GRUPO SUPERVIELLE


Item

1.	Financial Statements for the for the period ended on March 31, 2022, presented on comparative basis.

GRUPO SUPERVIELLE S.A.

CONSOLIDATED CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION

As of March 31, 2022 and December 31, 2021

(Expressed in thousands of pesos in homogeneous currency)


ASSETS	Notes and Schedules	03/31/2022	12/31/2021
Cash and due from banks	4 and 5	29,430,878	37,808,676
Cash		10,848,345	14,612,384
Financial institutions and correspondents		17,607,940	22,451,192
Argentine Central Bank		14,755,122	21,048,656
Other local and financial institutions		2,852,818	1,402,536
Others		974,593	745,100
Debt Securities at fair value through profit or loss	4, 5, 7.1 and A	24,550,561	26,086,439
Derivatives	7.2 and 4	156,606	257,510
Reverse Repo transactions	4 and 7.3	6,426,562	49,735,371
Other financial assets	4, 7.4 and 5	10,576,362	16,125,328
Loans and other financing	4,7.5 and B	161,208,128	180,120,569
To the non-financial public sector		73,192	26,392
To the financial sector		88,107	89,179
To the Non-Financial Private Sector and Foreign residents		161,046,829	180,004,998
Other debt securities	4, 7.6 and A	159,892,344	91,698,286
Financial assets pledged as collateral	4 and 7.7	10,163,230	9,912,275
Deferred income tax assets		949,053	1,021,750
Investments in equity instruments	4 and A	259,525	306,749
Property, plant and equipment	F	12,358,544	12,808,188
Investment property	F	10,087,714	10,095,884
Intangible assets	G	12,996,205	13,257,602
Deferred income tax assets		3,261,776	3,021,108
Other non-financial assets	7.8	3,778,294	2,856,358
Inventories	7.9	143,503	158,754
TOTAL ASSETS		446,239,285	455,270,847

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

GRUPO SUPERVIELLE S.A.

CONSOLIDATED CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION

As of March 31, 2022 and December 31, 2021

(Expressed in thousands of pesos in homogeneous currency)


	Notes and Schedules	03/31/2022	12/31/2021
LIABILITIES
Deposits	4, 7.10 and H	341,298,322	334,812,411
Non-financial public sector		15,551,456	13,319,016
Financial sector		82,301	45,382
Non-financial private sector and foreign residents		325,664,565	321,448,013
Liabilities at fair value through profit or loss	4 and 7.11	4,002,463	2,383,161
Other financial liabilities	4 and 7.12	15,221,894	27,601,653
Financing received from the Argentine Central Bank and other financial institutions	4 and 11.3	4,367,699	7,257,313
Unsubordinated debt securities	4 and 11.5	539,658	1,229,457
Provisions	7.14	1,010,808	1,060,495
Deferred income tax liabilities		122,789	71,657
Other non-financial liabilities	7.15	18,181,124	18,854,158
TOTAL LIABILITIES		384,744,757	393,270,305

SHAREHOLDERS' EQUITY
Capital stock		456,722	456,722
Paid in capital		50,558,787	50,558,787
Capital Adjustments		5,544,332	5,544,332
Reserve		5,383,032	5,380,509
Retained earnings		(1,394,528)	(395,860)
Other comprehensive income		1,274,628	1,405,123
Net income for the period / year		(377,572)	(998,668)
Shareholders' Equity attributable to owners of the parent company		61,445,401	61,950,945
Shareholders' Equity attributable to non-controlling interests		49,127	49,597
TOTAL SHAREHOLDERS' EQUITY		61,494,528	62,000,542
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY		446,239,285	455,270,847

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

GRUPO SUPERVIELLE S.A.

CONSOLIDATED CONDENSED INTERIM STATEMENT OF COMPREHENSIVE INCOME

For three-month period ended on March 31, 2022 presented on comparative basis

(Expressed in thousands of pesos in homogeneous currency)


		03/31/2022	03/31/2021
Interest income	7.16	30,442,673	28,601,121
Interest expenses	7.17	(18,233,231)	(16,021,508)
Net interest income		12,209,442	12,579,613
Service fee income	7.19	4,828,917	4,733,749
Service fee expenses	7.20	(1,733,800)	(1,449,861)
Income from insurance activities	9	703,673	674,912
Net Service Fee Income		3,798,790	3,958,800
Subtotal		16,008,232	16,538,413
Net income from financial instruments (NIFFI) at fair value through profit or loss	7.18	3,295,664	2,931,349
Result from assets withdrawals rated at amortized cost		122,190	133,153
Exchange rate difference on gold and foreign currency		469,943	239,877
Subtotal		3,887,797	3,304,379
Other operating income	7.21	1,445,657	1,491,721
Result from exposure to changes in the purchasing power of the currency		(3,117,369)	(2,772,108)
Loan loss provisions		(1,977,660)	(2,129,308)
Net operating income		16,246,657	16,433,097
Personnel expenses	7.22	8,090,416	8,012,342
Administration expenses	7.23	3,923,890	3,933,144
Depreciations and impairment of non-financial assets	7.24	1,354,606	1,202,304
Other operating expenses	7.25	3,313,336	3,038,189
Operating income		(435,591)	247,118
(Loss) / Income before taxes from continuing operations		(435,591)	247,118
Income tax		(57,646)	(46,656)
Net (loss) / income for the period		(377,945)	293,774
Net income for the period attributable to owners of the parent company		(377,572)	293,591
Net income for the period attributable to non-controlling interests		(373)	183

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

GRUPO SUPERVIELLE S.A.

CONSOLIDATED CONDENSED INTERIM STATEMENT OF COMPREHENSIVE INCOME

For three-month period ended on March 31, 2022 presented on comparative basis

(Expressed in thousands of pesos in homogeneous currency)


	03/31/2022	03/31/2021
Net (loss) / income for the period	(377,945)	293,774
Components of Other Comprehensive Income not to be reclassified to profit or loss	-	-
Revaluations of the year of property, plant and equipment and intangibles	-	-
Revaluations of property, plant and equipment and intangibles	-	-
Income tax
Net income from equity instrument at fair value through changes in other comprehensive income	1,758	(1,333)
Income for the period from equity instrument at fair value through other comprehensive income	2,705	(1,905)
Income tax	(947)	572
Total Other Comprehensive Income not to be reclassified to profit or loss	1,758	(1,333)
Components of Other Comprehensive Income to be reclassified to profit or loss
Foreign currency translation difference in financial statements conversion	8,724	-
Foreign currency translation differences for the period	8,724	-
(Loss)/ Income from financial instrument at fair value through changes in other comprehensive income	(141,105)	(779,883)
Loss for the year from financial instrument at fair value through other comprehensive income	(215,519)	(1,114,685)
Income tax	74,414	334,802
Total Other Comprehensive Income to be reclassified to profit or loss	(132,381)	(779,883)
Total Other Comprehensive Income	(130,623)	(781,216)
Other comprehensive income attributable to owners of the parent company	(130,495)	(780,506)
Other comprehensive income attributable to non-controlling interests	(128)	(710)
Total Comprehensive (Loss) / Income	(508,568)	(487,442)
Total comprehensive (loss) / income attributable to owners of the parent company	(508,067)	(486,915)
Total comprehensive (loss) / income attributable to non-controlling interests	(501)	(527)

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

GRUPO SUPERVIELLE S.A.

CONSOLIDATED CONDENSED INTERIM STATEMENT OF CHANGES IN SHAREHOLDERS´ EQUITY

For the three-month period ended on March 31, 2022 presented on comparative basis

(Expressed in thousands of pesos in homogeneous currency)

Items	Capital stock	Capital adjustments	Paid in capital	Legal reserve	Other reserves	Retained earnings	Other comprehensive income			Total Shareholders´ equity attributable to parent company	Total Shareholders´ equity attributable to non-controlling interest	Total Shareholders´equity
Items	Capital stock	Capital adjustments	Paid in capital	Legal reserve	Other reserves	Retained earnings						Total Shareholders´equity	Revaluation of PPE	Conversion difference	Earnings or los accrued by financial institutions at FV through profit and loss
Balance at December 31, 2021	456,722	5,544,332	50,558,787	617,296	4,763,213	(1,394,528)	948,641	470	456,012	61,950,945	49,597	62,000,542
Changes in the participation of subsidiaries that do not give rise to loss of control	-	-	-	-	2,523	-	-	-	-	2,523	31	2,554
Net loss for the period	-	-	-	-	-	(377,572)	-	-	-	(377,572)	(373)	(377,945)
Other comprehensive (loss) / income for the period	-	-	-	-	-	-	-	8,724	(139,219)	(130,495)	(128)	(130,623)
Balance at March 31, 2022	456,722	5,544,332	50,558,787	617,296	4,765,736	(1,772,100)	948,641	9,194	316,793	61,445,401	49,127	61,494,528

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

GRUPO SUPERVIELLE S.A.

CONSOLIDATED CONDENSED INTERIM STATEMENT OF CASH FLOWS

For the three-month period ended on March 31, 2022 presented on comparative basis

(Expressed in thousands of pesos in homogeneous currency)


	03/31/2022	03/31/2021
CASH FLOW FROM OPERATING ACTIVITIES

Net (loss) / income for the period before Income Tax	(435,591)	247,118

Adjustments to obtain flows from operating activities:
Depreciation and impairment of non-financial assets	1,354,606	1,202,304
Loan loss provisions	1,977,660	2,129,308
Other adjustments
-Exchange rate difference on gold and foreign currency	(469,943)	(239,877)
- Interests from loans and other financing	(30,442,673)	(28,601,121)
- Interests from deposits and financing received	18,233,231	16,021,508
-Net income from financial instruments at fair value through profit or loss	(3,295,664)	(2,931,349)
-Result from derecognition of financial assets measured at amortized cost	(122,190)	(133,153)
-Result from exposure to changes in the purchasing power of the currency	3,117,369	2,772,108
-Interest on liabilities for financial leases	91,607	89,866
-Allowances reversed	(766,715)	(776,865)

(Increases) / decreases from operating assets:
Debt securities at fair value through profit or loss	2,729,913	5,514,305
Derivatives	100,904	(746,770)
Reverse Repo transactions	43,308,809	(15,217,533)
Loans and other financing
To the non-financial public sector	(46,800)	(147,849)
To the other financial entities	1,072	12,441
To the non-financial sector and foreign residents	48,189,897	41,533,646
Other debt securities	(68,194,058)	(19,589,856)
Financial assets pledged as collateral	(250,955)	(2,164,606)
Investments in equity instruments	-	(4,543)
Other assets (*)	4,552,026	(2,666,962)

Increases / (decreases) from operating liabilities:
Deposits
Non-financial public sector	2,232,440	7,532,536
Financial sector	36,919	(63,694)
Private non-financial sector and foreign residents	(14,016,679)	(3,476,355)
Liabilities at fair value through profit or loss	1,619,302	(1,702,483)
Derivatives	-	(3,495)
Repo transactions	-	-
Other liabilities (*)	(12,965,560)	4,483,551
Income Tax paid	15,221	(268,736)

Net cash (used in) / provided by operating activities (A)	(3,445,852)	2,803,444

CASH FLOW FROM INVESTING ACTIVITIES

Payments:
Purchase of PPE, intangible assets and other assets	(607,348)	(486,093)
Purchase of liability or equity instruments issued by other entities	-	(6,589)
Purchase of subsidiaries

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

GRUPO SUPERVIELLE S.A.

CONSOLIDATED CONDENSED INTERIM STATEMENT OF CASH FLOWS

For the three-month period ended on March 31, 2022 presented on comparative basis

(Expressed in thousands of pesos in homogeneous currency)


	03/31/2022	03/31/2021
CASH FLOW FROM INVESTING ACTIVITIES

Collections:
Disposals related to PPE, intangible assets and other assets	-	23,159
Purchase of liability or equity instruments issued by other entities	47,224	-

Net cash used in investing activities (B)	(560,124)	(469,523)

CASH FLOWS FROM FINANCING ACTIVITIES

Payments:
Changes in the participation of subsidiaries that do not give rise to loss of control	2,554	-
Interest on finance lease liabilities	(434,088)	(2,119,011)
Unsubordinated debt securities	(723,418)	(2,253,557)
Financing received from Argentine Financial Institutions	(34,741,075)	(1,659,046)
Subordinated debt securities	-	(31,175)
Collections:
UnSubordinated debt securities	33,619	440,115
Financing received from Argentine Financial Institutions	31,851,461	1,104,914

Net cash used in financing activities (C)	(4,010,947)	(4,517,760)

Effects of exchange rate changes and exposure to changes in the purchasing power of money on cash and cash equivalents (D)	15,216,865	5,414,927

Net increase / (decrease) in cash and cash equivalents (A+B+C+D)	7,199,942	3,231,088
Cash and cash equivalents at the beginning of the period (NOTE 1.8)	51,916,190	69,144,359
Result from exposure to changes in the purchasing power of the currency of cash and equivalents	(17,116,658)	(7,199,525)
Cash and cash equivalents at the end of the period (NOTE 1.8)	41,999,474	65,175,922

(*) In the items "Loans and other financing - Non-Financial Private Sector and Residents Abroad", "Other Assets" and "Other Liabilities" 205,561 and 128,424 corresponding to non-monetary transactions were eliminated

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

GRUPO SUPERVIELLE S.A.

NOTES TO THE CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS

Presented on comparative basis

(Expressed in thousands of pesos in homogeneous currency)

1.	ACCOUNTING STANDARDS AND BASIS OF PREPARATION

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

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

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

These Consolidated Condensed Interim Financial Statements have been approved by the Board of Directors of the Company at its meeting held on May 16, 2022.

1.1.	Differences between the accounting framework established by the BCRA and IFRS

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

(i)

Temporary exception of IFRS 9 “Financial Instruments” application over debt instruments of the non-financial public sector,

If IFRS 9 has been applied on debt debt instruments of the Non-Financial Public Sector, a net reduction of income tax of 4 million and 56 million would have been recorded in the Group's equity as of March 31, 2022 and December 31, 2021, respectively.

(ii)

Temporary exception of the application of Section 5.5 (Value Impairment) for Group C entities, a category that includes IUDÚ Compañia Financiera S.A.. Therefore, provisions of the aforementioned entity are held under minimum provisions standards set by the Argentine Central Bank.

If the impairment model provided for in point 5.5 of IFRS 9 was applied, a net reduction in income tax of approximately 1,923 million and 2,104 million would have been recorded in the Group's equity as of March 31, 2022 and December 31, 2021, respectively.

In accordance with the provisions of IAS 34, the interim financial information will include an explanation of events and transactions, occurred since the end of the last reporting period, that are significant for understanding the changes in the financial position, performance Group financial statements and cash flow statements with the objective of updating the information corresponding to the latest financial statements for the year ended December 31, 2021 (hereinafter “annual financial statements”). Therefore, these condensed interim consolidated financial statements do not include all the information required by complete financial statements prepared in accordance with International Financial Reporting Standards, therefore, for an adequate understanding of the information included therein, they must be read in conjunction with the annual financial statements.

The Group's Management has concluded that these interim condensed financial statements fairly present the financial position, financial performance and cash flows.

It should be noted that these interim condensed financial statements have been prepared applying accounting policies and measurement criteria consistent with those applied by the Group for the preparation of the annual financial statements, except as described in Note 1.1.4.

The preparation of condensed consolidated interim financial statements requires the Group to make estimates and evaluations that affect the amount of assets and liabilities recorded, and the disclosure of contingencies, as well as the income and expenses recorded in the period. In this regard, estimates are made to calculate, for example, provisions for

GRUPO SUPERVIELLE S.A.

NOTES TO THE CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS

Presented on comparative basis

(Expressed in thousands of pesos in homogeneous currency)

credit risk, the useful lives of property, plant and equipment, depreciation and amortization, the recoverable value of assets, the tax charge on earnings and the fair value of certain financial instruments. The actual future results may differ from the estimates and evaluations made at the date of preparation of these interim condensed consolidated financial statements.

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

1.1.1

Going concern

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.

1.1.2

Measuring unit

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

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

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

In turn, Law N° 27,468 (B.O. 04/12/2018) amended article 10° of Law N° 23,928 and its amendments, thus establishing that the abolition of all legal and regulating standards that set and authorize price indexing, monetary updating, cost changes or any other manner of re-increasing debts, taxes, prices or fees for goods, works or services does not include financial statements, regarding which the application of article 62 of the General Corporations Law N° 19,550 (T.O 1984) and its amendments shall prevail. Likewise, the aforementioned legal body set de abolition of Decree N° 1269/2002 dated on July 16, 2002 and its amendments and instructed the National Executive Power, through its controlling agencies, to set the date as from which said regulations became into effect in relation with financial statements to be submitted. Therefore, on February 22, 2019, the Argentine Central Bank issued Communication “A” 6651 which established that financial statements shall be prepared in a homogeneous currency as from January 1, 2020. Therefore, these consolidated financial statements have been re-expressed as of December 31, 2021.

1.1.3Comparative information

The balances for the year ended December 31, 2021 and for the three-month period ended March 31, 2021 that are disclosed in these financial statements for comparative purposes arise from the financial statements as of such dates, which were prepared with the regulations in force in said year. Certain figures of these financial statements have been reclassified in order to present the information in accordance with the regulations in force as of March 31, 2022.

It´s worth mentioning that, given the restatement of financial statements pursuant to IAS 29 and the provisions of Communication “A” 7211, the Bank has applied the following:

(i)

Inflation adjustment of figures included in the Statement of Financial Position, Income Statement, Other Comprehensive Income and Changes in the Shareholders’ Equity Statement and respective notes as of March 31, 2021 and December 31, 2021 in order to record them in homogeneous currency.

1.1.4 Changes in accounting policies and new accounting standards

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

The following are changes that were made effective over the course of the quarter ended on March 31, 2022:

GRUPO SUPERVIELLE S.A.

NOTES TO THE CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS

Presented on comparative basis

(Expressed in thousands of pesos in homogeneous currency)

(a)	Amendments to IFRS 3 “Business Combinations”, IAS 16 “Property, plant and equipment” and IAS 37 “Provisions, contingent liabilities and contingent assets”

IAS 16, 'Property, plant and equipment (PPE) - income before intended use'

IAS 16 requires that the cost of an asset includes any costs attributable to bringing the asset to the location and condition necessary for it to be able to operate in the manner intended by management. One of those costs is testing whether the asset is working properly.

The amendment to IAS 16 prohibits an entity from deducting from the cost of an item of PP&E any proceeds received from selling items produced while the entity is preparing the asset for its intended use (for example, the proceeds from selling samples produced when testing a machine to see if it is working properly). The proceeds from selling such samples, together with the costs of producing them, are now recognized in profit or loss. An entity will use IAS 2, “Inventory”, to measure the cost of those items. Cost will not include depreciation of the asset being tested because it is not ready for its intended use.

The amendment also clarifies that an entity is “testing whether the asset is working properly” when it assesses the technical and physical performance of the asset. The financial performance of the asset is not relevant to this assessment. Therefore, an asset may be able to operate as intended by management and subject to depreciation before it has achieved the level of operating performance expected by management.

The amendment requires entities to separately disclose the amounts of proceeds and costs relating to items produced that are not an output of the entity’s regular activities. An entity shall also disclose the line item in the statement of comprehensive income where the proceeds are included.

IAS 37 “Provisions, contingent liabilities and contingent assets - Onerous contracts – Cost of fulfilling a contract”

lAS 37 defines an onerous contract as one in which the unavoidable costs of meeting the entity’s obligations exceed the economic benefits to be received under that contract. Unavoidable costs are the lower of the net cost of exiting the contract and the costs to fulfill the contract. The amendment clarifies the meaning of “costs to fulfill a contract”.

The amendment explains that the direct cost of fulfilling a contract comprises:

*the incremental costs of fulfilling that contract (for example, direct labor and materials); and

*an allocation of other costs that relate directly to fulfilling contracts (for example, an allocation of the depreciation charge for an item of PP&E used to fulfill the contract).

The amendment also clarifies that, before a separate provision for an onerous contract is established, an entity recognizes any impairment loss that has occurred on assets used in fulfilling the contract, rather than on assets dedicated to that contract.

The amendment could result in the recognition of more onerous contract provisions, because previously some entities only included incremental costs in the costs to fulfill a contract.

IFRS 3 “Business Combinations - Reference to the Conceptual Framework”

The Board has updated IFRS 3, “Business combinations”, to refer to the 2018 Conceptual Framework for Financial Reporting, in order to determine what constitutes an asset or a liability in a business combination. Prior to the amendment, IFRS 3 referred to the 2001 Conceptual Framework for Financial Reporting.

In addition, the Board added a new exception in IFRS 3 for liabilities and contingent liabilities. The exception specifies that, for some types of liabilities and contingent liabilities, an entity applying IFRS 3 shall instead refer to IAS 37, “Provisions, Contingent Liabilities and Contingent Assets”, or IFRIC 21, “Levies”, rather than the 2018 Conceptual Framework. Without this new exception, an entity would have recognized some liabilities in a business combination that it would not recognize under IAS 37. Therefore, immediately after the acquisition, the entity would have had to derecognize such liabilities and recognize a gain that did not depict an economic Gain.

The Board has also clarified that the acquirer shall not recognize contingent assets, as defined in IAS 37, at the acquisition date.

The adoption of this new standard had no impact on the Group's financial statements.

GRUPO SUPERVIELLE S.A.

NOTES TO THE CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS

Presented on comparative basis

(Expressed in thousands of pesos in homogeneous currency)

(b)Annual Improvements 2018-2020

Fees included in the 10% test for derecognition of financial liabilities

The amendment to IFRS 9 establishes which fees should be included in the 10% test for derecognition of financial liabilities. Costs or fees could be paid to either third parties or the lender. Under the amendment, costs or fees paid to third parties will not be included in the 10% test.

Illustrative examples accompanying IFRS 16 Leases

Illustrative Example 13 accompanying IFRS 16 is amended to remove the illustration of payments from lessor relating to lease improvements. The reason for the amendment is to remove any potential confusion about the treatment of lease incentives.

Subsidiaries as First-time adopters of IFRS

IFRS 1 grants an exemption to subsidiaries that become a first-time adopter of IFRS after their parent. The subsidiary may measure the carrying amounts of its assets and liabilities that would have been included in the consolidated financial statements of its parent, based on the transition date to IFRS of the parent if no adjustments were made for reasons of consolidation and for the purposes of the business combination by which the parent acquired the subsidiary.

IFRS 1 was amended to allow entities that have taken this IFRS 1 exemption to also measure cumulative translation differences using the amounts reported by the parent, based on the transition date to IFRS of the parent. The amendment to IFRS 1 extends the above-mentioned exemption to cumulative translation differences in order to reduce costs for first-time adopters of IFRS. The amendment will also apply to associates and joint ventures that have taken the same exemption from IFRS 1.

Taxation in fair value measurements

The requirement for entities to exclude cash flows for taxation when measuring fair value measurement under IAS 41 “Agriculture” has been removed. The purpose of this amendment is to align it with the requirement included in the standard to discount cash flows after taxes.

The adoption of this new standard had no impact on the Group's financial statements.

The following sets forth changes that have not become in force as of March 31, 2022:

(a)

IFRS 17 “Insurance contracts”

On May 18, 2017, IASB issued IFRS 17 “Insurance contracts” which provides a comprehensive framework based on principles for measurement and presentation of all insurance contracts. The new rule will supersede IFRS 4 Insurance contracts and requires that insurance contracts be measured using cash flows of existing enforcement and that income be recognized as the service is rendered during the coverage period. The standard will come into force for the fiscal years beginning as from November 1, 2023.

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

(b)

Amendments to IAS 1 “Presentation of Financial Statements”, IFRS Practice Statement 2 and IAS 8 “Accounting Policies, changes in accounting estimates and errors”

The IASB amended IAS 1, “Presentation of Financial Statements”, to require companies to disclose material accounting policy information rather than significant accounting policy information. The amendment also clarifies that accounting policy information is expected to be material or of relative importance if, without it, users of the financial statements would be unable to understand other material information, or of relative importance, in the financial statements concerning significant accounting standards. To support this amendment, the Board also amended IFRS Practice State 2, “Making Materiality Judgments”, to provide guidance on how to apply the concept of materiality to accounting policy disclosures.

The amendment to IAS 8, “Accounting Policies, Changes in Accounting Estimates and Errors”, helps to distinguish between changes in accounting policies from changes in accounting estimates. This distinction is important because changes in accounting estimates are applied prospectively to future transactions and other future events, but changes in

GRUPO SUPERVIELLE S.A.

NOTES TO THE CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS

Presented on comparative basis

(Expressed in thousands of pesos in homogeneous currency)

accounting policies are generally applied retrospectively to past transactions and other past events as well as to those of the current period.

These amendments are applicable to annual periods beginning on or after January 1, 2023. Early application is allowed. Changes shall be applied prospectively.

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

(c)

Amendments to IAS 12 Deferred tax related to assets and liabilities arising from a single transaction

These amendments establish that deferred taxes arising from a single transaction that, on initial recognition, give rise to taxable and deductible temporary differences of the same value shall be recognized. This will generally apply to transactions such as leases (for lessees) and decommissioning or remediation obligations, where the recognition of deferred tax assets and liabilities will be required. These amendments shall be applied to transactions that occur on or after the beginning of the earliest comparative period presented. Likewise, deferred tax assets (to the extent that it is probable that they can be used) and deferred tax liabilities shall be recognized at the beginning of the earliest comparative period for all deductible or taxable temporary differences associated with:

-Right-of-use assets and lease liabilities, and

-Decommissioning, restoration and similar liabilities and the corresponding amounts recognized as part of the cost of the related asset.

The cumulative effect of initially applying the amendments is recognized as an adjustment to the opening balance of retained earnings (or other component of equity, as appropriate) at that date.

Previously, IAS 12 did not establish any particular accounting treatment for the tax effects of leases that were recognized on the balance sheet and for similar transactions, so different approaches were considered acceptable. Entities that are already recognizing deferred taxes on these transactions will not have an impact on their financial statements.

The amendments will be effective for fiscal years beginning on or after January 1, 2023 with early adoption permitted.

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

1.2.	Impairment of financial assets

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

The Group measures ECL of financial instruments reflecting the following:

(a)a probability amount, weighed and unbiased, that is defined through the evaluation of a range of possible result;

(b)the temporal value of money; and

(c)the reasonable and sustainable information available at no cost nor excessive effort on the submission date on past events, current conditions and future economic condition forecasts.

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

●If, on the submission date, the credit risk of a financial instrument has not increased significantly since its initial recognition, the Group will classify such instrument in “Stage 1”.

●If a significant increase in credit risk (“SICR”) is detected, from its initial recognition, the instrument is moved to “Stage 2”, but such instrument is not deemed to contain a credit impairment.

●If the financial instrument contains credit impairment, it is moved to “Stage 3”.

●For financial instruments in “Stage 1”, the Bank measures ECL at an amount equivalent to the amount of expected credit loss during the useful life term of the asset that result from potential default events within the next 12 months. As for Financial Instruments in “Stage 2” and “Stage 3”, the Group measures ECL during the useful life term of the

GRUPO SUPERVIELLE S.A.

NOTES TO THE CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS

Presented on comparative basis

(Expressed in thousands of pesos in homogeneous currency)

asset (hereinafter “lifetime”). Note 1.3.1 includes a description of how the Group defines when a significant increase in credit risk has occurred.

●A generalized concept in the measurement of ECL pursuant to IFRS 9 shall be considered prospective information.

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

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

Changes in the credit quality since initial recognition

Stage 1	Stage 2	Stage 3
(initial recognition)	(significant increase of credit risk since initial recognition)	(Impaired credit)
12 months ECL	Lifetime ECL

There have been no significant changes in the judgments and key assumptions adopted by the Group for the measurement of PCE, with respect to what was reported in the financial statements as of December 31, 2021.

1.2.1 Maximum exposure to credit risk

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

Loan Type	March 31, 2022			Total
		ECL Staging
		Stage 1 12-month ECL	Stage 2 Lifetime ECL		Stage 3 Lifetime ECL
Overdrafts	32,413,132	743,280	205,602		33,362,014
Documents	19,396,224	291,148	116,584	19,803,956
Mortgage loans	15,526,403	1,821,671	486,946	17,835,020
Pledge loans	3,657,383	565,708	338,942	4,562,033
Personal loans	26,841,972	4,328,371	2,144,081	33,314,424
Individuals and Business	22,022,391	3,808,012	653,896	26,484,299
Consumer finance	4,819,581	520,359	1,490,185	6,830,125
Credit cards	74,755,798	5,421,801	1,670,252	81,847,851
Individuals and Business	64,443,748	4,929,031	524,118	69,896,897
Consumer finance	10,312,050	492,770	1,146,134	11,950,954
Financial Lease	5,981,760	838,097	49,931	6,869,788
Others	27,380,098	2,639,998	2,573,942	32,594,038
Total	205,952,770	16,650,074	7,586,280	230,189,124

1.2.2 Allowances for loan loss

Allowances for loan losses recognized in the year is affected by a range of factors as follows:

●

Transfers between Stage 1 and Stage 2 or 3 given financial instruments experience significant increases (or decreases) in credit risk or are impaired over the year, and the resulting “increase” between ECL at 12 months and Lifetime;

●

Additional assignments for new financial instruments recognized during the year, as well as write-offs for withdrawn financial instruments;

GRUPO SUPERVIELLE S.A.

NOTES TO THE CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS

Presented on comparative basis

(Expressed in thousands of pesos in homogeneous currency)

●

Impact on the calculation of ECL of changes in DP, EAD and LGD during the year, resulting from the regular updating of model inputs;

●

Impact on the measurement of ECL as a result of changes in models and assumptions;

●

Impact resulting from time elapsing as a consequence of the current value updating;

●

Conversion to local currency for foreign-currency-denominated assets and other movements; and

●

Financial assets withdrawn during the year and application of provisions related to assets withdrawn from the balance sheet during the year.

The following charts explain changes in the provision for credit risk between the beginning and end of the year due to the following factors:

	Allowance			Total
		Stage 1 12-month ECL	Stage 2 Lifetime ECL	Total	Stage 3 Lifetime ECL
Allowances for loan losses as of 12/31/2021	1,513,379	2,398,487	4,934,850	8,846,716
Transfers:	-	-	-	-
From Stage 1 to Etapa 2	(93,650)	584,541	-	490,891
From Stage 1 to Etapa 3	(19,705)	-	269,786	250,081
From Stage 2 to Etapa 3	2,656	(237,384)	589,108	354,380
From Stage 2 to Etapa 1	32,511	(185,638)	101,323	(51,804)
From Stage 3 to Etapa 2	3,369	13,137	(105,476)	(88,970)
From Stage 3 to Etapa 1	(2,102)	770	(88,825)	(90,157)
Net changes	41,028	(225,537)	(512,972)	(697,481)
Withdrawn financial assets	(202,029)	(216,790)	(1,042,984)	(1,461,803)
Exchange Differences and Others	9,411	9,705	63,008	82,124
Allowances for loan losses as of 03/31/2022	1,284,868	2,141,291	4,207,818	7,633,977

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

	Assets Before Allowances			Total
		Stage 1 12-month ECL	Stage 2 Lifetime ECL	Total	Stage 3 Lifetime ECL
Assets Before Allowances as of 12/31/2021	165,745,692	14,260,238	8,961,354	188,967,284
Transfers:	-	-	-	-
From Stage 1 to Etapa 2	(5,141,009)	5,141,009	-	-
From Stage 1 to Etapa 3	(438,568)	-	438,568	-
From Stage 2 to Etapa 3	138,268	(814,034)	675,766	-
From Stage 2 to Etapa 1	2,354,172	(2,684,368)	330,196	-
From Stage 3 to Etapa 2	62,044	110,558	(172,602)	-
From Stage 3 to Etapa 1	213,169	12,971	(226,140)	-
Net changes	(16,509,661)	(1,619,945)	(1,475,783)	(19,605,389)
Withdrawn financial assets	(202,029)	(216,790)	(1,042,984)	(1,461,803)
Exchange Differences and Others	782,265	61,844	97,904	942,013
Assets Before Allowances as of 03/31/2022	147,004,343	14,251,483	7,586,279	168,842,105

	Assets Before Allowances			Total as of March 31, 2022
		Stage 1	Stage 2	Total as of March 31, 2022	Stage 3
Promissory notes	32,413,132	743,280	205,602	33,362,014
Unsecured corporate loans	11,995,408	470,117	1,175,527	13,641,052
Overdrafts	6,225,365	103,495	116,584	6,445,444
Mortgage loans	15,526,403	1,821,671	486,946	17,835,020
Automobile and other secured loans	3,657,383	565,708	338,942	4,562,033
Personal loans	26,841,972	4,328,371	2,144,081	33,314,424
Credit card loans	29,246,523	3,224,497	1,670,252	34,141,272
Foreign Trade Loans	10,588,475	1,904,318	1,220,742	13,713,535
Other financings	4,397,415	190,744	73,358	4,661,517

GRUPO SUPERVIELLE S.A.

NOTES TO THE CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS

Presented on comparative basis

(Expressed in thousands of pesos in homogeneous currency)

	Assets Before Allowances			Total as of March 31, 2022
	Other receivables from financial transactions	130,506	61,185	Total as of March 31, 2022	104,315	296,006
Receivables from financial leases	5,981,760	838,097	49,931	6,869,788
Subtotal	147,004,342	14,251,483	7,586,280	168,842,105
Allowances for loan losses	(1,284,868)	(2,141,291)	(4,207,818)	(7,633,977)
Total	145,719,474	12,110,192	3,378,462	161,208,128

1.3.	Consolidated Structured Entities

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

Note 11.4 details the financial trusts in which the entity is trustor as of March 31, 2022.

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

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

●

The purpose and design of the trust

●

Identification of relevant activities

●

Decision-making process on these activities

●

If the rights that the Group owns allow it to direct the relevant activities of the trust

●

If the Group is exposed, or is entitled to the variable results from its participation in said trust

●

If the Group has the capacity to affect said results through its power over the trust

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

The following chart details the assets and liabilities of Structured Entities that have been consolidated by the Group as of March 31, 2022:


	03/31/2022
Assets
Loans	386,434
Financial assets	69,130
Other assets	15,792
Total Assets	471,356
Liabilities
Financial liabilities	1,069,728
Other liabilities	42,931
Total Liabilities	1,112,659

1.4.	Consolidation

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

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

GRUPO SUPERVIELLE S.A.

NOTES TO THE CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS

Presented on comparative basis

(Expressed in thousands of pesos in homogeneous currency)

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

Company	Condition	Legal Adress ⁽²⁾	Principal Activity	Percentage of Participation
								03/31/2022		12/31/2021
								Direct	Direct and Indirect	Direct	Direct and Indirect
Banco Supervielle S.A.	Controlled	Bartolomé Mitre 434, C.A.B.A., Argentina	Commercial Bank	97.10%	99.90% ⁽¹⁾	97.10%	99.90% ⁽¹⁾
IUDÚ Compañía Financiera S.A.	Controlled	Reconquista 320, C.A.B.A., Argentina	Financial Company	5.00%	99.90%	5.00%	99.90%
Tarjeta Automática S.A.	Controlled	Bartolomé Mitre 434, C.A.B.A., Argentina	Credit Card and Consumer Loans	67.61%	99.97%	87.50%	99.99%
Supervielle Asset Management S.A.	Controlled	San Martín 344, C.A.B.A., Argentina	Asset Management and Other Services	95.00%	100.00%	95.00%	100.00%
Sofital S.A.F. e I.I.	Controlled	Bartolomé Mitre 434, C.A.B.A., Argentina	Financial operations and administration of marketable securities	96.80%	100.00%	96.80%	100.00%
Espacio Cordial de Servicios S.A.	Controlled	Patricias Mendocinas 769, Ciudad de Mendoza, Argentina	Trading of products and services	95.00%	100.00%	95.00%	100.00%
Supervielle Seguros S.A.	Controlled	San Martin 344, C.A.B.A., Argentina	Insurance company	95.00%	100.00%	95.00%	100.00%
Micro Lending S.A.U.	Controlled	Bartolomé Mitre 434, C.A.B.A., Argentina	Financial Company	100.00%	100.00%	100.00%	100.00%
InvertirOnline S.A.U.	Controlled	San Martin 344, C.A.B.A., Argentina	Financial Broker	100.00%	100.00%	100.00%	100.00%
InvertirOnline.Com Argentina S.A.U.	Controlled	Bartolomé Mitre 434, C.A.B.A., Argentina	Representations	100.00%	100.00%	100.00%	100.00%
IOL Holding S.A.	Controlled	Treinta y tres 1271, Montevideo, Uruguay	Financial Company	99.99%	100.00%	99.99%	100.00%
Supervielle Productores Asesores de Seguros S.A.	Controlled	San Martin 344, C.A.B.A., Argentina	Insurance Broker	95.24%	100.00%	95.24%	100.00%
Bolsillo Digital S.A.U.	Controlled	Bartolomé Mitre 434, C.A.B.A., Argentina	Computer Services	-	99.90%	-	99.90%
Supervielle Agente de Negociación S.A.U.	Controlled	Tres de Febrero 515, Rosario, Santa Fe	Settlement and Clearing Agent	100.00%	100.00%	100.00%	100.00%
Dólar IOL S.A.U.	Controlled	Av. Colón 2535, Mar del Plata, Buenos Aires	Services and exchange agency	100.00%	100.00%	100.00%	100.00%

(1)

Grupo Supervielle S.A.’s direct and indirect interest in Banco Supervielle S,A votes amounts to 99.87% as of 03/31/22 and 12/31/21

2.	CRITICAL ACCOUNTING POLICIES AND ESTIMATES

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

GRUPO SUPERVIELLE S.A.

NOTES TO THE CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS

Presented on comparative basis

(Expressed in thousands of pesos in homogeneous currency)

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

(a)	Fair value of derivatives and other financial isntruments

The fair value of financial instruments not listed in active markets is determined by using valuation techniques. Such techniques are regularly validated and reviewed by qualified personnel independent from the area which developed them. All models are assessed and adjusted before being used in order to ensure that results reflect current information and comparable market prices. As long as possible, models rely on observable inputs only; however, certain factors, such as implicit rates in the last available tender for similar securities and spot rate curves, require the use of estimates. Changes in the assumptions of these factors may affect the reported fair value of financial instruments.

(b)	Allowances for loan losses and advances

The Group recognizes the allowance for loan losses under the expected credit loss method included in IFRS 9. The most significant judgements of the model relate to defining what is considered to be a significant increase in credit risk and in making assumptions and estimates to incorporate relevant information about past events, current conditions and forecasts of economic conditions. The impact of the forecasts of economic conditions are determined based on the weighted average of three internally developed macroeconomic scenarios that take into consideration the Group´s economic outlook as derived through forecast macroeconomic variables, which include Inflation rate, monthly economic activity estimator and private sector wage. A high degree of uncertainty is involved in making estimations using assumptions that are highly subjective and very sensitive to the risk factors.

Note 1.2 provides more detail of how the expected credit loss allowance is measured.

(c)	Impairment of non-financial assets

Intangible assets with finite lives and property, plants and equipment are amortized or depreciated along their useful lives in a lineal manner. The Group monitores 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.

The Group has applied the judgement in the identification of impairment indicators for property, plant and equipment and intangible assets. The Group has determined that there were no indications of impairment for any of the periods presented in its financial statement; therefore, no recoverable value has been estimated, except for certain real property that, due to the post-pandemic macro context and a devaluation of the dollar well below inflation, generated deterioration.

(d)	Income tax and deferred tax

A significant judgement is required to determine liabilities and assets from current and deferred taxes, The current tax is provisioned in accordance with the amounts expected to be paid and the deferred taz is provisioned over temporary differences between tax basis of assets and liabilities and book values to aliquots expected to be in force when reversing them.

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

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

3.	SEGMENT REPORTING

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

The Bank´s clients receive the following services:

GRUPO SUPERVIELLE S.A.

NOTES TO THE CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS

Presented on comparative basis

(Expressed in thousands of pesos in homogeneous currency)

• Personal and Business Banking Segment:

-Small companies, individuals and companies that record anual sales of up to 100,000

-“Small and Medium Size Companies”, companies that record anual sales of over 100,000 up to 700,000

• Corporate Baking Segment:

-Megras that record anual sales over 700,000 up to 2,500,000

-Big Companies, Grandes companies that record anual sales of over 2,500,000

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

Personal and Business Banking– Includes a wide range of financial products and services targeted to small companies, included in Entrepreneurs & SMSs, and high income people identified with so-called Identité proposal. Likewise, the Bank offers services and products targeted to retirees and pensioners.

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

Bank Treasury – This segment is in charge of the assignment of liquidity of the Entity in accordance with the different commercial areas´ needs and its own needs. Treasury implements financial risk administration policies of the Bank, administers trading desk operations, distributes financial products, such as negotiable securities and develops business with the financial sector clients and whole sale non-financial sector clients. Consumer – Includes loans and other credit products targeted to middle and lower-middle income sectors and non-financial products and services.

Consumer Finance– Includes loans and other credit products targeted to middle and low-middle income sectors and non-financial products and services.

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

Asset Management and Other Services– Includes MFs administered by the Group. Includes also assets, liabilities and results of InvertirOnline.Com Argentina S.A.U.,InvertirOnline S.A.U., IOL Holding S.A, Supervielle Asset Management S.A., Dólar IOL S.A.U. and Bolsillo Digital S.A.U.

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

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

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

The following chart includes information by segment as of March 31, 2022 and 2021, and December 31, 2021 respectively:


Result by segments	Personal and Business Banking	Corporate Banking	Bank Treasury	Consumer Finance	Insurance	Asset Management and Other Services	Adjustments	Total as of 03.31.2022
Interest income	8,989,448	5,473,997	14,315,991	2,270,810	475	1,788	(609,836)	30,442,673
Interest expenses	(5,341,096)	(918,140)	(11,321,078)	(1,331,955)	-	-	679,038	(18,233,231)
Distribution of results by Treasury	2,327,389	(3,137,459)	810,070	-	-	-	-	-
Net interest income	5,975,741	1,418,398	3,804,983	938,855	475	1,788	69,202	12,209,442
Services Fee Income	3,131,485	336,806	24,734	765,132	-	670,157	(99,397)	4,828,917
Services Fee Expenses	(1,193,271)	(95,174)	(77,662)	(395,703)	-	(40,383)	68,393	(1,733,800)
Income from insurance activities	-	-	-	-	621,833	-	81,840	703,673
Net Service Fee Income	1,938,214	241,632	(52,928)	369,429	621,833	629,774	50,836	3,798,790
Subtotal	7,913,955	1,660,030	3,752,055	1,308,284	622,308	631,562	120,038	16,008,232
Net income from financial instruments at fair value through profit or loss	-	322,267	2,271,262	208,756	213,750	223,366	56,263	3,295,664
Income from withdrawal of assets rated at amortized cost	-	-	124,698	-	-	-	(2,508)	122,190
Exchange rate difference on gold and foreign currency	109,973	23,405	286,288	(1,881)	-	11,508	40,650	469,943

GRUPO SUPERVIELLE S.A.

NOTES TO THE CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS

Presented on comparative basis

(Expressed in thousands of pesos in homogeneous currency)


Result by segments	Personal and Business Banking	Corporate Banking	Bank Treasury	Consumer Finance	Insurance	Asset Management and Other Services	Adjustments	Total as of 03.31.2022
NIFFI And Exchange Rate Differences	109,973	345,672	2,682,248	206,875	213,750	234,874	94,405	3,887,797
Result from exposure to changes in the purchasing power of the currency	(674,877)	(229,604)	(1,191,127)	(265,460)	(269,799)	(176,423)	(310,079)	(3,117,369)
Other operating income	998,153	368,153	(18,792)	165,710	4,426	20,136	(92,129)	1,445,657
Loan loss provisions	(1,453,027)	52,087	170,447	(747,167)	-	-	-	(1,977,660)
Net operating income	6,894,177	2,196,338	5,394,831	668,242	570,685	710,149	(187,765)	16,246,657
Personnel expenses	(5,234,806)	(839,381)	(512,527)	(1,025,368)	(160,708)	(311,632)	(5,994)	(8,090,416)
Administration expenses	(2,567,669)	(281,830)	(248,796)	(629,318)	(136,270)	(145,047)	85,040	(3,923,890)
Depreciations and impairment of non-financial assets	(752,620)	(277,028)	(215,442)	(55,914)	(15,915)	(10,687)	(27,000)	(1,354,606)
Other operating expenses	(1,795,328)	(689,892)	(454,942)	(299,228)	(5,165)	(60,747)	(8,034)	(3,313,336)
Operating income	(3,456,246)	108,207	3,963,124	(1,341,586)	252,627	182,036	(143,753)	(435,591)
Result from associates and joint ventures	-	-	-	(11,530)	-	-	11,530	-
Result before taxes	(3,456,246)	108,207	3,963,124	(1,353,116)	252,627	182,036	(132,223)	(435,591)
Income tax	1,324,517	9,907	(1,160,754)	166,526	(145,769)	(110,865)	(25,916)	57,646
Net (loss) / income	(2,131,729)	118,114	2,802,370	(1,186,590)	106,858	71,171	(158,139)	(377,945)
Net (loss) / income for the period attributable to owners of the parent company	(2,131,729)	118,114	2,802,370	(1,186,590)	106,858	71,171	(157,766)	(377,572)
Net (loss) / income for the period attributable to non-controlling interest	-	-	-	-	-	-	(373)	(373)
Other comprehensive (loss) / income	4,049	1,685	(130,850)	-	-	8,724	(14,231)	(130,623)
Other comprehensive (loss) / income attributable to owners of the parent company	4,049	1,685	(130,850)	-	-	8,724	(14,103)	(130,495)
Other comprehensive (loss) / income attributable to non-controlling interest	-	-	-	-	-	-	(128)	(128)
Comprehensive (loss) / income for the year	(2,127,680)	119,799	2,671,520	(1,186,590)	106,858	79,895	(172,370)	(508,568)
Comprehensive (loss) / income attributable to owners of the parent company	(2,127,680)	119,799	2,671,520	(1,186,590)	106,858	79,895	(171,869)	(508,067)
Comprehensive (loss) / income attributable to non-controlling interests	-	-	-	-	-	-	(501)	(501)


Assets by segments	Personal and Business Banking	Corporate Banking	Bank Treasury	Consumer Finance	Insurance	Asset Management and Other Services	Adjustments	Total as of 03.31.2022
Cash and due from banks	10,558,049	490,882	17,501,147	372,571	3,388	259,549	245,292	29,430,878
Debt securities at fair value through profit or loss	-	2,831,679	19,313,525	2,403,649	-	1,708	-	24,550,561
Loans and other financing	84,480,137	57,060,356	9,697,071	14,091,559	1,101,073	127,416	(5,349,484)	161,208,128
Other Assets	6,243,652	2,373,426	185,330,655	6,245,285	2,483,207	1,739,374	26,634,119	231,049,718
Total Assets	101,281,838	62,756,343	231,842,398	23,113,064	3,587,668	2,128,047	21,529,927	446,239,285

Liabilities by segments
Deposits	155,503,313	34,719,885	144,063,327	7,502,686	-	57,537	(548,426)	341,298,322
Financing received from the Argentine Central Bank and others financial institutions	20,080	147	3,847,465	5,133,271	-	-	(4,633,264)	4,367,699
Unsubordinated debt securities	8,173	3,401	528,084	-	-	-	-	539,658
Other liabilities	13,034,353	2,794,239	7,244,787	4,656,279	2,116,620	765,240	7,927,560	38,539,078
Total Liabilities	168,565,919	37,517,672	155,683,663	17,292,236	2,116,620	822,777	2,745,870	384,744,757


Result by segments	Personal and Business Banking	Corporate Banking	Bank Treasury	Consumer Finance	Insurance	Asset Management and Other Services	Adjustments	Total as of 03.31.2021
Interest income	9,262,692	5,649,374	11,636,037	2,321,545	29	2,489	(271,045)	28,601,121
Interest expenses	(4,454,313)	(820,539)	(10,214,074)	(909,775)	-	-	377,193	(16,021,508)
Distribution of results by Treasury	1,314,938	(2,600,149)	1,285,211	-	-	-	-	-
Net interest income	6,123,317	2,228,686	2,707,174	1,411,770	29	2,489	106,148	12,579,613
Services Fee Income	2,903,030	235,049	19,688	861,321	-	822,824	(108,163)	4,733,749
Services Fee Expenses	(993,470)	(108,751)	(53,319)	(246,531)	-	(50,749)	2,959	(1,449,861)
Income from insurance activities	-	-	-	-	586,612	-	88,300	674,912
Net Service Fee Income	1,909,560	126,298	(33,631)	614,790	586,612	772,075	(16,904)	3,958,800
Subtotal	8,032,877	2,354,984	2,673,543	2,026,560	586,641	774,564	89,244	16,538,413

GRUPO SUPERVIELLE S.A.

NOTES TO THE CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS

Presented on comparative basis

(Expressed in thousands of pesos in homogeneous currency)


Result by segments	Personal and Business Banking	Corporate Banking	Bank Treasury	Consumer Finance	Insurance	Asset Management and Other Services	Adjustments	Total as of 03.31.2021
Net income from financial instruments at fair value through profit or loss	-	-	2,578,454	92,447	147,981	98,690	13,777	2,931,349
Income from withdrawal of assets rated at amortized cost	-	-	133,153	-	-	-	-	133,153
Exchange rate difference on gold and foreign currency	82,360	22,965	74,788	15,352	192	53,873	(9,653)	239,877
NIFFI And Exchange Rate Differences	82,360	22,965	2,786,395	107,799	148,173	152,563	4,124	3,304,379
Result from exposure to changes in the purchasing power of the currency	(61,422)	(503,838)	(1,221,541)	(395,541)	(198,985)	(180,392)	(210,389)	(2,772,108)
Other operating income	913,369	709,714	(343,761)	186,227	4,863	20,997	312	1,491,721
Loan loss provisions	(1,586,611)	(58,460)	19,830	(504,067)	-	-	-	(2,129,308)
Net operating income	7,380,573	2,525,365	3,914,466	1,420,978	540,692	767,732	(116,709)	16,433,097
Personnel expenses	(5,805,511)	(562,398)	(390,020)	(819,569)	(155,851)	(257,399)	(21,594)	(8,012,342)
Administration expenses	(2,835,483)	(200,306)	(197,316)	(495,541)	(95,477)	(192,895)	83,874	(3,933,144)
Depreciations and impairment of non-financial assets	(940,335)	(91,822)	(59,334)	(63,350)	(12,182)	(8,066)	(27,215)	(1,202,304)
Other operating expenses	(1,271,570)	(546,783)	(822,138)	(327,819)	(3,349)	(60,496)	(6,034)	(3,038,189)
Operating income	(3,472,326)	1,124,056	2,445,658	(285,301)	273,833	248,876	(87,678)	247,118
Result from associates and joint ventures	-	-	-	10,066	-	-	(10,066)	-
Result before taxes from continuing operations	(3,472,326)	1,124,056	2,445,658	(275,235)	273,833	248,876	(97,744)	247,118
Income tax	1,107,005	(60,042)	(706,833)	(111,410)	(80,918)	(82,368)	(18,778)	46,656
Net (loss) / income	(2,365,321)	1,064,014	1,738,825	(386,645)	192,915	166,508	(116,522)	293,774
Net (loss) / income for the period attributable to owners of the parent company	(2,365,321)	1,064,014	1,738,825	(386,645)	192,915	166,508	(116,705)	293,591
Net (loss) / income for the period attributable to non-controlling interest	-	-	-	-	-	-	183	183
Other comprehensive (loss) / income	-	-	(693,191)	-	-	-	(88,025)	(781,216)
Other comprehensive (loss) / income attributable to owners of the parent company	-	-	(693,191)	-	-	-	(87,315)	(780,506)
Other comprehensive (loss) / income attributable to non-controlling interest	-	-	-	-	-	-	(710)	(710)
Comprehensive (loss) / income for the year	(2,365,321)	1,064,014	1,045,634	(386,645)	192,915	166,508	(204,547)	(487,442)
Comprehensive (loss) / income attributable to owners of the parent company	(2,365,321)	1,064,014	1,045,634	(386,645)	192,915	166,508	(204,020)	(486,915)
Comprehensive (loss) / income attributable to non-controlling interests	-	-	-	-	-	-	(527)	(527)


Assets by segments	Personal and Business Banking		Corporate Banking		Bank Treasury		Consumer Finance		Insurance	Asset Management and Other Services		Adjustments		Total as of 12.31.2021

Cash and due from banks	14,057,364		640,881		21,731,833		849,755		4,898	304,133		219,812		37,808,676
Debt securities at fair value through profit or loss	-		-		25,139,060		944,726		-	2,653		-		26,086,439
Loans and other financing	88,580,042		72,150,652		8,878,719		15,813,934		1,003,243	118,029		(6,424,050)		180,120,569
Other Assets	7,671,717		4,001,263		162,565,917		5,227,921		2,704,333	1,693,942		27,390,070		211,255,163
Total Assets	110,309,123		76,792,796		218,315,529		22,836,336		3,712,474	2,118,757		21,185,832		455,270,847


Liabilities by segments	Personal and Business Banking	Corporate Banking		Bank Treasury		Consumer Finance		Insurance			Asset Management and Other Services		Adjustments	Total as of 12.31.2020
Deposits	160,964,140	36,066,802		130,598,112		7,803,478		-			87,951		(708,072)	334,812,411
Financing received from the Argentine Central Bank and others financial institutions	17,813	-		6,803,333		6,158,125		-			-		(5,721,958)	7,257,313
Unsubordinated debt securities	15,662	9,705		1,204,087		-		-			-		3	1,229,457
Other liabilities	16,504,367	4,999,170		12,348,617		4,252,926		1,848,283			830,112		9,187,649	49,971,124
Total Liabilities	177,501,982	41,075,677		150,954,149		18,214,529		1,848,283			918,063		2,757,622	393,270,305

GRUPO SUPERVIELLE S.A.

NOTES TO THE CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS

Presented on comparative basis

(Expressed in thousands of pesos in homogeneous currency)

4.	FAIR VALUES

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

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

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

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

The portfolio of financial instruments held by the Group is detailed below, as of March 31, 2022 and December 31, 2021:


Instrument portfolio as of 03/31/2022	FV level 1	FV level 2	FV level 3
Assets
- Debt securities at fair value through profit or loss	24,237,744	312,817	-
- Derivatives	156,606	-	-
- Other financial assets	9,025,581	-	-
- Other debt securities	10,211,326	138,927,057	-
- Financial assets pledged as collateral	9,709,035	-	-
- Investments in Equity Instruments	132,315	-	127,210
Total Assets	53,472,607	139,239,874	127,210
Liabilities
- Liabilities at fair value through profit or loss	4,002,463	-	-
- Other financial liabilities	13,931,943	-	-
Total Liabilities	17,934,406	-	-


Instrument portfolio as of 12/31/2021	FV level 1	FV level 2	FV level 3
Assets
- Debt securities at fair value through profit or loss	25,724,861	361,578	-
- Derivatives	257,510	-	-
- Other financial assets	14,367,812	-	-
- Other debt securities	15,559,253	66,494,655	-
- Financial assets pledged as collateral	9,384,403	-	-
- Investments in Equity Instruments	182,245	-	124,504
Total Assets	65,476,084	66,856,233	124,504
Liabilities
- Liabilities at fair value through profit or loss	2,383,161	-	-
- Other financial liabilities	26,708,601	-	-
Total Liabilities	29,091,762	-	-

Below is shown the reconcilation of the financial instruments classiffied as Fair Value Level 3:

FV level 3	12/31/2021	Transfers	Additions	Disposals	P/L	03/31/2022
Assets
- Debt securities at fair value through profit or loss	124.504	-		-	2.706	127.210

Valuation Techniques

Valuation techniques to determine fair values include the following:

-Market or quoted prices for similar instruments.

-The estimated present value of instruments.

GRUPO SUPERVIELLE S.A.

NOTES TO THE CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS

Presented on comparative basis

(Expressed in thousands of pesos in homogeneous currency)

The Group uses valuation techniques using spot rate curves that estimate yield curves based on market prices market. They are detailed below:

-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 quoted prices for similar assets (both in terms of issue, currency, and duration) in the active markets ( MAE, Bolsar or secondary) through the linear interpolation of them. This technique has been used by the Entity to determine the fair value of the instruments issued by the BCRA and Treasury Bills without quotation at the end of this period.

-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 instrument’s price estimating volatility through market curves. The Entity has used this model to estimate prices in debt securities or financial instruments with variable interest rate.

The Group periodically evaluates the performance of the models based on indicators which have defined

tolerance thresholds.

Under IFRS, the estimated residual value of an instrument at inception is generally the transaction price.In the event that the transaction price differs from the determined fair value, the difference will be recognized in the income statement proportionally for the duration of the instrument. As of March 31, 2022, no differences have been recorded with respect to the transaction price.

Fair Value of Other Financial Instruments

The following describes the methodologies and assumptions used to determine the fair values of financial instruments not recorded at their value in these financial statements:

-Assets whose fair value is similar to book value: For financial assets and liabilities that are liquid or have short-term maturities (less than three months), the book value is considered to be similar to fair value.

-Fixed rate financial instruments: The fair value of financial assets was determined by discounting future cash flows at the current market rates offered, for each year, for financial instruments with similar characteristics. 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's portfolio.

For listed assets and the quoted debt, fair value was determined based on market prices.

-Other financial instruments: In the case of financial assets and liabilities that are liquid or have a short term to maturity, it is estimated that their fair value is similar to their book value. This assumption also applies to savings deposits, current accounts and others.

The following chart includes a comparison between the fair value and the accounting value of financial instruments not recorded at fair value as of March 31, 2022 and December 31, 2021 :


Other Financial Instruments as of 03/31/2022	Accounting value	Fair value	FV Level 1	FV Level 2	FV Level 3
Financial Assets
-Cash and due from Banks	29,430,878	29,430,878	29,430,878	-	-
-Other financial assets	1,550,781	1,550,781	1,550,781	-
-Loans and other financing	161,208,128	173,453,621	-	-	173,453,621
- Repo transactions	6,426,562	6,426,562	6,426,562
- Other Debt Securities	10,753,961	10,753,961	10,753,961	-	-
-Financial assets in as guarantee	454,195	454,195	454,195	-	-
	209,824,505	222,069,998	48,616,377	-	173,453,621
Financial Liabilities
-Deposits	341,298,322	348,034,146	-	-	348,034,146
- Other financial liabilities	1,289,951	1,289,951	1,289,951	-	-
-Financing received from the BCRA and other financial institutions	4,367,699	3,833,186	-	-	3,833,186
- Unsubordinated debt securities	539,658	539,658	539,658	-	-

GRUPO SUPERVIELLE S.A.

NOTES TO THE CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS

Presented on comparative basis

(Expressed in thousands of pesos in homogeneous currency)


Other Financial Instruments as of 03/31/2022	Accounting value	Fair value	FV Level 1	FV Level 2	FV Level 3
	347,495,630	353,696,941	1,829,609	-	351,867,332


Other Financial Instruments as of 12/31/2021	Accounting value	Fair value	FV Level 1	FV Level 2	FV Level 3
Financial Assets
-Cash and due from Banks	37,808,676	37,808,677	37,808,677	-	-
-Other financial assets	1,757,516	1,757,517	1,757,517	-	-
-Loans and other financing	180,120,569	198,777,224	-	-	198,777,224
- Repo transactions	49,735,371	49,735,371	49,735,371		-
- Other Debt Securities	9,644,378	9,644,378	9,644,378	-	-
-Financial assets pledged as collateral	527,872	527,872	527,872	-	-
	279,594,382	298,251,039	99,473,815	-	198,777,224
Financial Liabilities
-Deposits	334,812,411	336,418,611	-	-	336,418,611
-Other financial liabilities	893,052	893,052	893,052	-	-
-Finances received from the BCRA and other financial institutions	7,257,313	7,683,643	-	-	7,683,643
- Unsubordinated debt securities	1,229,457	1,229,457	1,229,457	-	-
	344,192,233	346,224,763	2,122,509	-	344,102,254

5.	CASH AND DUE FROM BANKS

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


Item	03/31/2022	12/31/2021	03/31/2021	12/31/2020
Cash and due from banks	29,430,878	37,808,676	51,358,825	64,253,447
Debt securities at fair value through profit or loss	10,056,815	12,075,597	12,232,878	3,273,747
Money Market Funds	2,511,781	2,031,917	1,584,219	1,617,165
Cash and cash equivalents	41,999,474	51,916,190	65,175,922	69,144,359

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


Items	03/31/2022	12/31/2021	03/31/2021	12/31/2020
Cash and due from Banks
As per Statement of Financial Position	29,430,878	37,808,676	51,358,825	64,253,447
As per the Statement of Cash Flows	29,430,878	37,808,676	51,358,825	64,253,447
Debt securities at fair value through profit or loss
As per Statement of Financial Position	24,550,561	26,086,439	22,688,636	17,295,326
Securities not considered as cash equivalents	(14,493,746)	(14,010,842)	(10,455,758)	(14,021,579)
As per the Statement of Cash Flows	10,056,815	12,075,597	12,232,878	3,273,747
Money Market Funds
As per Statement of Financial Position – Other financial assets	10,576,362	16,125,328	9,169,071	7,506,056
Other financial assets not considered as cash	(8,064,581)	(14,093,411)	(7,584,852)	(5,888,891)
As per the Statement of Cash Flow	2,511,781	2,031,917	1,584,219	1,617,165

Reconciliation of financing activities at Marchr 31, 2022 is as follows:

Items

Balances at

12/31/2021

Cash Flows

Other non-cash movements

Balances at 03/31/2022

Collections

Payments

Unsubordinated debt securities

1,229,457

33,619

(723,418)

539,658

Financing received from the Argentine Central Bank and other financial institutions

7,257,313

31,851,461

(34,741,075)

4,367,699

GRUPO SUPERVIELLE S.A.

NOTES TO THE CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS

Presented on comparative basis

(Expressed in thousands of pesos in homogeneous currency)

Items

Balances at

12/31/2021

Cash Flows

Other non-cash movements

Balances at 03/31/2022

Collections

Payments

Lease Liabilities

1,576,534

(434,088)

269,009

1,411,455

Total

10,063,304

31,885,080

(35,898,581)

269,009

6,318,812

6.	RELATED PARTY TRANSACTIONS

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

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

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

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

Controlling Entity

Mr. Julio Patricio Supervielle is the main shareholder of the Groups, with registered address on Bartolomé Mitre 434, , Autonomous City of Buenos Aires, Julio Patricio Supervielle´s interest in the capital and votes of the Group as of March 31, 2022 and December 31, 2021 amounts to the 35,12%.

7.	COMPOSITION OF THE MAIN ITEMS OF THE CONSOLIDATED STATEMENT OF FINANCIAL POSITION AND CONSOLIDATED INCOME STATEMENT


7.1 Debt securities at fair value through profit or loss	03/31/2022	12/31/2021
Goverment securities	19,018,886	22,134,713
Corporate securities	3,160,354	3,515,334
Securities issued by the Argentine Central Bank	2,371,321	436,392
	24,550,561	26,086,439
7.2 Derivatives
Debtor balances related to forward operations in foreign currency to be settled in pesos	142,650	248,959
Debtor balances related to forward operations in foreign currency	13,956	8,551
	156,606	257,510

7.3 Repo Trasactions
Financial debtors from cash sales to be settled and active repos	-	9,111
Financial debtors for active repos of government securities	50,436	-
Financial debtors for active repos of I.R.M. with Argentine Central Bank	6,370,891	49,559,665
Accrued interest receivable for active repos	5,235	166,595
	6,426,562	49,735,371

7.4 Other financial assets
Participation Certificates in Financial Trusts	99,617	99,842
Investments in Asset Management and Other Services	2,992,979	2,395,333
Other investments	494,408	602,306
Receivable from spot sales peading settlament	5,362,582	11,446,913

GRUPO SUPERVIELLE S.A.

NOTES TO THE CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS

Presented on comparative basis

(Expressed in thousands of pesos in homogeneous currency)

Several debtors	1,316,272		773,827
Miscellaneous debtors for credit card operations	262,977		749,037
Miscellaneous debtors for collections	47,527		58,070
	10,576,362		16,125,328
7.5 Loans and other financing
To the non-financial public sector	73,192		26,392
To the financial sector	88,115		89,179
Overdrafts	6,337,612		5,918,927
Promisory notes	42,172,427		54,145,762
Mortgage loans	17,610,543		18,151,928
Automobile and other secured loans	4,407,940		4,416,719
Personal loans	31,877,412		34,827,610
Credit cards loans	33,528,016		35,111,602
Foreign trade Loans	10,947,534		12,595,454
Receivables from financial leases	6,551,571		6,960,490
Others	7,613,766		7,876,506
	161,208,128		180,120,569

7.6 Other debt securities
Debt securities	244,346		255,844
Goverment securities	20,963,578		25,210,308
Securities issued by the Argentine Central Bank	138,684,372		66,232,030
Others	48		104
	159,892,344		91,698,286
7.7 Financial assets pledged as collateral
Special guarantees accounts in the Argentine Central Bank	6,969,222		7,562,596
Deposits in guarantee	3,194,008		2,349,679
	10,163,230		9,912,275
7.8 Other non-financial assets
Other Miscellaneous assets		2,066,098		1,455,827
Loans to employees		289,219		269,271
Payments in advance		1,190,384		917,352
Works of art and collector's pieces		56,664		56,664
Retirement insurance		82,888		80,864
Other non-financial assets		93,041		76,380
		3,778,294		2,856,358

7.9 Inventories
Electronics		144,469		161,837
Home and Health care		1,729		-
Obsolescence Reserve		(2,695)		(3,083)
		143,503		158,754

7.10 Deposits
Non-financial sector		15,551,456		13,319,016
Financial sector		82,301		45,382
Current accounts		31,212,912		36,662,437
Savings accounts		161,664,696		182,137,581
Non-financial sector		128,248,517		97,622,631
		4,538,440		5,025,364
		341,298,322		334,812,411
7.11 Liabilities at fair value through profit and loss
Liabilities for transactions in local currency		2,576,900		1,583,543
Liabilities for transactions in foreign currency		1,425,563		799,618
		4,002,463		2,383,161

7.12 Other financial liabilities
Amounts payable for spot transactions pending settlement		3,280,751		14,918,151
Collections and other operations on behalf of third parties		9,394,461		10,439,027

GRUPO SUPERVIELLE S.A.

NOTES TO THE CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS

Presented on comparative basis

(Expressed in thousands of pesos in homogeneous currency)

Fees accrued to pay	7,926	7,928
Financial guarantee contracts	62,126	16,482
Liabilities associated with the transfer of financial assets not derecognised	1,414,965	640,189
Lease liability	1,059,857	1,576,534
Others	1,808	3,342
	15,221,894	27,601,653
7.13 Financing received from the Argentine Central Bank and other financial institutions
Financing received from local financial institutions	1,845,539	1,202,403
Financing received from international institutions	2,522,160	6,054,910
	4,367,699	7,257,313
7.14 Provisions
Provisions for unutilized balances	668,558	749,958
Eventual commitments	282,478	241,265
Other contingencies	59,772	69,272
	1,010,808	1,060,495
7.15 Other non-financial liabilities
Payroll and social securities	5,987,400	7,259,374
Sundry creditors	6,251,774	6,825,507
Tax payable	4,238,180	4,015,911
Planned payment orders pending settlement	906,165	468,273
Revenue from contracts with customers (1)	213,033	213,255
Contribution to the deposit guarantee fund	43,117	46,313
Others non- financial liabilities	541,455	25,525
	18,181,124	18,854,158


	03/31/2022	03/31/2021
7.16 Interest income
Interest on overdrafts	887,849	665,284
Interest on promissory notes	3,401,318	3,071,357
Interest on personal loans	5,007,810	5,757,799
Interest on promissory notes	1,805,878	2,321,432
Interest on credit card loans	1,990,513	1,877,172
Interest on mortgage loans	2,102,122	2,204,257
Interest on automobile and other secured loan	631,218	409,386
Interest on foreign trade loans and USD loans	236,981	471,416
Interest on financial leases	566,419	336,202
Interest on public and private securities measured at amortized cost	11,855,265	6,663,344
Others	1,957,300	4,823,472
	30,442,673	28,601,121
7.17 Interest expenses
Interest on current accounts deposits	6,635,962	5,165,974
Interest on time deposits	11,210,342	10,335,996
Interest on other liabilities from financial transactions	284,586	458,098
Interest on financing from the financial sector	59,922	8,538
Others	42,419	52,902
	18,233,231	16,021,508
7.18 Net income from financial instruments at fair value through profit or loss
Income from corporate and government securities	3,008,815	1,544,219
Income from securities issued by the Argentine Central Bank	208,757	91,932
Derivatives	78,092	1,295,198
	3,295,664	2,931,349
7.19 Service fee income
Commissions from deposit accounts	1,975,013	1,684,916
Commissions from credit and debit cards	1,468,491	1,492,676
Commissions from loans operations	60,381	30,120
Commissions from miscellaneous operations	1,300,120	1,494,583

GRUPO SUPERVIELLE S.A.

NOTES TO THE CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS

Presented on comparative basis

(Expressed in thousands of pesos in homogeneous currency)


	03/31/2022	03/31/2021
Others	24,912	31,454
	4,828,917	4,733,749
7.20 Service fee expenses
Commissions paid	1,675,768	1,387,342
Export and foreign currency operations	58,032	62,519
	1,733,800	1,449,861
7.21 Other operating incomes
Loans recovered and allowances reversed	766,715	776,865
Rental from safety boxes	115,521	108,952
Commissions from trust services	1,846	10,861
Adjust other credits	52,932	56,509
Sales of property. plant and equipment	5,706	2,358
Default interests	86,459	38,109
Others	416,478	498,067
	1,445,657	1,491,721
7.22 Personnel expenses
Payroll and social securities	7,417,382	6,813,798
Personnel expenses	673,034	1,198,544
	8,090,416	8,012,342
7.23 Administration expenses
Directors´ and statutory auditors´fees	96,905	99,576
Other fees	1,156,448	1,060,572
Advertising and publicity	255,674	236,485
Taxes	898,956	910,844
Maintenance. security and services	985,893	1,065,081
Rent	14,059	27,211
Others	515,955	533,375
	3,923,890	3,933,144
7.24 Depreciation and impairment of non-financial assets
Depreciation of property. plant and equipment (Schedule F)	254,059	245,561
Depreciation of miscellaneous assets	101,514	92,842
Amortization of intangible assets (Schedule G)	707,440	528,516
Depreciation of rent asstes by right of use (Schedule F)	291,593	335,385
	1,354,606	1,202,304
7.25 Other operating expenses
Promotions related with credit cards	330,025	199,896
Turnover tax	2,263,883	2,287,912
Result by initial recognition of loans	22,481	53,431
Charges paid to National Social Security Administration (ANSES)	46,517	32,121
Balance adjustments loans and credit cards	51,352	30,516
Operationaal losses	43,016	17,767
Interests for leases liabilities	91,607	89,866
Coverage services	3,399	5,982
Contributions made to deposit insurance fund	138,997	135,867
Charge for credit loss of others credits and for other provisions	206,849	67,459
Others	115,210	117,372
	3,313,336	3,038,189

GRUPO SUPERVIELLE S.A.

NOTES TO THE CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS

Presented on comparative basis

(Expressed in thousands of pesos in homogeneous currency)

8.	DIVIDENDS

The Annual Ordinary Shareholders' Meeting held on April 27, 2022 approved the financial statements as of December 31, 2021 and the treatment of the results corresponding to the year ended on that date. Since the unallocated results were negative, it was approved to absorb them with optional reserve.

Likewise, the partial reversal of the optional reserve set up for the distribution and payment of dividends was approved. Pursuant to the board meeting held on May 5, 2022, it was decided to approve the payment of cash dividends for $293,080,487.62.

9.	INSURANCE

Income from insurances activities

The composition of the item “Result for insurance activities” as of March 31, 2022 and 2021 is as follows:


Items	03/31/2022	12/31/2021
Accrued premiums	1,036,403	1,020,014
Accrued claims	(186,697)	(179,652)
Production expenses	(146,033)	(165,450)
Total	703,673	674,912

10.	ASSET MANAGEMENT AND OTHER SERVICES

As of March 31, 2022 and December 31, 2021, Banco Supervielle S.A. is the depository of the Asset 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.

Asset Management and Other Services	Portfolio		Net Worth		Number of Units
Asset Management and Other Services		03/31/2022	12/31/2021	03/31/2022	12/31/2021	03/31/2022	12/31/2021
Premier Renta CP en Pesos	48,960,170	58,475,259	48,878,058	58,391,621	10,477,450,567	11,713,447,317
Premier Renta Plus en Pesos	383,837	345,809	355,721	343,746	17,276,418	15,706,691
Premier Renta Fija Ahorro	12,413,286	10,700,300	12,276,243	10,630,607	2,252,714,353	2,136,780,683
Premier Renta Fija Crecimiento	136,360	132,579	135,842	132,211	4,965,020	4,571,392
Premier Renta Variable	334,710	475,677	333,352	471,964	7,056,252	8,944,577
Premier Abierto Pymes	1,255,720	1,208,793	1,239,094	1,206,276	109,298,854	99,988,028
Premier Commodities	636,113	347,188	462,483	261,601	24,513,209	15,200,277
Premier Capital	5,239,822	1,669,075	4,907,543	1,649,400	543,900,483	180,998,028
Premier Inversión	1,621,983	1,527,777	1,621,088	1,527,033	2,191,470,858	1,965,594,347
Premier Balanceado	1,001,783	1,396,559	1,000,778	1,395,468	126,951,442	169,137,724
Premier Renta Mixta	2,805,626	4,270,407	2,783,232	3,808,035	669,560,230	850,150,799
Premier Renta Mixta en Dólares	136,836	156,590	135,837	155,636	2,092,863	2,122,092
Premier Performance Dólares	549,232	605,730	547,234	601,317	6,693,936	6,455,272
Premier Global USD	276,891	308,411	274,671	307,814	2,382,759	2,430,000

11.	ADDITIONAL INFORMATION REQUIRED BY THE BCRA

11.1. CONTRIBUTION TO THE DEPOSIT INSURANCE SYSTEM

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

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

GRUPO SUPERVIELLE S.A.

NOTES TO THE CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS

Presented on comparative basis

(Expressed in thousands of pesos in homogeneous currency)

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

(*) Enforced on January 20, 2019, pursuant to provision “A” 6435, such exclusions are as follows: Sight deposits with agreed-upon rates exceeding reference rates and term deposits and investments exceeding 1,3 times such rate. Reference rates are released on a regular basis by the Argentine Central Bank in accordance with a mobile average of the last five banking business days of passive rates that may arise for term deposits of up to 100 (or its equivalent in other currencies) from the survey to be carried out by said institution.

11.2. RESTRICTED ASSETS

The Group has assets whose availability is restricted, according to the following detail:


Detail	03/31/2022	12/31/2021
Other receivables from financial transactions
Special guarantee accounts in the Argentine Central Bank	6,974,309	7,562,596
	6,974,309	7,562,596

Miscellaneous Receivables
Guarantee deposits for currency forward transactions	2,416,875	1,516,096
Guarantee deposits for credit cards transactions	724,582	773,924
Other guarantee deposits	43,432	45,183
	3,184,889	2,335,203

11.3. COMPLIANCE OF PROVISIONS ISSUED BY THE NATIONAL SECURITIES COMMISSION

Pursuant to General Ruling N° 629 issued by the National Securities Commission, supporting documentation of our accounting and administration operations for the financial years 2012 to 2021 and until March 31, 2022, the accounting books since September 2012 up to date and all corporate books are safeguarded in the registered headquarters.

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

11.4.

FINANCIAL TRUSTS

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

As Trustee:

Banco Supervielle S.A.

Below is a detail of financial trusts:

Below is a detail of the Guarantee Management trust where Banco Supervielle acts as a trustee as of March 31, 2022:


Financial trust	Indenture executed on	Due of principal obligation	Original principal amount	Principal balance	Beneficiaries	Settlers
Fideicomiso de Administración Interconexión 500 KV ET Nueva San Juan - ET Rodeo Iglesia	09/12/2018	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”), 30 days (thirty days) after the maturity of this Trust Agreement without	-	-	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	Interconexion Electrica Rodeo S.A.

GRUPO SUPERVIELLE S.A.

NOTES TO THE CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS

Presented on comparative basis

(Expressed in thousands of pesos in homogeneous currency)

the parties’ 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,

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

On 09/16/2021, the Trustor accepted the proposal submitted by Banco Supervielle on 09/15/2021 in relation to the Extension Commission, the renewal of the Extension Commission is scheduled for 03/15/2022.

IUDÚ Compañia Financiera S.A. (Financial Trust CCF)

Assets in Trust: Personal Loans

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

Financial Trust	Set-ip on	Initial Amount in Trust	Títulos Emitidos		Book value at 03/31/2022
Financial Trust	Set-ip on	Initial Amount in Trust				Participation Certificates	Debt Securities	Participation Certificates	Debt Securities
24	28/5/2021	$ 699,000	139,800	559,200	139,800	-
25	1/10/2021	$ 703,600	119,612	583,988	119,612	-
26	31/3/2022	$ 1,000,000	170,000	830,000	169,650	-

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

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

Financial Trust	Set-up on	Securitized Amount	Issued Securities
Financial Trust	Set-up on	Securitized Amount				Type	Amount	Type	Amount	Type	Amount
III	06/08/2011	$ 39,779	VDF TV A	VN$ 31,823	VDF B	VN $ 6,364	CP	VN $ 1,592
III	06/08/2011	$ 39,779		VN$ 31,823		VN $ 6,364		VN $ 1,592	Mat: 03/12/13		Vto: 11/12/13	Vto: 10/12/16
IV	09/01/2011	$ 40,652	VDF TV A	VN$ 32,522	VDF B	VN $ 6,504	CP	VN $ 1,626
IV	09/01/2011	$ 40,652		VN$ 32,522		VN $ 6,504		VN $ 1,626	Mat: 06/20/13		Vto: 10/20/13	Vto: 06/29/17

11.5. ISSUANCE OF NEGOTIABLE DEBT SECUTITIES

Banco Supervielle S.A.

Global Program for the issuance of simple Negotiable Debt securities, not convertible into shares, for an amount of up to US $ 2,300,000,000 (or its equivalent in other currencies or units of value)

The following describes issuances in force as of March 31, 2022 and December 31, 2021:

Issuance date	Currency	Nro, of Class	Amount	Amortization	Term	Maturity date	Rate	Book Value
Issuance date	Currency	Nro, of Class	Amount	Amortization	Term	Maturity date	Rate			03/31/2022	12/31/2021
02/14/18	$	E	1,607,667	3 equal and consecutive annual installments, 1° 02-14-21	60	02/14/2023	Floating Badlar of Private Banks + 4,05%	539,658	1,229,457
							Total	539.658	1,229,457

Global Program for the Issuance of Subordinated debt securities for up to V / N $ 750,000 (expanded to V / N $ 2,000,000),

As of March 31, 2022 and December 31, 2021, the Bank has no outstanding issues.

11.6.

RESTRICTIONS IMPOSED ON THE DISTRIBUTION OF DIVIDENDS

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

GRUPO SUPERVIELLE S.A.

NOTES TO THE CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS

Presented on comparative basis

(Expressed in thousands of pesos in homogeneous currency)

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.

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

It is worth to be mentioned that pursuant to Communication “A” 6464 issued by the Argentine Central Bank, until March 31, 2020, financial entities, which, for the purpose of determining the distributable result, have not applied the additional of 1 percentage point on capital margins shall rely on previous authorization issued by the SEFyC.

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

On March 19, 2020 the Argentine Central Bank issued Communication “A” 6939 by means of which the suspension of income distribution of financial entities was made effective until June 30, 2020, extending it until December 31, 2021 through communication "A" 7035 of June 4, 2020.

Likewise, on December 17, 2020, through communication “A” 7181, the BCRA decided to extend said suspension in the distribution of results until June 30, 2021. Later on June 24, 2021 through Communication “A” 7312 again extended the extension until December 31, 2021.

On December 16, 2021, the Board of Directors of the Central Bank of the Argentine Republic (BCRA) established that the entities of the financial system may distribute as of next year up to 20% of the profits accumulated until December 31, 2021, in twelve monthly and consecutive installments, in accordance with the rules for distribution of results.

11.7.

ACCOUNTS IDENTIFYING MINIMUM CASH INTEGRATION COMPLIANCE

As of March 31,2022 and December 31,2021, the minimum cash reserve was made up as folllows:


*Item ()**	03/31/2022	12/31/2021
Current accounts in the Argentine Central Bank (**)	2,000,000	4,000,000
Sight accounts in the Argentine Central Bank (**)	13,429,030	14,658,247
Special accounts for previous credit payment (**)	6,549,625	6,095,650
Special accounts for acred. assets (**)	519,701	-
Total	22,498,356	24,753,897

(*) Historical values without inflation adjustment

(**)They correspond to balances according to bank statements.

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

11.8.

CONTRACT AS A FINANCIAL AGENT BY THE PROVINCE OF SAN LUIS

The Group has maintained an important presence in the Province of San Luis for more than 25 years and during that period it has acted as the exclusive payment agent of the government of the Province, providing financial agent and tax collection services for the Province and all its municipalities and salary payment services for provincial and municipal government employees. The Group has developed a broad business franchise in the private sector in the Province of San Luis, providing banking services as a universal bank to individual consumers and MSMEs. Additionally, the Group provides its business clients in the Province with a wide range of financial products and services.

On January 17, 2017, the Province of San Luis notified the Group of its decision to terminate the aforementioned financial agent contract as of February 28, 2017. Despite the termination of the agreement, since February 2017 the Group continued to provide financial services to the government of the Province of San Luis and its employees.

On June 7, 2018, the Province of San Luis ratified an agreement signed with the Group for a 12-month term, formalizing its role as exclusive payment agent that the Group continued to provide since the end of the financial agent contract with

GRUPO SUPERVIELLE S.A.

NOTES TO THE CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS

Presented on comparative basis

(Expressed in thousands of pesos in homogeneous currency)

the Province in February 2017. This agreement was successively extended and was in force until May 2, 2022. On May 5, 2022, the government of the Province of San Luis notified Banco Supervielle that on May 2 it had signed an agreement whereby Banco de la Nación Argentina was appointed as financial agent.

As of said notice, the transition process has begun, which shall contemplate the transfer of employees, branches and the assignment of the loan portfolio that involves the agents and employees of the Province.

Once this transfer has been completed, the final impact on the Group's business in the Province of San Luis may be determined.

On May 23, 2018, the Municipality of the city of San Luis appointed the Group as financial agent of the city for a 2-year term, which was renewed in May 2020 for two additional years.

As of March 31, 2022 and December 31, 2021, the Group's exposure to the government of the Province of San Luis was as follows:


(in million of Pesos, except for ratios and operating data)	As of March 31, 2022	As of December 31, 2021
Loans
Total loan portfolio of Banco Supervielle	150,775	145,657
Loans to employees of the Province of San Luis	3,985	3,352
Loans to employees of the Province of San Luis / Total loan portfolio of Banco Supervielle	2.60%	2.3%
Deposits
Total consolidated deposits	334,287	282,269
Deposits of the government of the Province of San Luis	2,346	1,033
Deposits of the government of the Province of San Luis / Total consolidated deposits	0.7%	0.4%
Deposits of Municipalities and other public entities of the Province of San Luis	4,336	4,985
Net Income
Related net income / Consolidated net income of Banco Supervielle	2.5%	3.1%
Operating Data
Employees	216	226
Branches	20	20
Service centers for retirees and pensioners	3	3
ATMs and self-service terminals	149	149

Out of approximately 196,000 clients that the Bank has in San Luis, the Bank provides salary payment services to about 30,800 employees of the Province under the financial agent contract.

In March 2022, the Government announced that it had reached an Agreement with the International Monetary Fund (IMF). The Argentine Congress approved the Agreement with the IMF on March 11, 2022 for extended financing for a term of two and a half years and with an amortization period of more than ten years. The Agreement with the IMF has the following main terms: (i) Argentina's commitment to gradually reduce its primary deficit to 2.5% of Argentina's GDP in 2022, to 1.9% of its GDP in 2023, and to 0.9% of its GDP in 2024; (ii) Argentina's commitment to gradually reduce its monetary assistance from the Argentine treasury to 1% of Argentina's GDP in 2022, 0.6% of its GDP in 2023, and 0% of its GDP in 2024; (iii) the setting of positive real interest rates; and (iv) the reduction of inflation from a multicausal approach and the accumulation of reserves without major modifications to the current exchange rate regime. As of the date of these financial statements, the Central Bank raised the interest rate of the LELIQ from 38% to 47%, creating an 180-day LELIQ with a floating interest rate equivalent to the effective annual yield of the 28-day LELIQ.

12.	FINANCIAL RISK FACTORS

There have been no significant changes in policies related to the administration of risks the Group may be exposed to regarding financial statements as of December 31, 2021 and in Note1.2.

13.	INTERNATIONAL FINANCING PROGRAMS

GRUPO SUPERVIELLE S.A.

NOTES TO THE CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS

Presented on comparative basis

(Expressed in thousands of pesos in homogeneous currency)

In December 2017, Banco Interamericano de Desarrollo (BID) granted Banco Supervielle S.A. a loan (tranche A) for USD 40,000,000, USD 35,000,000 of which are settled over a three-year term and the remaining USD 5,000,000 over a five-year term.In June 2018, the Bank was granted a loan (tranche B) for USD 93,500,000, USD 40,000,000 are settled over a year term and the remaining USD 53,500,000 are settled over ywo years and a half. As of December 31, 2021, Tranche B will be canceled in its entirety, and the USD 35,000,000 of Tranche A.

In September 2019, the Entity was granted a senior non-guaranteed syndicated loan for USD 80,000,000 (eighty million US Dollars) at a three-year term and a Libor interest rate +3,40% by the FMO, the Dutch development bank, as organizer, and Proparco, a subsidiary of the French Development Agency. Such funds were immediately allocated among Small and Medium Size Companies Clients of our portfolio who run their businesses in regional exporting economies in different sectors. During the month of November 2020, the first capital installment for USD 20,000,000 was paid and in June 2021 and December 2021, two more installment were canceled, whereby the balance is USD 20,000,000.

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

As of March 31, 2022 and the date of issuance of these financial statements, the Group was in compliance with the financial covenants of both loans.

14.	ECONOMIC CONTEXT IN WHICH THE COMPANY OPERATES

The Group operates in a complex economic context both nationally and internationally.

In recent months, the behavior of international markets has been affected by the advance of the omicron variant of the coronavirus, the persistence of significant inflationary pressures and certain disruptive decisions in China, among others. Consequently, the global economic recovery continues its course, but at a slower pace than forecast months ago. The new international scenario seems to be converging towards a scenario of more moderate economic growth with tightening of financial conditions, to which are added additional inflationary pressures due to delays in production chains and the rise in the prices of some raw materials. Along these lines, the United States Federal Reserve has begun to reduce the liquidity injected into the markets (a process known as tapering) and, according to the latest projections by the members of the Monetary Policy Committee, during 2022 there would be three rises of rates.

In the case of Argentina, after the 9.9% drop in GDP in 2020, the economy managed to recover pre-pandemic levels in July 2021. Although during the second quarter of 2021 the GDP recovered 11.9% year-on-year, helped by the low base of comparison, in seasonally adjusted terms it expanded 4.1% against the second quarter of the year. This expansion was explained by the reinforcement of expansive fiscal and monetary policies in the previous electoral period, and the absence of mobility restrictions that were present in the second quarter of the year. According to the INDEC, in November the activity grew 1.7% in monthly terms. This positioned economic activity 3.7% above the monthly value of February 2020, the month prior to the implementation of the first measures due to the pandemic.

The fiscal accounts, meanwhile, accumulated a primary deficit of 3.6% of GDP in 2021 (result that excludes income from the Solidarity Contribution, and those from the transfer of Special Drawing Rights transferred by the International Monetary Fund) . In recent months, the red in public accounts has accelerated considerably, not so much due to a moderation in total revenues but rather to greater dynamism in primary spending in an electoral context. As a consequence of this increase in the deficit, the assistance from the Central Bank to the Treasury has been increasing in the fourth quarter of 2021. The BCRA exhausted the financing channel in concept of transfers of profits from the BCRA (a total of $787,712 million ) in the month of October. In addition, $912,599 million transferred via Temporary Advances must be added. Throughout 2021, the BCRA assisted the Treasury for an equivalent to 3.7% of GDP, of which 2.5% of GDP was concentrated in the fourth quarter.

The issuance of pesos to cover the fiscal downturn has been stressing the exchange front for several months, which is combined with uncertainty regarding the liquidation of foreign currency from the 2022 thick harvest, since there is a high probability that the rains will be less to the average during the austral summer, which would affect crop yields. As a result, in recent months the BCRA continued to take measures to stop the drain on foreign currency. During the fourth quarter of 2021, sales of dollars to the private sector, the use of foreign currency to intervene in the stock market, and the use of foreign currency for Treasury debt payments moderated. Even so, they have led to a drop in International Reserves of US$3,249 million, closing the year 2021 at a level of US$39,662 million.

GRUPO SUPERVIELLE S.A.

(Expressed in thousands of pesos in homogeneous currency)

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

As of March 31, 2022 and December 31, 2021:

Item	HOLDING			POSITION
Item		Nivel de valor razonable	Saldo al 31/03/2022	Saldo al 31/12/2021	Posición sin opciones	Opciones	Posición Final
DEBT SECURITIES AT FAIR VALUE THROUGH PROFIT OR LOSS
Argentine
Government Securities
Treasury Bonus step U$S 04/29/22	1	4,628,814	224,331	4,628,814	-	4,628,814
Treasury Bills $ adj a Desc Mat.04/21/23	1	3,471,513	-	3,471,513	-	3,471,513
Treasury Bills $ adj CER Desc Mat.12/16/22	1	2,744,168	-	2,744,168	-	2,744,168
Treasury Bills $ adj CER Desc Mat.01/20/23	1	1,852,574	-	1,852,574	-	1,852,574
Treasury Bills $ adj disc Mat.02/1723	1	1,014,546	-	1,014,546	-	1,014,546
Treasury Bills $ disc Mat.04/18/22	1	953,997	30,366	953,997	-	953,997
Treasury Bills $ disc Mat.04/29/22	1	801,932	927,772	801,932	-	801,932
Treasury Bonus CER 2% $ 2026	1	792,697	-	547,194	-	547,194
Treasury Bills $ adj CER Disc Mat.08/16/22	1	640,782	602	640,782	-	640,782
Treasury Bills $ disc. Mat.07/29/22	1	606,879	-	606,879	-	606,879
Others	1	1,313,430	20,440,655	-2,443,530	-	-2,443,530
Argentine Bonus U$S STEP	1	-	470,804	-	-	-
Argentine National Bonus 2,5% $ 07/22/2021 (TC21)	1	-	-	-	-	-
Bocon – Consolidation Bonus $ 8 serie (PR15)	1	1,708	2,654	1,708	-	1,708
Argentine Treasury Bills in pesos Adj CER Mat. 02/17/2023 X17L3	1	7,970	-	7,970	-	7,970
Argentine Treasury Bills in pesos Adj CER Mat. 12/16/2022 X16D2	1	171,406	-	171,406	-	171,406

Central Bank Bills
Liquidity Central Bank Bills Mat.04/05/2022	1	358,376	-	358,376	-	358,376
Liquidity Central Bank Bills Mat.04/07/2022	1	1,117,389	-	1,117,389	-	1,117,389
Liquidity Central Bank Bills Mat.04/28/2022	1	895,556		895,556	-	895,556
Liquidity Central Bank Bills Mat.01/11/2022	1	-	413,624	-	-	-
Liquidity Central Bank Bills Mat.01/20/2022	1	-	22,768	-	-	-

Corporate Securities
On Santander Rio $ CL.25 Mat.06/10/22	2	255,594	295,564	255,594	-	255,594
On Ypf Energía Elec $ CL.7 Mat.05/20/22	2	52,979	61,352	52,979	-	52,979
On Pyme Venturino $ Mat.10/05/23	2	4,244	4,661	4,244	-	4,244
Others	1	2,864,007	3,191,286	2,864,007	-	2,864,007

Total Debt Securities at Fair value through profit or loss		24,550,561	26,086,439	20,548,098	-	20,548,098
OTHER DEBT SECURITIES

GRUPO SUPERVIELLE S.A.

(Expressed in thousands of pesos in homogeneous currency)

Item	HOLDING			POSITION
Item		Nivel de valor razonable	Saldo al 31/03/2022	Saldo al 31/12/2021	Posición sin opciones	Opciones	Posición Final
Measured at fair value through profit or loss
Argentine
Government Securities
Treasury Bonus$ Mat 02/06/2023	1	3,809,750	4,285,873	3,809,750	-	3,809,750
Treasury Bonus step U$S 04/29/22	1	1,233,555	4,331,991	1,233,555	-	1,233,555
Treasury Bills$ adj CER Desc Mat.08/16/22	1	1,183,900	1,204,803	1,183,900	-	1,183,900
Treasury Bills$ adj CER Desc Mat.01/20/23	1	1,105,000	-	1,105,000	-	1,105,000
Bono Nación Arg. $ Badlar+200 04/03/22	1	547,750	632,675	547,750	-	547,750
Treasury Bills$ adj Disc Mat.02/17/23	1	531,250	-	531,250	-	531,250
Treasury Bonus$ Adj CER 1,50% Mat.03/25/24	1	487,749	1,476,536	487,749	-	487,749
Treasury Bills$ adj a Disc Mat.04/21/23	1	203,100	-	203,100	-	203,100
Treasury Bonus$ Adj CER 1,40% Mat.03/25/23	1	116,691	688,004	116,691	-	116,691
Treasury Bills$ a disc. Mat.04/29/22	1	100,474	1,024,895	100,474	-	100,474
Argentine National Bonus TV22	1	-	481,361	0	-	0
Treasury Bonus DLK 0.30% 04/28/23	1	53,399	60,825	53,399	-	53,399
Treasury BonusAj. CER 08/13/23	1	86,486	-	86,486	-	86,486
LECER a disc Mat 02/17/23	1	188,624	-	188,624	-	188,624
LECER Mat 04/21/23	1	558,525	-	558,525	-	558,525
Others	1	5,041	1,380,693	5,041	-	5,041

Central Bank Bills
Liquidity Central Bank Bills Mat.08/21/22	2	34,126,260	-	34,126,260	-	34,126,260
Liquidity Central Bank Bills Mat.08/05/22	2	25,842,466	-	25,842,466	-	25,842,466
Liquidity Central Bank Bills Mat.08/12/22	2	20,697,201	-	20,697,201	-	20,697,201
Liquidity Central Bank Bills Mat.08/07/22	2	19,830,760	-	19,830,760	-	19,830,760
Liquidity Central Bank Bills Mat.08/13/22	2	4,921,990	-	4,921,990	-	4,921,990
Liquidity Central Bank Bills Mat.08/26/22	2	4,846,375	-	4,846,375	-	4,846,375
Liquidity Central Bank Bills Mat.07/20/22	2	792,722	-	792,722	-	792,722
Liquidity Central Bank Bills Mat.07/27/22	2	786,808	-	786,808	-	786,808
Liquidity Central Bank Bills Mat.07/13/22	2	532,484	-	532,484	-	532,484
Liquidity Central Bank Bills Mat.08/03/22	2	520,653	-	520,653	-	520,653
Others	2	-	66,232,029	-	-	-

Central Bank Notes
Liquidity Central Bank Note Mat.08/24/22	2	13,641,693	-	13,641,693	-	13,641,693
Liquidity Central Bank Note Mat.09/21/22	2	12,144,960	-	12,144,960	-	12,144,960

Corporate Securities
On MSU S.A. Cl. 2 UVA Mat.08/06/23	2	129,220	129,176	129,220	-	129,220
On Cent ter Gen/Med UVA Mat.11/12/24	2	61,525	63,163	61,525	-	61,525

GRUPO SUPERVIELLE S.A.

(Expressed in thousands of pesos in homogeneous currency)

Item	HOLDING			POSITION
Item		Nivel de valor razonable	Saldo al 31/03/2022	Saldo al 31/12/2021	Posición sin opciones	Opciones	Posición Final
On Newsan Cl.9 $ Mat.08/26/22	2	51,940	61,847	51,940	-	51,940
Others	1	32	37	32	-	32

Measured at amortized cost
Argentine
Government Securities
Treasury Bonus $ Fixed rate 22% Mat,05/21/22		10,335,893	9,644,359	10,335,893	-	10,335,893
LECER $ Mat. 08/16/2022		80,179	-	80,179	-	80,179
LECER $ Mat. 01/20/2023		187,085	-	187,085	-	187,085
LECER $ Mat. 04/21/2023		150,788	-	150,788	-	150,788

Corporate securities
Others		16	19	16	-	16

Total other debt securities		159,892,344	91,698,286	159,892,344	-	159,892,344
EQUITY INSTRUMENTS
Measured at fair value through profit and loss
Argentine
Ternium Arg S.A.Ords."A"1 Voto Esc	1	30,679	38,826	30,679	-	30,679
Pampa Energía S.A.	1	23,597	28,670	23,597	-	23,597
Aluar SA	1	17,215	21,056	17,215	-	17,215
Grupo Financiero Galicia SA	1	13,958	18,888	13,958	-	13,958
Loma Negra S.A.	1	11,511	18,671	11,511	-	11,511
Transener SA	1	7,848	8,461	7,848	-	7,848
YPF SA	1	5,764	11,175	5,764	-	5,764
Banco Macro SA	1	4,464	7,067	4,464	-	4,464
Edenor SA	1	3,366	4,017	3,366	-	3,366
Central Puerto S.A. Ord. 1 voto Esc	1	2,873	3,924	2,873	-	2,873
Others	1	11,040	21,490	11,040	-	11,040

Measured at fair value with changes in OCI
Argentine
Others	3	127,210	124,504	127,210	-	127,210


Total equity instruments		259,525	306,749	259,525	-	259,525
Total		184,702,430	118,091,474	180,699,967	-	180,699,967

GRUPO SUPERVIELLE S.A.

(Expressed in thousands of pesos in homogeneous currency)

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

As of March 31, 2022 and December 31, 2021 balances of loans and other financing are the following:


	03/31/2022	12/31/2021
COMMERCIAL PORTFOLIO

Normal situation	51,587,995	60,844,415
-With "A" Preferred Collateral and Counter-guarantees	1,897,888	2,482,691
-With "B" Preferred Collateral and Counter-guarantees	5,650,364	6,265,406
- Without Preferred Collateral nor Counter-guarantees	44,039,743	52,096,318

Subject to special monitoring
- Under Observation	1,877,535	2,053,014
-With "A" Preferred Collateral and Counter-guarantees	3,634	35
-With "B" Preferred Collateral and Counter-guarantees	1,716,342	1,846,128
- Without Preferred Collateral nor Counter-guarantees	157,559	206,851

With problems	1,012	5,894
-With "A" Preferred Collateral and Counter-guarantees	-	-
-With "B" Preferred Collateral and Counter-guarantees	-	-
- Without Preferred Collateral nor Counter-guarantees	1,012	5,894

High risk of insolvency	402,742	446,117
-With "A" Preferred Collateral and Counter-guarantees	2,758	3,145
-With "B" Preferred Collateral and Counter-guarantees	224,039	267,613
- Without Preferred Collateral nor Counter-guarantees	175,945	175,359

Uncollectible	1,226,497	1,459,174
-With "A" Preferred Collateral and Counter-guarantees	154,867	166,425
-With "B" Preferred Collateral and Counter-guarantees	860,271	1,051,338
- Without Preferred Collateral nor Counter-guarantees	211,359	241,411

TOTAL COMMERCIAL PORTFOLIO	55,095,781	64,808,614

GRUPO SUPERVIELLE S.A.

(Expressed in thousands of pesos in homogeneous currency)

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


	03/31/2022	12/31/2021
CONSUMER AND HOUSING PORTFOLIO

Normal situation	106,004,395	116,032,511
-With "A" Preferred Collateral and Counter-guarantees	2,168,477	2,580,653
-With "B" Preferred Collateral and Counter-guarantees	8,761,399	9,674,728
- Without Preferred Collateral nor Counter-guarantees	95,074,519	103,777,130

Low Risk	3,021,154	3,057,173
-With "A" Preferred Collateral and Counter-guarantees	62,641	68,587
-With "B" Preferred Collateral and Counter-guarantees	332,084	284,909
- Without Preferred Collateral nor Counter-guarantees	2,626,429	2,703,677

Medium Risk	2,261,607	2,289,275
-With "A" Preferred Collateral and Counter-guarantees	28,672	8,105
-With "B" Preferred Collateral and Counter-guarantees	143,319	144,825
- Without Preferred Collateral nor Counter-guarantees	2,089,616	2,136,345

High Risk	2,965,468	3,367,349
-With "A" Preferred Collateral and Counter-guarantees	29,100	16,574
-With "B" Preferred Collateral and Counter-guarantees	197,774	178,736
- Without Preferred Collateral nor Counter-guarantees	2,738,594	3,172,039

Uncollectible	514,294	701,794
-With "A" Preferred Collateral and Counter-guarantees	10,654	20,152
-With "B" Preferred Collateral and Counter-guarantees	99,728	120,459
- Without Preferred Collateral nor Counter-guarantees	403,912	561,183


TOTAL CONSUMER AND HOUSING PORTFOLIO	114,766,918	125,448,102
TOTAL GENERAL⁽¹⁾	169,862,699	190,256,716

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


⁽¹⁾Conciliation with Statement of Financial Position:
Loans and other financing	161,208,128	180,120,569
Other debt securities	159,892,344	91,698,286
Computable items out of balance	(151,237,773)	(81,562,139)
Plus allowances	7,633,979	8,846,715
Plus IFRS adjusments non computable for DCS	777,067	1,034,831
Less non deductible ítems for DCS	(780)	(1,282)
Less Debt securities measured at amortized cost	(159,648,039)	(91,442,403)
Total	169,862,699	190,256,716

GRUPO SUPERVIELLE S.A.

(Expressed in thousands of pesos in homogeneous currency)

SCHEDULE F - PROPERTY, PLANT AND EQUIPMENT

Changes in property, plant and equipment as of March 31, 2022 and December 31, 2021, are as follows:

Item	At the beginning of the year	Useful life	Revaluation	Additions	Disposals	Depreciation				Net carrying
Item	At the beginning of the year	Useful life	Revaluation	Additions	Disposals							Accumulated	Disposals	Of the year	At the end of the year	03/31/2022	12/31/2021
Cost model
Furniture and facilities	2,779,420	10	-	44,810	3,417	(2,244,497)	1,921	(40,766)	(2,283,342)	544,305	534,923
Machinery and equipment	9,366,707	-	-	28,335	(28,424)	(7,841,672)	14,487	(147,064)	(7,974,249)	1,392,369	1,525,035
Vehicles	476,665	5	-	4,720	(42,208)	(217,408)	31,647	(21,747)	(207,508)	231,669	259,257
Right of Use of Leased Properties	3,672,846	50	-	205,561	(317,143)	(1,792,593)	317,143	(291,593)	(1,767,043)	1,794,221	1,880,253
Construction in progress	1,614,564	-	-	82,531	(262,763)	-	-	-	-	1,434,332	1,614,564
Revaluation model
Land and Buildings	7,268,564	50	-	-	10,815	(274,408)	1,159	(44,482)	(317,731)	6,961,648	6,994,156
Total	25,178,766		-	365,957	(636,306)	(12,370,578)	366,357	(545,652)	(12,549,873)	12,358,544	12,808,188

The movements in investment properties as of March 31, 2022 and December 31, 2021 are as follows:

Item

At the beginning of the year

Useful

life

Revaluation

Additions

Depreciation

Net carrying 03/31/2022

Net carrying 12/31/2021

Accumulated

Of the year

At the end of the year

Cost model

Rent building

187,737

908

(24,603)

(9,078)

(33,681)

154,964

163,134

Measurement at fair value

Rent building

9,932,750

Total

10,120,487

908

(24,603)

(9,078)

(33,681)

10,087,714

10,095,884

GRUPO SUPERVIELLE S.A.

(Expressed in thousands of pesos in homogeneous currency)

SCHEDULE I – BREAKDOWN OF FINANCIAL LIABILITIES FROM REMAINING TERMS

As of March 31, 2022:

Item	Remaining terms for maturity
		1 month	3 months	6 months	12 months	24 months	Up to 24 months	Total
Deposits
Non-financial public sector	12,371,901	2,473,626		473,278	202,081	-	-	15,520,886
Financial sector	82,301	-		-	-	-	-	82,301
Non-financial private sector and residents abroad	268,594,819	29,161,214		21,727,652	14,648,012	335	-	334,132,032
Liabilities at fair value through profit and loss	4,002,463	-		-	-	-	-	4,002,463
Other financial liabilities	13,716,845	265,385		754,110	403,883	450,671	543,972	16,134,866
Financing received from the Argentine Central Bank and other financial institutions	267,456	2,622,571		382,124	198,989	399,262	547,406	4,417,808
Negotiable Debt securities	-	175,668		181,589	899,067	-	-	1,256,324
TOTAL	299,035,785	34,698,464		23,518,753	16,352,032	850,268	1,091,378	375,546,680

GRUPO SUPERVIELLE S.A.

(Expressed in thousands of pesos in homogeneous currency)

SCHEDULE L - ASSETS AND LIABILITIES IN FOREIGN CURRENCY

As of March 31, 2022 and December 31, 2021:

Items	As of March 31, 2021	As of December 31, 2021 (per currency)				As of December 31, 2021
Items	As of March 31, 2021			Dollar	Euro	As of December 31, 2021	Real	Others
ASSETS
Cash and Due from Banks	21,358,841	19,995,869	965,977	18,945	378,050	24,927,061
Debt securities at fair value through profit or loss	4,815,129	4,815,129	-	-	-	902,392
Derivatives	13,956	13,956	-	-	-	8,551
Other financial assets	626,382	626,251	131	-	-	825,532
Loans and other financing	15,571,872	15,570,582	908	-	382	17,908,067
Other Debt Securities	1,233,622	1,233,622	-	-	-	4,332,070
Financial assets pledged as collateral	1,287,323	1,287,323	-	-	-	1,261,831
Other non-financial assets	141,647	141,647	-	-	-	140,807
TOTAL ASSETS	45,048,772	43,684,379	967,016	18,945	378,432	50,306,311

LIABILITIES
Deposits	31,182,710	30,655,555	527,155	-	-	33,454,825
Non-financial public sector	1,202,444	1,202,265	179	-	-	1,293,065
Financial sector	456	456	-	-	-	256
Non-financial private sector and foreign residents	29,979,810	29,452,834	526,976	-	-	32,161,504
Liabilities at fair value with changes in results	1,425,563	1,425,563	-	-	-	799,618
Other financial liabilities	2,850,538	2,426,109	415,277	19	9,133	2,996,929
Financing received from the Argentine Central Bank and other financial institutions	2,303,909	2,303,909	-	-	-	5,960,517
Other non-financial liabilities	379,951	379,949	-	-	2	429,066
TOTAL LIABILITIES	38,142,671	37,191,085	942,432	19	9,135	43,640,955

NET POSITION	6,906,101	6,493,294	24,584	18,926	369,297	6,665,356

GRUPO SUPERVIELLE S.A.

(Expressed in thousands of pesos in homogeneous currency)

SCHEDULE R – LOAN LOSS RISK PROVISIONS

The balance of loan loss risk provisions as of March 31, 2022 is presented below:

Items	Balances at the beginning of fiscal year	ECL of the following 12 months	ECL of remaining life of the financial asset			Monetary inocme produced by provisions
Items	Balances at the beginning of fiscal year	ECL of the following 12 months				Monetary inocme produced by provisions	FI significant credit risk increase	FI with credit impairment	FI with credit impairment either purchased or produced
Other financial assets	102,381	15,281	-	-	(16,295)	101,367
Loans and other financing	8,846,716	5,460	86,902	(50,845)	(1,254,256)	7,633,977
Other financial entities	29,946	52,115	-	-	(35,053)	47,008
Non-financial private sector and residents abroad	8,816,770	(46,655)	86,902	(50,845)	(1,219,203)	7,586,969
Overdrafts	174,283	37,538	(1,815)	(1,389)	(28,883)	179,734
Documents	471,236	(61,019)	(58,183)	10,932	(50,252)	312,714
Mortgages	259,638	9,019	(14,421)	6,227	(36,061)	224,402
Pledge loans	298,129	12,553	23,308	52,228	(53,471)	332,747
Personal Loans	3,528,149	(51,415)	(13,560)	(19,171)	(476,817)	2,967,186
Credit cards	2,163,319	64,355	119,838	127,823	(342,706)	2,132,629
Financial lease	187,610	(486)	22,494	414	(29,079)	180,953
Others	1,734,406	(57,200)	9,241	(227,909)	(201,934)	1,256,604
Other debt securities	1,748	180	-	-	(267)	1,661
Eventual commitments	69,178	104	-	-	(9,592)	59,690
TOTAL PROVISIONS	9,020,023	21,025	86,902	(50,845)	(1,280,410)	7,796,695

GRUPO SUPERVIELLE S.A.

SEPARATE CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION

As of March 31, 2022 and December 31, 2021

(Expressed in thousands of pesos in homogeneous currency)


	Notes and Schedules	03/31/2022	12/31/2021
ASSETS
Cash and due from banks	9 and 4.1	462,084	506,248
Cash		4	5
Financial institutions and correspondents		462,080	506,243
Other local and financial institutions		462,080	506,243
Other financial assets	4.2 and 9	1,637,958	1,377,634
Other debt securities	4.3 and A	-	481,360
Current income tax assets	7	21,594	14,718
Investment in subsidiaries, associates and joint ventures	4.4	52,206,516	52,646,700
Property, plant and equipment	4.5 and F	-	2,111
Intangible Assets	4.6 and G	7,156,518	7,183,326
Deferred income tax assets		-	1,630
Other Non-financial assets	4.7 and 9	572,481	100,412
TOTAL ASSETS		62,057,151	62,314,139

LIABILITIES
Deferred income tax liability	7	25,267	-
Other Non-Financial Liabilities	4.8 and 7	325,147	363,194
TOTAL LIABILITIES		350,414	363,194

SHAREHOLDERS' EQUITY
Capital Stock		456,722	456,722
Paid in capital		50,558,787	50,558,787
Capital adjustments		5,544,332	5,544,332
Earnings Reserved		5,380,509	5,380,509
Reserve		(1,392,842)	(394,174)
Other comprehensive income		1,272,942	1,403,437
Net Income for the year		(113,713)	(998,668)
TOTAL SHAREHOLDERS' EQUITY		61,706,737	61,950,945
TOTAL NET LIABILITIES AND SHAREHOLDERS' EQUITY		62,057,151	62,314,139

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

GRUPO SUPERVIELLE S.A.

SEPARATE CONDENSED INTERIM STATEMENT OF COMPREHENSIVE INCOME

For the nine and three-month period on March 31, 2022 presented on comparative basis

(Expressed in thousands of pesos in homogeneous currency)


	Notes	03/31/2022	03/31/2021
Interest income	4.9	27,666	106,147
Interest expenses		-	-
Net interest income		27,666	106,147
Net income from financial instruments at fair value through profit or loss	4.10	96,711	9,709
Result from derecognition of assets measured at amortized cost		(2,508)	-
Exchange rate difference on gold and foreign currency		36,638	9,159
NIFFI And Exchange Rate Differences		130,841	18,868
Subtotal		158,507	125,015
Other operating income	4.11	335,905	139,143
Result from exposure to changes in the purchasing power of the currency		(299,023)	(204,903)
Net operating income		195,389	59,255
Personnel expenses	4.12	5,993	21,591
Administration expenses	4.13	54,682	67,320
Depreciation and impairment of non-financial assets		27,000	27,214
Other operating expenses	4.14	7,634	6,579
Operating income		100,080	(63,449)
Profit of subsidiaries and associates	4.15	(188,877)	377,162
Income before taxes		(88,797)	313,713
Income tax		24,916	20,122
Net income of the period		(113,713)	293,591

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

GRUPO SUPERVIELLE S.A.

SEPARTE CONDENSED INTERIM STATEMENT OF COMPREHENSIVE INCOME

For the three-month period ended on March 31, 2022 presented on comparative basis

(Expressed in thousands of pesos in homogeneous currency)


	03/31/2022	03/31/2021
Net income from the period	(113,713)	293,591
Components of Other Comprehensive Income not to be reclassified to profit or loss
Participation of Other Comprehensive income of associates and joint ventures recorded through the utilization of the participation method	(124,989)	(692,482)
Income of the year from the participation of Other Comprehensive income of associates and joint ventures recorded through the utilization of the participation method	(124,989)	(692,482)
Total Other Comprehensive Income not to be reclassified to profit or loss	(124,989)	(692,482)
Components of Other Comprehensive Loss to be reclassified to profit or loss
Translation difference of Financial Statements	8,724	-
Conversion difference for the period	8,724	-
Gains or losses on financial instruments at fair value with changes in ORI (Point 4.1.2a of IFRS 9)	(14,230)	(88,024)
Loss for the year from financial instrument at fair value through other comprehensive income	(20,329)	(126,316)
Income tax	6,099	38,292
Total Other Comprehensive Loss to be reclassified to profit or loss	(5,506)	(88,024)
Total Other Comprehensive Income	(130,495)	(780,506)
Total Comprehensive Income	(244,208)	(486,915)

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

GRUPO SUPERVIELLE S.A.

SEPARATE CONDENSED INTERIM STATEMENT OF CASH FLOW

For the three-month period ended on March 31, 2022 presented on comparative basis

(Expressed in thousands of pesos in homogeneous currency)


	03/31/2022	03/31/2021
CASH FLOW FROM OPERATING ACTIVITIES

Net income for the year before Income Tax	(88,797)	313,713

Adjustments to obtain flows from operating activities:
Results of associates and join ventures	188,877	(377,162)
Depreciation and impairment	27,000	27,214
Exchange rate difference on gold and foreign currency	(36,638)	(9,159)
Interests from loans and other financing	(27,666)	(106,147)
Result from exposure to changes in the purchasing power of the currency	299,023	204,903
Net income from financial instruments at fair value through profit or loss	(96,711)	(9,709)

(Increases) / decreases from operating assets:
Other debt securities	585,408	203,415
Other assets	(392,644)	50,680

Increases / (decreases) from operating liabilities:
Other liabilities	(38,650)	(140,769)

Net cash provided by / (used in) operating activities (A)	419,202	156,979

CASH FLOW FROM INVESTING ACTIVITIES

Payments:
Purchase of liability or equity instruments issued by other entities	-	(6,588)
Purchase of subsidiaries	(103,840)	(99,627)

Collections:
Dividends collected	475,000	-

Net cash used in investing activities (B)	371,160	(106,215)

CASH FLOWS FROM FINANCING ACTIVITIES

Changes in the participation of subsidiaries that do not give rise to loss of control	(233,596)	-

Net cash used in financing activities (C)	(233,596)	-

Effects of exchange rate changes and exposure to changes in the purchasing power of money on cash and cash equivalents (D)	(2,442)	(321,544)

TOTAL CHANGES IN CASH FLOW
Net increase / (decrease) in cash and cash equivalents (A+B+C+D)	554,324	(270,780)
Cash and cash equivalents at the beginning of the year (NOTE 9)	1,470,408	680,824
Result from exposure to changes in the purchasing power of the currency in cash and equivalents	(259,944)	125,800
Cash and cash equivalents at the end of the year (NOTE 9)	1,764,788	535,844

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

GRUPO SUPERVIELLE S.A.

Notes to Separate Condensed Interim Financial Statements

As of March 31, 2022 presented on comparative basis

(Expressed in thousands of pesos in homogeneous currency)

1.	ACCOUNTING STANDARDS AND BASIS OF PREPARATION

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

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

These separated condensed interim financial statements have been approved by the Board of Directors of the Company at its meeting held on May 16, 2022.

1.1.	Differences between the accounting framework established by the BCRA and IFRS

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

(i)

temporary exception of IFRS 9 “Financial Instruments” application over debt instruments of the non-financial public sector,

(ii)

temporary exception of the application of Section 5.5 (Value Impairment) for Group C entities, a category that includes IUDÚ Compañia Financiera S.A.. Therefore, provisions of the aforementioned entity are held under minimum provisions standards set by the Argentine Central Bank.

1.2.	Preparation basis

These separated financial statements have been prepared applying accounting policies and measurement criteria consistent with those applied by the Group for the preparation of the annual financial statements, except as described in Note 1.1.

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

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

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

1.2.1.

Going concern

As of the date of these separate 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.

GRUPO SUPERVIELLE S.A.

Notes to Separate Condensed Interim Financial Statements

As of March 31, 2022 presented on comparative basis

(Expressed in thousands of pesos in homogeneous currency)

1.2.2.

Measuring unit

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

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

In turn, Law N° 27.468 (B.O. 04/12/2018) amended article 10° of Law N° 23,928 and its amendments, thus establishing that the abolition of all legal and regulating standards that set and authorize price indexing, monetary updating, cost changes or any other manner of re-increasing debts, taxes, prices or fees for goods, works or services does not include financial statements, regarding which the application of article 62 of the General Corporations Law N° 19550 (T.O 1984) and its amendments shall prevail. Likewise, the aforementioned legal body set de abolition of Decree N° 1269/2002 dated on July 16, 2002 and its amendments and instructed the National Executive Power, through its controlling agencies, to set the date as from which said regulations became into effect in relation with financial statements to be submitted. Therefore, on February 22, 2019, the Argentine Central Bank issued Communication “A” 6651 which established that financial statements shall be prepared in a homogeneous currency as from January 1, 2020. Therefore, these financial statements have been re-expressed as of March 31, 2022.

1.2.3.

Comparative information

The balances for the year ended December 31, 2021 are disclosed in these financial statements for comparative purposes arise from the financial statements as of such dates, which were prepared with the regulations in force in said year. Certain figures of these financial statements have been reclassified in order to present the information in accordance with the regulations in force as of March 31, 2022.

It is worth mentioning that, given the restatement of financial statements pursuant to IAS 29 and the provisions of Communication “A” 7211, the Bank has applied the following:

(i)

1.2.4.

Changes in accounting policies and new accounting standards

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

The following are changes that were made effective over the course of the quarter ended on March 31, 2022:

(a)

Amendments to IFRS 3 “Business Combinations”, IAS 16 “Property, plant and equipment” and IAS 37 “Provisions, contingent liabilities and contingent assets”

IAS 16, 'Property, plant and equipment (PPE) - income before intended use'

GRUPO SUPERVIELLE S.A.

Notes to Separate Condensed Interim Financial Statements

As of March 31, 2022 presented on comparative basis

(Expressed in thousands of pesos in homogeneous currency)

selling samples produced when testing a machine to see if it is working properly). The proceeds from selling such samples, together with the costs of producing them, are now recognized in profit or loss. An entity will use IAS 2, “Inventory”, to measure the cost of those items. Cost will not include depreciation of the asset being tested because it is not ready for its intended use.