IMPORTANT NOTICE IMPORTANT: You must read the following before continuing.

Transcription

1 IMPORTANT NOTICE THIS OFFERING IS AVAILABLE ONLY TO INVESTORS WHO ARE EITHER (1) QUALIFIED INSTITUTIONAL BUYERS ( QIBs ) (WITHIN THE MEANING OF RULE 144A UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE SECURITIES ACT )) OR (2) NON-U.S. PERSONS (WITHIN THE MEANING OF REGULATION S UNDER THE SECURITIES ACT) OUTSIDE THE U.S. IMPORTANT: You must read the following before continuing. The following applies to the Pricing Supplement and the accompanying Offering Memorandum following this page, and you are advised to read this carefully before reading, accessing or making any other use of the Pricing Supplement or the accompanying Offering Memorandum. In accessing the Pricing Supplement and the Offering Memorandum, you agree to be bound by the following terms and conditions, including any modifications to them any time you receive any information from us as a result of such access. NOTHING IN THIS ELECTRONIC TRANSMISSION CONSTITUTES AN OFFER OF SECURITIES FOR SALE IN ANY JURISDICTION WHERE IT IS UNLAWFUL TO DO SO. THE SECURITIES HAVE NOT BEEN, AND WILL NOT BE, REGISTERED UNDER THE SECURITIES ACT, OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR OTHER JURISDICTION AND THE SECURITIES MAY NOT BE OFFERED OR SOLD WITHIN THE U.S. OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, U.S. PERSONS (AS DEFINED IN REGULATION S UNDER THE SECURITIES ACT), EXCEPT PURSUANT TO AN EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND APPLICABLE LAWS OF OTHER JURISDICTIONS. THE PRICING SUPPLEMENT, THE OFFERING MEMORANDUM AND THE OFFER OF THE NOTES ARE ONLY ADDRESSED TO AND DIRECTED AT PERSONS IN MEMBER STATES OF THE EUROPEAN ECONOMIC AREA WHO ARE QUALIFIED INVESTORS WITHIN THE MEANING OF ARTICLE 2(1)(E) OF THE PROSPECTUS DIRECTIVE (DIRECTIVE 2003/71/EC, AS AMENDED) AND RELATED IMPLEMENTATION MEASURES IN MEMBER STATES ( QUALIFIED INVESTORS ). IN ADDITION, IN THE UNITED KINGDOM THE PRICING SUPPLEMENT AND OFFERING MEMORANDUM ARE ONLY BEING DISTRIBUTED TO QUALIFIED INVESTORS WHO HAVE PROFESSIONAL EXPERIENCE IN MATTERS RELATING TO INVESTMENTS FALLING WITHIN ARTICLES 19(5) AND 49(2)(A) TO (D) OF THE FINANCIAL SERVICES AND MARKETS ACT 2000 (FINANCIAL PROMOTION) ORDER 2005, AND OTHER PERSONS TO WHOM IT MAY OTHERWISE LAWFULLY BE COMMUNICATED (ALL SUCH PERSONS TOGETHER REFERRED TO AS RELEVANT PERSONS ). ANY INVESTMENT OR INVESTMENT ACTIVITY TO WHICH THIS PRICING SUPPLEMENT AND THE ACCOMPANYING OFFERING MEMORANDUM RELATES IS AVAILABLE ONLY TO (I) IN THE UNITED KINGDOM, RELEVANT PERSONS, AND (II) IN ANY MEMBER STATE OF THE EUROPEAN ECONOMIC AREA OTHER THAN THE UNITED KINGDOM, QUALIFIED INVESTORS, AND WILL BE ENGAGED IN ONLY WITH SUCH PERSONS. IN ADDITION, NO PERSON MAY COMMUNICATE OR CAUSE TO BE COMMUNICATED ANY INVITATION OR INDUCEMENT TO ENGAGE IN INVESTMENT ACTIVITY, WITHIN THE MEANING OF SECTION 21 OF THE FINANCIAL SERVICES AND MARKETS ACT 2000 (THE FSMA ), RECEIVED BY IT IN CONNECTION WITH THE ISSUE OR SALE OF THE NOTES OTHER THAN IN CIRCUMSTANCES IN WHICH SECTION 21(1) OF THE FSMA DOES NOT APPLY TO US. THE FOLLOWING PRICING SUPPLEMENT AND THE ACCOMPANYING OFFERING MEMORANDUM MAY NOT BE FORWARDED OR DISTRIBUTED TO ANY OTHER PERSON AND MAY NOT BE REPRODUCED IN ANY MANNER WHATSOEVER. ANY FORWARDING, DISTRIBUTION OR REPRODUCTION OF THESE DOCUMENTS IN WHOLE OR IN PART IS UNAUTHORIZED. FAILURE TO COMPLY WITH THIS DIRECTIVE MAY RESULT IN A VIOLATION OF THE SECURITIES ACT OR THE APPLICABLE LAWS OF OTHER JURISDICTIONS.

2 Confirmation of your Representation: In order to be eligible to view this Pricing Supplement and the accompanying Offering Memorandum or make an investment decision with respect to the securities, investors must be either (1) QIBs or (2) non- U.S. persons (within the meaning of Regulation S under the Securities Act) outside the U.S. This Pricing Supplement and the accompanying Offering Memorandum is being sent at your request and by accepting the and accessing this Pricing Supplement and the accompanying Offering Memorandum, you shall be deemed to have represented to us that (1) you and any customers you represent are either (a) QIBs or (b) non-u.s. persons (within the meaning of Regulation S under the Securities Act) and that the electronic mail address that you gave us and to which this Pricing Supplement and the accompanying Offering Memorandum have been delivered is not located in the U.S., and (2) that you consent to delivery of such Pricing Supplement and accompanying Offering Memorandum by electronic transmission. You are reminded that this Pricing Supplement and the accompanying Offering Memorandum have been delivered to you on the basis that you are a person into whose possession this Pricing Supplement and the accompanying Offering Memorandum may be lawfully delivered in accordance with the laws of the jurisdiction in which you are located and you may not, nor are you authorized to, deliver this Pricing Supplement or the accompanying Offering Memorandum to any other person. The materials relating to the offering do not constitute, and may not be used in connection with, an offer or solicitation in any place where offers or solicitations are not permitted by law. If a jurisdiction requires that the offering be made by a licensed broker or dealer and the initial purchasers or any affiliate of the initial purchasers is a licensed broker or dealer in that jurisdiction, the offering shall be deemed to be made by the initial purchasers or such affiliate on behalf of the issuer in such jurisdiction. This Pricing Supplement and the accompanying Offering Memorandum have been sent to you in an electronic form. You are reminded that documents transmitted via this medium may be altered or changed during the process of electronic transmission, and consequently neither the initial purchasers, nor any person who controls them nor any of their directors, officers, employees nor any of their agents nor any affiliate of any such person accept any liability or responsibility whatsoever in respect of any difference between this Pricing Supplement and Offering Memorandum distributed to you in electronic format and the hard copy version available to you on request from the initial purchasers.

3 The information in this preliminary pricing supplement is not complete and may be changed. We may not sell these securities or accept any offer to buy these securities until we deliver the pricing supplement and the attached offering memorandum to you in final form. We are not using this preliminary pricing supplement to offer to sell these securities or to solicit offers to buy these securities in any place where the offer or sale is SUBJECT TO COMPLETION, DATED JANUARY 26, 2017 PRELIMINARY PRICING SUPPLEMENT (To offering memorandum dated January 26, 2017) Banco Supervielle S.A. Ps., Series A Floating Rate Notes Due 20 CONFIDENTIAL This pricing supplement relates to a series of notes to be issued under our Global Note Program for the issuance of notes in one or more series up to an aggregate principal amount at any time outstanding of US$800 million, which we refer to as the program. This pricing supplement is supplemental to, and should be read in conjunction with, the attached offering memorandum dated January 26, 2017 relating to the program, which we refer to as the offering memorandum. To the extent that information contained in this pricing supplement is not consistent with the attached offering memorandum, this pricing supplement will be deemed to supersede the attached offering memorandum with respect to the notes offered hereby. We are offering Ps. of our Series A Floating Rate Notes Due 20, which we refer to as the Notes. Payment of principal of the Notes will be made in two installments as follows: Ps. on, 20 and Ps. on, 20. The final maturity of the Notes will be, 20, unless previously redeemed as described in this pricing supplement. The interest rate on the Notes for the first Interest Rate Period (as defined below) will be equal to the Reference Rate (as defined below), as determined on the first Interest Determination Date, which will be January, 2017, plus % per annum, subject to a minimum interest rate of % per annum (the Minimum Interest Rate ). Thereafter, subject to the Minimum Interest Rate, the interest rate on the Notes for any subsequent Interest Rate Period will be equal to the Reference Rate, as determined on the applicable Interest Determination Date (as defined below), plus % per annum. The interest rate on the Notes will be reset quarterly for the following Interest Rate Period on each Interest Reset Date (as defined below). We will pay interest on the Notes quarterly in arrears on,, and of each year, commencing on, Payment of principal, interest, additional amounts and any other amounts in respect of the Notes will be made in U.S. dollars, as calculated by the Calculation Agent (as defined below) at the Applicable Exchange Rate (as defined below) on the applicable Calculation Date (as defined below). In the event of certain changes in Argentine withholding taxes, we may redeem the Notes, in whole but not in part, at any time at a price equal to 100% of the outstanding principal amount plus accrued and unpaid interest and any additional amounts. The program has not been rated. The Notes have been rated in Argentina AA(arg) by FIX SCR S.A. Agente de Calificación de Riesgo and outside Argentina B(EXP)/RR4 by Fitch Ratings, Inc. and B3 by Moody s Investor s Service, Inc. See Ratings, in this pricing supplement. We will apply to the Luxembourg Stock Exchange, in its capacity as market operator of the Euro MTF market ( Euro MTF ) under the Luxembourg act relating to prospectuses for securities (loi relative aux prospectus pour valeurs mobilières) dated July 10, 2005, as amended (the Luxembourg Act ) to have the Notes listed on the Official List of the Luxembourg Stock Exchange and to trading on the Euro MTF market. We have applied to have the Notes listed on the Mercado de Valores de Buenos S.A. ( MERVAL ) through the Bolsa de Comercio de Buenos Aires (the Buenos Aires Stock Exchange or BASE ), pursuant to the delegation of powers set forth in Resolution No. 17,501 of the Comisión Nacional de Valores (the CNV ), and applied to have the Notes admitted to trade on the Argentine Mercado Abierto Electrónico S.A. ( MAE ). There can be no assurances that these applications will be accepted. The Notes will constitute non-convertible notes, or obligaciones negociables simples no convertibles en acciones under the Argentine Negotiable Obligations Law No. 23,576, as amended (the Negotiable Obligations Law ), will be issued in accordance with Argentine Law No.19,550, as amended (Argentine General Corporation Law, the Corporations Law ) and will be placed in accordance with Law No. 26,831 on Capital Markets (the Capital Markets Law ), Decree No. 1023/2013 implementing the Capital Markets Law and the rules of the CNV (as approved by General Resolution No. 622/13, as amended and supplemented (collectively, the CNV Rules ), and will have the benefits provided thereby and will be subject to the procedural requirements set forth therein. The Notes will not benefit from the Argentine deposit insurance system established pursuant to Argentine Law No. 24,485, as amended, or the exclusive priority right granted to depositors pursuant to Article 49(d) and (e) of Argentine Law No. 21,526, as amended (the Financial Institutions Law ). The Notes will not be secured by any security interest or guarantee and will not be guaranteed by any other means or by any other entity or person. The creation of the program has been authorized by the CNV pursuant to Resolution 18,376 dated November 24, The public offering of the Notes has been authorized by the CNV pursuant to decision No. 444/EMI, dated January 26, This authorization means only that the information requirements of the CNV have been satisfied. The CNV has not rendered any opinion in respect of the accuracy of the information contained in this pricing supplement or in the attached offering memorandum. The offer of the Notes in Argentina shall be conducted by means of an offering that qualifies as a public offering under Argentine law and the Rules of the CNV. No action has been (or will be) taken to permit a public offer of the Notes in any jurisdiction outside Argentina. The Notes have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the Securities Act ), any state s securities laws or the securities laws of any other jurisdiction (other than Argentina). The Notes may not be offered or sold within the U.S. or to U.S. persons (as defined in Regulation S under the Securities Act), except to qualified institutional buyers in reliance on the exemption from registration provided by Rule 144A under the Securities Act and to certain non-u.s. persons in offshore transactions in reliance on Regulation S under the Securities Act. Because the Notes have not been registered, they are subject to the restrictions on resales and transfers described under Transfer Restrictions in the attached offering memorandum. Investing in the Notes involves certain significant risks. See Risk Factors commencing on page 9 of this pricing supplement and on page 21 of the attached offering memorandum for a description of certain material risks related to an investment in the Notes. Price to investors per Note: % plus accrued interest, if any, from, Delivery of the Notes is expected to be made in book-entry form through the facilities of The Depository Trust Company and its direct and indirect participants, including Clearstream Banking, société anonyme, Luxembourg ( Clearstream, Luxembourg ) and Euroclear Bank S.A./N.V. ( Euroclear ) on or about, Credit Suisse Joint Bookrunners and Joint Lead Managers Local Placement Agent Banco Supervielle, 2017 Santander

4 Unless otherwise defined herein, capitalized terms used in this pricing supplement shall have the meanings given to them in the attached offering memorandum. In this pricing supplement, unless the context otherwise requires, references to we, our, us, or the bank refer to Banco Supervielle S.A. ( Banco Supervielle ) and its consolidated subsidiary, Cordial Compañia Financiera S.A. For the avoidance of doubt, references to we, our, us, or the bank that relate to dates and/or periods during which Cordial Compañia Financiera was not a subsidiary of Banco Supervielle refer to Banco Supervielle only. References to Tarjeta mean Tarjeta Automática S.A. References to Cordial Microfinanzas mean Cordial Microfinanzas S.A. References to SAM mean Supervielle Asset Management Sociedad Gerente de FCI S.A. References to Adval mean Adval S.A. References to Sofital mean Sofital S.A.F.e I.I. References to CCF mean Cordial Compañía Financiera S.A. References to Supervielle Seguros mean Supervielle Seguros S.A. References to Espacio Cordial mean Espacio Cordial Servicios S.A. References to Viñas del Monte mean Viñas del Monte S.A. The term Argentina refers to the Republic of Argentina. The terms Argentine government or the government refers to the federal government of Argentina the term Central Bank refers to the Banco Central de la República Argentina, or the Argentine Central Bank, and the term CNV refers to the Argentine Comisión Nacional de Valores, or the Argentine securities regulator. U.S. GAAP refers to generally accepted accounting principles in the United States of America ( United States or U.S. ), Argentine GAAP refers to generally accepted accounting principles in Argentina and Argentine Banking GAAP refers to the accounting rules of the Central Bank. The term GDP refers to gross domestic product and all references in this prospectus to GDP growth are to real GDP growth, the term CPI refers to the consumer price index and the term WPI refers to the wholesale price index. The term customers refers to individuals or entities that have at least one of our products without any requirement of customer activity during any time period. Unless the context otherwise requires, the term financial institutions refers to institutions regulated by the Argentine Central Bank. The term Argentine banks refers to banks that operate in Argentina. The term Argentine private banks refers to banks that are not controlled or owned by the Argentine federal government or any Argentine provincial, municipality or city government. The term private domestically-owned banks refers to private banks that are controlled by Argentine shareholders. The term small businesses refers to individuals and businesses with annual sales of up to Ps.40 million. The term SMEs refers to individuals and businesses with annual sales between Ps. 40 million and Ps. 200 million. The Term Middle Market companies refers to individuals and businesses with annual sales between Ps. 200 million and Ps. 1 billion. The term Large sized companies refers to individuals and businesses with annual sales between over 1 billion. The term ROAE refers to return on average shareholders equity. ROAE is frequently used by financial institutions as a benchmark to measure profitability compared to peers but not as a benchmark to determine returns for investors, which is affected by multiple factors that ROAE does not consider. The terms U.S. dollar and U.S. dollars and the symbol US$ refer to the legal currency of the United States. The terms Peso and Pesos and the symbol Ps. refer to the legal currency of Argentina. This pricing supplement contains our unaudited interim consolidated financial statements as of September 30, 2016 and for the nine-month periods ended September 30, 2016 and 2015 (our Unaudited Interim Consolidated Financial Statements ). The accompanying offering memorandum contains our audited consolidated financial statements as of December 31, 2015 and 2014 and for each of the three years in the period ended December 31, 2015 (our Audited Consolidated Financial Statements ). We maintain our books and records in Argentine Pesos and prepare and issue our audited consolidated financial statements in conformity with Argentine Banking GAAP, which differs in certain significant respects from U.S. GAAP and, to a certain extent, from Argentine GAAP. Our Unaudited Interim Consolidated Financial Statements have been prepared on the same basis as our Audited Consolidated Financial Statements and, in the opinion of our management, include all adjustments that are necessary for a consistent presentation with our Audited Consolidated Financial Statements. The results for the nine-month period ended September 30, 2016 are not necessarily indicative of results to be expected for the entire year ending December 31, For a description of certain significant differences between Argentine Banking GAAP and U.S. GAAP, please see Annex A Summary of Certain Differences Between Argentine Banking GAAP and U.S. GAAP in the accompanying offering memorandum.

5 We have translated certain of the Peso amounts contained in this pricing supplement into U.S. dollars for convenience purposes only. Unless otherwise indicated, the rate used to translate such amounts (i) as of September 30, 2016, was Ps to US$1.00, which was the reference exchange rate reported by the Central Bank for U.S. dollars and (ii) as of December 31, 2015 was Ps to US$1.00, which was the reference exchange rate reported by the Central Bank for U.S. dollars. The Federal Reserve Bank of New York does not report a noon buying rate for Pesos. The U.S. dollar equivalent information presented in this pricing supplement is provided solely for the convenience of investors and should not be construed as implying that the Peso amounts represent, or could have been or could be converted into, U.S. dollars at such rates or at any other rate. See Exchange Rates in the attached offering memorandum. We are responsible for the information contained in this pricing supplement and the attached offering memorandum. Neither we, nor the initial purchasers, have authorized any other person to provide you with different information, and we, and the initial purchasers, take no responsibility for any other information others may give you. You should assume that the information contained in this pricing supplement and the attached offering memorandum is accurate only as of the date on the front cover of this pricing supplement and the attached offering memorandum (or such earlier date as may be specified in this pricing supplement and the attached offering memorandum). Our business, financial condition, results of operations and prospects may have changed since such date. Neither the delivery of this pricing supplement and the attached offering memorandum nor any sale made hereunder shall under any circumstance imply that the information contained herein is correct as of any date after the date of this pricing supplement and the attached offering memorandum, respectively. In making your decision whether to invest in the Notes, you must rely on your own examination of us and the terms of the offering, including the merits and risks involved. You should make your investment decision based only on the information contained in this pricing supplement and the attached offering memorandum. You should not construe the contents of this pricing supplement or the attached offering memorandum as legal, business or tax advice. You should consult your own attorney, business advisor or tax advisor. You should be aware that you may be required to bear the financial risks of an investment in the Notes for an indefinite period of time. The creation of the program was approved by resolution of our shareholders at a meeting held on September 22, 2016, and by our board of directors at a meeting held on November 10, The issuance of the Notes was approved at a meeting of our board of directors dated November 23, 2016, pursuant to the powers delegated to our board of directors at the aforementioned shareholders meeting. The creation of the program has been authorized by the CNV pursuant to Resolution No. 18,376, dated November 24, The public offering of the Notes has been authorized by the CNV pursuant to decision No. 444/EMI, dated January 26, These authorizations mean only that the information requirements of the CNV have been satisfied. The CNV has not rendered any opinion in respect of the accuracy of the information contained in this pricing supplement or in the attached offering memorandum. Under Argentine law, the accuracy of the accounting, financial, economic and all other information contained in this pricing supplement or in the attached offering memorandum is the sole responsibility of our board of directors and, insofar as is applicable, the members of our supervisory committee, the auditors who have signed the auditors reports related to the audited financial statements included in the attached offering memorandum to the extent of, and with the responsibility specified in, such reports and other persons contemplated in Sections 119 and 120 of Capital Markets Law. The board of directors hereby represents and warrants that, as of the date hereof, the attached offering memorandum and this pricing supplement contain true and complete information regarding any material fact that may affect our financial and economic situation as well as all other information that is required to be furnished to investors in respect of this offering in accordance with Argentine applicable law and regulations. Authorization by the CNV of the public offering of the Notes in Argentina was granted solely on the basis of the separate Spanish language offering memorandum and pricing supplement. The Notes will constitute obligaciones negociables under the Capital Markets Law, the CNV Rules and the Negotiable Obligations Law and will be entitled to the benefits set forth therein and subject to the procedural requirements established therein. In particular, pursuant to Section 29 of the Negotiable Obligations Law, in case we default in the payment of any amounts outstanding under the notes of any series, the holder of such notes will be entitled to file a summary action (acción ejecutiva) in Argentina for collection of such amount. We are a corporation under the laws of Argentina and have been incorporated in accordance with the Corporations Law. Consequently, our shareholders limit their liabilities to the shares respectively subscribed. In

6 compliance with Argentine Law No. 25,738, none of our shareholders (either foreign or domestic) will be responsible for the liabilities arising from our operations in excess of the aforementioned subscription. Notice to Prospective Investors in the European Economic Area This pricing supplement and the accompanying offering memorandum have been prepared on the basis that any offer of the Notes in any Member State of the European Economic Area, or the EEA will be made pursuant to an exemption under the Prospectus Directive, as implemented in that Member State, from the requirement to produce a prospectus for offers of notes. Accordingly, any person making or intending to make any offer in that Member State of the Notes which are the subject of the offering contemplated by this pricing supplement and the accompanying offering memorandum may only do so in circumstances in which no obligation arises for us or the dealer to produce a prospectus pursuant to Article 3 of the Prospectus Directive in relation to such offer. Neither we nor the initial purchasers have authorized, nor do we or they authorize, the making of any offer of Notes in circumstances in which an obligation arises for us or the dealer to publish a prospectus for such offer. Prospectus Directive means Directive 2003/71/EC, as amended (including by Directive 2010/73/EU) and includes any relevant implementing measure in each Member State. Notice to Prospective Investors in the United Kingdom This pricing supplement and the accompanying offering memorandum are only being distributed to, and are only directed at, (1) persons who are outside the United Kingdom or (2) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, which we refer to as the Order, or (3) high net worth entities, and other persons to whom it may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order. We refer to each such person as a Relevant Person. This pricing supplement and the accompanying offering memorandum and their contents are confidential and should not be distributed, published or reproduced (in whole or in part) or disclosed by recipients to any other persons in the United Kingdom. Any person in the United Kingdom that is not a Relevant Person should not act or rely on this pricing supplement and/or the accompanying offering memorandum or any of their contents. This pricing supplement and the accompanying offering memorandum have not been approved for the purposes of section 21 of the Financial Services and Markets Act 2000 (as amended FSMA ), by a person authorized under FSMA. This pricing supplement and the accompanying offering memorandum are being distributed and communicated to persons in the United Kingdom only in circumstances in which section 21(1) of FSMA does not apply to Banco Supervielle. The Notes are not being offered or sold to any person in the United Kingdom except in circumstances which will not result in an offer of securities to the public in the United Kingdom within the meaning of Part VI of FSMA.

7 TABLE OF CONTENTS Pricing Supplement Cautionary Statement Regarding Forward-Looking Statements... i Recent Developments... 1 Terms and Conditions of the Notes... 3 Risk Factors... 9 Use of Proceeds Capitalization Selected Consolidated Financial and other information Management s discussion and Analysis of Financial Condition and Results of Operations Selected Statistical Information Description of the Notes Certain United States Federal Income Tax Considerations Plan of Distribution Transfer Restrictions Legal Matters Independent Accountants Index to the Financial Statements... F-i Page Offering Memorandum Page Presentation of Financial and Certain Other Information... i Enforcement of Civil Liabilities... ii Cautionary Statement Regarding Forward- Looking Statements... iii Available Information... v Summary... 1 Summary of the Program Summary Consolidated Financial and Other Information Risk Factors Use of Proceeds The Argentine Economy and Financial System Exchange Rates Exchange Controls Capitalization and Indebtedness Selected Consolidated Financial and Other Information Business Management s Discussion and Analysis of Financial Condition and Results of Operations Selected Statistical Information

8 TABLE OF CONTENTS Pricing Supplement (continued) Argentine Banking Regulation Management and Corporate Governance Principal Shareholders Related Companies Related Party Transactions Description of the Notes Form of Final Terms Taxation Anti-Money Laundering Certain ERISA Considerations Plan of Distribution Clearing and Settlement Transfer Restrictions Legal Matters Independent Accountants Additional Information Annex A Summary of Certain Differences Between Argentine Banking GAAP and U.S. GAAP... A-1 Financial Statements... F-i Page

9 CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS This pricing supplement and the attached offering memorandum contain estimates and forward-looking statements, principally in Risk Factors and Management s Discussion and Analysis of Financial Condition and Results of Operations. We have based these forward-looking statements largely on our current beliefs, expectations and projections about future courses of action, events and financial trends affecting our business. Many important factors, in addition to those discussed elsewhere in this pricing supplement and the attached offering memorandum, could cause our actual results to differ substantially from those anticipated in our forward-looking statements, including, among other things: changes in general economic, financial, business, political, legal, social or other conditions in Argentina or elsewhere in Latin America or changes in either developed or emerging markets; changes in capital markets in general that may affect policies or attitudes toward lending to or investing in Argentina or Argentine companies, including expected or unexpected turbulence or volatility in domestic and international financial markets; changes in regional, national and international business and economic conditions, including inflation; changes in interest rates and the cost of deposits, which may, among other things, affect margins; unanticipated increases in financing or other costs or the inability to obtain additional debt or equity financing on attractive terms, which may limit our ability to fund existing operations and to finance new activities; changes in government regulation, including tax and banking regulations; adverse legal or regulatory disputes or proceedings; the interpretation by judicial courts of the new Argentine Civil and Commercial Code; credit and other risks of lending, such as increases in defaults by borrowers; fluctuations and declines in the value of Argentine public debt; increased competition in the banking, financial services, credit card services, asset management and related industries; a loss of market share by any of our main businesses; increase in the allowances for loan losses; technological changes or an inability to implement new technologies, changes in consumer spending and saving habits; ability to implement our business strategy; fluctuations in the exchange rate of the Peso; and other factors discussed under Risk Factors in this pricing supplement and the attached offering memorandum. The words believe, may, will, aim, estimate, continue, anticipate, intend, expect, forecast and similar words are intended to identify forward-looking statements. Forward-looking statements include information concerning our possible or assumed future results of operations, business strategies, financing plans, competitive position, industry environment, potential growth opportunities, the effects of future regulation i

10 and the effects of competition. Forward-looking statements speak only as of the date they were made, and we do not undertake any obligation to update publicly or to revise any forward-looking statements after we distribute this pricing supplement and the attached offering memorandum because of new information, future events or other factors, except as required by applicable law. In light of the risks and uncertainties described above, the forward-looking events and circumstances discussed in this pricing supplement and the attached offering memorandum might not occur and do not constitute guarantees of future performance. Because of these uncertainties, you should not make any investment decisions based on these estimates and forward-looking statements. ii

11 RECENT DEVELOPMENTS Receipt of Termination Notice from Province of San Luis Regarding Financial Agency Agreement On January 17, 2017, the Province of San Luis notified Banco Supervielle of its decision to terminate, effective as of February 28, 2017, the financial agency agreement entered into by the Province of San Luis and Banco Supervielle (the Financial Agency Agreement ). The Financial Agency Agreement had been renewed twice and was due to expire in Banco Supervielle has maintained a presence in the Province of San Luis since 1996 and, after acquiring Banco de San Luis in that year, was appointed exclusive paying agent for the government of the Province of San Luis to provide financial agency and tax collection services to the Province and serve as payor bank for provincial government employees. As of the date of this Pricing Supplement, Banco Supervielle also has a private sector business franchise in the Province of San Luis and provides full-service banking to individual consumers and small and medium-size companies. In addition, Banco Supervielle provides its corporate customers in the Province of San Luis with a wide range of financial services and has a primary focus on infrastructure and construction projects. As of September 30, 2016, Banco Supervielle s total loan portfolio was Ps. 33,116 million, of which Ps. 2,078 million (approximately 6% of Banco Supervielle s total loan portfolio) were loans to the private sector in the Province of San Luis. Of the total loans to the private sector in the Province of San Luis as of September 30, 2016, 748 million (approximately 2% of Banco Supervielle s total loan portfolio) were attributable to payroll loans to employees of the Province of San Luis and Ps. 1,330 million (approximately 4% of Banco Supervielle s total loan portfolio) were attributable to loans to private sector clients in the Province of San Luis (other than employees of the Province of San Luis). As of September 30, 2016, there were no outstanding loans to the government of the Province of San Luis. As of September 30, 2016, Banco Supervielle s consolidated total deposits were Ps. 30,428 million, of which Ps.3,920 million (approximately 13% of Banco Supervielle s consolidated total deposits) were the total deposits made in the Province of San Luis. Of the total deposits in the Province of San Luis as of September 30, 2016, Ps. 1,690 million (approximately 6% of Banco Supervielle s consolidated total deposits) were deposits made by the government of the Province of San Luis, Ps.912 million (approximately 3% of Banco Supervielle s consolidated total deposits) were deposits made by employees of the Province of San Luis and Ps.1,318 million (approximately 4% of Banco Supervielle s consolidated total deposits) were deposits made by private sector clients (other than employees of the Province of San Luis). Of the Ps. 1,690 million of deposits made by the government of the Province of San Luis as of September 30, 2016, Ps. 1,261 million (approximately 75% of all deposits made by the government of the Province of San Luis) were time deposits and Ps. 428 million (approximately 25% of all deposits made by the government of the Province of San Luis) were deposits in checking account. Given that such time deposits are wholesale deposits, they may be replaced with other available wholesale deposits upon a reduction in the amount of such time deposits. In terms of net revenue for the first nine months of 2016, net revenue from payroll loans to employees of the Province of San Luis represented approximately 0.80% of Banco Supervielle s consolidated net revenue, while loans to private sector clients in the Province of San Luis (other than employees of the Province of San Luis) represented approximately 1.18% of Banco Supervielle s consolidated net revenue, in each case for the first nine months of In addition, net revenue from deposits made by the government of the Province of San Luis represented approximately 3.14% of Banco Supervielle s consolidated net revenues (of which time deposits represented approximately 1.18% of Banco Supervielle s consolidated net revenue and deposits in checking account represented approximately 1.97% of Banco Supervielle s consolidated net revenue); net revenue from deposits made by employees of the Province of San Luis represented approximately 0.74% of Banco Supervielle s consolidated net revenue; and net revenue from deposits made by private sector clients (other than employees of the Province of San Luis) represented approximately 4.09% of Banco Supervielle s consolidated net revenue, in each case for the first nine months of

12 Banco Supervielle has 298 employees, 22 branches, 3 service centers, 129 ATMs and self-service terminals in the Province of San Luis. Of our approximately 194,000 customers in San Luis, we offer payroll services to about 21,000 employees that were covered by the services provided under the Financial Agency Agreement. In a press conference held on January 19, 2017, the Minister of Finance of the Province of San Luis officially announced the termination of the Financial Agency Agreement and indicated that the government of the Province of San Luis will invite banks, including Banco Supervielle, to participate in the selection of a new financial agent. As of the date of this Pricing Supplement, Banco Supervielle is analyzing the possible courses of action in connection with the termination of the Financial Agency Agreement. Our principal executive offices are located at Bartolomé Mitre 434, Buenos Aires, Argentina. Our telephone number is Information contained or accessible through our website is not incorporated in, and should not be considered part of, this pricing supplement. 2

13 TERMS AND CONDITIONS OF THE NOTES The following are the particular terms and conditions of the Notes offered hereby. The terms and conditions described below supplement, and should be read in conjunction with, the general terms and conditions of notes described in the attached offering memorandum, which sets forth certain material terms of the Notes not set forth in this Pricing Supplement. 1. Issuer... Banco Supervielle S.A. 2. Title... Series A Floating Rate Notes Due Aggregate Principal Amount... Ps.. 4. Issue Date..., 2017 (the Issue Date ). 5. Stated Maturity... The final maturity of the Notes will be, Issue Price... %. Investors will pay the subscription price of the Notes in U.S. Dollars based on the Initial Exchange Rate. 7. Specified Currency of Settlement and Payments... The Notes will be denominated and issued in Argentine pesos. Investors will pay the subscription price of the Notes in U.S. dollars based on the Initial Exchange Rate. We will pay all amounts in respect of the principal of and interest on the Notes and any Additional Amounts in U.S. dollars, as calculated by the Calculation Agent, by converting the Argentine peso amounts due into U.S. dollars at the Applicable Exchange Rate on the applicable Calculation Date. See Description of Notes Currency of Payment. 8. Initial Exchange Rate... Ps. (the average of the Pesos/US$ FX Rate published by the Argentine Central Bank (the Central Bank ), through Communication A 3,500 for the three Business Days (as defined in the offering memorandum) prior to the date hereof, on its website (which at the date hereof, is located at Por_Fecha.asp)). 9. Amortization... Principal of the Notes will be paid in two installments as follows: Ps. on, 20 and Ps. on, Interest and Principal:... a. Interest Rate... The interest rate on the Notes for the first Interest Rate Period (as defined below) will be equal to the Reference Rate (as defined below), as determined on the first Calculation Date, plus % per annum (the Margin ), but not less than a minimum interest rate of % per annum (the Minimum Interest Rate ). The interest rate on the Notes for any subsequent Interest Rate 3

14 Period (as defined below) will be equal to the Reference Rate, as determined on the applicable Calculation Date, plus the Margin, but in each case not less than the Minimum Interest Rate. The interest rate on the Notes will be reset quarterly for the following Interest Rate Period on each Calculation Date immediately prior to the beginning of the relevant Interest Rate Period. b. Interest Payment Dates... Quarterly in arrears on,, and of each year, commencing on, 2017 (each, an Interest Payment Date ). c. Regular Record Dates.... d. Interest Rate Periods... The period beginning on, and including, an Interest Payment Date and ending on, but excluding, the next succeeding Interest Payment Date (each, an Interest Rate Period ); provided that the first Interest Rate Period on any Note will begin on, and include, the date of original issuance of such Note and will end on, but exclude, the first Interest Payment Date. e. Day Count Basis... Based on a year of 365 days and the actual number of days elapsed. f. Calculation Date... The second Business Day preceding each scheduled interest or principal payment date or any other date on which principal or interest shall become payable as a result of an acceleration of the maturity of the Notes or otherwise; provided that the Calculation Date for the first Interest Rate Period will be, f. Reference Rate... The Reference Rate for any Interest Rate Period will be the simple arithmetic average of the interest rate for fixed term deposits of more than Ps.1,000,000 for periods of between thirty and thirty-five days for private banks in Argentina, as published by the Central Bank on its website (which at the date hereof, is located at ariables.asp) (the BADLAR Private Banks Rate ) on each of the last three (3) Business Days prior to the applicable Calculation Date. For the avoidance of doubt, the BADLAR Private Banks Rate to be considered will be the published rate available at 1 p.m. Buenos Aires time on each of the last three (3) Business Days prior to the applicable Calculation Date. If the Central Bank ceases to publish the BADLAR Private Banks Rate, (i) the Calculation Agent will use the replacement of the BADLAR Private Banks Rate that the Central Bank publishes for calculating the Reference Rate or (ii) if a substitute rate does not exist or is not published, we will provide the Calculation Agent with the arithmetic average of the last three (3) Business Days prior to the Calculation Date for time deposits of more than Ps.1,000,000 for periods of between thirty 4

15 and thirty-five days for the five largest private banks in Argentina in terms of deposits, so that the Calculation Agent uses such average for calculating the Reference Rate. In order to select the five largest private banks in terms of deposits, the most recent deposits report published by the Central Bank will be considered. 11. Initial Reference Rate... % (the arithmetic average of the BADLAR Private Banks Rate published on each of the last three (3) Business Days prior to the date hereof). 12. Applicable Exchange Rate... The arithmetic average of the last three (3) Business Days prior to the Calculation Date of the exchange rate published by the Central Bank through Communication A 3500 (or any other regulation which may succeed or amend it) on its website(which at the date hereof, is located at Por_Fecha.asp), based on the exchange inquiry procedure established therein, as calculated by the Calculation Agent. If the exchange rate established by the Central Bank is not available, we will provide the Calculation Agent with the arithmetic average of the last three (3) Business Days prior to the Calculation Date of the selling exchange rate that is published by the three Argentine private banks with the largest volume of foreign trade transactions according to information published by the Central Bank on its website, so that the Calculation Agent uses such arithmetic average for calculating the Applicable Exchange Rate. 13. Tax Redemption... We may also redeem the Notes at our option, in whole, but not in part, at any time, on giving not less than 30 nor more than 60 days written notice (which will be irrevocable) to the holders and, if applicable, the CNV, in writing, at 100% of the principal amount thereof, together with any accrued but unpaid interest, and any Additional Amounts to the date fixed for redemption, upon the occurrence of any event described in Description of the Notes Redemption and Repurchase Redemption for Taxation Reasons. 14. Payments... Any and all payments under the Notes will be made by us by transfer in Dollars outside Argentina to The Depository Trust Company ( DTC ), or its nominee. 15. Foreign Exchange Restrictions... In the event of foreign exchange restrictions affecting our ability to purchase Dollars and transfer them abroad we shall comply with our obligation to make payments in Dollars abroad through either: (i) to the extent not prohibited by law, indirectly by purchasing with Pesos any class of Argentine par bonds or discount bonds or any other securities or government or corporate bonds issued in Argentina and denominated in Dollars for their transfer and sale outside Argentina for Dollars, or (ii) by means of any other legal procedure existing in Argentina for the purchase 5

16 of Dollars and their subsequent transfer abroad. Any and all costs and taxes payable in connection with the procedures referred to in (i) and (ii) above will be borne by us. 16. Use of Proceeds... We intend to use any net proceeds of the issuance of Notes under this pricing supplement in compliance with the requirements of Article 36 of the Negotiable Obligations Law, Communication A 3046 of the Central Bank, as amended and supplemented. See Use of Proceeds. We may also invest the proceeds of the Notes in government securities and short-term investments, until we allocate such proceeds to one or more of the permitted purposes set forth above. 17. Withholding Taxes; Additional Amounts... We will make our payments in respect of the Notes without withholding or deduction for any taxes or other governmental charges imposed by Argentina, or certain other jurisdictions, or any political subdivision or any taxing authority therein. In the event that such withholdings or deductions are required by law, we will, subject to certain exceptions, pay such additional amounts to ensure that the holders receive the same amount as the holders would otherwise have received in respect of payments on the notes in the absence of such withholdings or deductions. See Description of the Notes Additional Amounts. 18. Events of Default... Upon the occurrence of an event of default, the Notes may, and in certain cases shall, become immediately due and payable. See Description of the Notes Events of Default. 19. Listing/Trading... We will apply to the Luxembourg Stock Exchange in its capacity as market operator of the Euro MTF under the Luxembourg Act to have the Notes listed on the Official List of the Luxembourg Stock Exchange and to trading on the Euro MTF. We have also applied to have the Notes listed on the MERVAL trough the BASE and applied to have the Notes admitted to trade on the MAE. The Initial Purchasers are not obligated to make a market in the Notes, and any market making with respect to the Notes may be discontinued without notice. Accordingly, there can be no assurances as to the maintenance of liquidity of any market for the Notes. 20. Ratings... In Argentina, FIX SCR S.A. Agente de Calificacion de Riesgo has rated the Notes as AA(arg) and outside Argentina, Fitch Ratings, Inc. has rated the Notes B(EXP)/RR4 and Moody s Investor s Service, Inc. has rated the Notes B3. A security rating is not a recommendation to buy, sell or hold securities and is subject to a periodic revision by the respective rating agency. Ratings used by Argentine rating agencies may differ in important aspects from those used by the rating agencies in the United States or other countries. An explanation of the significance of each Argentine rating agency s ratings may be 6

17 obtained from such a rating agency. 21. Further Issuances... Subject to the prior authorization of the CNV, we may issue additional Notes from time to time, without the consent of the holders of the Notes then outstanding, and create additional notes of this series provided that such Additional Notes have identical terms and conditions as the Notes except for the original issue date, the original issue price, the first Interest Payment Date and the first date from which interest accrues. Any Additional Notes shall be issued under a separate CUSIP or ISIN number unless the Additional Notes are issued pursuant to a qualified reopening of the original series, or are otherwise treated as part of the same issue of debt instruments as the original series for U.S. federal income tax purposes. The Additional Notes will form a single series with the previously outstanding notes. 22. Minimum Subscription Amount... Ps. 1,000,000 and multiples of Ps.1,000 in excess thereof. 23. Minimum Denominations... Ps.1,000,000 and multiples of Ps.1,000 in excess thereof. 24. Transfer Restrictions... We have not registered the Notes under the Securities Act or the securities laws of any other jurisdiction (other than Argentina), and the Notes may not be transferred except in compliance with the transfer restrictions set forth under Transfer Restrictions in the attached offering memorandum. 25. Indenture and Form... We will issue the Notes under the indenture, to be dated the original issue date of the Notes, by and among us, the Trustee, Registrar, Paying Agent, Transfer Agent and Calculation Agent, and the Representative of the Trustee in Argentina, Argentine Registrar and Transfer Agent, each as defined herein under Description of the Notes General, as supplemented by a supplemental indenture relating to the Notes, to be dated on or prior to the Original Issue Date, establishing the terms of the Notes. Notes offered in the United States to qualified institutional buyers in reliance on Rule 144A under the Securities Act will be represented by a Rule 144A global note. Notes offered in reliance on Regulation S will be represented by a Regulation S global note. The Notes will be registered with DTC and will be registered in the name of a nominee of DTC, for the accounts of its direct and indirect participants, including Euroclear and Clearstream, Luxembourg. 26. Law and Jurisdiction... The indenture, the supplemental indenture relating to the Notes and the Notes will be governed by, and will be construed in accordance with, the law of the State of New York; provided, however, that all matters relating to the due authorization, execution, issuance and delivery of the Notes by us, and matters relating to the legal requirements necessary in order for the Notes to qualify as obligaciones negociables (negotiable obligations) under Argentine law, will be governed by the Negotiable Obligations Law, together with the Corporations 7