 1pt; font: bold 9pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 9pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid">Up to 24 months</TD><TD STYLE="padding-bottom: 1pt; font: bold 9pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 9pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid">Total</TD><TD STYLE="padding-bottom: 1pt; font: bold 9pt Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="width: 10%; font: 9pt Times New Roman,serif; text-align: left">Non-financial Public Sector</TD><TD STYLE="width: 2%; font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font: 9pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="width: 1%; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font: 9pt Times New Roman,serif; text-align: right">3,980</TD><TD STYLE="width: 1%; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font: 9pt Times New Roman,serif; text-align: right">4,351</TD><TD STYLE="width: 1%; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font: 9pt Times New Roman,serif; text-align: right">6,717</TD><TD STYLE="width: 1%; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font: 9pt Times New Roman,serif; text-align: right">14,050</TD><TD STYLE="width: 1%; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font: 9pt Times New Roman,serif; text-align: right">32,159</TD><TD STYLE="width: 1%; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font: 9pt Times New Roman,serif; text-align: right">26,157</TD><TD STYLE="width: 1%; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font: 9pt Times New Roman,serif; text-align: right">87,414</TD><TD STYLE="width: 1%; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">Financial Sector</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">39,375</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">11,268</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">13,164</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">15,491</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">43,490</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">122,788</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">Non-financial private sector and residents abroad</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">8,492,765</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">62,751,282</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">21,706,517</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">25,746,965</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">28,930,845</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">38,485,494</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">82,826,143</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">268,940,011</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">TOTAL</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right">8,492,765</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right">62,794,637</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right">21,722,136</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right">25,766,846</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right">28,960,386</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right">38,561,143</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right">82,852,300</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right">269,150,213</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>


<!-- Field: Page; Sequence: 85; Section: separate_financials; Value: 74 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; padding-bottom: 2pt; border-bottom: rgb(98,145,178) 2pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->80<!-- Field: /Sequence -->&nbsp;</P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><B>GRUPO SUPERVIELLE S.A.<BR> <FONT STYLE="font-weight: normal">(Expressed in thousands of pesos)</FONT></B></P><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>

<a name=schedF1></a>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>SCHEDULE F - PROPERTY, PLANT AND EQUIPMENT</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">Changes in property, plant and equipment as of December 31, 2019 and 2018,
are as follows:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 9pt">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 9pt Times New Roman,serif; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: 9pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 9pt Times New Roman,serif; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: 9pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font: bold 8pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid">Additions y Disposals</TD><TD STYLE="padding-bottom: 1pt; font: bold 8pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 9pt Times New Roman,serif; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: 9pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 9pt Times New Roman,serif; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: 9pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="14" STYLE="font: bold 8pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid">Depreciation</TD><TD STYLE="padding-bottom: 1pt; font: bold 8pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font: bold 8pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid">Net carrying</TD><TD STYLE="padding-bottom: 1pt; font: bold 8pt Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 8pt Times New Roman,serif; border-bottom: Black 1pt solid">Item</TD><TD STYLE="font: bold 8pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 8pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid">At the beginning of the year</TD><TD STYLE="padding-bottom: 1pt; font: bold 8pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 8pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid">Useful<BR> life</TD><TD STYLE="padding-bottom: 1pt; font: bold 8pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 8pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid">Increase</TD><TD STYLE="padding-bottom: 1pt; font: bold 8pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 8pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid">Decrease</TD><TD STYLE="padding-bottom: 1pt; font: bold 8pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 8pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid">Additions</TD><TD STYLE="padding-bottom: 1pt; font: bold 8pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 8pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid">Disposals</TD><TD STYLE="padding-bottom: 1pt; font: bold 8pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 8pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid">At the beginning <BR> of the year</TD><TD STYLE="padding-bottom: 1pt; font: bold 8pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 8pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid">Disposals</TD><TD STYLE="padding-bottom: 1pt; font: bold 8pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 8pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid">Of the period</TD><TD STYLE="padding-bottom: 1pt; font: bold 8pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 8pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid">At the end <BR> of the period</TD><TD STYLE="padding-bottom: 1pt; font: bold 8pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 8pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid">12/31/2019</TD><TD STYLE="padding-bottom: 1pt; font: bold 8pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 8pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid">12/31/2018</TD><TD STYLE="padding-bottom: 1pt; font: bold 8pt Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: bold 8pt Times New Roman,serif; text-align: left">Cost model</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 10%; font: 8pt Times New Roman,serif; text-align: left">Land and Buildings</TD><TD STYLE="width: 1%; font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; font: 8pt Times New Roman,serif; text-align: right">4,985</TD><TD STYLE="width: 1%; font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; font: 8pt Times New Roman,serif; text-align: right">50</TD><TD STYLE="width: 1%; font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="width: 1%; font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="width: 1%; font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="width: 1%; font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="width: 1%; font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; font: 8pt Times New Roman,serif; text-align: right">(1,730</TD><TD STYLE="width: 1%; font: 8pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="width: 1%; font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="width: 1%; font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; font: 8pt Times New Roman,serif; text-align: right">(1,694</TD><TD STYLE="width: 1%; font: 8pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="width: 1%; font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; font: 8pt Times New Roman,serif; text-align: right">(3,424</TD><TD STYLE="width: 1%; font: 8pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="width: 1%; font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; font: 8pt Times New Roman,serif; text-align: right">1,561</TD><TD STYLE="width: 1%; font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; font: 8pt Times New Roman,serif; text-align: right">3,255</TD><TD STYLE="width: 1%; font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">Furniture and facilities</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">171,163</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">10</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">24,897</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">(2,441</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">(79,171</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">220</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">(21,242</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">(100,193</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">93,426</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">91,992</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">Machinery and equipment</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">686,250</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">5</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">103,456</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">(5,263</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">(410,420</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">700</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">(135,732</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">(545,452</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">238,991</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">275,830</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 8pt Times New Roman,serif">Vehicles</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">73,561</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">5</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">29,639</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">(12,839</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">(21,898</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">5,686</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">(14,952</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">(31,164</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">59,197</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">51,663</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">Right of Use of Leased Properties</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">988,386</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">483</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">(368,301</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">(367,818</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">620,568</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">Other miscellaneous assets</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">15</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">5</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">(15</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">(15</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left; padding-bottom: 1pt">Construction in progress</TD><TD STYLE="font: 8pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman,serif; text-align: right">251,264</TD><TD STYLE="padding-bottom: 1pt; font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman,serif; text-align: right">98,518</TD><TD STYLE="padding-bottom: 1pt; font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman,serif; text-align: right">(112,493</TD><TD STYLE="padding-bottom: 1pt; font: 8pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 8pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman,serif; text-align: right">237,289</TD><TD STYLE="padding-bottom: 1pt; font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman,serif; text-align: right">251,264</TD><TD STYLE="padding-bottom: 1pt; font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: bold 8pt Times New Roman,serif; text-align: left">Revaluation model</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left; padding-bottom: 1pt">Land and Buildings</TD><TD STYLE="font: 8pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman,serif; text-align: right">1,186,113</TD><TD STYLE="padding-bottom: 1pt; font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman,serif; text-align: right">50</TD><TD STYLE="padding-bottom: 1pt; font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman,serif; text-align: right">758,138</TD><TD STYLE="padding-bottom: 1pt; font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman,serif; text-align: right">(11,498</TD><TD STYLE="padding-bottom: 1pt; font: 8pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 9pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman,serif; text-align: right">(92</TD><TD STYLE="padding-bottom: 1pt; font: 8pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 8pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman,serif; text-align: right">(82,714</TD><TD STYLE="padding-bottom: 1pt; font: 8pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 9pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman,serif; text-align: right">(26,210</TD><TD STYLE="padding-bottom: 1pt; font: 8pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 8pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman,serif; text-align: right">(108,924</TD><TD STYLE="padding-bottom: 1pt; font: 8pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 8pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman,serif; text-align: right">1,823,737</TD><TD STYLE="padding-bottom: 1pt; font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman,serif; text-align: right">1,103,399</TD><TD STYLE="padding-bottom: 1pt; font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: bold 8pt Times New Roman,serif; padding-bottom: 1pt">Total</TD><TD STYLE="font: bold 8pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman,serif; text-align: right">2,373,351</TD><TD STYLE="padding-bottom: 1pt; font: bold 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman,serif; text-align: right">758,138</TD><TD STYLE="padding-bottom: 1pt; font: bold 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman,serif; text-align: right">(11,498</TD><TD STYLE="padding-bottom: 1pt; font: bold 8pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: bold 8pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman,serif; text-align: right">1,244,896</TD><TD STYLE="padding-bottom: 1pt; font: bold 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman,serif; text-align: right">(133,128</TD><TD STYLE="padding-bottom: 1pt; font: bold 8pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: bold 8pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman,serif; text-align: right">(595,948</TD><TD STYLE="padding-bottom: 1pt; font: bold 8pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: bold 8pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman,serif; text-align: right">7,089</TD><TD STYLE="padding-bottom: 1pt; font: bold 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman,serif; text-align: right">(568,131</TD><TD STYLE="padding-bottom: 1pt; font: bold 8pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: bold 8pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman,serif; text-align: right">(1,156,990</TD><TD STYLE="padding-bottom: 1pt; font: bold 8pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: bold 8pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman,serif; text-align: right">3,074,769</TD><TD STYLE="padding-bottom: 1pt; font: bold 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman,serif; text-align: right">1,777,403</TD><TD STYLE="padding-bottom: 1pt; font: bold 8pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
</TABLE>





<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>

<a name=schedF2></a>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>SCHEDULE F - INVESTMENT PROPERTIES</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">The movements in investment properties as of December 31, 2019 and 2018
are as follows:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 8pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 8pt Times New Roman,serif; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: 8pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 9pt Times New Roman,serif; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: 9pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: 9pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 9pt Times New Roman,serif; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: 9pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 9pt Times New Roman,serif; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: 9pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="font: bold 8pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid">Depreciation</TD><TD STYLE="padding-bottom: 1pt; font: bold 8pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font: bold 8pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid">Net carrying</TD><TD STYLE="padding-bottom: 1pt; font: bold 8pt Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 9pt; font-weight: bold; border-bottom: Black 1pt solid">Item</TD><TD STYLE="font-size: 9pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 9pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">At the beginning of the year</TD><TD STYLE="padding-bottom: 1pt; font-size: 9pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 9pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Useful<BR> life</TD><TD STYLE="padding-bottom: 1pt; font-size: 9pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 9pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Revaluation</TD><TD STYLE="padding-bottom: 1pt; font-size: 9pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 9pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Additions</TD><TD STYLE="padding-bottom: 1pt; font-size: 9pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 9pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Disposals</TD><TD STYLE="padding-bottom: 1pt; font-size: 9pt; font-weight: bold">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 8pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid">At the beginning <BR> of the year</TD><TD STYLE="padding-bottom: 1pt; font: bold 8pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 8pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid">Of the period</TD><TD STYLE="padding-bottom: 1pt; font: bold 8pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 8pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid">At the end <BR> of the period</TD><TD STYLE="padding-bottom: 1pt; font: bold 8pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 8pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid">12/31/2019</TD><TD STYLE="padding-bottom: 1pt; font: bold 8pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 8pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid">31/12/2018</TD><TD STYLE="padding-bottom: 1pt; font: bold 8pt Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: bold 8pt Times New Roman,serif; text-align: left">Measurement at cost</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 20%; font: 8pt Times New Roman,serif; text-align: left">Other investment properties</TD><TD STYLE="width: 1%; font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; font: 8pt Times New Roman,serif; text-align: right">5,995</TD><TD STYLE="width: 1%; font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; font: 8pt Times New Roman,serif; text-align: right">50</TD><TD STYLE="width: 1%; font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="width: 1%; font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; font: 8pt Times New Roman,serif; text-align: right">19,203</TD><TD STYLE="width: 1%; font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="width: 1%; font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; font: 8pt Times New Roman,serif; text-align: right">(473</TD><TD STYLE="width: 1%; font: 8pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="width: 1%; font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; font: 8pt Times New Roman,serif; text-align: right">(2,087</TD><TD STYLE="width: 1%; font: 8pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="width: 1%; font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; font: 8pt Times New Roman,serif; text-align: right">(2,560</TD><TD STYLE="width: 1%; font: 8pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="width: 1%; font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; font: 8pt Times New Roman,serif; text-align: right">22,638</TD><TD STYLE="width: 1%; font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; font: 8pt Times New Roman,serif; text-align: right">5,522</TD><TD STYLE="width: 1%; font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: bold 8pt Times New Roman,serif; text-align: left">Measurement at fair value</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left; padding-bottom: 1pt">Rented properties</TD><TD STYLE="font: 8pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman,serif; text-align: right">407,300</TD><TD STYLE="padding-bottom: 1pt; font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman,serif; text-align: right">50</TD><TD STYLE="padding-bottom: 1pt; font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman,serif; text-align: right">428,468</TD><TD STYLE="padding-bottom: 1pt; font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman,serif; text-align: right">3,019,693</TD><TD STYLE="padding-bottom: 1pt; font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman,serif; text-align: right">(457</TD><TD STYLE="padding-bottom: 1pt; font: 8pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 8pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman,serif; text-align: right">3,855,004</TD><TD STYLE="padding-bottom: 1pt; font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman,serif; text-align: right">407,300</TD><TD STYLE="padding-bottom: 1pt; font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: bold 8pt Times New Roman,serif; padding-bottom: 1pt">Total</TD><TD STYLE="font: bold 8pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman,serif; text-align: right">413,295</TD><TD STYLE="padding-bottom: 1pt; font: bold 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman,serif; text-align: right">428,468</TD><TD STYLE="padding-bottom: 1pt; font: bold 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman,serif; text-align: right">3,038,896</TD><TD STYLE="padding-bottom: 1pt; font: bold 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman,serif; text-align: right">(457</TD><TD STYLE="padding-bottom: 1pt; font: bold 8pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: bold 8pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman,serif; text-align: right">(473</TD><TD STYLE="padding-bottom: 1pt; font: bold 8pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: bold 8pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman,serif; text-align: right">(2,087</TD><TD STYLE="padding-bottom: 1pt; font: bold 8pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: bold 8pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman,serif; text-align: right">(2,560</TD><TD STYLE="padding-bottom: 1pt; font: bold 8pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: bold 8pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman,serif; text-align: right">3,877,642</TD><TD STYLE="padding-bottom: 1pt; font: bold 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman,serif; text-align: right">412,822</TD><TD STYLE="padding-bottom: 1pt; font: bold 8pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
</TABLE>




<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 86; Section: separate_financials; Value: 74 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; padding-bottom: 2pt; border-bottom: rgb(98,145,178) 2pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->81<!-- Field: /Sequence -->&nbsp;</P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><B>GRUPO SUPERVIELLE S.A.<BR> <FONT STYLE="font-weight: normal">(Expressed in thousands of pesos)</FONT></B></P><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>

<a name=schedG></a>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>SCHEDULE G - INTANGIBLE ASSETS</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">Intangible assets of the Group as of December 31, 2019 and 2018, are as
follows:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 9pt">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman,serif; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman,serif; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman,serif; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman,serif; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="14" STYLE="font: bold 8pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid">Depreciation</TD><TD STYLE="padding-bottom: 1pt; font: bold 8pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font: bold 8pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid">Net carrying</TD><TD STYLE="padding-bottom: 1pt; font: bold 8pt Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 8pt Times New Roman,serif; border-bottom: Black 1pt solid">Item</TD><TD STYLE="font: bold 8pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 8pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid">At the beginning of the year</TD><TD STYLE="padding-bottom: 1pt; font: bold 8pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 8pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid">Useful life</TD><TD STYLE="padding-bottom: 1pt; font: bold 8pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 8pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid">Additions</TD><TD STYLE="padding-bottom: 1pt; font: bold 8pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 8pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid">Disposals</TD><TD STYLE="padding-bottom: 1pt; font: bold 8pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 8pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid">At the beginning of the year</TD><TD STYLE="padding-bottom: 1pt; font: bold 8pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 8pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid">Disposals</TD><TD STYLE="padding-bottom: 1pt; font: bold 8pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 8pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid">Of the period</TD><TD STYLE="padding-bottom: 1pt; font: bold 8pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 8pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid">At the end of the period</TD><TD STYLE="padding-bottom: 1pt; font: bold 8pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 8pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid">12/31/2019</TD><TD STYLE="padding-bottom: 1pt; font: bold 8pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 8pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid">31/12/2018</TD><TD STYLE="padding-bottom: 1pt; font: bold 8pt Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: bold 8pt Times New Roman,serif; text-align: left">Measurement at cost</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 20%; font: 8pt Times New Roman,serif">Goodwill</TD><TD STYLE="width: 1%; font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; font: 8pt Times New Roman,serif; text-align: right">1,227,082</TD><TD STYLE="width: 1%; font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; font: 8pt Times New Roman,serif; text-align: right">10,465</TD><TD STYLE="width: 1%; font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="width: 1%; font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; font: 8pt Times New Roman,serif; text-align: right">(2,394</TD><TD STYLE="width: 1%; font: 8pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="width: 1%; font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="width: 1%; font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="width: 1%; font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; font: 8pt Times New Roman,serif; text-align: right">(2,394</TD><TD STYLE="width: 1%; font: 8pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="width: 1%; font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; font: 8pt Times New Roman,serif; text-align: right">1,235,153</TD><TD STYLE="width: 1%; font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; font: 8pt Times New Roman,serif; text-align: right">1,224,688</TD><TD STYLE="width: 1%; font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 8pt Times New Roman,serif">Brands</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">72,348</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">72,348</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">72,348</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 8pt Times New Roman,serif">Licenses</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">32,084</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">3</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">22,097</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">(316</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">(8,601</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">(12,032</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">(20,633</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">33,232</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">23,483</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left; padding-bottom: 1pt">Other intangible assets</TD><TD STYLE="font: 8pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman,serif; text-align: right">1,132,481</TD><TD STYLE="padding-bottom: 1pt; font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman,serif; text-align: right">562,826</TD><TD STYLE="padding-bottom: 1pt; font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman,serif; text-align: right">(3,168</TD><TD STYLE="padding-bottom: 1pt; font: 8pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 8pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman,serif; text-align: right">(491,183</TD><TD STYLE="padding-bottom: 1pt; font: 8pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 8pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman,serif; text-align: right">92</TD><TD STYLE="padding-bottom: 1pt; font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman,serif; text-align: right">(233,387</TD><TD STYLE="padding-bottom: 1pt; font: 8pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 8pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman,serif; text-align: right">(724,478</TD><TD STYLE="padding-bottom: 1pt; font: 8pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 8pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman,serif; text-align: right">967,661</TD><TD STYLE="padding-bottom: 1pt; font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman,serif; text-align: right">641,298</TD><TD STYLE="padding-bottom: 1pt; font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 8pt Times New Roman,serif; padding-bottom: 1pt">TOTAL</TD><TD STYLE="font: bold 8pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman,serif; text-align: right">2,463,995</TD><TD STYLE="padding-bottom: 1pt; font: bold 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman,serif; text-align: right">595,388</TD><TD STYLE="padding-bottom: 1pt; font: bold 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman,serif; text-align: right">(3,484</TD><TD STYLE="padding-bottom: 1pt; font: bold 8pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: bold 8pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman,serif; text-align: right">(502,178</TD><TD STYLE="padding-bottom: 1pt; font: bold 8pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: bold 8pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman,serif; text-align: right">92</TD><TD STYLE="padding-bottom: 1pt; font: bold 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman,serif; text-align: right">(245,419</TD><TD STYLE="padding-bottom: 1pt; font: bold 8pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: bold 8pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman,serif; text-align: right">(747,505</TD><TD STYLE="padding-bottom: 1pt; font: bold 8pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: bold 8pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman,serif; text-align: right">2,308,394</TD><TD STYLE="padding-bottom: 1pt; font: bold 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman,serif; text-align: right">1,961,817</TD><TD STYLE="padding-bottom: 1pt; font: bold 8pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">Depreciation for the year is included in the line &quot;Depreciations and
impairment of non-financial assets&quot; in the statement of comprehensive income.</P>


<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<a name=schedH></a>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>SCHEDULE H &ndash; CONCENTRATION OF DEPOSITS</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">As of December 31, 2019 and 2018 the concentration
of deposits are the following:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%;font: 9pt Times New Roman,serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="14" STYLE="font: bold 9pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid">Deposits</TD><TD STYLE="padding-bottom: 1pt; font: bold 9pt Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font: bold 9pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid">12/31/2019</TD><TD STYLE="padding-bottom: 1pt; font: bold 9pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font: bold 9pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid">12/31/2018</TD><TD STYLE="padding-bottom: 1pt; font: bold 9pt Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 9pt Times New Roman,serif; border-bottom: Black 1pt solid">Number of customers</TD><TD STYLE="font: bold 9pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 9pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid">Placement <BR> Balance</TD><TD STYLE="padding-bottom: 1pt; font: bold 9pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 9pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid">% over total <BR> portfolio</TD><TD STYLE="padding-bottom: 1pt; font: bold 9pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 9pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid">Placement <BR> Balance</TD><TD STYLE="padding-bottom: 1pt; font: bold 9pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 9pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid">% over total <BR> portfolio</TD><TD STYLE="padding-bottom: 1pt; font: bold 9pt Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="width: 48%; font: 9pt Times New Roman,serif; text-align: left">10 largest customers</TD><TD STYLE="width: 1%; font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 9pt Times New Roman,serif; text-align: right">11,913,933</TD><TD STYLE="width: 1%; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 9pt Times New Roman,serif; text-align: right">13.4%</TD><TD STYLE="width: 1%; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 9pt Times New Roman,serif; text-align: right">21,904,492</TD><TD STYLE="width: 1%; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 9pt Times New Roman,serif; text-align: right">23.1%</TD><TD STYLE="width: 1%; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">50 following largest customers</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">11,722,499</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">13.2%</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">15,122,034</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">15.9%</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">100 following largest customers</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">6,008,831</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">6.8%</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">5,743,157</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">6.1%</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 9pt Times New Roman,serif; padding-bottom: 1pt">Rest of customers</TD><TD STYLE="font: 9pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman,serif; text-align: right">59,362,914</TD><TD STYLE="padding-bottom: 1pt; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman,serif; text-align: right">66.6%</TD><TD STYLE="padding-bottom: 1pt; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman,serif; text-align: right">52,136,331</TD><TD STYLE="padding-bottom: 1pt; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman,serif; text-align: right">54.9%</TD><TD STYLE="padding-bottom: 1pt; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: bold 9pt Times New Roman,serif; padding-bottom: 1pt">TOTAL</TD><TD STYLE="font: bold 9pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Times New Roman,serif; text-align: right">89,008,177</TD><TD STYLE="padding-bottom: 1pt; font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Times New Roman,serif; text-align: right">100.0%</TD><TD STYLE="padding-bottom: 1pt; font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Times New Roman,serif; text-align: right">94,906,014</TD><TD STYLE="padding-bottom: 1pt; font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Times New Roman,serif; text-align: right">100.0%</TD><TD STYLE="padding-bottom: 1pt; font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 87; Section: separate_financials; Value: 74 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; padding-bottom: 2pt; border-bottom: rgb(98,145,178) 2pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->82<!-- Field: /Sequence -->&nbsp;</P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><B>GRUPO SUPERVIELLE S.A.<BR> <FONT STYLE="font-weight: normal">(Expressed in thousands of pesos)</FONT></B></P><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<a name=schedI></a>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>SCHEDULE I &ndash; BREAKDOWN OF FINANCIAL LIABILITIES FROM REMAINING
TERMS</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">As of December 31, 2019:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="26" STYLE="font: bold 9pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid">Remaining terms for maturity</TD><TD STYLE="padding-bottom: 1pt; font: bold 9pt Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 9pt Times New Roman,serif; border-bottom: Black 1pt solid">Item</TD><TD STYLE="font: bold 9pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 9pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid">1 month</TD><TD STYLE="padding-bottom: 1pt; font: bold 9pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 9pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid">3 months</TD><TD STYLE="padding-bottom: 1pt; font: bold 9pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 9pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid">6 months</TD><TD STYLE="padding-bottom: 1pt; font: bold 9pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 9pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid">12 months</TD><TD STYLE="padding-bottom: 1pt; font: bold 9pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 9pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid">24 months</TD><TD STYLE="padding-bottom: 1pt; font: bold 9pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 9pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid">Up to 24 months</TD><TD STYLE="padding-bottom: 1pt; font: bold 9pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 9pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid">Total</TD><TD STYLE="padding-bottom: 1pt; font: bold 9pt Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: bold 9pt Times New Roman,serif">Deposits</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 23%; font: 9pt Times New Roman,serif; text-align: left">Non-financial public sector</TD><TD STYLE="width: 1%; font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font: 9pt Times New Roman,serif; text-align: right">4,991,453</TD><TD STYLE="width: 1%; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font: 9pt Times New Roman,serif; text-align: right">505,296</TD><TD STYLE="width: 1%; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font: 9pt Times New Roman,serif; text-align: right">17,116</TD><TD STYLE="width: 1%; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font: 9pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="width: 1%; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font: 9pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="width: 1%; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font: 9pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="width: 1%; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font: 9pt Times New Roman,serif; text-align: right">5,513,865</TD><TD STYLE="width: 1%; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">Financial sector</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">28,098</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">28,098</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">Non-financial private sector and residents abroad</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">74,674,595</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">7,072,815</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">4,499,893</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">479,308</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">2,245</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">86,728,856</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">Liabilities at fair value through profit and loss</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">189,554</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">189,554</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">Repo operations</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">319,817</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">319,817</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">Other financial liabilities</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">7,174,634</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">408,985</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">556,549</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">577,851</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">368,592</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">533,279</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">9,619,890</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">Financing received from the Argentine Central Bank and other financial institutions</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">7,403,715</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">966,831</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">202,593</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">355,116</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">572,505</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">339,929</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">9,840,689</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">Negotiable Obligations issued</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">2,622,814</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">451,878</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">2,893,862</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">1,946,204</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">1,925,997</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">9,840,755</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left; padding-bottom: 1pt">Subordinated negotiable obligations</TD><TD STYLE="font: 9pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman,serif; text-align: right">48,215</TD><TD STYLE="padding-bottom: 1pt; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman,serif; text-align: right">28,490</TD><TD STYLE="padding-bottom: 1pt; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman,serif; text-align: right">1,424,132</TD><TD STYLE="padding-bottom: 1pt; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman,serif; text-align: right">862,185</TD><TD STYLE="padding-bottom: 1pt; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman,serif; text-align: right">2,363,022</TD><TD STYLE="padding-bottom: 1pt; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: bold 9pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;&nbsp;&nbsp;&nbsp;TOTAL</TD><TD STYLE="font: bold 9pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Times New Roman,serif; text-align: right">94,781,866</TD><TD STYLE="padding-bottom: 1pt; font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Times New Roman,serif; text-align: right">11,624,956</TD><TD STYLE="padding-bottom: 1pt; font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Times New Roman,serif; text-align: right">5,756,519</TD><TD STYLE="padding-bottom: 1pt; font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Times New Roman,serif; text-align: right">5,730,269</TD><TD STYLE="padding-bottom: 1pt; font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Times New Roman,serif; text-align: right">3,751,731</TD><TD STYLE="padding-bottom: 1pt; font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Times New Roman,serif; text-align: right">2,799,205</TD><TD STYLE="padding-bottom: 1pt; font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Times New Roman,serif; text-align: right">124,444,546</TD><TD STYLE="padding-bottom: 1pt; font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
</TABLE>




<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->83<!-- Field: /Sequence -->&nbsp;</P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><B>GRUPO SUPERVIELLE S.A.<BR> <FONT STYLE="font-weight: normal">(Expressed in thousands of pesos)</FONT></B></P><P STYLE="margin: 0pt"></P></DIV>
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<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>


<a name=schedL></a>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>SCHEDULE L - ASSETS AND LIABILITIES IN FOREIGN CURRENCY</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">As of December 31, 2019 and 2018:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman,serif; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman,serif; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="14" STYLE="font: bold 8pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid">As of December 31, 2019 (per currency)</TD><TD STYLE="padding-bottom: 1pt; font: bold 8pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman,serif; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 8pt Times New Roman,serif; border-bottom: Black 1pt solid">Items</TD><TD STYLE="font: bold 8pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 8pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid">Headquarters and branches in the country</TD><TD STYLE="padding-bottom: 1pt; font: bold 8pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 8pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid">As of December 31, 2019</TD><TD STYLE="padding-bottom: 1pt; font: bold 8pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 8pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid">Dollar</TD><TD STYLE="padding-bottom: 1pt; font: bold 8pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 8pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid">Euro</TD><TD STYLE="padding-bottom: 1pt; font: bold 8pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 8pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid">Real</TD><TD STYLE="padding-bottom: 1pt; font: bold 8pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 8pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid">Others</TD><TD STYLE="padding-bottom: 1pt; font: bold 8pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 8pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid">As of December 31, 2018</TD><TD STYLE="padding-bottom: 1pt; font: bold 8pt Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 8pt Times New Roman,serif">ASSETS</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="width: 23%; font: 8pt Times New Roman,serif; text-align: left">Cash and Due from Banks</TD><TD STYLE="width: 1%; font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font: 8pt Times New Roman,serif; text-align: right">13,896,907</TD><TD STYLE="width: 1%; font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font: 8pt Times New Roman,serif; text-align: right">13,896,907</TD><TD STYLE="width: 1%; font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font: 8pt Times New Roman,serif; text-align: right">13,161,262</TD><TD STYLE="width: 1%; font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font: 8pt Times New Roman,serif; text-align: right">589,529</TD><TD STYLE="width: 1%; font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font: 8pt Times New Roman,serif; text-align: right">15,285</TD><TD STYLE="width: 1%; font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font: 8pt Times New Roman,serif; text-align: right">130,831</TD><TD STYLE="width: 1%; font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font: 8pt Times New Roman,serif; text-align: right">16,358,427</TD><TD STYLE="width: 1%; font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">Debt securities at fair value through profit or loss</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">704,916</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">704,916</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">704,916</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">2,792,749</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 8pt Times New Roman,serif">Derivatives</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">13,405</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">Other financial assets</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">1,151,505</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">1,151,505</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">1,151,257</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">248</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">595,143</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">Loans and other financing</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">21,482,922</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">21,482,922</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">21,479,286</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">3,313</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">323</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">21,130,355</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other financial entities</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans - Non-financial private sector and residents abroad</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">21,482,922</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">21,482,922</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">21,479,286</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">3,313</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">323</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">Other Debt Securities</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">65</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">65</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">65</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">1,039,824</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">Financial assets in guarantee</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">4,503,242</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">4,503,242</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">4,503,242</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">462,536</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">Investments in equity instruments</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left; padding-bottom: 1pt">Other non-financial assets</TD><TD STYLE="font: 8pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman,serif; text-align: right">179,271</TD><TD STYLE="padding-bottom: 1pt; font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman,serif; text-align: right">179,271</TD><TD STYLE="padding-bottom: 1pt; font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman,serif; text-align: right">179,271</TD><TD STYLE="padding-bottom: 1pt; font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman,serif; text-align: right">149,192</TD><TD STYLE="padding-bottom: 1pt; font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 8pt Times New Roman,serif; text-align: left; padding-bottom: 1pt">TOTAL ASSETS</TD><TD STYLE="font: bold 8pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman,serif; text-align: right">41,918,828</TD><TD STYLE="padding-bottom: 1pt; font: bold 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman,serif; text-align: right">41,918,828</TD><TD STYLE="padding-bottom: 1pt; font: bold 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman,serif; text-align: right">41,179,299</TD><TD STYLE="padding-bottom: 1pt; font: bold 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman,serif; text-align: right">593,090</TD><TD STYLE="padding-bottom: 1pt; font: bold 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman,serif; text-align: right">15,285</TD><TD STYLE="padding-bottom: 1pt; font: bold 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman,serif; text-align: right">131,154</TD><TD STYLE="padding-bottom: 1pt; font: bold 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman,serif; text-align: right">42,541,631</TD><TD STYLE="padding-bottom: 1pt; font: bold 8pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 8pt Times New Roman,serif">LIABILITIES</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 8pt Times New Roman,serif">Deposits</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">23,336,727</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">23,336,727</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">22,855,146</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">481,581</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">31,319,494</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left; text-indent: 8pt">Non-financial public sector</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">2,171,358</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">2,171,358</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">2,171,272</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">86</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">7,899,762</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left; text-indent: 8pt">Financial sector</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">9,062</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">9,062</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">9,062</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">2,978</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left; text-indent: 8pt">Non-financial private sector and foreign residents</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">21,156,307</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">21,156,307</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">20,674,812</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">481,495</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">23,416,754</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: justify">Liabilities at fair value through profit or loss</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">152,886</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">Other financial liabilities</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">4,091,775</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">4,091,775</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">3,998,209</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">93,566</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">503,747</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">Financing received from the Argentine Central Bank and other financial institutions</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">8,075,471</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">8,075,471</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">8,075,471</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">6,789,700</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">Subordinated negotiable obligations</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">2,119,888</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">2,119,888</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">2,119,888</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">1,383,817</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">Other non-financial liabilities</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">341,062</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">341,062</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">341,062</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">514,782</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 8pt Times New Roman,serif; text-align: left; padding-bottom: 1pt">TOTAL LIABILITIES</TD><TD STYLE="font: bold 8pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman,serif; text-align: right">37,964,923</TD><TD STYLE="padding-bottom: 1pt; font: bold 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman,serif; text-align: right">37,964,923</TD><TD STYLE="padding-bottom: 1pt; font: bold 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman,serif; text-align: right">37,389,776</TD><TD STYLE="padding-bottom: 1pt; font: bold 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman,serif; text-align: right">575,147</TD><TD STYLE="padding-bottom: 1pt; font: bold 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman,serif; text-align: right">40,664,426</TD><TD STYLE="padding-bottom: 1pt; font: bold 8pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 8pt Times New Roman,serif; text-align: left; padding-bottom: 1pt">NET POSITION</TD><TD STYLE="font: bold 8pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman,serif; text-align: right">3,953,905</TD><TD STYLE="padding-bottom: 1pt; font: bold 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman,serif; text-align: right">3,953,905</TD><TD STYLE="padding-bottom: 1pt; font: bold 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman,serif; text-align: right">3,789,523</TD><TD STYLE="padding-bottom: 1pt; font: bold 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman,serif; text-align: right">17,943</TD><TD STYLE="padding-bottom: 1pt; font: bold 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman,serif; text-align: right">15,285</TD><TD STYLE="padding-bottom: 1pt; font: bold 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman,serif; text-align: right">131,154</TD><TD STYLE="padding-bottom: 1pt; font: bold 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman,serif; text-align: right">1,877,205</TD><TD STYLE="padding-bottom: 1pt; font: bold 8pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>


<!-- Field: Page; Sequence: 89; Section: separate_financials; Value: 74 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; padding-bottom: 2pt; border-bottom: rgb(98,145,178) 2pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->84<!-- Field: /Sequence -->&nbsp;</P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><B>GRUPO SUPERVIELLE S.A.<BR> <FONT STYLE="font-weight: normal">(Expressed in thousands of pesos)</FONT></B></P><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>

<a name=schedR></a>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>SCHEDULE R &ndash; LOAN LOSS RISK PROVISIONS</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The balance of loan loss risk provisions as of December
31, 2019 is presented below:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 9pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">Items</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Balance at <BR> 12/31/2018</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Increases</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Disabilities and <BR> direct charges</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Balance at <BR> 12/31/2019</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="width: 48%; text-align: left">Other financial assets</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">654</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">63,560</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">(654</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">63,560</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Loans and other financing</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="text-align: left; padding-left: 10.45pt">Other financial entities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">29,812</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(17,732</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,080</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10.45pt">Non-financial private sector and residents abroad</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="text-indent: 24.6pt">Advances</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">115,439</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">617,238</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(89,285</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">643,392</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: 24.6pt">Documents</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">244,573</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">770,057</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(255,465</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">759,165</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="text-align: left; text-indent: 24.6pt">Mortgage loans</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">56,881</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">369,419</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">426,300</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 24.6pt">Pledge loans</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">42,553</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">98,317</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(168,167</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(27,297</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="text-align: left; text-indent: 24.6pt">Personal loans</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,167,454</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,884,909</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,044,324</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,008,039</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 24.6pt">Credit cards</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">518,760</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">834,499</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(719,189</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">634,070</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="text-align: left; text-indent: 24.6pt">Financial lease</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">47,317</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">57,117</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(28,200</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">76,234</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: 24.6pt">Others</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,228,618</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,780,589</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(701,767</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,307,440</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">Corporate securities <SUP>(1)</SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">74</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,555</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,629</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">Contingent commitments <SUP>(2)</SUP></FONT></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,196</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(829</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">367</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font-weight: bold; padding-bottom: 1pt">TOTAL</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">3,453,331</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">6,479,260</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(4,025,612</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">5,906,979</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 9pt Times New Roman,serif; margin: 0; text-align: justify">The line &ldquo;Loan loss provisions&rdquo; as per Income
Statement, includes 718,670 in terms of direct result charges.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt">(1)</TD><TD STYLE="text-align: justify">Provisions for Corporate Securities do not apply to Loan loss provisions. Its counterparty is recorded
in Interest Income.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt">(2)</TD><TD>Provisions for Contingent Commitments do not apply to Loan loss provisions. Its counterparty is recorded in Other Operating
Expenses.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->85<!-- Field: /Sequence -->&nbsp;</P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><B>GRUPO SUPERVIELLE S.A.<BR> <FONT STYLE="font-weight: normal">(Expressed in thousands of pesos)</FONT></B></P><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><IMG SRC="gruposupervielle.jpg" ALT="" STYLE="width: 2.1in">&nbsp;</P>

<P STYLE="font: bold 9pt Sans-Serif; margin: 0; text-align: left; color: Red">&nbsp;</P>

<P STYLE="font: bold 11pt Times New Roman,serif; margin: 0; text-align: left">Separate Financial Statements</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">For the financial year
ended on</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><FONT STYLE="font-size: 11pt; font-weight: normal">December
31, 2019, presented on comparative basis</FONT><FONT STYLE="font-weight: normal">.</FONT></P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0; text-align: left">&nbsp;</P>


<!-- Field: Page; Sequence: 91; Section: separate_financials -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; padding-bottom: 2pt; border-bottom: rgb(98,145,178) 2pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->86<!-- Field: /Sequence -->&nbsp;</P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><B>GRUPO SUPERVIELLE S.A.</B></P><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><B>Separate Statement of Financial Position </B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">As of December 31,
2019 and 2018</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 14.2pt; text-align: center; text-indent: -14.2pt">(Expressed in thousands
of pesos)</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 14.2pt; text-align: center; text-indent: -14.2pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Notes and Schedules</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">12/31/2019</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">12/31/2018</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font-size: 9pt; font-weight: bold">ASSETS</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 58%; font-weight: bold; text-align: left">&nbsp;Cash and due from banks</TD><TD STYLE="width: 2%; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="width: 12%; font-size: 9pt; text-align: center">1.6 and 3</TD><TD STYLE="width: 2%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-weight: bold; text-align: right">119,498</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-weight: bold; text-align: right">3,150</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD>&nbsp;&nbsp;&nbsp;Cash</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;&nbsp;&nbsp;Financial institutions and correspondents</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other local and foreign financial institutions</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">119,496</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,147</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Other financial assets</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: center">1.6, 3 and 7.1</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">722,108</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">965,715</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font-weight: bold; text-align: left">Other debt securities</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: center">1.6, 7.2 and A</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">112,515</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">Current income tax assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">43,827</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font-weight: bold; text-align: left">Investment in subsidiaries, associates and joint ventures</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: center">6</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">19,336,923</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">14,935,666</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Property, plant and equipment</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: center">4</TD><TD STYLE="font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: right">1,403</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">1,792</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font-weight: bold; text-align: left">Intangible Assets</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: center">5</TD><TD STYLE="font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: right">1,521,191</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">1,532,867</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Tax Receivables</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: right">49,479</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">1,424</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">Other Non-financial assets</TD><TD STYLE="font-size: 9pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: center; padding-bottom: 1pt">7.3</TD><TD STYLE="font-size: 9pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; font-weight: bold; text-align: right">149,052</TD><TD STYLE="padding-bottom: 1pt; font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">128,442</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">TOTAL ASSETS</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; font-weight: bold; text-align: right">21,943,481</TD><TD STYLE="padding-bottom: 1pt; font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">17,681,571</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold">LIABILITIES</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font-weight: bold; text-align: left">Issued Negotiable Obligations</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">28,023</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Tax payable</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">130,656</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">Other Non-Financial Liabilities</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">263,444</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">367,337</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">TOTAL LIABILITIES</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">263,444</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">526,016</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">SHAREHOLDERS' EQUITY</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="text-align: left">Capital Stock</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: right">456,722</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">456,722</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Paid in capital</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: right">8,997,297</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">8,996,882</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="text-align: left">Earnings Reserved</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: right">6,800,154</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">5,447,192</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Retained earnings</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: right">&mdash;</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(911,607</TD><TD STYLE="font-weight: bold; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="text-align: left">Other comprehensive income</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: right">1,167,932</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">598,797</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Net Income for the period</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; font-weight: bold; text-align: right">4,257,932</TD><TD STYLE="padding-bottom: 1pt; font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2,567,569</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">TOTAL SHAREHOLDERS' EQUITY</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; font-weight: bold; text-align: right">21,680,037</TD><TD STYLE="padding-bottom: 1pt; font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">17,155,555</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt">TOTAL NET LIABILITIES AND SHAREHOLDERS' EQUITY</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; font-weight: bold; text-align: right">21,943,481</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: right">17,681,571</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 8pt Times New Roman,serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><FONT STYLE="font-size: 8pt">The accompanying notes
and schedules are an integral part of the separate financial statements</FONT>.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>


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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; padding-bottom: 2pt; border-bottom: rgb(98,145,178) 2pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->87<!-- Field: /Sequence -->&nbsp;</P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><B>GRUPO SUPERVIELLE S.A.</B></P><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->


<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0; text-align: center">Separate Statement of Comprehensive Income</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">For the financial
year ended on December 31, 2019 and 2018</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">(Expressed in thousands
of pesos)</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 9pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-style: italic">&nbsp;</TD><TD STYLE="font-weight: bold; font-style: normal; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: normal; text-align: center; border-bottom: Black 1pt solid">Notes</TD><TD STYLE="font-weight: bold; font-style: normal; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; font-style: normal; text-align: center; border-bottom: Black 1pt solid">12/31/2019</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; font-style: normal">&nbsp;</TD><TD STYLE="font-weight: bold; font-style: normal; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; font-style: normal; text-align: center; border-bottom: Black 1pt solid">12/31/2018</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; font-style: normal">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="width: 58%; font-size: 10pt; text-align: left">Interest income</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 12%; text-align: center">7.6</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">75,620</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">129,349</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Interest expenses</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 1pt">7.7</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(1,015</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(9,794</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt">Net interest income</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">74,605</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">119,555</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-style: normal; text-align: left">Net income from financial instruments at fair value through profit or loss</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">7.8</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">228,925</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">703,106</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Exchange rate difference on gold and foreign currency</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(2,008</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(24,072</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">NIFFI And Exchange Rate Differences</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">226,917</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">679,034</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">Subtotal</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">301,522</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">798,589</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Other operating income</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 1pt">7.9</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">135,245</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">158,626</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">Net operating income</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">436,767</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">957,215</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Personnel expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">7.10</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">126,303</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">176,879</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="text-align: left">Administration expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">7.11</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">140,403</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">95,841</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Depreciation and impairment of non-financial assets</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">22,530</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14,895</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Other operating expenses</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 1pt">7.12</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">17,988</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">10,263</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">Operating income</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">129,543</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">659,337</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Profit of subsidiaries and associates</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 1pt">7.13</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">4,060,147</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2,098,545</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">Income before taxes</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">4,189,690</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2,757,882</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Income tax</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">68,242</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(190,313</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">Net income of the period</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">4,257,932</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2,567,569</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 8pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><FONT STYLE="font-size: 8pt">The accompanying notes
and schdules are an integral part of the separate financial statements</FONT>.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0; text-align: center">&nbsp;</P>


<!-- Field: Page; Sequence: 93; Section: separate_financials -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; padding-bottom: 2pt; border-bottom: rgb(98,145,178) 2pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->88<!-- Field: /Sequence -->&nbsp;</P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><B>GRUPO SUPERVIELLE S.A.</B></P><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->


<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0; text-align: center">Separate Statement of Comprehensive Income</P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0; text-align: center">Earning Per Share</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">For the financial
year ended on December 31, 2019 and 2018</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">(Expressed in thousands
of pesos)</FONT></P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: center">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid">12/31/2019</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid">12/31/2018</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: bold 10pt Times New Roman,serif">NUMERATOR</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 72%; font: 10pt Times New Roman,serif; text-align: left">Net income for the period attributable to owners of the parent company</TD><TD STYLE="width: 2%; font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman,serif; text-align: right">4,257,932</TD><TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman,serif; text-align: right">2,567,569</TD><TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">PLUS: Diluting events inherent to potential ordinary shares</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">Net income attributable to owners of the parent company adjusted by dilution</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">4,257,932</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">2,567,569</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman,serif">DENOMINATOR</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif">Weighted average of ordinary shares</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">456,722</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">456,722</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">PLUS: Weighted average of number of ordinary shares issued with dilution effect.</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif">Weighted average of number of ordinary shares issued of the period adjusted by dilution effect</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">456,722</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">456,722</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman,serif">Basic Income per share</TD><TD STYLE="font: bold 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman,serif; text-align: right">9.32</TD><TD STYLE="font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman,serif; text-align: right">5.62</TD><TD STYLE="font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: bold 10pt Times New Roman,serif">Diluted Income per share</TD><TD STYLE="font: bold 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman,serif; text-align: right">9.32</TD><TD STYLE="font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman,serif; text-align: right">5.62</TD><TD STYLE="font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 42.55pt; text-align: center"><FONT STYLE="font-size: 8pt">The accompanying
notes and schdules are an integral part of the separate financial statements</FONT>.</P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0 85pt 0 78pt; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0; text-align: center">&nbsp;</P>


<!-- Field: Page; Sequence: 94; Section: separate_financials -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; padding-bottom: 2pt; border-bottom: rgb(98,145,178) 2pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->89<!-- Field: /Sequence -->&nbsp;</P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><B>GRUPO SUPERVIELLE S.A.</B></P><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->


<a name=separateSOCI></a>
<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0; text-align: center">Separte Statement Of Comprehensive Income</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">For the financial
year ended on December 31, 2019 and 2018</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">(Expressed in thousands
of pesos)</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 14.2pt; text-align: center; text-indent: -14.2pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 8pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; font-style: normal; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 9pt; font-weight: bold; font-style: normal; text-align: center; border-bottom: Black 1pt solid">12/31/2019</TD><TD STYLE="padding-bottom: 1pt; font-size: 9pt; font-weight: bold; font-style: normal">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; font-style: normal; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 9pt; font-weight: bold; font-style: normal; text-align: center; border-bottom: Black 1pt solid">12/31/2018</TD><TD STYLE="padding-bottom: 1pt; font-size: 9pt; font-weight: bold; font-style: normal">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="width: 72%; font-weight: bold; text-align: left">Net income from the period</TD><TD STYLE="width: 2%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-weight: bold; text-align: right">4,257,932</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-weight: bold; text-align: right">2,567,569</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Components of Other Comprehensive Income not to be reclassified to profit or loss</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="text-align: left">Income of the period from the participation of Other Comprehensive income of associates and joint ventures recorded through the utilization of the participation method</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">562,383</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">452,189</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Total Other Comprehensive Income not to be reclassified at the income of the period</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">562,383</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">452,189</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 8pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Components of Other Comprehensive Income to be reclassified at the income of the period</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">Income of the period from de participation of Other Comprehensive Income of associates and joint ventures </FONT><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">recorded through the utilization of the participation method</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,752</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,425</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 9pt; text-align: left">Income of the period from financial instrument at fair value through changes in other comprehensive income</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,570</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font-size: 9pt; text-align: left">Income tax</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(3,771</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Total Other Comprehensive loss to be reclassified at the income of the period</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">6,752</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">10,224</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font-weight: bold; text-align: left">Total other comprehensive income</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">569,135</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">462,413</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 8pt Arial,sans-serif; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">Total Comprehensive Income</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">4,827,067</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">3,029,982</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 9pt; text-align: left">Total comprehensive income attributable to parent company</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,827,067</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,029,982</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 8pt Times New Roman,serif; margin: 0; text-align: center">The accompanying notes and schedules are an integral
part of the separate financial statements</P>

<P STYLE="font: 8pt Times New Roman,serif; margin: 0; text-align: center">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->90<!-- Field: /Sequence -->&nbsp;</P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><B>GRUPO SUPERVIELLE S.A.</B></P><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->


<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0; text-align: center">Separate Statement of Changes in Shareholders&acute;
Equity</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">For the financial
year ended on December 31, 2019 and 2018</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">(Expressed in thousands
of pesos)</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0; text-align: center"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Other comprehensive income</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">Item</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 8pt Times New Roman,serif; margin: 0; text-align: center"><B>Capital
Stock<BR>
(Note 12)</B></P></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Paid in capital</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Legal reserve</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Other reserves</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Retained earnings</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Revaluation of PPE</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Earnings or los accrued by financial institutions at FV through profit and loss</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total <BR>
shareholders&acute; <BR>
equity</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="width: 28%; font-weight: bold; padding-bottom: 1pt">Balances at December 31, 2018</TD><TD STYLE="width: 1%; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; border-bottom: Black 1pt solid; font-weight: bold; text-align: right">456,722</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; border-bottom: Black 1pt solid; font-weight: bold; text-align: right">8,996,882</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; border-bottom: Black 1pt solid; font-weight: bold; text-align: right">91,344</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; border-bottom: Black 1pt solid; font-weight: bold; text-align: right">5,355,848</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; border-bottom: Black 1pt solid; font-weight: bold; text-align: right">1,655,962</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; border-bottom: Black 1pt solid; font-weight: bold; text-align: right">582,380</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; border-bottom: Black 1pt solid; font-weight: bold; text-align: right">16,417</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; border-bottom: Black 1pt solid; font-weight: bold; text-align: right">17,155,555</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Distribution of retained earnings by the shareholders&rsquo; meeting on April 26, 2019:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="text-align: left; padding-left: 17.05pt">&nbsp;- Other reserves</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,352,962</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,352,962</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 17.05pt">&nbsp;- Dividend distribution</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(303,000</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(303,000</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="text-align: left">Paid in capital in subsidiaries</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">415</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">415</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Net Income for the period</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,257,932</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,257,932</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Other comprehensive income for the period</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">562,398</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">6,737</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">569,135</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; padding-bottom: 2.5pt">Balances as of December 31, 2019</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">456,722</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">8,997,297</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">91,344</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">6,708,810</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">4,257,932</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">1,144,778</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">23,154</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">21,680,037</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Other comprehensive income</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">Item</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Capital Stock<BR> (Note 12)</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Paid in capital</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Legal reserve</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Other reserves</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Retained earnings</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Revaluation of PPE</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Earnings or los accrued by financial institutions at FV through profit and loss</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total <BR> shareholders&acute; <BR> equity</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="width: 28%; font-weight: bold; padding-bottom: 1pt">Balances at December 31, 2017</TD><TD STYLE="width: 1%; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; border-bottom: Black 1pt solid; font-weight: bold; text-align: right">456,722</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; border-bottom: Black 1pt solid; font-weight: bold; text-align: right">8,997,178</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; border-bottom: Black 1pt solid; font-weight: bold; text-align: right">72,755</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; border-bottom: Black 1pt solid; font-weight: bold; text-align: right">3,181,084</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; border-bottom: Black 1pt solid; font-weight: bold; text-align: right">1,525,452</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; border-bottom: Black 1pt solid; font-weight: bold; text-align: right">131,040</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; border-bottom: Black 1pt solid; font-weight: bold; text-align: right">5,344</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; border-bottom: Black 1pt solid; font-weight: bold; text-align: right">14,369,575</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Paid in capital in subsidiaries</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(296</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(296</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="text-align: left">Distribution of retained earnings by the shareholders&rsquo; meeting on April 24, 2018:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 17.05pt">&nbsp;- Other reserves</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">18,589</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,174,764</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,193,353</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="text-align: left; padding-left: 17.05pt">&nbsp;- Dividend distribution</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(243,706</TD><TD STYLE="text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(243,706</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Net Income for the period</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,567,569</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,567,569</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Other comprehensive income for thr period</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">451,340</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">11,073</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">462,413</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; padding-bottom: 2.5pt">Balances as of December 31, 2018</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">456,722</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">8,996,882</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">91,344</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">5,355,848</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">1,655,962</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">582,380</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">16,417</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">17,155,555</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>



<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0; text-align: center"></P>

<P STYLE="font: 8pt Times New Roman,serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 8pt Times New Roman,serif; margin: 0; text-align: center">The accompanying notes and schedules are an integral
part of the separate financial statements</P>

<P STYLE="font: 8pt Times New Roman,serif; margin: 0; text-align: center">&nbsp;</P>


<!-- Field: Page; Sequence: 96; Section: separate_financials -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; padding-bottom: 2pt; border-bottom: rgb(98,145,178) 2pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->91<!-- Field: /Sequence -->&nbsp;</P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><B>GRUPO SUPERVIELLE S.A.</B></P><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->


<a name=separateCF></a>
<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0; text-align: center">Separate Statement of Cash Flow</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">For the financial
year ended on December 31, 2019 and 2018</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">(Expressed in thousands
of pesos)</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 14.2pt; text-align: center; text-indent: -14.2pt">&nbsp;</P>

<P STYLE="font: 8pt Times New Roman,serif; margin: 0 0 0 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 9pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 9pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">12/31/2019</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 9pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 9pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 9pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">12/31/2018</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 9pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">CASH FLOW FROM OPERATING
    ACTIVITIES</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="width: 72%; font: 9pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">Net income for the
    period before Income Tax</FONT></TD><TD STYLE="width: 2%; font: 9pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 9pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; font: 9pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">4,189,690</FONT></TD><TD STYLE="width: 1%; font: 9pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 2%; font: 9pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 9pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; font: 9pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">2,757,882</FONT></TD><TD STYLE="width: 1%; font: 9pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">Adjustments to obtain flows
    from operating activities:</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left; text-indent: -0.05pt; padding-left: 23.85pt"><FONT STYLE="font-size: 10pt">Results
    of associates and join ventures</FONT></TD><TD STYLE="font: 9pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">(4,060,147</FONT></TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font: 9pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">(2,098,545</FONT></TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left; text-indent: -0.05pt; padding-left: 23.85pt"><FONT STYLE="font-size: 10pt">Depreciation
    and impairment</FONT></TD><TD STYLE="font: 9pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">22,530</FONT></TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 9pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">14,895</FONT></TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left; text-indent: -0.05pt; padding-left: 23.85pt"><FONT STYLE="font-size: 10pt">Exchange
    rate difference on gold and foreign currency</FONT></TD><TD STYLE="font: 9pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">2,008</FONT></TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 9pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">24,072</FONT></TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left; text-indent: -0.05pt; padding-left: 23.85pt"><FONT STYLE="font-size: 10pt">Interests
    from loans and other financing</FONT></TD><TD STYLE="font: 9pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">(75,620</FONT></TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font: 9pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">(129,349</FONT></TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left; text-indent: -0.05pt; padding-left: 23.85pt"><FONT STYLE="font-size: 10pt">Interests
    from deposits and financing</FONT></TD><TD STYLE="font: 9pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">1,015</FONT></TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 9pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">9,794</FONT></TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left; text-indent: -0.05pt; padding-left: 23.85pt"><FONT STYLE="font-size: 10pt">Net
    income from financial instruments at fair value through profit or loss</FONT></TD><TD STYLE="font: 9pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">(228,925</FONT></TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font: 9pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">(703.106</FONT></TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">(Increases) / decreases from
    operating assets:</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left; text-indent: -0.05pt; padding-left: 23.85pt"><FONT STYLE="font-size: 10pt">Other
    debt securities</FONT></TD><TD STYLE="font: 9pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">202,427</FONT></TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 9pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">5,533,868</FONT></TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left; text-indent: -0.05pt; padding-left: 23.85pt"><FONT STYLE="font-size: 10pt">Other
    assets</FONT></TD><TD STYLE="font: 9pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">346,026</FONT></TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 9pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">(829,790</FONT></TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">Increases / (decreases) from
    operating liabilities:</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left; text-indent: -0.05pt; padding-left: 23.85pt"><FONT STYLE="font-size: 10pt">Other
    liabilities</FONT></TD><TD STYLE="font: 9pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">79,982</FONT></TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 9pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">86,526</FONT></TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left; text-indent: -0.05pt; padding-left: 23.85pt"><FONT STYLE="font-size: 10pt">Income
    Tax paid</FONT></TD><TD STYLE="font: 9pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">(154,296</FONT></TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font: 9pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">(53,518</FONT></TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">TOTAL OPERATING ACTIVITIES
    (A)</FONT></TD><TD STYLE="font: bold 9pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">324,690</FONT></TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 9pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">4,612,729</FONT></TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">CASH FLOW FROM INVESTING
    ACTIVITIES</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-indent: 17.8pt"><FONT STYLE="font-size: 10pt">Payments:</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left; text-indent: -0.05pt; padding-left: 23.85pt"><FONT STYLE="font-size: 10pt">Purchase
    of investments in subsidiaries</FONT></TD><TD STYLE="font: 9pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">(197,955</FONT></TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font: 9pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">(1,406,361</FONT></TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left; text-indent: -0.05pt; padding-left: 23.85pt"><FONT STYLE="font-size: 10pt">Contributions
    made to subsidiaries</FONT></TD><TD STYLE="font: 9pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">(559,386</FONT></TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font: 9pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">(2,271,030</FONT></TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-indent: 17.8pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">TOTAL INVESTING ACTIVITIES
    (B)</FONT></TD><TD STYLE="font: bold 9pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">(757,341</FONT></TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font: bold 9pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">(3,677,391</FONT></TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-indent: 17.8pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">CASH FLOWS FROM FINANCING
    ACTIVITIES</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-indent: 17.8pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-indent: 17.8pt"><FONT STYLE="font-size: 10pt">Payments:</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left; padding-left: 23.85pt"><FONT STYLE="font-size: 10pt">Changes
    in investments in subsidiaries that do not result in control loss</FONT></TD><TD STYLE="font: 9pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">415</FONT></TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 9pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">(296</FONT></TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left; padding-left: 23.85pt"><FONT STYLE="font-size: 10pt">Unsubordinated
    negotiable obligations</FONT></TD><TD STYLE="font: 9pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">(29,038</FONT></TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font: 9pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">(7,369</FONT></TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 9pt Times New Roman,serif; padding-left: 23.85pt"><FONT STYLE="font-size: 10pt">Dividends</FONT></TD><TD STYLE="font: 9pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">(303,000</FONT></TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font: 9pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">(243,706</FONT></TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: bold 9pt Times New Roman,serif; padding-left: 23.85pt"><FONT STYLE="font-size: 10pt">Collections:</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left; padding-left: 23.85pt"><FONT STYLE="font-size: 10pt">Dividends
    collected</FONT></TD><TD STYLE="font: 9pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">791,025</FONT></TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 9pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-indent: 17.8pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">TOTAL FINANCING ACTIVITIES
    (C)</FONT></TD><TD STYLE="font: bold 9pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">459,402</FONT></TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 9pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">(251,371</FONT></TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-indent: 17.8pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">EFFECT OF CHANGES IN THE
    EXCHANGE RATE (D)</FONT></TD><TD STYLE="font: bold 9pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">(2,008</FONT></TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font: bold 9pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">(24,072</FONT></TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-indent: 17.8pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">TOTAL CHANGES IN CASH FLOW</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">NET INCREASE IN CASH AND
    CASH EQUIVALENTS&nbsp;&nbsp;(A+B+C+D)</FONT></TD><TD STYLE="font: bold 9pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">24,743</FONT></TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 9pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">659,895</FONT></TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">CASH AND CASH EQUIVALENTS
    AT THE BEGINNING OF THE YEAR (NOTE 1.6)</FONT></TD><TD STYLE="font: bold 9pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">816,023</FONT></TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 9pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">156,128</FONT></TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">CASH AND CASH EQUIVALENTS
    AT THE END OF THE PERIOD (NOTE 1.6)</FONT></TD><TD STYLE="font: bold 9pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">840,766</FONT></TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 9pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">816,023</FONT></TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 8pt Times New Roman,serif; margin: 0 0 0 0.25in">&nbsp;</P>

<P STYLE="font: 8pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: center">The accompanying notes and schedules are an
integral part of the separate financial statements</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->92<!-- Field: /Sequence -->&nbsp;</P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><B>GRUPO SUPERVIELLE S.A.</B></P><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><B>Notes to Separate Financial Statements </B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">As of December 31,
2019 presented on comparative basis </FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">(Expressed in thousands
of pesos)</FONT></P>



<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<a name=sn1></a>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACCOUNTING
STANDARDS AND BASIS OF PREPARATION OF THE UNAUDITED SEPARATE FINANCIAL STATEMENTS</B></P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Grupo Supervielle S.A. (hereinafter, &ldquo;the Group&rdquo;),
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.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The main investment of the Company accounts for the
stake in Banco Supervielle S.A., a financial entity governed pursuant to Law N&deg; 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.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The issuance of these Consolidated Financial Statements
as of the fiscal year ended on December 31, 2019 was passed by the Board of the Company over the course of its meeting held on
February 19, 2020.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>1.1.</B></TD><TD STYLE="text-align: justify"><B>(a) Differences between the accounting framework established by the BCRA and IFRS</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The Central Bank of the Argentine Republic (BCRA),
through Communications &quot;A&quot; 5541 and amendments, established the convergence plan towards the International Financial
Reporting Standards (IFRS) issued by the International Financial Reporting Standards Board (IASB, for its acronym in English) and
the interpretations issued by the Committee on Interpretations of International Financial Reporting Standards (IFRIC), for the
entities under its supervision, for the periods beginning on or after January 1, 2018, with the exception of the application of
point 5.5 &quot;Impairment&quot; of IFRS 9 &quot;Financial Instruments&quot; and of IAS 29 &quot;Financial Information in Hyperinflationary
Economies&quot;.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>(i) Impairment of financial assets</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">In accordance with Communication &ldquo;A&rdquo; 6114,
for the recognition of credit losses in these financial statements, the Group has applied the &ldquo;Minimum provisions for bad
debt&rdquo; provisions set forth in the Liquidity and Solvency standards (LISOL 1) of the BCRA (Note 1.14)</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">For this purpose, IFRS 9 provides for a model of expected
credit losses, by which financial assets are classified into three stages of impairment, based on changes in credit quality since
their initial recognition, which dictate how an entity measures losses due to impairment, impairment and applies the effective
interest method.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Should the impairment model contemplated in point 5.5
of IFRS 9 be applied, the Entity's equity and results would differ significantly from the balances currently reported.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>(ii) Restatement for inflation of the financial
statements</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">IAS 29 &quot;Financial information in hyperinflationary
economies&quot; requires that the financial statements of an entity, whose functional currency is that of a high inflation economy,
be expressed in terms of the current unit of measurement as of the closing date of the financial year that is reported, regardless
of whether they are based on the historical cost method or the current cost method. For this, in general terms, inflation produced
from the date of acquisition or from the revaluation date, as applicable, must be computed in the non-monetary items. These requirements
also include the comparative information of the financial statements.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 9.3pt 0 0; text-align: justify">In order to conclude on whether an economy
is categorized as high inflation in the terms of IAS 29, the standard details a series of factors to be considered among which
is a cumulative rate of inflation in three years that approximates or exceeds The 100%. It is for this reason that, according to
IAS 29, the Argentine economy must be considered as high inflation starting on July 1, 2018.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 9.3pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 9.3pt 0 0; text-align: justify">Briefly, the restatement mechanism of IAS
29 establishes that monetary assets and liabilities will not be restated since they are already expressed in the current unit of
measurement at the end of the reporting period. Assets and liabilities subject to adjustments based on specific agreements will
be adjusted in accordance with such agreements. The non-monetary items measured at their current values at the end
of the reporting period, such as the net realization value or others, will not be restated. The remaining non-monetary assets and
liabilities will be restated by a general price index. The loss or gain from the net monetary position will be included in the
net result of the reporting period, revealing this information in a separate line item.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 9.3pt 0 0; text-align: justify">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->93<!-- Field: /Sequence -->&nbsp;</P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><B>GRUPO SUPERVIELLE S.A.</B></P><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><B>Notes to Separate Financial Statements </B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">As of December 31,
2019 presented on comparative basis </FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">(Expressed in thousands
of pesos)</FONT></P>



<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 9.3pt 0 0; text-align: justify">Through Communication &quot;A&quot; 6651,
the B.C.R.A. It established that the Financial Institutions should begin to apply the provisions on restatement for inflation of
the financial statements as of the years beginning on January 1, 2020.Therefore, IAS 29 has not been applied in these financial
statements.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 9.3pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 9.3pt 0 0; text-align: justify">The application of IAS 29 &quot;Financial
information in hyperinflationary economies&quot; has general effects in these unaudited separate condensed interim financial statements
affecting balances significantly, increasing the Group's equity and its comprehensive income as of December 31, 2019 approximately
to $24,170 and $(1,445) millions, respectively.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 9.3pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>1.1.b) Changes in the accounting framework set by
the Argentine Central Bank and to be implemented as from 01/01/2020</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 14.2pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Pursuant to Communication &ldquo;A&rdquo; 6651, issued
by the Argentine Central Bank, Financial Entities shall begin to apply regulations related to the re-expression of inflation of
financial statements as from fiscal years starting on January 1, 2020. Communication &ldquo;A&rdquo; 6849 included the guidelines
for the application of the financial statements re-expression procedure set by IAS 29, including the financial statements comparative
re-expression procedure. The impact produced by the application of this regulation is set forth in note 1.1.a)(i).</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Additionally, pursuant to Communication &ldquo;A&rdquo;
6430 provisions on Financial Assets Impairment included in paragraph 5.5 of IFRS 9 as from fiscal years starting on 01/01/2020
shall be started. Later, Communication &ldquo;A&rdquo; 6778 established that Group &ldquo;B&rdquo; entities may extend the impact
produced by the application of such regulation over 5 years, whereas Group &ldquo;A&rdquo; entities will not rely on such possibility.
Pursuant to Communication &ldquo;A&rdquo; 6847, debt securities of the Non-Financial public sector will be excluded temporarily
from IFRS 9 application scope; therefore, such securities will not be affected by provisions on impairment of financial assets.
Likewise, financial entities will be allowed to re-categorize, as from 01/01/2020, 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.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Upon the application of impairment model included in
the accounting framework set by the Argentine Central Bank, a decrease in the shareholders&acute;equity would have been recorded
as of December 31, 2019 as well as a decrease in income of approximately $ 57 million.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Likewise, pursuant to Communication &ldquo;A&rdquo;
6851, provisions on &ldquo;Minimum Provisions for uncollectibillity risk&rdquo; shall keep a &ldquo;regulatory&rdquo; scope, regardless
of the fact that financial statements of financial entities shall be subject to International Financial Reporting Standards (IFRS).
Financial entities shall, temporarily, deduct the positive difference between the &ldquo;regulatory&rdquo; provision calculated
pursuant regulations on &ldquo;Minimum provisions for uncollectibillity risk&rdquo; or the accounting for the last fiscal year
closed upon disclosure of said communication, the higher of both, and the new accounting standard recorded as per paragraph 5.5
of IFRS 9 from its computable equity responsibility. In virtue of the re-calculation of the minimum capital position included in
Section 3 of standards om &ldquo;Distribution of income&rdquo;, Grupo &ldquo;B&rdquo; financial entities shall apply paragraph
5.5 of IFRS 9.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 9.3pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>1.2. Basis of preparation </B></P>

<P STYLE="font: 8pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">These Consolidated Financial Statements have been prepared
according to the Accounting Framework established by the Argentine Central Bank described in Note 1.1</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Going
concern </B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">As of the date of these unaudited 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.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unit
of measure</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The separate financial statements of the Entity recognize
the changes in the purchasing power of the currency until February 28, 2003, having discontinued the adjustment for inflation,
as of that date, as required by Communication &quot;A&quot; 3921 of the BCRA, taking considerations in Note 1.1.(b).</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->94<!-- Field: /Sequence -->&nbsp;</P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><B>GRUPO SUPERVIELLE S.A.</B></P><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><B>Notes to Separate Financial Statements </B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">As of December 31,
2019 presented on comparative basis </FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">(Expressed in thousands
of pesos)</FONT></P>



<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New
accounting standards, amendments and interpretations issued by the IASB that have been adopted by the Group</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The Group has applied the following standard for the
first time as of January 1, 2019:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>IFRS 16 &ldquo;Leases&rdquo;</B>: In January 2016,
the IASB issued IFRS 16 &quot;Leases&quot;, which establishes the new lease transaction registration model. Under IFRS 16, a contract
is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange
for a consideration. IFRS 16 requires the lessee to recognize the lease liability that reflects future lease payments and a right
to use assets, for almost all lease agreements, with the exception of certain short-term leases and leases of asset Low value.
The accounts of the lessors are maintained as indicated in IAS 17; however, it is expected that the new accounting model for lessees
will impact the negotiations between landlords and tenants. Through the Com, &quot;A&quot; 6560 the B.C.R.A. introduced changes
to the chart of accounts and information regimes as a consequence of the entry into force of said IFRS as of January 1, 2019. From
the analysis of the contracts in force there have been no operations that should be considered as Leases under this standard.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New
accounting standards and amendments issued by the IASB that have not been adopted by the Group</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">As new IFRSs are approved, modifications or derogation
from those in force and, once these changes are adopted through Circulars of Adoption of the Argentine Federation of Professional
Councils in Economic Sciences (FACPCE), the B.C.R.A. it will be issued about its approval for financial entities. In general, the
early application of any IFRS will not be accepted, unless it is specifically defined at the time it is adopted.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The new published standards, modifications and interpretations
are listed below, which still have not entered into force for financial years starting as of January 1, 2018, and have not been
adopted in advance:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>IFRS 17 &ldquo;Insurance contracts&rdquo;</B>: In
May 18, 2017, the IASB issued IFRS 17 &ldquo;Insurance contracts&rdquo; 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 financial years beginning as from November 1, 2021. The Company
is evaluating the impact of the adoption of this new standard.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">There are no other IFRS or IFRIC interpretations not
yet effective and which are expected to have a significant impact on the Group.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Critical accounting policies
and estimates</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">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 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 Financial Statements.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 19.5pt 0 0; text-align: justify"><B>1.4. Information by segment</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 19.5pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 19.5pt 0 0">The Group determines operating segments based on performance
appraisal reports which are revised by the Board and key personnel of the Senior Management and updated upon changes occur.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 19.5pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 19.5pt 0 0; text-align: justify">The Group considers the business in accordance
with the types of products and services available, thus identifying operating segments mentioned in Note 2 as per Consolidated
Financial Statements.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 19.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>1.5. Foreign currency translation </B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 8pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>(a)</B></TD><TD STYLE="text-align: justify"><B>Functional and presentation currency</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">Figures included in the Separated 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.
Separated Financial Statements are expressed in Argentine pesos, which is the functional currency and the reporting currency of
the Group.</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->95<!-- Field: /Sequence -->&nbsp;</P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><B>GRUPO SUPERVIELLE S.A.</B></P><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><B>Notes to Separate Financial Statements </B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">As of December 31,
2019 presented on comparative basis </FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">(Expressed in thousands
of pesos)</FONT></P>



<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>(b)</B></TD><TD><B>Transactions and balances</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">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 &ldquo;Difference of exchange
rate in gold and foreign currency&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 19.5pt 0 0; text-align: justify">As of December 31, 2019 and 2018 the balances
in US dollars were converted at the reference exchange rate determined by the B.C.R.A. 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 B.C.R.A.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 19.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>1.6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash
and due from banks</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 19.6pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 19.6pt 0 0; text-align: justify">Cash and equivalents are considered to be
the total of the item Cash and Due from Banks and Investments with maturity up to 90 days from the date of their acquisition or
constitution, according to the following detail:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 9pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">12/31/2019</TD><TD STYLE="padding-bottom: 1pt; font-size: 9pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 9pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">12/31/2018</TD><TD STYLE="padding-bottom: 1pt; font-size: 9pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 9pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">12/31/2017</TD><TD STYLE="padding-bottom: 1pt; font-size: 9pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="width: 58%; text-align: left">Cash and due from banks</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">119,498</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">3,150</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">17,171</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Other financial assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">721,268</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">700,758</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">138,957</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Other debt securities</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">112,115</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Cash and cash equivalents</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">840,766</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">816,023</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">156,128</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 7.1pt; text-align: justify">Reconciliation between the balances of the
Statement of Financial Position and those items considered cash equivalents in the Cash Flow Statement:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1pt solid">Item</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">12/31/2019</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">12/31/2018</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">12/31/2017</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 7.1pt">Cash and due from Banks</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 58%; text-align: justify; text-indent: 17.55pt">As per Statement of Financial Position</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">119,498</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">3,150</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">17,171</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="text-align: justify; text-indent: 17.55pt">As per the Statement of Cash Flows</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">119,498</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">3,150</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">17,171</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 7.1pt">Other financial assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="text-align: justify; text-indent: 17.55pt">As per Statement of Financial Position</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">722,108</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">965,715</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">138,957</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; text-indent: 17.55pt">Other financial assets not considered as cash equivalents</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(840</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(264,957</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="text-align: justify; text-indent: 17.55pt">As per the Statement of Cash Flows</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">721,268</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">700,758</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">138,957</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: justify; padding-left: 3.35pt">&nbsp;Other debt securities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="text-align: justify; padding-left: 17.55pt">As per Statement of Financial Position</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">112,515</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,182,846</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-left: 17.55pt">Other debt securities not considered as cash equivalents</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(400</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(4,182,846</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="text-align: justify; padding-left: 17.55pt">As per the Statement of Cash Flows</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">112,115</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font: bold 10pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid">Cash Flow</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman,serif; border-bottom: Black 1pt solid">Items</TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman,serif; border-bottom: Black 1pt solid">Balances as of 12/31/2018</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid">Collections</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid">Payments</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman,serif; border-bottom: Black 1pt solid">Other movements without cash</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman,serif; border-bottom: Black 1pt solid">Balances as of 12/31/2019</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="width: 35%; font: 10pt Times New Roman,serif; text-align: left">Negotiable obligations issued</TD><TD STYLE="width: 2%; font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; font: 10pt Times New Roman,serif; text-align: right">28,023</TD><TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; font: 10pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; font: 10pt Times New Roman,serif; text-align: right">(29,038</TD><TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="width: 2%; font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; font: 10pt Times New Roman,serif; text-align: right">1,015</TD><TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; font: 10pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman,serif">Total</TD><TD STYLE="font: bold 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman,serif; text-align: right">28,023</TD><TD STYLE="font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman,serif; text-align: right">(29,038</TD><TD STYLE="font: bold 10pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: bold 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman,serif; text-align: right">1,015</TD><TD STYLE="font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0 19.5pt 0 0; text-align: left">1.7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial
instruments</P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0 19.5pt 0 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 19.5pt 0 0; text-align: justify"><FONT STYLE="font-weight: normal"><U>Other
financial assets and other deb securities</U></FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial
assets at amortize cost</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Financial assets shall be measured at amortized cost
if:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the financial
asset is held within a business model whose objective is to hold financial assets in order to collect contractual cash flows and</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->96<!-- Field: /Sequence -->&nbsp;</P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><B>GRUPO SUPERVIELLE S.A.</B></P><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><B>Notes to Separate Financial Statements </B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">As of December 31,
2019 presented on comparative basis </FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">(Expressed in thousands
of pesos)</FONT></P>



<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the contractual
terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the
principal amount outstanding.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">These financial instruments shall be measured at its
fair value plus incremental, directly attributable, transaction costs, and subsequently measured at amortized cost.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">A financial asset&rsquo;s amortized cost is the amount
at which it is acquired minus the cumulative amortization plus accrued interests (using the effective interest method), net of
any impairment loss.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The effective interest method uses the rate that allows
the estimated future cash flows to be discounted to be received or paid over the life of the instrument or a shorter period, if
appropriate, equalizing the net book value. By applying this method, the Group identifies the incremental direct costs as an integral
part of the effective interest rate.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial assets at fair
value through other comprehensive income:</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Financial assets shall be measured at fair value through
other comprehensive income when:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the financial
asset is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial
assets and</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the contractual
terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the
amount outstanding.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">These instruments shall be initially recognized at
fair value plus incremental, directly attributable, transaction costs, and subsequently measured at fair value through other comprehensive
incomes. Gains and losses arising out of changes in fair value shall be included in other comprehensive incomes within a separate
component of equity. Impairment losses or reversal, interest revenue and foreign exchange rate gains and losses shall be recognized
in profit or loss. At the time of sale or disposal, the accumulated gain or loss previously recognized in other comprehensive incomes
are reclassified from equity to the income statement.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Investments in Mutual Funds: they have been valued
according to the value of the share in force on the last business day corresponding to the end of the fiscal year.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial
assets at fair value through profit or loss:</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Financial assets at fair value through profit or loss
comprise:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 8pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-family: Arial,sans-serif">-</FONT></TD><TD STYLE="text-align: justify">Instruments held for trading</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 8pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-family: Arial,sans-serif">-</FONT></TD><TD STYLE="text-align: justify">Instruments specifically designated at fair value through profit or loss</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 8pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-family: Arial,sans-serif">-</FONT></TD><TD STYLE="text-align: justify">Instruments with contractual terms that do not represent contractual cash flows that are solely
payments of principal and interest on the principal amount outstanding</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">These financial instruments shall be initially recognized
at fair value and any gain or loss shall be recognized in profit or loss upon effectiveness.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The Group classifies a financial instrument as held
for trading if it is acquired or incurred with an intention to sell or repurchase them in the short term, or it is part of a portfolio
of financial instruments that are managed together and for which there is evidence of a recent pattern of short-term profit-taking
or it is a derivative which is not embedded in a qualifying hedging relationship. Derivatives and instruments held for trading
shall be classified as held for trading and are recognized at fair value.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 8pt; text-align: justify">The fair value of these instruments was calculated
using the prices prevailing at the end of each year in active markets, if representative. In the absence of an active market, valuation
techniques were used that included the use of market operations carried out in conditions of mutual independence, between interested
parties and duly informed, whenever available, as well as references to the current fair value of another instrument that is substantially
similar, or the analysis of discounted cash flows. The estimation of fair values is explained in more detail in the
section &quot;critical accounting policies and estimates&quot;.</P>


<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 8pt; text-align: justify">Additionally, financial assets can be valued
(&quot;designated&quot;) at fair value through profit or loss when, in doing so, the Group eliminates or significantly reduces
an inconsistency in measurement or recognition.</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->97<!-- Field: /Sequence -->&nbsp;</P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><B>GRUPO SUPERVIELLE S.A.</B></P><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><B>Notes to Separate Financial Statements </B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">As of December 31,
2019 presented on comparative basis </FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">(Expressed in thousands
of pesos)</FONT></P>



<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">iv)</TD><TD STYLE="text-align: justify">Financial liabilities &ndash; Negotiable obligations issued</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 19.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 19.5pt 0 0; text-align: justify">Negotiable obligations issued by Group are
measured at amortize cost.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 19.5pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><B>v)</B></TD><TD><B>Investment in subsidiaries, associates and joint ventures</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 19.5pt 0 0.25in; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 19.5pt 0 0; text-align: justify"><FONT STYLE="font-weight: normal">Subsidiaries
are entities over which the Group has control. The Group controls an entity when such entity is exposed, or holds control, to receive
variable yields as a result of its interest, and has the capacity to utilize its power to run operating and financial policies
of such entity to impact on yields. Subsidiaries are consolidated as from the date on which the control is transferred to the Company,
and are excluded from consolidation as from the date such control ceases. </FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 19.5pt 0 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 19.5pt 0 0; text-align: justify"><FONT STYLE="font-weight: normal">Associates
are entities on which the Group has a significant influence, that is, the power to intervene in financial-and-business-related
decision making processes of such associate, but without gaining control. </FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 19.5pt 0 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 19.5pt 0 0; text-align: justify"><FONT STYLE="font-weight: normal">Pursuant
to IAS 27 and 28, separate financial statements, investments in subsidiaries and associates may be recorded through the use of
 &ldquo;interest method&rdquo; or &ldquo;proportional equity value method&rdquo;. </FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 19.5pt 0 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 19.5pt 0 0; text-align: justify"><FONT STYLE="font-weight: normal">In virtue
of the utilization of Interest Method, investments are initially recognized at cost, and such amount increases or decreases for
the recognition of investor&acute;s interest in earnings and losses of the entity after the acquisition/set-up date. </FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 19.5pt 0 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 19.5pt 0 0; text-align: justify"><FONT STYLE="font-weight: normal">Likewise,
net indentifiable assets and contingent liabilities acquired in the initial investment in a subsiadiary and/or associateare initially
valuated at fair value as of investment date. When applicable, the value of interest in subsidiaries and associates includes the
goodwill recognized on such date. When the interest of the group in losses is equivalent to or exceeds the value of the interest
in such entities, the Entity does not recognize additional losses, except upon the existence of legal or assumed obligations related
to the provision of funds or payments on behalf of such entities. </FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 19.5pt 0 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 19.5pt 0 0; text-align: justify"><FONT STYLE="font-weight: normal">The interest
in earnings and losses of subsidiaries and associates is recognized in the line &ldquo;Income from associates and joint ventures&rdquo;
in the separate income statement. The interest of the Entity in other income from subsidiaries and associates is recognized in
the line &ldquo;Interest of associates and joint ventures recorded through the utilization of Interest method of the separate statement
of other comprehensive results.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 19.5pt 0 0.25in; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The Group determines the date of each report upon the
existence of objective evidence showing that an investment in a subsidiary or associate is not recovereable. If so, the devaluation
amount is calculated as the difference between the recovereable value of such investment and its accounting value, while recognizing
the resulting amount in &ldquo;Income from associates and joint ventures&rdquo; in the separate income statement.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 19.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0 19.5pt 0 0; text-align: left">1.8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intangible
Assets</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 19.5pt 0 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0 19.5pt 0 0; text-align: justify">a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goodwill:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 19.5pt 0 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">Goodwill resulting
from the acquisition of subsidiaries, affiliates or joint ventures accounts for the excess between: </FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
cost of one acquisition, which is valued as the amount of the transferred payment, valued at fair value as of the acquisition date
plus the amount of non-controlling interest; and </FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
fair value of recognizable acquired assets and assumed liabilities of such acquisition. </FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 19.5pt 0 0; text-align: justify"><FONT STYLE="font-weight: normal">All goodwill
is included in the item intangible assets in the consolidated statement of financial position.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 19.5pt 0 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 19.5pt 0 0; text-align: justify"><FONT STYLE="font-weight: normal">Goodwill
is not amortized. The Group evaluates, annually or upon devaluation indicators, the recoverability of goodwill based on future
discounted fund flows plus any other information available as of the preparation of consolidated Financial Statements. Earnings
and losses from the sale of an entity include the goodwill balance in the sold entity. </FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 19.5pt 0 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 19.5pt 0 0; text-align: justify"><FONT STYLE="font-weight: normal">Goodwill
is assigned to cash-raising units with the purpose of carrying out recoverability tests. Such assignment applies to those cash-raising
units (or group of units), identified in accordance with the operating segment criterion and benefiting from the combination of
businesses from which goodwill resulted. </FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 19.5pt 0 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->98<!-- Field: /Sequence -->&nbsp;</P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><B>GRUPO SUPERVIELLE S.A.</B></P><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><B>Notes to Separate Financial Statements </B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">As of December 31,
2019 presented on comparative basis </FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">(Expressed in thousands
of pesos)</FONT></P>



<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>Goodwill&rsquo;s impairment test</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Goodwill are assigned to the Group's cash generating
units on the basis of the operating segments.</P>

<P STYLE="font: 8pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">12/31/2019</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">12/31/2018</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="width: 72%; text-align: justify">Supervielle Seguros S.A.</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">1,130</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">1,130</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">Cordial Compa&ntilde;&iacute;a Financiera S.A.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,154</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,154</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="text-align: justify">InvertirOnline S.A.U. / InvertirOnline.Com Argentina S.A.U.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">674,487</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">667,787</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">Micro Lending S.A.U.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">525,796</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">525,796</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="text-align: justify">Futuros del Sur S.A.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,766</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: justify">&nbsp;TOTAL</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">1,206,333</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">1,195,867</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The recoverable amount of a cash generating unit is
determined on the basis of use value calculations. These calculations use cash flow projections based on approved financial budgets
covering a period of five years.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">The main key assumptions are related to marginal contribution margins. These
were determined on the basis of past results, other external sources of information and their expectations of market development.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The discount rates used are the respective average
cost of capital (&quot;WACC&quot;), which is considered a good indicator of the cost of capital. For each cash generating unit,
where the assets are assigned, a specific WACC was determined considering the industry, the country and the size of the business.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">The goodwill values recorded as of December 31, 2019 and 2018,
have been tested as of the date of the financial statements and no adjustments for impairment have been determined as a result
of the analyzes performed.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 19.5pt 8pt 0; text-align: justify"><B>b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trademarks
and licenses</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 19.5pt 8pt 0; text-align: justify">Trademarks and licenses acquired separately
are initially valued at historical cost, while those acquired through a business combinations are recognized at their estimated
fair value at the acquisition date.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">As of the closing date of the separate financial statements
, intangible assets with a finite useful life are subsequently carried at cost less accumulated depreciation and / impairment losses,
if any. These assets are tested for impairment annually or more frequently if events or changes in circumstances indicate that
it might be impaired.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 19.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 19.5pt 0 0; text-align: justify">The trademarks acquired by the Group have
been classified as intangible assets with an indefinite useful life. The main factors considered for this classification include
the years in which they have been in service and their recognition among industry customers.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 19.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 19.5pt 0 0; text-align: justify">Intangible assets with an indefinite useful
life are those that arise from contracts or other legal rights that can be renewed without a significant cost and for which, based
on an analysis of all the relevant factors, there is no foreseeable limit of the period over which the asset is expected to generate
net cash flows for the Group. These intangible assets are not amortized, but are subject, annually or whenever there are indications
of devaluation, to annual assessment for impairment, either individually or at the level of the cash generating unit. The categorization
of the indefinite useful life is reviewed annually to confirm if it is still sustainable.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 19.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Impairment losses are recognized when the book value
exceeds its recoverable value. The recoverable value of the assets corresponds to the higher of the recoverable value of the asset
or its value in use. For purposes of the impairment test, the assets are grouped at the lowest level in which they generate identifiable
cash flows (cash-generating units). The devaluations of these non-financial assets - other than goodwill - are reviewed at each
reporting date to verify possible reversals.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 8pt; text-align: justify"><B>c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Software</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 8pt; text-align: justify">Costs related to software maintenance are recognized
as expenses when incurred. Development, acquisition or implementation costs which are directly attributable to identifiable and
single software design and tests controlled by the Group are recognized as assets.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 19.5pt 0 0; text-align: left"><FONT STYLE="font-weight: normal">Development,
acquisition or implementation costs recognized initially as period expenses, are not recognized as intangible asset cost. Costs
incurred in the development, acquisition or implementation of software, recognized as intangible assets are amortized through the
application of straight-line method during their estimated useful lives, over a term not exceeding five years. </FONT></P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->99<!-- Field: /Sequence -->&nbsp;</P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><B>GRUPO SUPERVIELLE S.A.</B></P><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><B>Notes to Separate Financial Statements </B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">As of December 31,
2019 presented on comparative basis </FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">(Expressed in thousands
of pesos)</FONT></P>



<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0 19.5pt 0 0; text-align: left">1.9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Property,
plant and equipment</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 19.5pt 0 0; text-align: left"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Lots and buildings were recorded at their revaluated
values based on periodically appraisals; for which purpose independent appraisers were hired, net of the consequent building depreciation.
A revaluation reserve is recognized in Other Comprehensive Income.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Any property, plant and equipment are recorded at their
net historical cost of accrued depreciations and/or accrued devaluation losses, if any. The cost includes expenses directly attributable
to the acquisition or building of these &iacute;tems.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Management updates the valuation of the fair value
of land, buildings, facilities and machinery (classified as property, plant and equipment), taking into account independent valuations.
Management determines the value of a property, plant and equipment within a range of estimates of their fair value and considering
the currency in which transactions are carried out in the market. The revaluations are carried out with sufficient regularity,
in order to ensure that the book value, at all times, does not differ significantly from the fair value of each asset subject to
revaluation.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The subsequent costs are included in the active value
or are recognized as a separate asset, as appropriate, if and only if it is probable that they generate future economic benefits
for the Entity, and their costs can be fairly measured. The book value of the asset that is being replaced is withdrwan, thus the
new asset is amortized by the number of years of useful life left at the moment of the improvement.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The maintenance and reparations expenses are recognized
in the consolidated income statement of the fiscal year in which they are incurred.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The depreciation is calculated utilizing the straight-line
method, applying annual rates sufficient to extinguish the values of goods at the end of their estimated useful life. In the event
that an asset includes significant components with different useful lives, they are recognized and depreciated as separate items.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The following chart presents the useful life for each
of the items forming part of the item property, plant and equipment:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 80%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 81%; font-weight: bold; text-align: justify; padding-bottom: 1pt">Property, plant and equipment</TD><TD STYLE="width: 2%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; width: 15%; font-weight: bold; text-align: center"><B>Estimated <BR> Useful Life</B></TD><TD STYLE="width: 1%; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font-weight: bold; text-align: justify">Buildings</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">50 Years</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: justify">Furnitures and Facilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10 Years</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font-weight: bold; text-align: justify">Machines and equipment</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5 Years</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: justify">Vehicles</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5 Years</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font-weight: bold; text-align: justify">Others</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5 Years</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The residual value of the property, plant and equipment,
useful lives and depreciation methods are reviewed and adjusted if necessary, at each fiscal year closing or when there are devaluation
signs.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 19.5pt 0 0">The book value of the property, plant and equipment is immediately
reduced at its recoverable amount when the book amount is greater than the estimated recoverable amount.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 19.5pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0 19.5pt 0 0; text-align: left">1.10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other
receivables and debts</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 19.5pt 0 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 19.5pt 0 0; text-align: justify"><FONT STYLE="font-weight: normal">Receivables
and liabilities have been valued at their nominal value plus financial results accrued as of each financial year closing. Such
resulting values do not differ significantly from those recorded by applying existing accounting standards, which establish that
they are to be valued at their best possible estimated receivable or payable amount, respectively, discounted by utilizing a certain
rate that shows the time value of the money and specific risks involved in the estimated operation at the moment of its inclusion
in assets and liabilities respectively. </FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 19.5pt 0 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 19.5pt 0 0; text-align: justify"><FONT STYLE="font-weight: normal">Banking
and financial debts have been valued in accordance with the amount of money received, net of transaction costs, plus accrued financial
results based on the return interest rate estimated upon initial recognition.</FONT></P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0 19.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0 19.5pt 0 0; text-align: left">1.11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reserved
Earnings and dividend distribution</P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0 19.5pt 0 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 19.5pt 0 0; text-align: justify">As for income resulting from dividends,
there are certain restrictions for Companies where the Group holds interest. Such restrictions are mentioned in Note 1.29 as per
Consolidated Financial Statements<FONT STYLE="font-family: Book Antiqua,serif"><B>.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 19.5pt 0 0; text-align: justify">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->100<!-- Field: /Sequence -->&nbsp;</P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><B>GRUPO SUPERVIELLE S.A.</B></P><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><B>Notes to Separate Financial Statements </B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">As of December 31,
2019 presented on comparative basis </FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">(Expressed in thousands
of pesos)</FONT></P>



<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0 19.5pt 0 0; text-align: left">1.12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Recognition
of income</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 19.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 19.5pt 0 0; text-align: justify">Financial income and expenses are recorded
for all assets and liabilities measured at amortized cost in accordance with the effective rate method, thus the differentiation
from all positive and negative results which are an integral part of the operation effective rate.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 19.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 19.5pt 0 0; text-align: justify">Results contained in the effective rate
include expenses or income related to the creation or acquisition of a financial asset or liability.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 19.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 19.5pt 0 0; text-align: justify">The Group&acute;s income from services are
recognized in the income statement in accordance with the performance obligations compliance.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 19.5pt 0 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0 19.5pt 0 0; text-align: left">1.13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholders&lsquo;
equity</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 19.5pt 0 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 19.5pt 0 0; text-align: justify"><FONT STYLE="font-weight: normal">Accounts
included in this item are re-expressed at its nominal value. </FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 19.5pt 0 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 19.5pt 0 0; text-align: justify"><FONT STYLE="font-weight: normal">The paid
in capital has been decreased by expenses related to the issuance of shares.&#9;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 19.5pt 0 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0 19.5pt 0 0; text-align: left">1.14.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Profit
and Loss Accounts</P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0 19.5pt 0 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 19.5pt 0 0; text-align: justify"><FONT STYLE="font-weight: normal">Profit
and loss accounts were stated in nominal currency, except for charges for results produced by permanent investments in companies,
which were determined &ndash; as from their inclusion date &ndash; following the proportional net worth value method applied on
the issuers&rsquo; last Financial Statements as of year closing.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 19.5pt 0 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<a name=sn2></a>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.3pt"></TD><TD STYLE="width: 18pt"><B>2.</B></TD><TD STYLE="text-align: justify"><B>FINANCIAL INSTRUMENTS</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 35.4pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 14.15pt 0 0; text-align: justify">The portfolio of financial instruments
held by the Group is detailed below, as of December 31, 2019 and 2018:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 14.15pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 9pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1pt solid">Financial Instruments as of 12/31/2019</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Fair value - PL</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Amortized cost</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Fair value - OCI</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font-weight: bold">Assets</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 44%; text-align: left">- Cash and due from banks</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">&mdash;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">119,498</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">&mdash;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">119,498</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="text-align: left">- Other financial assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">722,108</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">722,108</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: justify">Total Assets</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">722,108</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">119,498</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">841,606</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 35.4pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left; border-bottom: Black 1pt solid">Financial Instruments as of 12/31/2018</TD><TD STYLE="font: bold 9pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 9pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid">Fair value - PL</TD><TD STYLE="padding-bottom: 1pt; font: bold 9pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 9pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid">Amortized cost</TD><TD STYLE="padding-bottom: 1pt; font: bold 9pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 9pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid">Fair value - OCI</TD><TD STYLE="padding-bottom: 1pt; font: bold 9pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 9pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid">Total</TD><TD STYLE="padding-bottom: 1pt; font: bold 9pt Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: bold 9pt Times New Roman,serif">Assets</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 44%; font: 9pt Times New Roman,serif; text-align: left">- Cash and due from banks</TD><TD STYLE="width: 2%; font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 9pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="width: 1%; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 9pt Times New Roman,serif; text-align: right">3,150</TD><TD STYLE="width: 1%; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 9pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="width: 1%; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 9pt Times New Roman,serif; text-align: right">3,150</TD><TD STYLE="width: 1%; font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">- Other financial assets</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">965,715</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">965,715</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">- Other debt securities</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">112,515</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">112,515</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: justify">Total Assets</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right">965,715</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right">3,150</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right">112,515</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right">1,081,380</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 9pt Times New Roman,serif">Liabilities</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">- Financial debts</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">28,023</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: right">28,023</TD><TD STYLE="font: 9pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">Total Liabilities</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right">28,023</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: right">28,023</TD><TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<a name=sn3></a>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>3.</B></TD><TD STYLE="text-align: justify"><B>FAIR VALUES</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The Group classifies fair values of financial instruments
in three levels according to the quality of the data utilized for such classification.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Fair Value level 1: The fair value of financial instruments
in active markets (such as publicly negotiated derivatives, negotiable or available investments for sale) is based on market quotation
prices as of report period date. The market prices utilized in financial assets held by the Group accounts for the current purchase
price. These instruments are included in level 1.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Fair Value level 2: The fair value of financial instruments
which are not negotiated in active markets, such as over-the-counter derivatives, is fixed by means of valuation techniques that
maximize the use of observable information and relies the least possible on specific estimates of the Group. If all variables necessary
for the definition of the fair value of a financial instrument are observable variables, such instrument is included in level 2.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->101<!-- Field: /Sequence -->&nbsp;</P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><B>GRUPO SUPERVIELLE S.A.</B></P><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><B>Notes to Separate Financial Statements </B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">As of December 31,
2019 presented on comparative basis </FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">(Expressed in thousands
of pesos)</FONT></P>



<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Fair Value level 3: If one or more relevant variables
are not based on market observable information, the instrument is included in level 3.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The portfolio of financial instruments held by the
Group is detailed below, at the close of the period ended on December 31, 2019 and 2018:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 9pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1pt solid">Portfolio of instruments at&nbsp;&nbsp;12/31/2019</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Reasonable Value - Results</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Amortized cost</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font-weight: bold">Assets</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 58%; text-align: left">- Other financial assets</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">722,108</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">&mdash;</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">&mdash;</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font-weight: bold; text-align: justify">Total Assets</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">722,108</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">&mdash;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">&mdash;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 9pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1pt solid">Portfolio of instruments at&nbsp;&nbsp;12/31/2018</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Reasonable Value - Results</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Amortized cost</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font-weight: bold">Assets</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 58%; text-align: left">- Other financial assets</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">965,715</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">&mdash;</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">&mdash;</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="text-align: left">- Other debt securities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">112,515</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&mdash;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&mdash;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: justify">Total Assets</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">1,078,230</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">&mdash;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">&mdash;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; background-color: white"><B>Fair Value of Other Financial Instruments </B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The following describes methodologies and assumptions
utilized to determine fair values of financial instruments that have not been recorded at fair value in these financial statements:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 14.2pt">-</TD><TD STYLE="text-align: justify">Assets which fair value is similar to that of the book value: For financial liquid assets and liabilities
with short term maturity (less than three months), it has been determined that the book value is similar to the fair value.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 42.55pt; text-align: justify; text-indent: -14.2pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 14.2pt">-</TD><TD STYLE="text-align: justify">Fixed rate financial instruments: The fair value of financial assets has been determined by discounting
future fund flows at current offered market rates for each fiscal year for financial instruments of similar features. The estimated
fair value of deposits with a fixed interest rate was determined by discounting future cash flows through the use of market interest
rates for deposits with maturities similar to those of the Group&rsquo;s portfolio.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 42.55pt; text-align: justify; text-indent: -14.2pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 14.2pt">-</TD><TD STYLE="text-align: justify">For quoted assets and quoted debt issued at fair value, the fair value has been determined in accordance
to market prices.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 42.55pt; text-align: justify; text-indent: -14.2pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 14.2pt">-</TD><TD STYLE="text-align: justify">Other financial instruments: For financial liquid assets and liabilities with short term maturity,
the fair value is deemed to be similar to that of the accounting value. Such assumption also applies to savings account deposits,
current accounts and others.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The following chart includes a comparison between the
fair value and the accounting value of financial instruments not recorded at fair value as of December 31, 2019 and 2018:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 9pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">Other Financial Instruments as of 12/31/2019</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Accounting value</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Fair value</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">FV Level 1</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">FV Level 2</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">FV Level 3</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font-weight: bold; font-style: italic; text-align: left">Financial Assets</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 35%; text-align: left">-Cash and due from banks</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">119,498</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">119,498</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">119,498</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">&mdash;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">&mdash;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font-weight: bold; text-align: left">Total Assests</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">119.498</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">119.498</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">119.498</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 9pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">Other Financial Instruments as of 12/31/2018</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Accounting value</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Fair value</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">FV Level 1</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">FV Level 2</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">FV Level 3</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font-weight: bold; font-style: italic; text-align: left">Financial Assets</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 35%; text-align: left">-Cash and due from banks</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">3,150</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">3,150</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">3,150</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">&mdash;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">&mdash;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font-weight: bold; text-align: left">Total Assests</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">3,150</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">3,150</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">3,150</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 107; Section: separate_financials -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; padding-bottom: 2pt; border-bottom: rgb(98,145,178) 2pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->102<!-- Field: /Sequence -->&nbsp;</P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><B>GRUPO SUPERVIELLE S.A.</B></P><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><B>Notes to Separate Financial Statements </B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">As of December 31,
2019 presented on comparative basis </FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">(Expressed in thousands
of pesos)</FONT></P>



<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>

<a name=sn4></a>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>4.</B></TD><TD><B>PROPERTY, PLANT AND EQUIPMENT</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="14" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Gross carrying amount</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="14" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Depreciation</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Net carrying amount</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">Item</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">At the beginning of the year</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Increases</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Disposals</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">At the end of the period</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">At the beginning of the year</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Aliquot</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Of the period</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">At the end of the period</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">12/31/2019</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">12/31/2018</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="width: 10%">Vehicles</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; text-align: right">1,947</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; text-align: right">1,947</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; text-align: right">(155</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; text-align: right">20%</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; text-align: right">(389</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; text-align: right">(544</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; text-align: right">1,403</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; text-align: right">1,792</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold">Total</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">1,947</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">1,947</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(155</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(389</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(544</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">1,403</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">1,792</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<a name=sn5></a>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>5.</B></TD><TD STYLE="text-align: justify"><B>INTANGIBLE ASSETS</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="14" STYLE="font: bold 8pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid">Gross carrying amount</TD><TD STYLE="padding-bottom: 1pt; font: bold 8pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="18" STYLE="font: bold 8pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid">Depreciation</TD><TD STYLE="padding-bottom: 1pt; font: bold 8pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font: bold 8pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid">Net carrying amount</TD><TD STYLE="padding-bottom: 1pt; font: bold 8pt Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 8pt Times New Roman,serif; border-bottom: Black 1pt solid">Item</TD><TD STYLE="font: bold 8pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 8pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid">At the beginning of the year</TD><TD STYLE="padding-bottom: 1pt; font: bold 8pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 8pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid">Increases</TD><TD STYLE="padding-bottom: 1pt; font: bold 8pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 8pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid">Disposals</TD><TD STYLE="padding-bottom: 1pt; font: bold 8pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 8pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid">At the end of the period</TD><TD STYLE="padding-bottom: 1pt; font: bold 8pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 8pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid">At the beginning of the year</TD><TD STYLE="padding-bottom: 1pt; font: bold 8pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 8pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid">Useful life</TD><TD STYLE="padding-bottom: 1pt; font: bold 8pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 8pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid">Disposals</TD><TD STYLE="padding-bottom: 1pt; font: bold 8pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 8pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid">Of the period</TD><TD STYLE="padding-bottom: 1pt; font: bold 8pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 8pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid">At the end of the period</TD><TD STYLE="padding-bottom: 1pt; font: bold 8pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 8pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid">12/31/2019</TD><TD STYLE="padding-bottom: 1pt; font: bold 8pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 8pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid">12/31/2018</TD><TD STYLE="padding-bottom: 1pt; font: bold 8pt Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="width: 10%; font: 8pt Times New Roman,serif">Goodwill</TD><TD STYLE="width: 1%; font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; font: 8pt Times New Roman,serif; text-align: right">1,195,867</TD><TD STYLE="width: 1%; font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; font: 8pt Times New Roman,serif; text-align: right">10,466</TD><TD STYLE="width: 1%; font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="width: 1%; font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; font: 8pt Times New Roman,serif; text-align: right">1,206,333</TD><TD STYLE="width: 1%; font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="width: 1%; font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="width: 1%; font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="width: 1%; font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="width: 1%; font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="width: 1%; font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; font: 8pt Times New Roman,serif; text-align: right">1,206,333</TD><TD STYLE="width: 1%; font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; font: 8pt Times New Roman,serif; text-align: right">1.195.867</TD><TD STYLE="width: 1%; font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">Relations with clients</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">254,465</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">254,465</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">(10,603</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">(15,905</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">(26,508</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">227,957</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">243.862</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 8pt Times New Roman,serif">Brand</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">72,348</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">72,348</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">72,348</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">72.348</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">Proprietary Software &amp; Technology</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">24,948</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">24,948</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">(4,158</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">(6,237</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">(10,395</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">14,553</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">20.790</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: bold 8pt Times New Roman,serif">Total</TD><TD STYLE="font: bold 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman,serif; text-align: right">1,547,628</TD><TD STYLE="font: bold 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman,serif; text-align: right">10,466</TD><TD STYLE="font: bold 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman,serif; text-align: right">1,558,094</TD><TD STYLE="font: bold 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman,serif; text-align: right">(14,761</TD><TD STYLE="font: bold 8pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: bold 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman,serif; text-align: right">(22,142</TD><TD STYLE="font: bold 8pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: bold 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman,serif; text-align: right">(36,903</TD><TD STYLE="font: bold 8pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: bold 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman,serif; text-align: right">1,521,191</TD><TD STYLE="font: bold 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 8pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman,serif; text-align: right">1.532.867</TD><TD STYLE="font: bold 8pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>


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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; padding-bottom: 2pt; border-bottom: rgb(98,145,178) 2pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->103<!-- Field: /Sequence -->&nbsp;</P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><B>GRUPO SUPERVIELLE S.A.</B></P><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><B>Notes to Separate Financial Statements </B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">As of December 31,
2019 presented on comparative basis </FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">(Expressed in thousands
of pesos)</FONT></P>



<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<a name=sn6></a>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>6.</B></TD><TD><B>INVESTMENT IN SUBSIDIARIES AND ASSOCIATES</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" ROWSPAN="2" STYLE="white-space: nowrap; border-top: Black 2.25pt double; border-right: Black 1pt solid; border-bottom: black 1pt solid; border-left: Black 2.25pt double; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B><BR STYLE="clear: both">
</B></FONT><B><FONT STYLE="font-size: 8pt">Subsidiary</FONT></B></TD>
    <TD ROWSPAN="2" STYLE="border-top: Black 2.25pt double; border-bottom: black 1pt solid; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 8pt"><B>Class</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="border-top: Black 2.25pt double; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 8pt"><B>Market Value/Nominal</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="border-top: Black 2.25pt double; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 8pt"><B>Number</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: Black 2.25pt double; border-right: black 1pt solid; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 8pt"><B>Issuers&rsquo; last Financial Statements</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="border-top: Black 2.25pt double; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 8pt"><B>Book value at 12.31.2019</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="border-top: Black 2.25pt double; border-right: Black 2.25pt double; border-bottom: black 1pt solid; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 8pt"><B>Book value at&nbsp;&nbsp;12.31.2018</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; border-bottom: Black 1pt solid; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 8pt"><B>Main Activity</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 8pt"><B>Capital Stock</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 8pt"><B>Shareholders&rsquo; equity</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(230,239,255)">
    <TD COLSPAN="2" STYLE="border-right: Black 1pt solid; border-left: Black 2.25pt double; border-bottom: Black 1pt solid; font-family: Times New Roman,serif"><FONT STYLE="font-size: 8pt">Banco Supervielle&nbsp;&nbsp;S.A.</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 8pt">Ord.</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 8pt">1</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">805,533,007</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 8pt">Commercial Bank</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">829,564</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">17,563,082 </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">16,933,196</FONT></TD>
    <TD STYLE="border-right: Black 2.25pt double; border-bottom: Black 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">12,772,528</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD COLSPAN="2" STYLE="border-right: Black 1pt solid; border-left: Black 2.25pt double; font-family: Times New Roman,serif"><FONT STYLE="font-size: 8pt">Cordial Compa&ntilde;&iacute;a Financiera S.A.</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 8pt">Ord.</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 8pt">1</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">12,847,878</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 8pt">Financial Company</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">256,957</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">2,519,093</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">125,936</FONT></TD>
    <TD STYLE="border-right: Black 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">63,026</FONT></TD></TR>
<TR STYLE="background-color: rgb(230,239,255)">
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 2.25pt double; font-family: Times New Roman,serif"><FONT STYLE="font-size: 8pt">Sofital S.A.F.e.I.I.</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 8pt">Ord.</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 8pt">1</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">20,854,642</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 8pt">Financial operations and administration of securities</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">21,544</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">863,950</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">540,453</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 2.25pt double; border-bottom: Black 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">421,657</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD COLSPAN="2" STYLE="border-right: Black 1pt solid; border-left: Black 2.25pt double; border-bottom: Black 1pt solid; font-family: Times New Roman,serif"><FONT STYLE="font-size: 8pt">Tarjeta Autom&aacute;tica S.A.</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 8pt">Ord.</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 8pt">1</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">397,091,618</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 8pt">Promotion, spreading, creation, purchase-sale, professional services and other activities related with the creation and functioning of credit, debit and similar cards for the acquisition of all type of goods, products, services, or other type, processing clients&rsquo; accounts, Clearing and/or compensation among clients, and/or adhered entities and/or admitted in the system,</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">453,819</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">339,703</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">292,974</FONT></TD>
    <TD STYLE="border-right: Black 2.25pt double; border-bottom: Black 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">341,657</FONT></TD></TR>
<TR STYLE="background-color: rgb(230,239,255)">
    <TD COLSPAN="2" STYLE="border-right: Black 1pt solid; border-left: Black 2.25pt double; border-bottom: Black 1pt solid; font-family: Times New Roman,serif"><FONT STYLE="font-size: 8pt">Supervielle Asset Management S.A.</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 8pt">Ord.</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 8pt">1</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">1,336,915</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 8pt">Mutual Fund Management</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">1,407</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">186,569</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">177,240</FONT></TD>
    <TD STYLE="border-right: Black 2.25pt double; border-bottom: Black 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">172,707</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD COLSPAN="2" STYLE="border-right: Black 1pt solid; border-left: Black 2.25pt double; border-bottom: Black 1pt solid; font-family: Times New Roman,serif"><FONT STYLE="font-size: 8pt">Espacio Cordial de Servicios S.A.</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 8pt">Ord.</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 8pt">1.000</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">1,273</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 8pt">Trading of products and services</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">1,340</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">251,761</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">199,109</FONT></TD>
    <TD STYLE="border-right: Black 2.25pt double; border-bottom: Black 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">278,646</FONT></TD></TR>
<TR STYLE="background-color: rgb(230,239,255)">
    <TD COLSPAN="2" STYLE="border-right: Black 1pt solid; border-left: Black 2.25pt double; font-family: Times New Roman,serif"><FONT STYLE="font-size: 8pt">Supervielle Seguros S.A.</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 8pt">Ord.</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 8pt">1</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">1,393,391</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 8pt">Insurance company</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">14,667</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">784,626</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">731,642</FONT></TD>
    <TD STYLE="border-right: Black 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">500,088</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 2.25pt double; font-family: Times New Roman,serif"><FONT STYLE="font-size: 8pt">FF Fintech SUPV I</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 14.2pt; font-family: Times New Roman,serif; text-align: right; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">655,000</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 8pt">Financial Trust</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">30,817</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">41,586</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">41,586</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 2.25pt double; border-bottom: Black 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">25,106</FONT></TD></TR>
<TR STYLE="background-color: rgb(230,239,255)">
    <TD COLSPAN="2" STYLE="border-right: Black 1pt solid; border-left: Black 2.25pt double; font-family: Times New Roman,serif"><FONT STYLE="font-size: 8pt">Micro Lending S.A.U.</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 8pt">Ord.</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 8pt">1</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 14.2pt; font-family: Times New Roman,serif; text-align: right; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">362,000,000</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 8pt">Financing investments</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">362</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">97,127</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">41,954</FONT></TD>
    <TD STYLE="border-right: Black 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">199,232</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD ROWSPAN="2" STYLE="width: 9%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 2.25pt double; font-family: Times New Roman,serif"><FONT STYLE="font-size: 8pt">Invertir Online </FONT></TD>
    <TD STYLE="width: 11%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-family: Times New Roman,serif"><FONT STYLE="font-size: 8pt">InvertirOnline S.A.U</FONT></TD>
    <TD STYLE="width: 5%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 8pt">100</FONT></TD>
    <TD STYLE="width: 7%; border-bottom: Black 1pt solid; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 8pt">100</FONT></TD>
    <TD STYLE="width: 7%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 14.2pt; font-family: Times New Roman,serif; text-align: right; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">2,400</FONT></TD>
    <TD STYLE="width: 34%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 8pt">Settlement and Clearing Agent</FONT></TD>
    <TD STYLE="width: 5%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">240</FONT></TD>
    <TD STYLE="width: 7%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">238,126</FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 7%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">249,206</FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 8%; border-top: Black 1pt solid; border-right: Black 1.5pt double; border-bottom: Black 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">161.019</FONT></TD></TR>
<TR STYLE="background-color: rgb(230,239,255)">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-family: Times New Roman,serif"><FONT STYLE="font-size: 8pt">InvertirOnline.Com Argentina S.A.U</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 8pt">0,01</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 8pt">0,01</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 14.2pt; font-family: Times New Roman,serif; text-align: right; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">80,451,077</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 8pt">Representations</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">805</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">12,541</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD COLSPAN="2" STYLE="border-right: Black 1pt solid; border-left: Black 2.25pt double; font-family: Times New Roman,serif"><FONT STYLE="font-size: 8pt">Supervielle Productores Asesores&nbsp;&nbsp;de Seguros S.A.</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 8pt">Ord.</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 8pt">1</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">95,000</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 8pt">Insurance Broker</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">100</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">100</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">95</FONT></TD>
    <TD STYLE="border-right: Black 2.25pt double; border-left: Black 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD></TR>
<TR STYLE="background-color: rgb(230,239,255)">
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 2.25pt double; font-family: Times New Roman,serif"><FONT STYLE="font-size: 8pt">Bolsillo Digital S.A.U</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 8pt">Ord.</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 8pt">1</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">100,000</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 8pt">Computer Services</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">100</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">30</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">30</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 2.25pt double; border-left: Black 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 2.25pt double; font-family: Times New Roman,serif"><FONT STYLE="font-size: 8pt">Futuros del Sur S.A.</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 8pt">Ord.</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 8pt">1</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">560</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 8pt">Settlement and Clearing Agent</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">560</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">3,424</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt">3,502</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 2.25pt double; border-left: Black 1pt solid; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(230,239,255)">
    <TD COLSPAN="8" STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 2.25pt double; border-left: Black 2.25pt double; font-family: Times New Roman,serif"><FONT STYLE="font-size: 8pt"><B>Total investments in subsidiaries, associates and joint ventures</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt"><B>19,336,923</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 2.25pt double; border-bottom: Black 2.25pt double; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 8pt"><B>14,935,666</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 9pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->104<!-- Field: /Sequence -->&nbsp;</P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><B>GRUPO SUPERVIELLE S.A.</B></P><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><B>Notes to Separate Financial Statements </B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">As of December 31,
2019 presented on comparative basis </FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">(Expressed in thousands
of pesos)</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>


<a name=sn7></a>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>7.</B></TD><TD><FONT STYLE="font-size: 9pt"><B>COMPOSITION OF </B></FONT><B>THE MAIN ITEMS OF THE SEPARATE STATEMENT OF FINANCIAL POSITION
ANDSEPARATED STATEMENT OF COMPREHENSIVE INCOME:</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">12/31/2019</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">12/31/2018</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font-weight: bold; text-align: left">7.1 Other financial assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 72%; text-align: left; padding-left: 17.55pt">Mutual funds investments</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">304,820</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">181,791</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="text-align: left; padding-left: 17.55pt">Other investments</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">416,448</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">776,976</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 17.55pt">Miscellaneous Debtors</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">840</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">6,948</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">722,108</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">965,715</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">7.2 Other debt securities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: 17.45pt">Public securities</TD><TD STYLE="font-size: 9pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: right">112,515</TD><TD STYLE="padding-bottom: 1pt; font-size: 9pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">112,515</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font-weight: bold; text-align: left">7.3 Other non-financial assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 17.45pt">Advances&nbsp;&nbsp;to employees</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,157</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,102</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="text-align: left; text-indent: 17.45pt">Payments made in advance</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,052</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 35.4pt">Retirement&nbsp;&nbsp;insurance</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">146,895</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">123,391</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: 35.4pt">Other non-financial assets</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">897</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">149,052</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">128,442</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font-weight: bold; text-align: left">7.4 Negotiable Obligations Issued</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 9pt; text-align: left; padding-bottom: 1pt; text-indent: 17.45pt">Class XIII&#9;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">28,023</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">28,023</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font-weight: bold; text-align: left">7.5 Other non-financial liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 17.45pt">Compensation and social charges payable</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">25,791</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14,153</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="text-align: left; text-indent: 17.45pt">Miscellaneous creditors</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">187,341</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">319,736</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: 17.45pt">Provision for long-term incentive</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">50,312</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">33,448</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">263,444</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">367,337</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font-weight: bold; text-align: left">7.6 Interest income</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 17.45pt">Earned interests</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,673</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: 17.45pt">Profit by government securities measure at amortized cost</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">75,605</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">125,676</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">75,620</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">129,349</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">7.7 Interest expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="text-align: left; text-indent: 17.45pt">Interest paid for overdraft</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 17.45pt">Expenses from NO issuance</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(19</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(570</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: 17.45pt">Lost interest from NO issuance</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(995</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(9,224</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(1,015</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(9,794</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">7.8&nbsp;Net from financial instruments at fair value through profit or loss</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="text-align: left; text-indent: 17.45pt">Interests from Time Deposits</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">87,012</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">17,447</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 17.45pt">Income from Holding &ndash; MF</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">69,970</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">22,042</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="text-align: left; text-indent: 17.45pt">Income from Holding &ndash;Government Securities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">71,943</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">618,421</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: 17.45pt">Income from Hedge &ndash; Forward contract</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">45,196</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">228,925</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">703,106</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font-weight: bold; text-align: left">7.9 Other operating income</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 17.45pt">Subsidiaries&rsquo; advisory fees</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">84,888</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">65,129</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="text-align: left; padding-left: 17.45pt">Third parties&rsquo; advisory fees</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">918</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,666</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 17.45pt">Royalties</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">684</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,648</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="text-align: justify; padding-left: 17.45pt">Other incomes</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,946</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,022</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-left: 17.45pt">Revaluation of retirement insurance contributions</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">46,721</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">57,631</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="text-align: left; padding-left: 17.45pt">Gains from Tax credits provisions</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">25,902</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; padding-left: 17.45pt">Income from sale of shares</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">88</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">628</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">135,245</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">158,626</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font-weight: bold; text-align: left">7.10 Personnel expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 17.45pt">Personnel expenses</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">126,303</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">176,879</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">126,303</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">176,879</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>


<!-- Field: Page; Sequence: 110; Section: separate_financials -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; padding-bottom: 2pt; border-bottom: rgb(98,145,178) 2pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->105<!-- Field: /Sequence -->&nbsp;</P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><B>GRUPO SUPERVIELLE S.A.</B></P><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><B>Notes to Separate Financial Statements </B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">As of December 31,
2019 presented on comparative basis </FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">(Expressed in thousands
of pesos)</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">12/31/2019</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">12/31/2018</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font-weight: bold; text-align: left">7.11 Administration expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 72%; text-align: left; padding-left: 17.45pt">Bank expenses</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">1,213</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">2,147</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="text-align: left; padding-left: 17.45pt">Professional fees</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">42,153</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">44,657</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 17.45pt">Fees to directors and syndics</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">59,256</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,408</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="text-align: left; padding-left: 17.45pt">Taxes, rates and contributions</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13,167</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">18,219</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 17.45pt">Insurance</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,219</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,818</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="text-align: left; padding-left: 17.45pt">Expenses and office services</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,736</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,044</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 17.45pt">Other expenses</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">18,659</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">12,548</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">140,403</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">95,841</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">7.12 &nbsp; Other operating expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="text-align: left; padding-left: 17.8pt">Turnover tax from Service Activities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,334</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,882</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-left: 17.8pt">Turnover tax from Financial Activities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,512</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,010</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="text-align: justify; padding-left: 0.25in">Tax credit prescription</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">153</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-left: 17.8pt">Compensatory interests</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">645</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">156</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="text-align: justify; padding-bottom: 1pt; padding-left: 17.8pt">Lost interests</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">5,344</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,215</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">17,988</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">10,263</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font-weight: bold; text-align: left">7.13 &nbsp;Results from associates and joint ventures</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.25in">Results&nbsp;&nbsp;from equity investment in Banco Supervielle S.A</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,130,327</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,588,667</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="text-align: left; padding-left: 0.25in">Results&nbsp;&nbsp;from equity investment in Cordial Compa&ntilde;&iacute;a Financiera S.A.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(12,090</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(30,744</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.25in">Results&nbsp;&nbsp;from equity investment in&nbsp;&nbsp;Tarjeta Autom&aacute;tica&nbsp;&nbsp;S.A.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(48,683</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(79,546</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="text-align: left; padding-left: 0.25in">Results&nbsp;&nbsp;from equity investment in&nbsp;&nbsp;Supervielle Asset&nbsp;&nbsp;Management S.A.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">170,513</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">166,438</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.25in">Results&nbsp;&nbsp;from equity investment in Espacio Cordial de Servicios S.A.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">81,962</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">143,283</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="text-align: left; padding-left: 0.25in">Results&nbsp;&nbsp;from equity investment in&nbsp;&nbsp;Supervielle Seguros S.A.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">600,096</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">306,278</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.25in">Results&nbsp;&nbsp;from equity investment in&nbsp;&nbsp;Sofital S.A.F. e I.I.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">141,213</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">88,57</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="text-align: left; padding-left: 0.25in">Results&nbsp;&nbsp;from equity investment in Micro Lending S.A.U.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(157,277</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(164,454</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.25in">Results&nbsp;&nbsp;from equity investment in InvertirOnline S.A. e&nbsp;&nbsp;InvertirOnline.Com Argentina S.A.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">146,563</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">68,925</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="text-align: left; padding-left: 0.25in">Results&nbsp;&nbsp;from equity investment in FF Fintech S.A.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,323</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11,128</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.25in">Results&nbsp;&nbsp;from equity investment in Bolsillo Digital S.A.U.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(104</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 0.25in">Results&nbsp;&nbsp;from equity investment in Futuros del Sur S.A.</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">304</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">4,060,147</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2,098,545</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify"><B>&nbsp;</B></P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>8.</B></TD><TD STYLE="text-align: justify"><B>RESTRICTED ASSETS</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0.75pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0.75pt 0 0.75pt 0.25in; text-align: justify">As of December 31, 2019 and 2018,
the Group does not hold restricted assets.</P>

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<a name=sn9></a>
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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>9.</B></TD><TD STYLE="text-align: justify"><B>COMPANIES UNDER SECT. 33 OF CORPORATE LAW AND OTHER RELATED COMPANIES</B></TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify"><FONT STYLE="font-weight: normal">As of
December 31, 2019 and 2018, corporations where Grupo Supervielle S.A. holds direct or indirect shares, and with which it consolidates
its Financial Statements are the following:</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->106<!-- Field: /Sequence -->&nbsp;</P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><B>GRUPO SUPERVIELLE S.A.</B></P><P STYLE="margin: 0pt"></P></DIV>
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<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><B>Notes to Separate Financial Statements </B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">As of December 31,
2019 presented on comparative basis </FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">(Expressed in thousands
of pesos)</FONT></P>


<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif">
<TR>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 9pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Percentage of direct participation</TD><TD STYLE="font-size: 9pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 9pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Percentage of direct and indirect participation</TD></TR>
<TR>
    <TD STYLE="font-size: 9pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Company</TD><TD STYLE="font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Condition</TD><TD STYLE="font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Legal Adress</TD><TD STYLE="font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Principal Activity</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">12/31/2019</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">12/31/2018</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">12/31/2019</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">12/31/2018</TD></TR>
<TR STYLE="background-color: rgb(230,239,255)">
    <TD STYLE="width: 12%; font-size: 9pt; text-align: center">Banco Supervielle S.A.</TD><TD STYLE="width: 2%; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="width: 10%; font-size: 9pt; text-align: center">Controlled</TD><TD STYLE="width: 2%; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="width: 16%; font-size: 9pt; text-align: center">Bartolom&eacute; Mitre 434. C.A.B.A.. Argentina</TD><TD STYLE="width: 2%; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="width: 10%; font-size: 9pt; text-align: center">Commercial Bank</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 10%; text-align: right">97.10%</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 10%; text-align: right">97.03%</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 8%; text-align: right">99.90%</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 8%; text-align: right"><FONT STYLE="font-size: 8pt">99.89%<SUP>(1)</SUP></FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="font-size: 9pt; text-align: center">Cordial Compa&ntilde;&iacute;a Financiera S.A.</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: center">Controlled</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: center">Reconquista 320. C.A.B.A.. Argentina</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: center">Financial Company</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">5.00%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">5.00%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">99.90%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">99.90%</TD></TR>
<TR STYLE="background-color: rgb(230,239,255)">
    <TD STYLE="font-size: 9pt; text-align: center">Tarjeta Autom&aacute;tica&nbsp;&nbsp;S.A.</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: center">Controlled</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: center">Bartolom&eacute; Mitre 434. C.A.B.A.. Argentina</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: center">Credit Card</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">87.50%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">87.50%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">99.99%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">99.99%</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="font-size: 9pt; text-align: center">Supervielle Asset&nbsp;&nbsp;Management S.A.</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: center">Controlled</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: center">Bartolom&eacute; Mitre 434. C.A.B.A.. Argentina</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: center">Mutual Fund</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">95.00%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">95.00%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">100.00%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">100.00%</TD></TR>
<TR STYLE="background-color: rgb(230,239,255)">
    <TD STYLE="font-size: 9pt; text-align: center">Sofital S.A.F. e I.I.</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: center">Controlled</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: center">Bartolom&eacute; Mitre 434. C.A.B.A.. Argentina</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: center">Real State</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">96.80%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">96.80%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">100.00%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">100.00%</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="font-size: 9pt; text-align: center">Espacio Cordial de Servicios S.A.</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: center">Controlled</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: center">San Mart&iacute;n 719/731. 1&deg; Piso. Ciudad de Mendoza. Argentina</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: center">Retail Services</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">95.00%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">95.00%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">100.00%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">100.00%</TD></TR>
<TR STYLE="background-color: rgb(230,239,255)">
    <TD STYLE="font-size: 9pt; text-align: center">Supervielle Seguros S.A.</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: center">Controlled</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: center">Reconquista 320. 1&deg; Piso. C.A.B.A.. Argentina</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: center">Insurance</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">95.00%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">95.00%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">100.00%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">100.00%</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="font-size: 9pt; text-align: center">Micro Lending S.A.U.</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: center">Controlled</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: center">Bartolom&eacute; Mitre 434. C.A.B.A.. Argentina</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: center">Financial Company</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">100.00%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">100.00%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">100.00%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">100.00%</TD></TR>
<TR STYLE="background-color: rgb(230,239,255)">
    <TD STYLE="font-size: 9pt; text-align: center">InvertirOnline S.A.U.</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: center">Controlled</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: center">San Martin 323. 11&deg; Piso. C.A.B.A.. Argentina</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">Settlement and Clearing Agent</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">100.00%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">100.00%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">100.00%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">100.00%</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="font-size: 9pt; text-align: center">InvertirOnline.Com Argentina S.A.U.</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: center">Controlled</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: center">San Martin 323. 11&deg; Piso. C.A.B.A.. Argentina</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: center">Representations</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">100.00%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">100.00%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">100.00%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">100.00%</TD></TR>
<TR STYLE="background-color: rgb(230,239,255)">
    <TD STYLE="font-size: 9pt; text-align: center">Supervielle Productores Asesores de Seguros S.A.</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: center">Controlled</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: center">Reconquista 320. 1&deg; Piso. C.A.B.A.. Argentina</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: center">Insurance Broker</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">95.00%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">100.00%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="text-align: center">Bolsillo Digital S.A.U.</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: center">Controlled</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: center">Bartolom&eacute; Mitre 434. C.A.B.A.. Argentina</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: center">Computer Services</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">100.00%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">100.00%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD></TR>
<TR STYLE="background-color: rgb(230,239,255)">
    <TD STYLE="text-align: center">Futuros del Sur S.A.</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: center">Controlled</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">03 de Febrero 515, Rosario,&nbsp;&nbsp;Santa Fe</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">Settlement and Clearing Agent</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">100.00%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">100.00%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 7.1pt"><FONT STYLE="font-weight: normal">(1)</FONT></TD><TD STYLE="text-align: left; padding-right: 5.35pt"><FONT STYLE="font-weight: normal">Grupo Supervielle S.A.&rsquo;s direct and
indirect interest in Banco Supervielle votes amounts to 99.87% as of 12/31/19 and 12/31/18,</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">As of January 16,
2018, Grupo Supervielle S.A. and Banco Supervielle S.A. made an irrevocable capital contribution in advance of future capital increases
to Cordial Compa&ntilde;&iacute;a Financiera for an amount of 19,000 and 361,000 respectively. On January 24, 2018, CCF held an
Ordinary Shareholders' meeting by which it resolved to accept the contributions received on July 24, 2017, December 12, 2017 and
January 16, 2018, and increase the capital stock in the amount of 56,751 with a paid in capital from 973,249.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">On March 14, 2018,
Grupo Supervielle S,A,, Banco Supervielle S,A, and Cordial Compa&ntilde;&iacute;a Financiera made an irrevocable capital contribution
in advance of future capital increases to Tarjeta Autom&aacute;tica for an amount of 262,500, 30,000 and 7,500 respectively, On
March 19, 2018, Tarjeta Autom&aacute;tica S,A, held Ordinary Shareholders' meeting by which it resolved to capitalize such contributions
on September 20, 2017 and March 14, 2018 and increase the capital stock in the amount of 450,000.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">On February 16, 2018,
Grupo Supervielle S.A.&acute; s Board of Directors approved the set-up of Fideicomiso Financiero Finterch Supervielle I, aimed
at the investment of new projects in financial technology and insurance technology for an amount of USD 3 million.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 112; Section: separate_financials -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->107<!-- Field: /Sequence -->&nbsp;</P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><B>GRUPO SUPERVIELLE S.A.</B></P><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><B>Notes to Separate Financial Statements </B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">As of December 31,
2019 presented on comparative basis </FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">(Expressed in thousands
of pesos)</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">On May 14, 2018,
Grupo Supervielle S.A. made an irrevocable capital contribution in advance of future capital increases to Banco Supervielle S.A.
for an amount of 861,000, On April 19, 2018, Banco Supervielle S.A. held Ordinary Shareholders' meeting by which it resolved to
capitalize contributions received increasing the capital stock in the amount of 27,578,475 with a paid in capital from 833,421.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">On May 2, 2018 Grupo
Supervielle S.A. has acquired Micro Lending S.A.U.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">On May 24, 2018 Grupo
Supervielle S.A. has acquired InvertirOnline S.A.U. e InvertirOnline,Com Argentina S.A.U.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">On August 21, 2018
and November 12, 2018, the Board of Grupo Supervielle S.A. approved to make irrevocable contributions in advance of future capital
increases in Micro Lending S.A.U., for 58,000 and 100,000, respectively. On November 12, 2018, Micro Lending S.A.U., held an Ordinary
General Assembly in which it was decided to capitalize the contributions received, increasing the Social Capital by the sum of
158,000.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">On November 21, 2018,
the assembly of Banco Supervielle S.A. approved the capitalization of a contribution in kind made by Grupo Supervielle S.A. in
the amount of $ 1,000,000. This capitalization was authorized by the Central Bank of the Argentine Republic on January 17, 2019,
under the terms of Communication &quot;A&quot; 6304. As a result, the period for the exercise of the right to pre-emptive subscription
and accretion as arranged by art, 194 of the General Law of Companies No. 19,550, the share capital was increased by 36,887,438
shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">On December 17, 2018,
Grupo Supervielle S.A. received a non-capitalized contribution refund in Invertir Online.com S.A. for 276.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">On December 18, 2018,
Grupo Supervielle S.A. made effective the capital contribution in kind of 200,000 to Micro Lending S.A.U., by virtue of what was
authorized by the meeting of that company held on December 17, 2018, which resolved to raise the capital by 200,000,000 ordinary
shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">On December 21, 2018,
 &quot;Supervielle Asesores Productores de Seguros S.A.&quot; was created, which will have the exclusive purpose of carrying out
the intermediation activity, promoting the conclusion of life, property and pension insurance contracts, advising insured and insurable
persons, Grupo Supervielle S.A. owns 95% of the Share Capital.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">On February 12, 2019,
Banco Supervielle S.A. made an irrevocable contribution of capital to Cordial Compa&ntilde;&iacute;a Financiera S.A. for 950,000,
while Grupo Supervielle S.A. committed a capital contribution in cash and / or in kind for the sum of 50,000. On February 27, 2019,
the assembly of Cordial Compa&ntilde;&iacute;a Financiera S.A. resolved to capitalize said contributions, subject to the authorization
of the Central Bank of the Argentine Republic in the terms of Communication &quot;A&quot; 6304, by virtue of the contribution in
kind made by Grupo Supervielle.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">On June 12, 2019,
Grupo Supervielle S.A. made an irrevocable contribution of capital to Banco Supervielle S.A. for 475,000. On July 10, 2019, the
assembly of Banco Supervielle S.A. resolved to capitalize contributions received increasing the capital stock in the amount of
21,345,787, through the issuance of up to 21,345,787 new Class B shares. The period of preferential subscription and accretion
in accordance with article 194 of the Law 19,550, the capital increase amounted to $ 20,711,607, corresponding to issue 20,711,607
Class B shares (with an issue premium of $ 21,9340 per share), in favor of Grupo Supervielle SA as a contributing shareholder.
This capital increase is being processed by the corresponding regulators.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">On June 14, 2019,
Grupo Supervielle S,A, and Banco Supervielle S,A, made an irrevocable contribution of capital to Cordial Compa&ntilde;ia Financiera
S,A, for 25,000 and 475,000 respectively, On July 10, 2019 the assembly of Cordial Compa&ntilde;&iacute;a Financiera S,A, resolved
to capitalize said contributions increasing the capital stock in the amount of 28,415,064 by issuing 28,415,064 new shares (with
a paid in capital from 16,5963 per share). This capital increase is being processed by the corresponding regulators. </FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">On July 24, 2019
 &ldquo;Bolsillo Digital S.A.U.&rdquo; was created, which will have the purpose of carrying out the design, programming and development
of software, mobile phone applications, web pages and / or any other digital means for the marketing of products and services related
to management and processing of payments made by and in favor of third parties. Grupo Supervielle S.A. owns 100% of the Share Capital.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">On December 18, 2019
Grupo Supervielle S.A. has acquired Futuros del Sur S.A.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>


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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; padding-bottom: 2pt; border-bottom: rgb(98,145,178) 2pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->108<!-- Field: /Sequence -->&nbsp;</P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><B>GRUPO SUPERVIELLE S.A.</B></P><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><B>Notes to Separate Financial Statements </B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">As of December 31,
2019 presented on comparative basis </FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">(Expressed in thousands
of pesos)</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">The following describes
Controlled Companies&rsquo; shareholders&rsquo; equity and results:</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR>
    <TD COLSPAN="17" STYLE="font-size: 9pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">As of December 31, 2019 &ndash; In thousands of pesos</TD></TR>
<TR>
    <TD STYLE="font-size: 9pt; font-weight: bold; text-align: left; border-bottom: Black 1pt solid">Company</TD><TD STYLE="font-size: 9pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 9pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Assets</TD><TD STYLE="padding-bottom: 1pt; font-size: 9pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 9pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Liabilities</TD><TD STYLE="padding-bottom: 1pt; font-size: 9pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 9pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Shareholders&rsquo; equity</TD><TD STYLE="padding-bottom: 1pt; font-size: 9pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 9pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Net income</TD><TD STYLE="padding-bottom: 1pt; font-size: 9pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(230,239,255)">
    <TD STYLE="width: 44%; text-align: left">Banco Supervielle&nbsp;&nbsp;S.A. <SUP>(1)</SUP></TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">141,598,981</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">124,035,899</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">17,437,127</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">3,320,416</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="text-align: left">Cordial Compa&ntilde;&iacute;a Financiera S.A.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,130,975</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,611,882</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,519,093</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(241,783</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="background-color: rgb(230,239,255)">
    <TD STYLE="text-align: left">Tarjeta Autom&aacute;tica S.A.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">438,533</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">98,830</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">339,703</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(274,341</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="text-align: left">Supervielle Asset Management S.A.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">266,235</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">79,666</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">186,569</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">140,178</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(230,239,255)">
    <TD STYLE="text-align: left">Sofital S.A. F. e I.I.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">916,518</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">52,568</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">863,950</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(109,101</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="text-align: left">Espacio Cordial de Servicios S.A.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">416,005</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">164,244</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">251,761</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,111</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(230,239,255)">
    <TD STYLE="text-align: left">Micro Lending S.A.U.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">224,036</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">126,909</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">97,127</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(258,836</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="text-align: left">InvertirOnline.Com Argentina S.A.U.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">22,292</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,751</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,541</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,790</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="background-color: rgb(230,239,255)">
    <TD STYLE="text-align: left">InvertirOnline S.A.U.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,605,079</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,366,953</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">238,126</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">36,693</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="text-align: left">Supervielle Seguros S.A.</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">1,554,555</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">769,929</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">784,626</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">267,515</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(230,239,255)">
    <TD STYLE="text-align: left">Bolsillo Digital S.A.U.</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">139</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">109</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">30</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">(93</TD><TD STYLE="font-size: 9pt; text-align: left">)</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="text-align: left">Futuros del Sur S.A.</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">3,619</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">195</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">3,424</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">(554</TD><TD STYLE="font-size: 9pt; text-align: left">)</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Times New Roman,serif; margin-top: 0; margin-bottom: 0; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><SUP>(1)</SUP></TD><TD>The net equity and the net result attributable to the owners of the parent company are reported,</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR>
    <TD COLSPAN="17" STYLE="font-size: 9pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">As of December 31, 2018 &ndash; In thousands of pesos</TD></TR>
<TR>
    <TD STYLE="font-size: 9pt; font-weight: bold; text-align: left; border-bottom: Black 1pt solid">Company</TD><TD STYLE="font-size: 9pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 9pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Assets</TD><TD STYLE="padding-bottom: 1pt; font-size: 9pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 9pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Liabilities</TD><TD STYLE="padding-bottom: 1pt; font-size: 9pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 9pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Shareholders&rsquo; equity</TD><TD STYLE="padding-bottom: 1pt; font-size: 9pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 9pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Net income</TD><TD STYLE="padding-bottom: 1pt; font-size: 9pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(230,239,255)">
    <TD STYLE="width: 44%; text-align: left">Banco Supervielle S.A. <SUP>(1)</SUP></TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">137,186,230</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">123,937,707</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">13,185,479</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">1,670,515</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="text-align: left">Cordial Compa&ntilde;&iacute;a Financiera S.A.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,153,920</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,893,044</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,260,876</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(614,617</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="background-color: rgb(230,239,255)">
    <TD STYLE="text-align: left">Tarjeta Autom&aacute;tica S.A.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">494,076</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">93,767</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">400,309</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(291,194</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="text-align: left">Supervielle Asset Management S.A.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">241,395</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">59,560</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">181,835</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">157,504</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(230,239,255)">
    <TD STYLE="text-align: left">Sofital S.A. F. e I.I.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">668,263</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">23,684</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">644,579</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,916</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="text-align: left">Espacio Cordial de Servicios S.A.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">414,158</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">98,073</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">316,085</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">83,205</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(230,239,255)">
    <TD STYLE="text-align: left">Micro Lending S.A.U.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">523,434</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">292,038</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">231,396</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(255,417</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="text-align: left">InvertirOnline.Com Argentina S.A.U.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,780</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,464</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,316</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,363</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="background-color: rgb(230,239,255)">
    <TD STYLE="text-align: left">InvertirOnline S.A.U. <SUP>(2)</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">825,645</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">677,663</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">147,982</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">62,525</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="text-align: left">Supervielle Seguros S.A.</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">950,527</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">402,105</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">548,422</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">190,892</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-weight: normal"><SUP>(1)</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-weight: normal">Corresponds to the Shareholders&acute;Equity and Net Income attributable
to parent company, </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-weight: normal"><SUP>(2)</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-weight: normal">Corresponds to the Financial Statement of InvertirOnline S.A.U.
as of November 30, 2018,</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify"><FONT STYLE="font-weight: normal">As of
December 31, 2019 balances with Grupo Supervielle S.A&lsquo;s controlled are as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR>
    <TD STYLE="font: bold 9pt Times New Roman,serif; border-bottom: Black 1pt solid">Assets</TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid">12/31/2019</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid">12/31/2018</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(230,239,255)">
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">Cash and due from banks</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="width: 72%; font: 10pt Times New Roman,serif; text-align: left; padding-left: 17.55pt">Banco Supervielle S.A.</TD><TD STYLE="width: 2%; font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman,serif; text-align: right">1,388</TD><TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman,serif; text-align: right">677</TD><TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(230,239,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; padding-bottom: 1pt; padding-left: 17.55pt">InvertirOnline S.A.U. Cta. Cte.</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right">114,908</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right">356</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman,serif; text-align: right">116,296</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman,serif; text-align: right">1,033</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(230,239,255)">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">Other financial assets</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(230,239,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; padding-left: 17.55pt">Debtors for service to subsidiaries CCF</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">816</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">972</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; text-indent: 30pt">Debtors for service to subsidiaries TA</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">24</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">19</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(230,239,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; text-indent: 30pt">Debtors for service to subsidiaries BS</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">5,868</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: justify; padding-left: 17.55pt">Debtors for service to subsidiaries ECS</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">89</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(230,239,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: justify; padding-left: 17.55pt">Time deposits &ndash; Cordial Comoa&ntilde;ia Financiera</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">416,448</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">430,997</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: justify; padding-bottom: 1pt; padding-left: 17.55pt">Time deposits &ndash; Banco Supervielle</TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right">345,979</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(230,239,255)">
    <TD STYLE="font: bold 9pt Times New Roman,serif; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman,serif; text-align: right">417,288</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman,serif; text-align: right">783,924</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-decoration: underline">Liabilities</TD><TD STYLE="font: bold 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(230,239,255)">
    <TD STYLE="font: bold 9pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman,serif; text-align: left">Other non financial liabilities</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(230,239,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; padding-left: 17.55pt">Pending contributions &ndash; Supervielle Productores Asesores de Seguros S.A.</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">71</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; padding-bottom: 1pt; padding-left: 17.55pt">Provisions - Banco Supervielle S.A.</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right">68</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right">170</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(230,239,255)">
    <TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman,serif; text-align: right">139</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman,serif; text-align: right">170</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->109<!-- Field: /Sequence -->&nbsp;</P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><B>GRUPO SUPERVIELLE S.A.</B></P><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><B>Notes to Separate Financial Statements </B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">As of December 31,
2019 presented on comparative basis </FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">(Expressed in thousands
of pesos)</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify"><FONT STYLE="font-weight: normal">As of
December 31, 2019 and 2018, results with Grupo Supervielle S.A&lsquo;s controlled are as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR>
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid">12/31/2019</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid">12/31/2018</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(230,239,255)">
    <TD STYLE="font: bold 10pt Times New Roman,serif; text-decoration: underline">Results</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman,serif; text-align: left">Interest income</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(230,239,255)">
    <TD STYLE="width: 72%; font: 10pt Times New Roman,serif; text-align: left; text-indent: 30pt">Interests from current accounts &ndash; Banco Supervielle S.A.</TD><TD STYLE="width: 2%; font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman,serif; text-align: right">15</TD><TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman,serif; text-align: right">10</TD><TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; padding-bottom: 1pt; text-indent: 30pt">Interests from loans -&nbsp;&nbsp;Micro Lending S.A.U.</TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right">3.663</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(230,239,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman,serif; text-align: right">15</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman,serif; text-align: right">3.673</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">Interest expense</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(230,239,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; padding-bottom: 1pt; text-indent: 30pt">Interests from current accounts &ndash; Banco Supervielle S.A.</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right">1</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman,serif; text-align: right">1</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(230,239,255)">
    <TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman,serif; text-align: left">Other operating income</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(230,239,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; text-indent: 30pt">Banco Supervielle S.A.</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">75,852</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">58,200</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; text-indent: 30pt">Sofital S.A.F. e I.I.</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">84</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">60</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(230,239,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; text-indent: 30pt">Supervielle Asset Management S.A.</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">816</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">621</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; text-indent: 30pt">Tarjeta Autom&aacute;tica S.A.</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">240</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">188</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(230,239,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; text-indent: 30pt">Cordial Compa&ntilde;&iacute;a Financiera S.A.</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">8,088</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">9,640</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; padding-bottom: 1pt; text-indent: 30pt">Espacio Cordial de Servicios S.A.</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right">492</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right">880</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(230,239,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: justify; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman,serif; text-align: right">85,572</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman,serif; text-align: right">69,589</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left; padding-bottom: 1pt">Administrative expenses</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(230,239,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; text-indent: 30pt">Bank expenses &ndash; Banco Supervielle S.A.</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">1,081</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">2,270</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; text-indent: 30pt">Rent &ndash; Banco Supervielle S.A.</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">3,968</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">2,500</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(230,239,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: justify; text-indent: 30pt">Legal and accounting consultancy services- Banco Supervielle S.A.</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">480</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">480</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; padding-bottom: 1pt; text-indent: 30pt">Fees for market operations - InvertirOnline S.A.U.</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right">608</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right">1863</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(230,239,255)">
    <TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman,serif; text-align: right">6,137</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman,serif; text-align: right">7,113</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(230,239,255)">
    <TD STYLE="font: bold 9pt Times New Roman,serif; text-align: left">Net income from financial instruments at fair value through profit or loss</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; text-indent: 30pt">Income from forward contracts &ndash; Banco Supervielle S.A.</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">45,196</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(230,239,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; text-indent: 30pt">Interest from time deposits&ndash; Cordial Compa&ntilde;&iacute;a Financiera S.A.</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">83,929</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">2,015</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; padding-bottom: 1pt; text-indent: 30pt">Interest from time deposits &ndash; Banco Supervielle S.A.</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right">3,083</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right">15,432</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(230,239,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman,serif; text-align: right">87,012</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman,serif; text-align: right">62,643</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>10.</B></TD><TD STYLE="text-align: justify"><B>INCOME TAX</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Law 27,451 has been recently enacted, which mainly
establishes the following accounting impacts:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Article 27 of the Law stipulates that the inflation
adjustment, positive or negative, corresponding to the first and second fiscal year beginning on January 1, 2019, should allocate
a sixth (1/6) in that fiscal period and the remaining five sixth (5/6), in equal parts, in the next five (5) immediate fiscal periods.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">In turn, it is clarified that said provision does not
preclude the allocation of the remaining thirds corresponding to previous periods, calculated in accordance with the previous version
of article 194 of the Income Tax Law.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Article 48 of the Law 27,541 establishes that until
the fiscal years beginning as of January 1, 2021 inclusive, the tax rate will be thirty percent (30%) -Dividends or distributed
profits will be 7%.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->110<!-- Field: /Sequence -->&nbsp;</P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><B>GRUPO SUPERVIELLE S.A.</B></P><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><B>Notes to Separate Financial Statements </B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">As of December 31,
2019 presented on comparative basis </FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">(Expressed in thousands
of pesos)</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The following table reconciles the statutory income
tax rate in Argentina to the Group&acute;s effective tax rate as of December 31, 2019 and 2018:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR>
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">12/31/2019</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">12/31/2018</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(230,239,255)">
    <TD STYLE="width: 72%; text-align: left">Comprehensive Income of the financial year Income Tax</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">4,189,690</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">2,757,882</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Tax Rate in Force</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">30%</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">30%</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(230,239,255)">
    <TD STYLE="font-weight: bold; text-align: left">Result of financial year before Income Tax at the tax rate</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,256,907</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">827,365</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="text-decoration: underline; text-align: left">Permanent differences (at tax rate):</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(230,239,255)">
    <TD STYLE="text-align: left; text-indent: 22.95pt">Result of equity investments</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,218,044</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(629,564</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="text-align: left; text-indent: 22.95pt">Breakdown of previous financial years</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(4,781</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(33,317</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="background-color: rgb(230,239,255)">
    <TD STYLE="text-align: left; text-indent: 22.95pt">Untaxed results</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,237</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">25,829</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="text-align: left; text-indent: 22.95pt">Tax Inflation adjustment</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(87,845</TD><TD STYLE="text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(230,239,255)">
    <TD STYLE="text-align: left; text-indent: 22.95pt">Affidavit adjustment 2018</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(37,036</TD><TD STYLE="text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: 22.95pt">Deferred tax rate difference</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">7,320</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(230,239,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Income Tax/(Breakdown) of the fiscal year (*)</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(68,242</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">190,313</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 9pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman,serif; margin: 0 0 0 7.1pt; text-align: justify">(*) The income tax for the financial year
ended on December 31, 2017 was compensated with breakdowns of previous years</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">Additionally, minimum presumed income tax
is determined by applying the 1% tax over computable assets as of financial year closing. This tax complements income tax.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">The Group&rsquo;s tax obligation in the
financial year will coincide with the highest amount of both taxes. However, if, in a financial year, the minimum presumed income
tax exceeds income tax, such excess may be recorded as a down-payment of any income tax excess over the minimum presumed income
tax that might be produced in any of the following ten financial years.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">The evolution of liabilities balance from
deferred tax is expressed as follows:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 9pt Times New Roman, Times, Serif">
<TR>
    <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: left; border-bottom: Black 1pt solid">Item</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Valuation of Common <BR> Investment Funds</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Tax Inflation <BR> adjustment</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Balance</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(230,239,255)">
    <TD STYLE="width: 58%; font-weight: bold; text-align: left">Balance at the beginning of financial year</TD><TD STYLE="width: 2%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-weight: bold; text-align: right">1,424</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-weight: bold; text-align: right">&mdash;</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-weight: bold; text-align: right">1,424</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="text-align: left">Changes of the fiscal year</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(17,828</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">65,883</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">48,055</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(230,239,255)">
    <TD STYLE="font-weight: bold">Balance as of year closing</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(16,404</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">65,883</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">49,479</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<a name=sn11></a>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>11.</B></TD><TD STYLE="text-align: justify"><B>LOAN AND DEBT ESTIMATED TERMS</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">The composition of loans and debts in accordance
with collection or payment estimated terms and interest rate accrued as of December 31, 2019 is as follows:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 9pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Other <BR> financial <BR> assets</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Current<BR> income tax <BR> assets</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Deferred <BR> income tax <BR> assets</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Other <BR> non-financial <BR> assets</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Other <BR>
non-financial liabilities</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font-size: 8pt; text-align: left">To mature:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 30%; font-size: 8pt; text-align: left">1st. Quarter</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">722,108</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">43,827</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">&mdash;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">38,880</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">213,132</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font-size: 8pt; text-align: left">2nd. Quarter</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">36,724</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 8pt; text-align: left">3rd. Quarter</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">36,724</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font-size: 8pt; text-align: left">4th. Quarter</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">36,724</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 8pt; text-align: left">Over a year</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">49,479</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">50,312</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: left">Subtotal to mature:</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">722,108</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">43,827</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">49,479</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">149,052</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">263,444</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 8pt; text-align: left">Matured term</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font-size: 8pt; font-weight: bold">Total</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">722,108</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">43,827</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">49,479</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">149,052</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">263,444</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 8pt; text-align: left">At fixed rate</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">357,953</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font-size: 8pt; text-align: left">At floating rate</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">304,820</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 8pt; text-align: left">Not accrue interest</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">59,335</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">43,827</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">49,479</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">149,052</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">263,444</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font-size: 8pt; font-weight: bold">Total</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">722,108</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">43,827</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">49,479</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">149,052</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">263,444</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>


<!-- Field: Page; Sequence: 116; Section: separate_financials -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; padding-bottom: 2pt; border-bottom: rgb(98,145,178) 2pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->111<!-- Field: /Sequence -->&nbsp;</P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><B>GRUPO SUPERVIELLE S.A.</B></P><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><B>Notes to Separate Financial Statements </B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">As of December 31,
2019 presented on comparative basis </FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">(Expressed in thousands
of pesos)</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center">&nbsp;</P>

<a name=sn12></a>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>12.</B></TD><TD STYLE="text-align: justify"><B>CAPITAL STOCK</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify"><FONT STYLE="font-weight: normal">As of
December 31, 2019, 2018 and 2017 the corporate capital stock is the following:</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 80%; font: 9pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1pt solid">Capital Stock</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Nominal Value</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="width: 82%; font-weight: bold; text-align: left">Capital stock as of 12/31/2017</TD><TD STYLE="width: 2%; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 14%; font-size: 10pt; font-weight: bold; text-align: center">456,722</TD><TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Capital stock as of 12/31/2018</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">456,722</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font-weight: bold; text-align: left">Capital stock as of 12/31/2019</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">456,722</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">Pursuant to the Corporate By-law, any share
transfer or event enabling any changes in its condition or alterations in its stock holding structure shall be informed to the
Argentine Central Bank,</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">&nbsp;</P>

<a name=sn13></a>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>13.</B></TD><TD STYLE="text-align: justify"><B>ECONOMIC CONTEXT IN WHICH THE GROUP OPERATES</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The Group operates in a complex economic context, whose
main variables have been strongly volatile both at a national and international level.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The following circumstances are taken into account
at a national level:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">The first semester of the year recorded a 2.5% fall in GDP year-to-year.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">Accrued inflation between January 1, 2019 and December 31, 2019 amounted to 53.8%.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">The significant devaluation of the peso as from August produced and unexpected dollar deposit outflow
from the financial system (thus the fall in reserves of the Argentine Central Bank) and an increase in the reference interest rate
above 74%.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">In face of the aforementioned events, the government
decided to implement certain measures, among which the following:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">Limits in the acquisition of foreign currency.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">Specific terms to enter and settle exports.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">Prior authorization to be issued by the Argentine Central Bank to set up external assets for companies.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">Prior authorization to be issued by the Argentine Central Bank for the payment of debts to foreign
related companies related.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">Deferring of the payment of certain government debt instruments.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">Control of fuel prices.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">This volatility and uncertainty context remain as of
the issuance of these financial statements.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The Group&rsquo;s Board is permanently controlling
the evolution of variables that affect its business in virtue of the definition of its course of action and identification of potential
impacts on its equity and financial situation. The Group&rsquo;s financial statements must be read in virtue of these circumstances.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<a name=sn14></a>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>14.</B></TD><TD STYLE="text-align: justify"><B>RISK MANAGEMENT POLICIES</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">The financial risk factor policy has been developed by the Management of
Banco Supervielle S.A., the Group's main investment See Note 18 as per Consolidated Financial Statements.</P>

<a name=sn15></a>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>15.</B></TD><TD STYLE="text-align: justify"><B>SUBSEQUENT EVENTS</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">There are no events or operations that occurred after December 31, 2019
that could materially affect the equity situation or the results of the Group as of the closing date of this period.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 117; Section: separate_financials -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; padding-bottom: 2pt; border-bottom: rgb(98,145,178) 2pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->112<!-- Field: /Sequence -->&nbsp;</P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><B>GRUPO SUPERVIELLE S.A.</B></P><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><B>Notes to Separate Financial Statements </B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">As of December 31,
2019 presented on comparative basis </FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">(Expressed in thousands
of pesos)</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center">&nbsp;</P>


<a name=sschedA></a>
<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0; text-align: justify">SCHEDULE A &ndash; OTHER DEBT SECURITIES</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font: bold 10pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid">HOLDING</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman,serif; border-bottom: Black 1pt solid">Item</TD><TD STYLE="font: bold 10pt Times New Roman,serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid">Balance at 12/31/19</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman,serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid">Balance at 12/31/18</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: italic bold 10pt Times New Roman,serif">Argentine</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="width: 72%; font: 10pt Times New Roman,serif; text-align: left">LTPA9&nbsp;&nbsp;- Treasury Bill $ - Mat. 04/30/2019</TD><TD STYLE="width: 2%; font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman,serif; text-align: right">401</TD><TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">LTPE9&nbsp;&nbsp;- Treasury Bill $ - Mat.&nbsp;&nbsp;01/31/2019</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">112,114</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman,serif; text-align: left; padding-bottom: 1pt">Total other debt securities</TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman,serif; text-align: right">112,515</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1pt">Total</TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman,serif; text-align: right">112,515</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<a name=sschedL></a>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>SCHEDULE L &ndash; ASSETS AND LIABILITIES IN FOREIGN CURRENCY</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 9pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">As of December 31, 2019 (per currency)</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">As of December 31, 2018</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">Items</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Headquarters and branches in the country</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">As of December 31, 2019</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Dollar</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font-weight: bold">ASSETS</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 44%; text-align: left">Cash and Due from Banks</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">118,254</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">118,254</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">118,254</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">2,129</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="text-align: left">Other financial assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">185,647</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">185,647</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">185,647</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">143,932</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Other non-financial assets</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">146,895</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">146,895</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">146,895</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">123,391</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">TOTAL ASSETS</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">450,796</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">450,796</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">450,796</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">269,452</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font-weight: bold">LIABILITIES</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Other non-financial liabilities</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">235,989</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">235,989</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">235,989</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">345,951</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">TOTAL LIABILITIES</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">235,989</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">235,989</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">235,989</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">345,951</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">NET POSITION</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">214,807</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">214,807</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">214,807</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(76,499</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">)</TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman,serif; margin: 0"></P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->113<!-- Field: /Sequence -->&nbsp;</P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><B>GRUPO SUPERVIELLE S.A.</B></P><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->


<a name=addinfo></a>
<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0 69.2pt 0 70.9pt; text-align: center; text-indent: 0in">Additional Information
pursuant to Art, 12, Chapter III, Title IV of standards issued by the National Securities Commission</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center">For the nine months period started on January 1, 2019
and ended on December 31, 2019,</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center">presented on comparative basis,</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center">(Expressed in thousands of pesos)</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 70.9pt; text-align: justify; text-indent: -70.9pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 1in; text-align: justify; text-indent: -1in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B><U>NOTE 1:</U></B></TD><TD STYLE="text-align: justify"><B><U>SPECIFIC JURIDICAL AND SIGNIFICANT REGIMES IMPLYING CONTINGENT DECAYS OR REBIRTHS OF BENEFITS
INCLUDED IN SUCH REGULATIONS, </U></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 70.9pt; text-align: justify; text-indent: -70.9pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-indent: 70.9pt">None.</P>

<P STYLE="font: 9pt Times New Roman,serif; margin: 0; text-indent: 70.9pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B><U>NOTE 2:</U></B></TD><TD STYLE="text-align: justify"><B><U>SIGNIFICANT CHANGES IN CORPORATE ACTIVITIES OR OTHER SIMILAR EVENTS RECORDED DURING THE PERIODS
INCLUDED IN THE FINANCIAL STATEMENTS THAT IMPACT ON THEIR COMPARABILITY WITH THOSE STATEMENTS SUBMITTED IN PREVIOUS PERIODS OR
MAY IMPACT ON THEIR COMPARABILITY WITH THOSE STATEMENTS TO BE SUBMITTED IN FUTURE PERIODS, </U></B></TD></TR></TABLE>

<P STYLE="font: 9pt Times New Roman,serif; margin: 0 0 0 70.9pt; text-align: justify; text-indent: -70.9pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-indent: 70.9pt">None.</P>

<P STYLE="font: 9pt Times New Roman,serif; margin: 0; text-indent: 70.9pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 70.9pt"><B><U>NOTE 3:</U></B></TD><TD STYLE="text-align: justify"><B><U>CLASSIFICATION OF RECEIVABLE AND DEBT BALANCES </U></B></TD></TR></TABLE>

<P STYLE="font: 9pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 70.9pt">See Note 11 to the Financial Statements.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 70.9pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B><U>NOTE 4:</U></B></TD><TD STYLE="text-align: justify"><B><U>CLASSIFICATION OF RECEIVABLES AND DEBTS IN VIRTUE OF THEIR FINANCIAL EFFECTS </U></B></TD></TR></TABLE>

<P STYLE="font: 9pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 70.9pt">See Note 1.5, 1.7, 11 and schedule L to the Financial Statements.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 70.9pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B><U>NOTE 5:</U></B></TD><TD STYLE="text-align: justify"><B><U>BREAKDOWN OF CAPITAL SHARE ON COMPANIES STATED ON ART, 33 GENERAL LAW OF COMPANIES</U></B></TD></TR></TABLE>

<P STYLE="font: 9pt Times New Roman,serif; margin: 0 0 0 70.5pt; text-align: justify; text-indent: -70.5pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-indent: 70.9pt">See Note 9 to the Separate Financial Statements.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-indent: 70.9pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B><U>NOTE 6:</U></B></TD><TD STYLE="text-align: justify"><B><U>RECEIVABLES OR LOANS TO DIRECTORS OR SYNDICS AND THEIR RELATIVES UP TO A SECOND DEGREE INCLUDED
</U></B></TD></TR></TABLE>

<P STYLE="font: 9pt Times New Roman,serif; margin: 0 0 0 70.9pt; text-align: justify; text-indent: -70.9pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 70.9pt; text-align: justify">As of December 31, 2019 and 2018, no receivables
or loans to directors or syndics and their relatives up to a second degree were recorded.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 70.9pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 70.9pt"><B><U>NOTE 7:</U></B></TD><TD STYLE="text-align: justify"><B><U>INVENTORIES </U></B></TD></TR></TABLE>

<P STYLE="font: 9pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 70.9pt">As of December 30, 2019 and 2018 the Group did not have inventories.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 70.9pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 70.9pt"><B><U>NOTE 8:</U></B></TD><TD STYLE="text-align: justify"><B><U>MARKET VALUE</U></B></TD></TR></TABLE>

<P STYLE="font: 9pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 70.9pt">See Note 1.8 and 1.11 to the Financial Statements.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 70.9pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 70.9pt"><B><U>NOTE 9:</U></B></TD><TD STYLE="text-align: justify"><B><U>PREMISES AND EQUIPMENT</U></B></TD></TR></TABLE>

<P STYLE="font: 5pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 7pt Times New Roman,serif; margin: 0 0 0 70.9pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 70.9pt">See Note 1.10 to the Financial Statements.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 92.15pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 70.9pt"><B><U>NOTE 10:</U></B></TD><TD STYLE="text-align: justify"><B><U>EQUITY INVESTMENTS </U></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 70.9pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 70.9pt; text-align: justify">The Company&rsquo;s corporate purpose is
to carry out financial and investment activities; therefore, it is not bound by Art, 31 of General Law of companies equity investments.</P>



<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 70.9pt; text-align: justify">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->114<!-- Field: /Sequence -->&nbsp;</P><P STYLE="font: 10pt Book Antiqua,serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -7.1pt"><B>GRUPO SUPERVIELLE S.A.</B></P><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 10pt Times New Roman,serif; margin: 0 62.15pt 0 63.8pt; text-align: center"><B>Additional Information pursuant
to Art, 12, Chapter III, Title IV of standards issued by the National Securities Commission</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center">For the nine months period started on January 1, 2019
and ended on December 31, 2019,</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center">presented on comparative basis,</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center">(Expressed in thousands of pesos)</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B><U>NOTE 11:</U></B></TD><TD STYLE="text-align: justify"><B><U>RECOVERABLE AMOUNTS </U></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 70.9pt">As of December 31, 2019 and 2018, the criterion used to determine
the recoverable amount of premises and equipment is value in use, set by the likelihood of absorption of depreciations with the
company results.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 70.9pt"><B><U>NOTE 12:</U></B></TD><TD STYLE="text-align: justify"><B><U>INSURANCE</U></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 70.9pt; text-align: justify">As of December 31, 2019 and 2018, the Company
did not record tangible assets to be ensured.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 70.9pt"><B><U>NOTE 13:</U></B></TD><TD STYLE="text-align: justify"><B><U>NEGATIVE AND POSITIVE CONTINGENCIES </U></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 70.9pt; text-align: justify">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 106.35pt; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">a)</TD><TD STYLE="text-align: justify">Components considered for the calculation of provisions which balances, considered individually
or in aggregate, exceed two percent of shareholders&rsquo; equity: none.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">b)</TD><TD STYLE="text-align: justify">Contingent situations as of the date of Financial Statements with a probability of occurrence more
than remote, and not recorded:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 92.15pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 1.25in; text-align: justify">As of December 31, 2019 and 2018, there
were no contingent situations with more than remote probability of occurrence and not recorded in the balance sheet.</P>



<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 106.35pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 70.9pt"><B><U>NOTE 14:</U></B></TD><TD STYLE="text-align: justify"><B><U>IRREVOCABLE CONTRIBUTIONS IN ADVANCE OF FUTURE CAPITAL INCREASES </U></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 34.9pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">a)</TD><TD STYLE="text-align: justify">Status of procedure for its capitalization:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 1.25in; text-align: justify">As of December 31, 2019 and 2018, no balances
of irrevocable contributions in advance of future capital increases were recorded.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">b)</TD><TD STYLE="text-align: justify">Cumulative and unpaid dividends of preferred stock:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 1.25in; text-align: justify">As of December 31, 2019 and 2018, no cumulative
unpaid dividends of preferred stock were recorded.</P>



<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 34.9pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 70.9pt"><B><U>NOTE 15:</U></B></TD><TD STYLE="text-align: justify"><B><U>RESTRICTIONS ON RETAINED EARNINGS DISTRIBUTION </U></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 106.2pt; text-indent: -35.3pt">See Note 16.6 to the consolidated financial
statement.</P>



<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>



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<a name=informative></a>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><FONT STYLE="font-variant: small-caps"><B>Grupo Supervielle
S,A,</B></FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><B>INFORMATIVE REVIEW <FONT STYLE="font-variant: small-caps">as
of December 31, 2019</FONT></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><FONT STYLE="font-variant: small-caps"><B>(in thousands
of pesos)</B></FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><FONT STYLE="font-variant: small-caps"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 6pt 0; text-align: justify; border-bottom: Black 1.5pt solid"><FONT STYLE="font-variant: small-caps"><B>Brief
description of the business and evolution of operations </B></FONT></P>

<P STYLE="font: 10pt Book Antiqua,serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The Company is focused on gaining a leading position
in the local financial business by offering innovative, inclusive and accessible financial services, Its strategy, deployed by
its different companies (banking and non-banking) enables the access to every population segment with the required product offer,
service model and risk/reward relationship required.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The result of the period ended on December 31, 2019,
yields a profit of 4,249,929, which represents a return on average net worth of 22,5%, This result was originated, mainly, by the
results of our investments in companies.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">On April 26, 2019, the Ordinary General Shareholders' Meeting approved the
following distribution of the results of the 2018 fiscal year, which had shown a profit of $ 2,567,569, by adoption of the International
Financial Reporting Standards from January 1, 2018, adjustments were made to results of previous years in the amount of $ (911,607),
which leaves a net result of outstanding profits of $ 1,655,962:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">*</TD><TD>Dividends in cash: 303,000</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">*</TD><TD>Other reserve: 1,352,962</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 35.7pt; text-align: justify; text-indent: -17.85pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; text-align: justify; margin-top: 0; margin-right: 0; margin-left: 0">Grupo Supervielle
S.A. is the parent company of the economic group and As of December 31, 2019 and 2018, recorded the following direct and indirect
equity investments in its subsidiaries:</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-size: 9pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Interest in capital stock</TD><TD STYLE="padding-bottom: 1pt; font-size: 9pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 9pt; font-weight: bold; border-bottom: Black 1pt solid">Company</TD><TD STYLE="font-size: 9pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Main Activity</TD><TD STYLE="font-size: 9pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 9pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">12/31/2019</TD><TD STYLE="padding-bottom: 1pt; font-size: 9pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 9pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">12/31/2018</TD><TD STYLE="padding-bottom: 1pt; font-size: 9pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="width: 40%; font-size: 9pt; text-align: left">Banco Supervielle S.A.</TD><TD STYLE="width: 2%; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="width: 30%; font-size: 9pt; text-align: center">Commercial Bank</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">99.90%</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">99.89%</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 9pt; text-align: left">Cordial Compa&ntilde;&iacute;a Financiera S.A.</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: center">Financial Company</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">99.90%</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">99.90%</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font-size: 9pt; text-align: left">Tarjeta Autom&aacute;tica S.A.</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: center">Credit Card and Consumer Loans</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">99.99%</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">99.99%</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 9pt; text-align: left">Supervielle Asset Management S.A.</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: center">Asset management company</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100.00%</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100.00%</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font-size: 9pt; text-align: left">Sofital S.A.F. e I.I.</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: center">Financial operations and administration of marketable securities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100.00%</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100.00%</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 9pt; text-align: left">Espacio Cordial de Servicios S.A.</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: center">Trading of products and services</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100.00%</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100.00%</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font-size: 9pt; text-align: left">Supervielle Seguros S.A.</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: center">Insurance Company</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100.00%</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100.00%</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 9pt; text-align: left">Micro Lending S.A.</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: center">Financing investments</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100.00%</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100.00%</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font-size: 9pt; text-align: left">Invertir Online S.A.U.</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: center">Settlement and Clearing Agent</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100.00%</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100.00%</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 9pt; text-align: left">InvertirOnline.Com Argentina S.A.U.</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: center">Representations</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100.00%</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100.00%</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font-size: 9pt; text-align: left">Supervielle Productores Asesores de Seguros S.A.</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: center">Insurance Broker</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100.00%</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Bolsillo Digital S.A.U.</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: center">Computer Services</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100.00%</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="text-align: left">Futuros del Sur S.A.</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: center">Settlement and Clearing Agent</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100.00%</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0.85pt 0 0; text-align: justify"><FONT STYLE="font-variant: small-caps"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0.85pt 0 0; text-align: justify"><FONT STYLE="font-variant: small-caps"><B>&nbsp;</B></FONT></P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0.85pt 0 0; text-align: center"><FONT STYLE="font-variant: small-caps"><B>Grupo
Supervielle S,A,</B></FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><FONT STYLE="font-variant: small-caps"><B>Informative
Review as of December 31, 2019</B></FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><FONT STYLE="font-variant: small-caps"><B>(in thousands
of pesos)</B></FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><FONT STYLE="font-variant: small-caps"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 6pt 0; text-align: justify; border-bottom: Black 1.5pt solid"><FONT STYLE="font-variant: small-caps"><B>Brief
description of Related Companies </B></FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 12pt; text-align: justify">Banco Supervielle (&ldquo;The Bank&rdquo;) entered
the Argentine financial services industry in 1887 and maintain a leading competitive position in certain attractive market segments,
The bank is the main subsidiary of Grupo Supervielle S,A, a holding company, The bank offered financial products and services that
are specifically tailored to cover the different needs of our customers through a multi-brand and multi-channel platform. As of
December 31, 2019, the Bank infrastructure supports the multi-channel distribution strategy with a strategic national footprint
through 283 access points, which include 182 bank branches, 78 of these bank branches are fully dedicated to serve senior citizens,
22 banking payment and collection centers and 79 CCF sales points located in Walmart supermarkets and 539 ATMs, 217 self-service
terminals and 191 Cash Dispensers with biometric identification. Moreover, the Bank offered financial services through 35 consumer
financing branches of Tarjeta and other points of sale, 7 Mila&rsquo;s customer support offices, completing a network of 600 car
dealer, As of December 31, 2019, the Bank records 141,598,981 worth assets and shareholders&rsquo; equity attributable to parent
company of 17,437,127. Net income recorded in the nine months period ended on December 31, 2019 amounted to 3,320,416which mainly
resulted from the financial margin and the service margin.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 12pt; text-align: justify">Cordial Compa&ntilde;&iacute;a Financiera S.A.
is a financial service firm, subject to regulations issued by the Central Bank of the Argentine Republic, whose main business is
made up by credit card and loan granting and the sale of insurance policies in Walmart Argentina&rsquo;s outlets. As of December
31, 2019, recorded negative results of 241,783.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 12pt; text-align: justify">Tarjeta Autom&aacute;tica S.A.&rsquo;s main
activity includes the issuance and administration of credit cards and consumption loans. The period ended on December 31, 2019,
recorded negative results of 274,341. In November 2012, Tarjeta Autom&aacute;tica started to market credit cards, personal loans
and insurance policies on account and behalf of Cordial Compa&ntilde;&iacute;a Financiera S.A., collecting a monthly fee for such
services.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 12pt; text-align: justify">Supervielle Asset Management S.A. is focused
on the promotion, instruction and administration of investment mutual funds pursuant to Law 24,083, its Ruling Decree and any other
legal or ruling standard addressing such activities. At present, the company records 13 active funds. As of December 31, 2019,
earnings amounted to 140,178.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 12pt; text-align: justify">Sofital S.A.F. e I.I. is a company whose main
activity includes financial operations and the administration of marketable securities. As of December 31, 2019, recorded negative
results of 109,101.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 12pt; text-align: justify">Espacio Cordial de Servicios S.A. is a company
focused on the trading of all kinds of goods and services related to insurance, tourism, health plans and/or services and other
goods and services. As of December 31, 2019, earnings amounted to 3,111.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 12pt; text-align: justify">Supervielle Seguros S.A., the insurance company
of Grupo Supervielle S.A., records shareholders equity for 784,626 and assets for 1,554,555. As of December 31, 2019, earnings
amounted to 267,515.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 12pt; text-align: justify">Micro Lending S.A., specializes in the financing
of pledge credits, particularly used cars. As of December 31, 2019, recorded negative results of 258,836.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 12pt; text-align: justify">InvertirOnline S.A.U., is a specialized online
trading platform, which occupies a leading position among the top five in the online Broker segment in Argentina, and a reference
in the Fintech sector in the country. As of December 31, 2019 InvertirOnline S.A.U obtained earnings of 36,693 and InvertirOnline.Com
Argentina S.A.U. it obtained negative results of 1,790.</P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0.85pt 0 0; text-align: center"><FONT STYLE="font-variant: small-caps"><B>Grupo
Supervielle S,A,</B></FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><FONT STYLE="font-variant: small-caps"><B>Informative
Review as of December 31, 2019</B></FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><FONT STYLE="font-variant: small-caps"><B>(in thousands
of pesos)</B></FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 24pt 0 12pt; text-align: justify; border-bottom: Black 1.5pt solid"><FONT STYLE="font-variant: small-caps"><B>SHAREHOLDERS&acute;
EQUITY STRUCTURE, RESULTS, FUND GENERATION OR UTILIZATION STRUCTURE, MAIN RATIOS. </B></FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 12pt; text-align: justify">The following offers information related to
Consolidated Financial Statements, on a comparative basis:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">Statement of Financial Position</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">12/31/2019</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">12/31/2018</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="width: 72%; text-align: left">Total Assets</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">146,493,108</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">141,115,541</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Total Liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">124,794,461</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">123,945,364</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="text-align: left">Changes in Shareholders&rsquo; Equity</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">21,698,647</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">17,170,177</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Total Liabilities plus Changes in Shareholders&rsquo; Equity</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">146,493,108</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">141,115,541</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0.85pt 0 0; text-align: center"><FONT STYLE="font-variant: small-caps"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">Income Statement</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">12/31/2019</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">12/31/2018</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="width: 72%; text-align: left">Net income from interest</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">8,524,989</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">10,462,368</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Net income from commissions</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,112,717</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,639,038</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="text-align: left">Net income before income tax</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,228,005</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,407,850</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Net income of the period - Earnings</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,827,067</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,029,982</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0.85pt 0 0; text-align: center"><FONT STYLE="font-variant: small-caps"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">Consolidated Cash Flow Statement</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">12/31/2019</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">12/31/2018</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="width: 72%; text-align: left">Total operating activities</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">(18,135,127</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">17,289,350</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Total investment activities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(939,169</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(3,814,403</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="text-align: left">Total financing activities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(4,352,334</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,680,988</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Effect of changes in exchange rate</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,386,557</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,395,255</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="text-align: left">Net increase in cash and cash equivalents</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(19,040,073</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">25,551,190</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-variant: small-caps"><B>&nbsp;</B></FONT></P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0.85pt 0 0; text-align: center"><FONT STYLE="font-variant: small-caps"><B>Grupo
Supervielle S,A,</B></FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><FONT STYLE="font-variant: small-caps"><B>Informative
Review as of December 31, 2019</B></FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><FONT STYLE="font-variant: small-caps"><B>(in thousands
of pesos)</B></FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 24pt 0 12pt; text-align: justify; border-bottom: Black 1.5pt solid"><FONT STYLE="font-variant: small-caps"><B>SHAREHOLDERS&acute;
EQUITY STRUCTURE, RESULTS, FUND GENERATION OR UTILIZATION STRUCTURE, MAIN RATIOS,</B></FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 12pt; text-align: justify">The following offers information related to
Consolidated Financial Statements, comparative to the previous period:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">Indicators (figures in thousands of pesos)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">12/31/2019</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">12/31/2018</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="width: 72%">Liquidity</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">31.39%</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">49.50%</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">- Cash and cash equivalents (*1)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">27,936,485</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">46,976,558</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD>- Deposits</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">89,008,177</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">94,906,014</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD>Solvency</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">17.39%</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13.85%</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">- Shareholders Equity</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">21,698,647</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">17,170,177</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="text-align: left">- Total Liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">124,794,461</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">123,945,364</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD>Immobilization of Capital</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8.28%</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3.88%</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">-Immobilized Assets (*2)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,122,961</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,474,200</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="text-align: left">-Total Assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">146,493,108</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">141,115,541</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD>ROE (*3)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">22.6%</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">16.5%</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman,serif; margin: 0">(*1) Including cash, listed corporate and government securities and mutual
funds shares.</P>

<P STYLE="font: 9pt Times New Roman,serif; margin: 0">(*2) Including the following items: Equity Investments, Miscellaneous Receivables,
Premises and Equipment, Miscellaneous Assets, Intangible Assets and unallocated items.</P>

<P STYLE="font: 9pt Times New Roman,serif; margin: 0">(*3) Calculated on a daily basis.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">For Statement of Financial Position and Income Statement
structure, the Group utilized the consolidated accounts, which follow the presentation of Financial Statement provisions set by
Communication &ldquo;A&rdquo; 3147 and complementary provisions issued by the Argentine Central Bank related to the Accounting
Informative Regime for the annual disclosure and guidelines set by Technical Pronouncement N&deg;8 issued by the Argentine Federation
of Economy Sciences Professional Councils and the General Ruling 622/13 issued by the National Securities Commission.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0.85pt 0 0; text-align: center"><FONT STYLE="font-variant: small-caps"><B>&nbsp;</B></FONT></P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0.85pt 0 0; text-align: center"><FONT STYLE="font-variant: small-caps"><B>Grupo
Supervielle S,A,</B></FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><FONT STYLE="font-variant: small-caps"><B>informative
review as of December 31, 2019</B></FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><FONT STYLE="font-variant: small-caps"><B>(in thousands
of pesos)</B></FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><FONT STYLE="font-variant: small-caps"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 12pt 0 0; text-align: justify; border-bottom: Black 1.5pt solid"><FONT STYLE="font-variant: small-caps"><B>Adoption
of International Financial Reporting Standards (IFRS)</B></FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The Argentine Central Bank, through Communication &ldquo;A&rdquo;
5541 and its amendments set the Implementation Plan for Convergence towards International Financial Report Standards (IFRS) issued
by International Accounting Standards Board (IASB) and interpretations issued by the International Financial Reporting Standards
Committee (IFRSC), for entities under its supervision, except for the application of section 5.5, (detriment of value) of IFRS
9 &ldquo;Financial Instruments&rdquo; and IAS 29 (which determines the obligatory restatement of financial statements in accordance
with the detailed in note 1.2.b), for financial years started on January 1, 2018, Likewise, entities shall prepare their opening
Financial Statements as from January 1, 2017 to be used as comparative base of the financial year to start on January 1, 2018,
which will be the first Financial Statements submitted under these standards as of March 31, 2018.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">In turn, pursuant
to Article 2, Chapter I, Section I, of Title IV of the modified text issued by the National Securities Commission, issuing entities,
whose main assets are made up by investments in financial entities or insurance companies, are exempted from submitting their Financial
Statements under IFRS and may choose their submission in accordance with the provisions issued by the Argentine Central Bank and
the National Insurance Superintendence, respectively.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">As for the aforementioned requirements, the following
is set out:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.25in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 11.05pt"></TD><TD STYLE="width: 17.3pt">&bull;</TD><TD STYLE="text-align: justify">Grupo Supervielle S.A.&rsquo;s corporate purpose is, exclusively, the realization of financial
and investment activities;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 11.05pt"></TD><TD STYLE="width: 17.3pt">&bull;</TD><TD STYLE="text-align: justify">the investment in financial entities and in the insurance company accounts for 82,0% of Grupo Supervielle
S.A.&rsquo;s assets, being the main assets of the Group,</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 11.05pt"></TD><TD STYLE="width: 17.3pt">&bull;</TD><TD STYLE="text-align: justify">85,2% of Grupo Supervielle S.A.&rsquo;s incomes come from its equity investments in financial entities&rsquo;
and insurance company results,</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 11.05pt"></TD><TD STYLE="width: 17.3pt">&bull;</TD><TD STYLE="text-align: justify">Grupo Supervielle S.A. holds 99,90% direct and indirect stock investments in Banco Supervielle
S.A. a 99,90% of Cordial Compa&ntilde;&iacute;a Financiera S.A., and a 100% of Supervielle Seguros S.A., resulting in the Group&rsquo;s
control in those entities.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; border-bottom: Black 1.5pt solid"><FONT STYLE="font-variant: small-caps"><B>Perspectives
</B></FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">For the financial year 2020, Grupo Supervielle expects
to keep its contribution to the Argentine economy evolution and growth through its credit origination.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><B>&nbsp;</B></P>


<!-- Field: Page; Sequence: 125 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; padding-bottom: 2pt; border-bottom: rgb(98,145,178) 2pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->


<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><B>SIGNATURE </B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 12pt 0 0 7.1pt; text-align: justify">Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.1in; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-family: Times New Roman,serif"><B>Grupo Supervielle S.A.</B></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt; font-family: Times New Roman,serif">Date: March 30, 2020 </TD>
    <TD STYLE="font-family: Times New Roman,serif">By:</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman,serif">/s/ Alejandra Naughton&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 53%; padding-left: 0.1in; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 3%; padding-left: 0.1in; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 5%; font-family: Times New Roman,serif">Name:</TD>
    <TD STYLE="width: 39%; font-family: Times New Roman,serif">Alejandra Naughton</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.1in; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">Title:</TD>
    <TD STYLE="font-family: Times New Roman,serif">Chief Financial Officer</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>



<P STYLE="margin: 0"></P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
