Eduardo S. Elsztain Chairman BANCO HIPOTECARIO S.A. BALANCE SHEET. Fernando S. Rubin General Manager BANCO HIPOTECARIO S.A

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1 ASSETS BALANCE SHEET For the fiscal period ended 09/30/2014 In comparative format with the previous fiscal year In thousands of Argentine Pesos A Cash and cash resources (Note 2.1) 2,787,112 2,201,508 Cash 491, ,718 Financial Institutions and Correspondents 2,295,714 1,653,790 - Argentine Central Bank (B.C.R.A.) (Note 40) 1,920,049 1,391,246 - Other domestic institutions 3,601 1,422 - Other foreign institutions 372, ,122 B Government and Corporate Securities (Schedule A and Note 2.3.) 4,537,230 1,448,430 Holdings booked at fair market value (Note 39) 1,200,855 1,304,731 Government securities for swap transactions with the BCRA 50,635 - Holdings booked at cost plus return 41,610 95,049 Investments in listed corporate securities - 46,569 Securities issued by the BCRA 3,244,130 2,081 C Loans (Schedules B, C and D and Notes 2.2. and 2.4.) 14,617,358 12,444,905 To the non-financial public sector 115, ,558 To the financial sector 286, ,369 Interfinancial- call granted - 80,000 20,000 Other loans to domestic financial institutions 192, ,211 Accrued interest, adjustments and quotation differences receivable 14,566 14,158 To the non-financial private sector and foreign residents 14,528,187 11,886,787 Overdraft facilities 876, ,361 Promissory notes 188, ,679 Mortgage loans 2,299,788 2,209,600 Pledge loans 47,667 21,179 Consumer loans 2,229,927 1,819,015 Credit cards 5,490,995 4,235,216 Unallocated collections (7,594) (7,037) Other (Note 7) 3,246,748 2,341,306 Accrued interest and quotation differences receivable 159, ,593 Documented interest (4,172) (6,125) Allowances (Schedule J and Note 5) (312,785) (244,809) D Other receivables for financial transactions (Schedules B, C and D and Notes 2.2. and 2.5. ) 4,620,864 1,303,708 Argentine Central Bank 399, ,358 Amounts receivable under spot and forward sales to be settled 2,534, ,528 Securities to be received under spot and forward purchases to be settled 852, ,398 Unlisted Negotiable obligations 106,596 98,105 Balances of forward transactions not yet settled without delivery of underlying asset 14,940 19,230 Others not included in the debtor classification regulations (Note 8) 686, ,815 Others included in the debtor classification regulations (Notes 8 and 9) 22,414 24,836 Accrued interest receivable included in the debtor classification regulations (Note 9) 7,574 8,240 Allowances (Schedule J and Note 5) (2,848) (2,802) General BANCO HIPOTECARIO S.A Dr. Marcelo Trama Public Accountant (UNLZ) C.P.C.E.C.A.B.A. Book 252 Page 159

2 BALANCE SHEET For the fiscal period ended 09/30/2014 In comparative format with the previous fiscal year In thousands of Argentine Pesos E Receivables for financial leases (Schedule B, C and D and Note 2.6.) 99,437 58,851 Receivables for financial leases 98,566 58,175 Accrued interest and adjustments receivable 1,822 1,324 Allowances (Schedule J and Note 5) (951) (648) F Investments in other companies (Schedule E and Notes 2.7, 24 and 27) 1,042, ,159 In financial institutions 205, ,370 Others 836, ,789 G Miscellaneous Receivables (Note 2.8.) 626, ,061 Minimum presumed income tax - fiscal credit (Notes and 33.) 137, ,586 Others (Note 10) 500, ,542 Other accrued interest receivable 2,137 1,911 Allowances (Schedule J and Note 5) (13,978) (13,978) H Bank Premises and Equipment (Schedule F and Note 2.9.) 137, ,477 I Miscellaneous Assets (Schedule F and Note 2.9.) 49,941 43,549 J Intangible Assets (Schedule G and Note 2.11.) 276, ,870 Goodwill 17,494 19,712 Organization and development expenses 258, ,158 K Items pending allocation 1,333 3,527 TOTAL ASSETS 28,796,855 19,283,045 General BANCO HIPOTECARIO S.A Dr. Marcelo Trama Public Accountant (UNLZ) C.P.C.E.C.A.B.A. Book 252 Page 159

3 LIABILITIES BALANCE SHEET For the fiscal period ended 09/30/2014 In comparative format with the previous fiscal year In thousands of Argentine Pesos L Deposits (Schedules H and I and Notes 2.2., and 23) 15,493,713 11,076,380 Non-financial public sector 7,836,212 4,142,809 Financial Sector 10,715 10,268 Non-financial private sector and foreign residents 7,646,786 6,923,303 Current accounts 516, ,338 Savings accounts 2,098,664 1,447,967 Time deposits 4,265,054 4,267,651 Investment accounts 483, ,241 Others 134, ,748 Accrued interest and quotation differences payable 148,841 72,358 M Other liabilities for financial transactions (Schedule I and Notes 2.2. and ) 8,136,033 3,633,498 Argentine Central Bank Other Unsubordinated negotiable obligations (Note 11) 3,356,468 2,472,871 Amounts payable under spot and forward purchases to be settled 845, ,486 Securities to be delivered under spot and forward sales to be settled 2,761, ,174 Loans received from domestic financial institutions - 185,420 Interfinancial loans (calls received) - 185,000 Accrued interest payable Balances of forward transactions not yet settled without delivery of underlying asset 9,177 39,859 Others (Note 14) 1,040, ,965 Accrued interest and quotation differences payable 122,803 53,683 N Miscellaneous Liabilities (Note 2.14.) 630, ,914 Dividends payable Fees 20,392 18,296 Others (Note 15) 609, ,481 O Provisions (Schedule J and Notes 2.10., 2.15., 2.16., and 16.) 176, ,473 Q Items pending allocation 9, ,845 TOTAL LIABILITIES SHAREHOLDERS' EQUITY (per related statement) (Note 2.20.) 24,446,243 15,436,110 4,350,612 3,846,935 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 28,796,855 19,283,045 Notes and Schedules are an integral part of these financial statements. General BANCO HIPOTECARIO S.A Dr. Marcelo Trama Public Accountant (UNLZ) C.P.C.E.C.A.B.A. Book 252 Page 159

4 STATEMENT OF INCOME For the fiscal period ended 09/30/2014 In comparative format with the same period of the previous fiscal year In thousands of Argentine Pesos A Changes of cash and cash equivalents 3,686,859 1,871,468 Interest on cash and cash resources 12 2 Interest on loans to the financial sector 94,987 91,983 Interest on overdraft facilities 214, ,149 Interest on promissory notes 39,221 21,806 Interest on mortgage loans 261, ,278 Interest on pledge loans 10,544 5,713 Interest on credit card loans 885, ,483 Interest on financial leases 11,250 4,122 Interest on other loans 1,051, ,696 Interest on other receivables for financial transactions 18,372 19,609 Net income from government and corporate securities 658, ,049 Adjustment from application of CER (coefficient for reference stabilization) clause 14,718 6,093 Adjustment from application of CVS (coeffficient for salary variation) clause 8 18 Others (Note 17) 426, ,467 B Financial Expenses 2,131, ,002 Interest on savings account deposits 1,401 1,537 Interest on time deposits 1,133, ,933 Interests on interfinancial loans received 13,461 2,055 Interest on other liabilities resulting from financial transactions 327, ,635 Other interest 116,042 16,077 Contribution to the deposits security fund 16,334 12,289 Gold and foreign currency quotation differences 205,695 74,299 Others (Note 17) 317, ,177 GROSS INTERMEDIATION MARGIN 1,555, ,466 C Loan Loss Provision 180, ,010 D Income from services 830, ,974 Linked with lending transactions 567, ,338 Linked with borrowing transactions 62,737 42,234 Other commissions 7,212 4,369 Others (Note 18) 192, ,033 E Expenses for Services 312, ,944 Comissions 26,749 17,153 Others (Note 19) 285, ,791 General BANCO HIPOTECARIO S.A Dr. Marcelo Trama Public Accountant (UNLZ) C.P.C.E.C.A.B.A. Book 252 Page 159

5 STATEMENT OF INCOME For the fiscal period ended 09/30/2014 In comparative format with the same period of the previous fiscal year In thousands of Argentine Pesos G Administrative expenses 1,408, ,908 Personnel expenses 882, ,886 Directors' and syndics' fees 20,351 15,491 Other fees (Note 20) 125,776 89,538 Advertising and publicity 75,206 35,008 Taxes 57,254 43,117 Depreciation of bank premises and equipment 13,389 8,650 Amortization of organization and development expenses 36,587 17,892 Other operating expenses (Note 20) 156, ,616 Other 40,545 22,710 NET INCOME FROM FINANCIAL TRANSACTIONS 483, ,578 I Miscellaneous income 373, ,698 Income from long-term equity investments 244, ,488 Penalty interest 17,113 8,156 Loans recovered and allowances reversed 46,393 45,938 Others (Note 21) 65,742 41,116 J Miscellaneous losses 176, ,308 Penalty interest and charges in favor of BCRA Loan loss provision for miscellaneous receivables and other provisions 58,171 38,500 Depreciation and loss of miscellaneous assets Amortization of Goodwill 2,218 2,218 Others (Note 22) 115,516 91,314 NET INCOME BEFORE INCOME TAX 681, ,968 L Income Tax (Note 2.18.) 177,490 51, NET INCOME FOR THE FISCAL PERIOD 503, ,644 Notes and Schedules are an integral part of these financial statements. General BANCO HIPOTECARIO S.A Dr. Marcelo Trama Public Accountant (UNLZ) C.P.C.E.C.A.B.A. Book 252 Page 159

6 Changes of cash and cash equiva lents S TATEMENT OF C ASH FLOWS AND CA SH EQUIVALENTS For the fiscal period end ed 09/30/2014 In comparative format w ith the same period of the previous fiscal year In tho usands of Argentine Pesos Cash at Beginning of Fiscal Year 2,201,508 1,379,192 Cash at Fisca l period End (Note 29) 2,787,112 2,460,256 Net increase in cash (in constant currency) 585,604 1,081,064 Causes of cash changes (in constant currrency) Operatin g activities Net collection (payment) on: Government and corporate securities (3,088,800) 208,288 Loans to the Non-financial Public Sector 385,664 (1,245) to the Financial Sector 15,307 18,505 to the Non-financial Private Sector and Foreign Res. (2,395,441) (2,141,509) Other receivables for financial transactions (172,833) (227,809) Deposits to the Financial Sector - (1,033) to the Non-financial Public Sector 3,693,403 1,150,550 to the Non-financial Private Sector and Foreign Res. 723,483 1,050,851 Other (except for liabilities under Financing activities) 252,931 83,497 Collection linked with income from services 830, ,974 Payments linked with expenses for services (312,374) (217,944) Administra tive expenses paid (1,458,449) (932,412) Collection net of penalty interest 17,113 8,156 Payments of organization and development expenses (86,398) (80,669) Other collection linked to miscellaneous profits a nd losses 41,572 2,851 Net payment from other operating activities (77,955) (20,134) Net cash flow originated from (used for) operating activities (1,632,487) (504,083) Investment activitie s Net payment on bank premises and equipment (29,749) (13,036) Net cash flow originated from (used for) investment activities (29,749) (13,036) Financing Activities Net collection / (payment) on: Unsubordinated negotiable obliga tions 883, ,739 Dividends - (30,000) Net cash flow originated from (used for) financing activities 883, ,739 Financial g ain (loss), holding of cash and cash equivalents (including interest and monetary results) 1,364, ,444 Net increase in cash 585,604 1,081,064 General BANCO HIPOTECARIO S.A Dr. Marcelo Trama Public Accountant (UNLZ) C.P.C.E.C.A.B.A. Book 252 Page 159

7 MEMORANDUM ACCOUNTS For the fiscal period ended 09/30/2014 In comparative format with the previous fiscal year In thousands of Argentine Pesos DEBIT 126,863,659 99,687,449 Contingencies 10,448,529 9,216,874 Guarantees received 8,751,916 7,431,828 Others not included in the debtor classification regulations 17,325 17,730 Contingencies - re. contra items 1,679,288 1,767,316 Control 79,825,402 61,036,164 Loans classified as non-recoverable 647, ,265 Other 78,990,142 60,335,109 Control - re. contra items 188, ,790 Derivatives 7,347,350 12,775,578 "Notional" value of forward transactions without delivery of the underlying asset 3,677,899 7,785,786 Interest rate swap 667, ,595 Derivatives - re. contra items 3,001,994 4,284,197 Trust activities 29,242,378 16,658,833 Trust Funds 29,242,378 16,658,833 CREDIT 126,863,659 99,687,449 Contingencies 10,448,529 9,216,874 Loans granted (unused balances) included in the debtor classification regulations (Schedules B, C and D) 106, ,103 Other guarantees provided included in the debtor classification regulations (Schedules B, C and D) 32,251 22,135 Contingencies - re. contra items 10,310,031 8,966,636 Control 79,825,402 61,036,164 Amounts to be credited 28,596 24,602 Control - re. contra items 79,796,806 61,011,562 Derivatives 7,347,350 12,775,578 "Notional" value of forward transactions without delivery of the underlying asset 3,002,591 4,284,794 Derivatives - re. contra items 4,344,759 8,490,784 Trust activities 29,242,378 16,658,833 Trust accounts re. contra items 29,242,378 16,658,833 Notes and Schedules are an integral part of these financial statements. General BANCO HIPOTECARIO S.A Dr. Marcelo Trama Public Accountant (UNLZ) C.P.C.E.C.A.B.A. Book 252 Page 159

8 STATEMENT OF CHANGES IN SHAREHOLD ERS' EQU ITY For the fiscal period ended 09 /3 0/2014 In comparative format with the p revious fiscal year In thousands o f Argentine Pesos Non-Capitalized Contributions Profit reserves 1. Opening Changes Capital Stock Share Irrevocable E quity Legal Others Retained Total for the To tal for th e issu ance contributions for Adju stments earnings period perio d premiums future capital increases 09/30/ /30/2013 balances 1,500, , , , ,950 3,846,935 3,455, Subtotal (*) 1,500, , , , ,950 3,846,935 3,455, Distribution of Retained Earnings - Shareholders' Meetin g dated 08/23/ (30,000 ) 4 - Distribution of Retained Earnings - Shareholders' Meeting dated 04/24/ , ,760 (420,950) Net inco me for th e period , , , Fiscal period closing balances 1,500, , , , ,677 4,350,612 3,725,629 (*) Treasury shares 36,634,733 corresponding 153,473 ADR (1,534,733 shares) to third parties. - See Note 1 On April 24, the General Ordinary Sharegolders' Meeting of Banco Hipotecario S.A. approved the allocation of profits for the fiscal year ended December 31, 2013, for Ps. 42,000 to cash dividends upon the approval of the Argentine Central Bank in accordance with the rules set forth in Communication A 5072, as supplemented. General BANCO HIPOTECARIO S.A Dr. Marcelo Trama Public Accountant (UNLZ) C.P.C.E.C.A.B.A. Book 252 Page 159

9 GOVERNMENT AND CORPORATE SECURITIES For the fiscal period ended 09/30/2014 In comparative format with the previous fiscal year In thousands of Argentine Pesos SCHEDULE ( A ) Description Identification Market value Holding Book value 09/30/2014 Book value 12/31/2013 Position without option Options Final Position GOVERNMENT SECURITIES AT FAIR MARKET VALUE Argentina - 1,251,490 1,304,731 1,251,490-1,251,490 In Argentine Pesos - 503, , , ,376 BOGAR 2018 NF 18-26, ,497-26,497 GDP-Linked Negotiable Securities in Argentine Pesos TVPP BONAR 2014 AE , Mortgage Refinancing Trust Bond BOCON PRO 7 PRO VII DISCOUNT BOND PESOS DICP - 87,685-87,685-87,685 BOCON PRO 13 PR13-2,895-2,895-2,895 BONAR 2015 AS15-18,851 34,790 18,851-18,851 BOCON PRO 12 PR12-17,694 16,546 17,694-17,694 BOCON PRO 15 PR15-3,340-3,340-3,340 BOCON PRE 9 PRE , BODEN 2014 RS , BONAR 19 AMX BONAR 17 (See Note 39) AM17-137, , ,750 BONAR 16 AS16-206, , ,823 In foreign currency - 748, , , ,114 BODEN 2015 RO 15-52, ,814 52,241-52,241 BONCOR 2017 CO17-26,785 21,260 26,785-26,785 BONAR 2017 AA , , , ,379 GLOBAL BOND 2017 GJ , GDP-Linked Negotiable Securities in US dollars New York Law TVPY , PAR BOND IN US DOLLARS Argentina Law PARA - 48,500-48,500-48,500 PAR BOND IN US DOLLARS New York Law PARY (**) - 1,367 31,360 1,367-1,367 DISCOUNT BOND IN US DOLLARS DICY (*) - 8,743 21,593 8,743-8,743 Province of Buenos Aires Bill due 06/12/2016 BNJ16-9,600 8,328 9,600-9,600 Province of Buenos Aires Bill due 02/08/2015 PBF15-226,899 47, , ,899 Province of Neuquén Bill due 10/11/2018 LDNO18-25,283-25,283-25,283 Province of Chubut Bill due 10/21/2019 PUO19-77,604-77,604-77,604 Province of Mendoza Bill due 10/29/2018 POM BONAR 2024 AY24-13,670-13,670-13,670 TOTAL GOVERNMENT SECURITIES AT FAIR MARKET VALUE - 1,251,490 1,304,731 1,251,490-1,251,490 GOVERNMENT SECURITIES AT COST PLUS RETURN Argentina 46,780 41,610 95,049 41,610-41,610 In Argentine Pesos , Province of Buenos Aires Bill due 04/10/2014 BBA , Province of Chubut Bill due 01/24/2014 BUE , Province of Chubut Bill due 02/24/2014 BUF , In foreign currency 46,780 41,610 15,391 41,610-41,610 Province of Neuquén Bill due 05/23/2014 BNY , Province of Entre Ríos Bill due 12/27/2016 ERD16 10,392 10,602 8,166 10,602-10,602 Province of Mendoza Bill due 12/18/2018 PMD18 36,388 31,008-31,008-31,008 TOTAL GOVERNMENT SECURITIES AT COST PLUS RETURN 46,780 41,610 95,049 41,610-41,610 General BANCO HIPOTECARIO S.A Dr. Marcelo Trama Public Accountant (UNLZ) C.P.C.E.C.A.B.A. Book 252 Page 159

10 GOVERNMENT AND CORPORATE SECURITIES For the fiscal period ended 09/30/2014 In comparative format with the previous fiscal year In thousands of Argentine Pesos SCHEDULE ( A ) Continued Description Identification Market value Holding Book value 09/30/2014 Book value 12/31/2013 Position without option Options Final Position INVESTMENTS INLISTEDCORPORATE SECURITIES Argentina , In Argentine Pesos , Banco Francés - - 4, Banco Macro Telecom Banco Santander Rio - - 2, Cresud S.A Tenaris S.A , YPF - - 8, TOTAL INVESTMENTS INLISTED CORPORATE SECURITIES , SECURITIES ISSUEDBY THE BCRA - 3,244,130 2,081 3,244,130-3,244,130 Bills at fair market value - 694,991 1, , ,991 Bills for swap transactions - 1,535,359-1,535,359-1,535,359 Bills at cost plus return - 1,013, ,013,780-1,013,780 TOTAL SECURITIES ISSUED BY THE BCRA - 3,244,130 2,081 3,244,130-3,244,130 TOTAL GOVERNMENT ANDCORPORATE SECURITIES 46,780 4,537,230 1,448,430 4,537,230-4,537,230 (*) It is made clear that DICY securities' coupon is due and payable as of (*) It is made clear that PARY securities' coupon is due and payable as of General BANCO HIPOTECARIO S.A Dr. Marcelo Trama Public Accountant (UNLZ) C.P.C.E.C.A.B.A. Book 252 Page 159

11 SCHEDULE ( B ) CLASSIFICATION OF FINANCING ACCORDING TO LOANS AND GUARANTEES RECEIVED For the fiscal period ended 09/30/2014 In comparative format with the previous fiscal year In thousands of Argentine Pesos COMMERCIAL PORTFOLIO Normal Situation 5,691,413 5,181,006 With "B" preferred collateral and counter-guarantees 576, ,232 Without preferred collateral or counter-guarantees 5,115,162 4,609,774 Potential Risk 16,803 1,569 With "B" preferred collateral and counter-guarantees 1, Without preferred collateral or counter-guarantees 15,716 1,124 Problem atic With "B" preferred collateral and counter-guarantees - - Without preferred collateral or counter-guarantees High risk of insolvency 5,583 7,046 With "B" preferred collateral and counter-guarantees Without preferred collateral or counter-guarantees 5,328 7,046 Uncollectible 18,541 17,191 With "B" preferred collateral and counter-guarantees 15,489 15,489 Without preferred collateral or counter-guarantees 3,052 1,702 TOTAL COMMERCIAL PORTFOLIO 5,732,554 5,207,075 General BANCO HIPOTECARIO S.A Dr. Marcelo Trama Public Accountant (UNLZ) C.P.C.E.C.A.B.A. Book 252 Page 159

12 SCHEDULE ( B ) Continued CLASSIFICATION OF FINANCING ACCORDING TO LOANS AND GUARANTEES RECEIVED For the fiscal period ended 09/30/2014 In comparative format with the previous fiscal year In thousands of Argentine Pesos CONSUMER AND HOUSING PORTFOLIO Normal Situation ,122,497 7,607,128 With "B" preferred collateral and counter-guarantees 1,591,196 1,610,580 Without preferred collateral or counter-guarantees 7,531,301 5,996,548 Low risk 171, ,958 With "B" preferred collateral and counter-guarantees 15,738 19,179 Without preferred collateral or counter-guarantees 155, ,779 Mid risk 103,963 64,934 With "B" preferred collateral and counter-guarantees 2,722 3,660 Without preferred collateral or counter-guarantees 101,241 61,274 High risk 155,475 92,638 With "B" preferred collateral and counter-guarantees 2,970 3,715 Without preferred collateral or counter-guarantees 152,505 88,923 Uncollectible 19,605 21,571 With "B" preferred collateral and counter-guarantees 1, Without preferred collateral or counter-guarantees 18,321 20,692 Uncollectible for technical reasons With "B" preferred collateral and counter-guarantees Without preferred collateral or counter-guarantees TOTAL CONSUMER AND HOUSING PORTFOLIO 9,573,059 7,923,557 GENERAL TOTAL 15,305,613 13,130,632 General BANCO HIPOTECARIO S.A Dr. Marcelo Trama Public Accountant (UNLZ) C.P.C.E.C.A.B.A. Book 252 Page 159

13 SCHEDULE ( C ) CONCENTRATION OF FINANCING For the fiscal per iod ended 09/30/2014 In comp arative format with the previous fiscal year In thousands of Argentine Pesos FINANCING Number of customers Debt b alance % of total portfolio Amount % of total portfolio 10 largest customers 2,085, % 1,673, % 50 follow ing largest customers 2,259, % 2,079, % 100 following larg est customers 898, % 935, % Rest of customers 10,062, % 8,441, % Total 15,305, % 13,130, % General BANCO HIPOTECARIO S.A Dr. Marcelo Trama Public Accountant (UNLZ) C.P.C.E.C.A.B.A. Book 252 Page 159

14 SCHEDULE (D) BREA KDOWN OF FINAN CING ACCORDING TO MATURITY DATES For the fiscal period ended 09/30/2014 In thousands of Argentine Pesos Past due portfolio Remaining terms to maturity More than 24 months Item 1 month 3 months 6 months 12 months 24 months Total Non-financial public sector 1,143 8,799 6,221 9,622 19,998 38,625 30, ,251 Financial sector 3,077 62,275 70,048 40,802 19,770 32,104 58, ,705 Non-financial private sector and foreign residents 331,017 2,168,910 2,543,135 2,103,404 1,822,930 2,292,138 3,642,123 14,903,657 Total 335,237 2,239,984 2,619,404 2,153,828 1,862,698 2,362,867 3,731,595 15,305,613 General BANCO HIPOTECARIO S.A Dr. Marcelo Trama Public Accountant (UNLZ) C.P.C.E.C.A.B.A. Book 252 Page 159

15 BRE AK DOW N OF I NVEST M ENT S IN O TH E R COM PANI ES F or the fisca l period en ded 09/30/201 4 In comp ara tive form a t with th e previo us f isc al per io d In thousand s of Argentine Pesos SCHED ULE ( E ) Item Shares and/or U nits Information on the Issuer Data on latest fin. Sta tements Des crip tion Class Face v alu e per unit V otes per share Number Balance as of 09/30 /20 14 Balance as of 12/3 1/ Principal line of business Fiscal perio d/year clo sin g d ate Capita l sto ck Sh areho lder s' equity Result for the p erio d/year - In Financ ia l Institutions, supplem entary and author ized activities Controlled - Argentina - B ACS Banco de Crédito y Securitización S.A. ordinary ,687, , ,370 Banking 09/30 / , ,430 50,782 - B H Valores SA Soc de Bolsa ordinary 1 1 1,425,000 7,789 6,722 Brokerage 09/30 /2014 1,500 7,076 1,123 - B HN Sociedad de Inversión S.A. ordinary ,131, , ,265 Investment 09/30 / , , ,573 - TARSHOP S.A. ordinary ,037,152 84, ,629 Issuance and ma rketing of TC 09/30 / , ,536 (133,316 ) Subtotal c ontrolled - Argentina 1,03 7, , In Other C om panies Non-controlled - Argentina (* ) - B HN Vida S.A. ordinary Insurance 09/30 / , , ,740 (* ) - B HN Seguros Generales S. A. ordinary Insurance 09/30 / ,111 34,770 22,888 - Mercado Abierto Electrónico S.A. ordinary 1, Securities open market 12/31 / ,899 8,677 (* *) - AC H S.A. ordinary 1 1 2, Electronic payment company 12/31 / Supple mentar y services - Non-controlled - Argentina Con ferderar NE A - Reciproca l g uarantee Company - Protecting p artner ,162 5,16 2 Recip rocal g uarantee Comp any 07/31 / , Subtotal non-controlled - Argentina 5,173 5,17 3 Total inve stments in other companies 1,042, ,159 (* *) The E xtraordinary General Sh areho lders' M eetin g held on 05/17 /20 11 unanimou sly resolved the early termin ation of the company under the terms of Section 9 4, sub sectio n 1 of the Business Co mp anies Law, which as o f to date is in its fin al stage o f liquidation. General BANCO HIPOTECARIO S.A Dr. Marcelo Trama Public Accountant (UNLZ) C.P.C.E.C.A.B.A. Book 252 Page 159

16 BANK PREM IS ES AND EQU IPM ENT A ND MISCE LLA NEOUS ASS ETS Fo r th e fiscal period ended 09/30/2014 In comparative format with the previous fiscal year In thou sands of Argentine Pesos SCHEDULE ( F ) Item Net b ook value at the beginning o f fiscal year Additions Transfers Withdraw als Losses due to impairment o f value Depreciation for the period Useful life (years) BANK PREMISES AND EQUIPMENT - Real estate properties 79, ,557 77,501 79,058 - Furniture and facilities 13,523 6, ,952 17,581 13,523 - M achinery and equipment 13,832 4,890 - (46) - 5 3,147 15,529 13,832 - Computer equipment 6,536 25, ,355 25,345 6,536 - Vehicles Sundry 1, ,844 1,474 Total 114,477 36,792 - (46) - 13, , ,477 Amount Net bo ok value at the end of fiscal year 09/30/2014 N et book value at the end of fiscal year 12/31/2013 MISCELLANEOUS ASSETS - Construction in progress 2, ,976 2,100 - Works of art and collectors' items Leased assets 2, ,668 2,731 - Assets acquired through foreclosures 2,554 1,004 - (2,067) ,470 2,554 - Stationery and office supplies 14,075 6, ,914 14,075 - Other miscellaneous assets 21, ,687 21,863 Total 43,549 8,719 - (2,067) ,941 43,549 General BANCO HIPOTECARIO S.A Dr. Marcelo Trama Public Accountant (UNLZ) C.P.C.E.C.A.B.A. Book 252 Page 159

17 SCHEDULE ( G ) INTANGIBLE ASSETS For the fiscal period ended 09/30/2014 In comparative format with the previous fiscal year In thousands of Argentine Pesos Item Net book value at the beginning of fiscal year Additions Transfers Withdrawa ls Losses due to impairment of value Amortization for the period Useful life (years) Amount Net book value at the end of fiscal period 09/30/2014 Net book value at the end of fiscal year 12/31/2013 Organization and development expenses 61,822 30, ,526 80,858 61,822 Mortgage loan origination expenses 108,336 94, , , ,336 Goodwill 19, ,218 17,494 19,712 Total 189, , , , ,870 General BANCO HIPOTECARIO S.A Dr. Marcelo Trama Public Accountant (UNLZ) C.P.C.E.C.A.B.A. Book 252 Page 159

18 SCHEDULE ( H ) CONCENTRATION OF DEPOSITS For the fiscal period ended 09/30/2014 In comparative format with the previous fiscal year In thousands of Argentine Pesos Number of customers Debt balance % of total portfolio Debt balance % of total portfolio 10 largest customers 8,076, % 4,293, % 50 following largest customers 1,899, % 2,358, % 100 following largest customers 728, % 818, % Rest of customers 4,789, % 3,605, % Total 15,493, % 11,076, % General BANCO HIPOTECARIO S.A Dr. Marcelo Trama Public Accountant (UNLZ) C.P.C.E.C.A.B.A. Book 252 Page 159

19 BREAKDOWN OF DEPOSITS, OTHER LIABILITIES FOR FINANCIAL TRANSACTIONS AND SUBORDINATED NEGOTIABLE OBLIGATIONS ACCORDING TO MATURITY DATE For the fiscal period ended 09/30/2014 In thousands of Argentine Pesos SCHEDULE ( I ) Item Remaining terms to maturity 1 month (*) 3 months (*) 6 months (*) 12 months (*) 24 months (*) (*) Total Deposits 11,638,542 3,464, ,740 36,992 1, ,493,713 - Time deposits 4,615,582 3,464, ,740 36,992 1, ,470,753 - Investment account 540, ,832 - Savings accounts 3,791, ,791,683 - Current accounts 2,553, ,553,715 - Other deposits 136, ,730 Other liabilities for financial transactions 1,142,305 76, , ,378 2,483, ,453 4,520,194 - Argentine Central Bank Others Unsubordinated negotiable obligations 101,427 76, , ,378 2,483, ,408 3,479,271 Series 5 and Series 12 Bonds 74,515 1, ,780, ,408 2,191,179 Series IX, XI, XIII, XIV, XV, XVI, XVIII, XIX, XX and XXI Bonds in Pesos 26,912 75, , , ,259-1,288,092 Loans received from domestic financial institutions Local institutions Others 1,040, ,040,878 Others 1,040, ,040,878 Total 12,780,847 3,541, , ,370 2,485, ,507 20,013,907 (*) These figures are stated pursuant to contract clauses. General BANCO HIPOTECARIO S.A Dr. Marcelo Trama Public Accountant (UNLZ) C.P.C.E.C.A.B.A. Book 252 Page 159

20 CH AN GES IN ALLOWAN CES AND PROVISIONS For the fiscal period ended 09/30/ 2014 In comparative format with the previous fiscal year In thousands of Argentine Pesos SCHEDULE ( J ) Breakdown Opening balances Increases in consta nt curr ency Decreases in constant currency Reversals Alloca tions Balances at fiscal period ended 09 /30/201 4 Balances at fisca l year ended 12/31 /2013 ASSET OFFSETTING AC COUNTS Loans For uncollectibility risk and loss of value (a) 24 4, ,734 4, , , ,809 Othe r receivables for fina ncial transactions For uncollectibility risk and loss of value (b) 2, ,848 2,802 Receivables for financial leases For uncollectibility risk and loss of value M iscellaneous receivables For uncollectibility risk and loss of value (c) 13, ,978 13,978 Total 262, ,083 4, , , ,237 LIABILITIES OFFSETTING ACCOUNTS Othe r contingencies (d) 13 6, ,171-18, , ,473 Total 136,473 58,171-18, , ,473 a) FOR UNCOLLE CTIBILITY RIS KS OF LOANS : Stems fr om the analysis cover ing uncollectibility r isk s of the loan portfolio performed by the B ank, which considers the r egulations laid down by the Argentine Central B ank and es timates for the fisc al y ear, as mentioned in Note 5. b) FOR UNCOLLECTIBILITY RISKS OF OTHER RECEIVABLES FOR FINANCIAL TRANSACTIONS: Reflects the potential uncollectibility of mortgage loans transferred in trust, but not yet securitized. c) FOR UNCOLLECTIBILITY RISKS OF MISCELLANEOUS RECEIVABLES: Stems from the analysis covering uncollectibility risks of miscellaneous receivables. d) FOR OTHER CONTINGENCIES: This provision was set up to cover contingencies involving lawsuits, legal fees, certain expenses related to the administrative restructuring undertaken by the Bank, defaulted notes, and customers' loyalty program. In addition, the balance as of 09/30/2014 and 12/31/2013 includes the reserve for pending insurance claims as required by the National Insurance Superintendency. General BANCO HIPOTECARIO S.A Dr. Marcelo Trama Public Accountant (UNLZ) C.P.C.E.C.A.B.A. Book 252 Page 159

21 SCHEDULE (K) COMPOSITION OF CAPITAL STOCK For the fiscal period ended 09/30/2014 In thousands of Argentine Pesos Shares Capital Stock Class Number (1) Votes per share Outstanding Issued Treasury stock Pending issuance or distribution Alloted Paid-in Not yet paid-in Ordinary Book-entry 1,500,000,000 (1) 1,463,365 36, ,500,000 - Total 1,463,365 36, ,500,000 - (1) See Note 1 General BANCO HIPOTECARIO S.A Dr. Marcelo Trama Public Accountant (UNLZ) C.P.C.E.C.A.B.A. Book 252 Page 159

22 FOREIGN CURRENCY BALANCES For the fiscal period ended 09/30/2014 In comparative format with the previous fiscal year In thousands of Argentine Pesos SCHEDULE (L) CAPTIONS ASSETS Head offices and branches in Argentina Total for the period 09/30/2014 Total for the fiscal year US$ EUROS YENS Total for the fiscal year 12/31/2013 Cash and cash resources 1,030,746 1,030,746 1,016,990 13, ,597 Government and corporate securities 789, , , ,825 Loans 1,156,676 1,156,676 1,156, ,931 Other receivables for financial transactions 888, , , ,770 Miscellaneous receivables 21,565 21,565 21, ,354 Items pending allocation Total 3,887,521 3,887,521 3,873,765 13, ,517,496 LIABILITIES Deposits 757, , , ,911 Other liabilities for financial transactions 2,998,493 2,998,493 2,998, ,815,521 Miscellaneous liabilities 4,585 4,585 4, ,646 Items pending allocation Total 3,760,429 3,760,429 3,760, ,817,221 MEMORANDUM ACCOUNTS DEBIT (except for contra items) 25,404,225 25,404,225 25,400,795 3,430-20,803,842 Contingencies 866, , , ,587 Control 24,537,964 24,537,964 24,534,534 3,430-20,188,255 CREDIT (except for contra items) 21,586 21,586 21, ,680 Contingencies 21,586 21,586 21, ,680 General BANCO HIPOTECARIO S.A Dr. Marcelo Trama Public Accountant (UNLZ) C.P.C.E.C.A.B.A. Book 252 Page 159

23 F IN A N C IA L A S S IS T A N C E O F R E L A T E D P A R T IE S Fo r th e f isca l p e rio d e n d e d 0 9 / 3 0 / In c om p a ra tiv e f or m a t w ith t h e p r e v iou s f isca l y e a r I n th o u sa n d s o f A rg en t in e P e so s SC H E D U LE ( N ) I te m - S it u at io n N o rm a l Po te nt ia l r is k / ina d eq u a te p erfo r m an c e W i th pr o b le m s/ d efic i ent p er fo r m an c e H ig h ris k o f i ns o lv e nc y /d i ff ic u lt c o llect io n U n c o lle c ti b le U nc o l lec t ib l e fo r t ec h n ic a l re as o n s N o t y et d u e P as t d ue N o t y e t d u e P as t d u e 09 /3 0 / / 31 / L o a ns 4 03, , ,7 32 T o t al - O v er d ra ft f ac i lit ies 39, , ,9 65 W it h "B " p re ferr ed c o ll at er a l an d c o un t er -g ua ra n te es W it ho u t an y p refe rr ed c o lla t er al o r c o u nt er -g ua r an te es 39, , , M o r tg ag e a nd p led g e lo a ns 57, ,53 2 2,2 75 W it h " B " pr ef er re d c o lla te ra l a nd c o u nt er -g u ar a nt e 57, ,53 2 2, C re di t c a rd s 4, ,45 7 2,6 23 W it h o ut a ny p re fer red c o l lat e ra l o r c o u nt e r- g u ar a n 4, ,45 7 2, O t he r 3 01, , ,8 69 W it h o ut a ny p re fer red c o l lat e ra l o r c o u nt e r- g u ar a n 3 01, , , O t her re c eiv ab les f o r fin an c ia l tr a ns ac t io n s 72, , E v e nt u al l ia b ili ti es 23, ,72 7 2, E q u it y in v es t m en ts in o th er c o m p a ni es 1,0 37, ,03 7, ,9 86 To ta l 1,5 37, ,53 7,52 4 1,3 73,6 03 A l lo w a nc e s 4, ,31 0 5,6 77 General BANCO HIPOTECARIO S.A Dr. Marcelo Trama Public Accountant (UNLZ) C.P.C.E.C.A.B.A. Book 252 Page 159

24 DERIVATIVE FINANCIAL INSTRUMENTS For the fiscal period ended 09/30/2014 In thousands of Argentine Pesos SCHEDULE ( O ) Kind of Agreement Purpose of transactions Underlying assets Kind of settlement Trading environment or counterparty Average weighted term originally agreed Average residual weighted term Average weighted term for the settlement of differences Amount Futures (Note 13.1.) Foreign currency hedge Foreign currency Daily differences MAE ,680,724 Futures (Note 13.1.) Foreign currency hedge Foreign currency Daily differences MAE (125,000) Futures (Note 13.1.) Foreign currency hedge Foreign currency Daily differences ROFEX ,746,701 Futures (Note 13.1.) Foreign currency hedge Foreign currency Daily differences ROFEX (2,062,077) Futures (Note 13.1.) Brokerage own account Foreign currency Upon maturity of differences OTC Domestic residents - Non-financial sector (266,874) Swap (Note 13.2.) Brokerage own account Other Upon maturity of differences Domestic residents - Non-financial sector ,739 Swap (Note 13.3.) Brokerage own account Other Upon maturity of differences Domestic residents - Non-financial sector ,474 Swap (Note 13.4.) Brokerage own account Other Upon maturity of differences Domestic residents - Non-financial sector ,548 Swap (Note 13.5.) Brokerage own account Other Upon maturity of differences Domestic residents - Non-financial sector ,815 Swap (Note 13.6.) Brokerage own account Other Upon maturity of differences Domestic residents - Non-financial sector ,000 Swap (Note 13.7.) Brokerage own account Other Upon maturity of differences Domestic residents - Non-financial sector ,354 Repo transactions (Note 13.8) Brokerage own account Argentine government securities With delivery of underlying asset MAE ,169 General BANCO HIPOTECARIO S.A Dr. Marcelo Trama Public Accountant (UNLZ) C.P.C.E.C.A.B.A. Book 252 Page 159

25 1. BANCO HIPOTECARIO SOCIEDAD ANÓNIMA Pursuant to Law enacted on July 2, 1997 and promulgated by the National Executive Branch through Decree 677 dated July 22, 1997, and Decree 924/97, Banco Hipotecario Nacional was declared "subject to privatization" under the terms of Law and the National Executive Branch was ordered to proceed to its transformation into a corporation ("sociedad anónima"). The new entity arising from this transformation will do business under the denomination of "Banco Hipotecario Sociedad Anónima", and as a commercial bank in accordance with Law and complementary rules, as amended, with the scope envisaged by the regulations, and with the rights and obligations of its predecessor, as well as with the franchise to provide insurance over transactions originated until July 23, Banco Hipotecario Sociedad Anónima has a corporate capital of ARS 1,500,000 thousand, fully subscribed and paid-in, represented by 1,500,000,000 ordinary book-entry Class A, B, C and D shares, with a face value of ARS 1 each and one vote per share (according to the decision made by the General and Extraordinary Shareholder's Meeting held on July 21, 2006), except for the special multiple vote right for the Class D shares envisaged by the Bank's by-laws. On February 2, 1999, Banco de la Nación Argentina, as trustee of the Assistance to the Federal Trust Fund for Regional Infrastructure, made the combined public offering of 42,000,000 ordinary Class D shares and 270,000 options, each of the latter representing the right to purchase 100 shares, with the obligation that investors acquire a minimum quantity of Class D shares so as to be awardees of the options. This right expired on February 2, With the authorization of the National Securities Commission of Argentina, the Bank placed 13,616,606 Class D shares and 61,289 options on the local capital market, and 28,383,394 ADSs (American Depositary Shares), each representing one Class D share and 208,711 options, on the international capital market in compliance with Rule 144A of the Securities Act of 1933 of the United States of America. As a result of the expiration date for exercising the options indicated above, on February 2, 2004 certain holders of those options acquired 17,909,500 class D shares. Due to the expiration on January 29, 2009 of the Total Return Swap that had been executed and delivered on January 29, 2004, Deutsche Bank AG transferred to the Bank 71,100,000 ordinary Class D shares of Banco Hipotecario Sociedad Anónima with a face value of $ 1 each, which were available according to the terms and conditions prescribed in the section 221of the Argentine Companies Law. Through Minutes No. 268 dated January 12, 2010, the Board of Directors resolved: 1) to propose to the Shareholders Meeting that treasury Class D shares be given as payment to the holders of DAAs (StARS) to the General 1

26 extent of their accrued amounts, considering the shares value at that moment, and 2) to discuss possible alternatives for the Shareholders Meeting to resolve upon the allocation of the remaining shares. On April 30, 2010, the General Ordinary Shareholders Meeting resolved to extend for a year, counted as from January 31, 2010, the term for realizing the treasury shares held by the Bank. On the other hand, the General Extraordinary Shareholders Meeting resolved to delegate upon the Board of Directors the decision to pay with the treasury shares in portfolio the Stock Appreciation Rights (StAR) coupons resulting from the 2003 debt restructuring as advisable based on the contractually agreed valuation methods and their actual market value after allowing the shareholders to exercise their preemptive rights on an equal footing. On June 16, 2010, the Board of Directors resolved to launch a preemptive offer to sell a portion of the Bank s treasury shares, for a total of 36,000,000 class D shares. The remaining shares would be delivered in payment to the holders of Stock Appreciation Rights (StAR) coupons arising from the debt restructuring, which fell due on August 3, On July 26, 2010, within the framework of the referred offer, the Bank sold approximately 26.9 million of the shares mentioned above. On August 3, 2010 the proceeds of the offer and the balance of the shares referred in the preceding paragraph were made available to the holders of the Stock Appreciation Rights (StAR) coupons. With the abovementioned offering, 999,312 Class D shares were sold in excess of those required to pay off the obligation previously mentioned. In connection with such excess sale, Ps. 554 thousand were recorded as Unappropriated retained earnings to reflect the addition of the shares to the entity s equity, which took place on January 29, 2009 as detailed in this note, and a further Ps. 834 thousand were booked as Additional paid-in capital for the difference between the value as added to the entity s equity and the sales value. The Bank holds 36,634,733 Treasury Shares, out of which 1,534,733 correspond to third-party holders of StARs who have not filed the documentation required for their collection. On April 13, 2011, the General Extraordinary Shareholders Meeting authorized the Board of Directors to sell own treasury stock in the market reducing to ten days the term for exercising the preemptive right, and suspending the exercise thereof when the sale of shares does not exceed 1% of the Capital Stock within any twelve-month period. The General Ordinary Shareholders Meeting held on March 27, 2012 extended for one year the term fixed for the disposition of those shares. The General Ordinary Shareholders Meeting held on April 24, 2013 resolved to allocate 35,100,000 Class D shares held by the Bank to a compensation program for the personnel under the terms of Section 67 of Law 26,831. This resolution is pending approval by the CNV. On April 24, 2014 the General Ordinary Shareholders Meeting acknowledged the incentive or compensation program described in the preceding paragraph and its extension to the personnel employed by the General 2

27 subsidiaries BACS Banco de Crédito y Securitización S.A., BH Valores S.A., BHN Sociedad de Inversión S.A., BHN Vida S.A. and BHN Seguros Generales S.A. Under Decree 2127/2012 and Resolution 264/2013 issued by the Ministry of Economy and Public Finance, the Programa de Propiedad Participada (Employee Stock Ownership Plan) was implemented. Under this plan, in a first stage, out of a total of 75,000,000, 17,990,721 Class B shares were converted into Class A shares, to be allocated among the employees that have withdrawn from the Bank in accordance with the implementation guidelines. Upon delivery to the former employees, the 17,990,721 shares will become Class D shares. The shares allocated to the Bank s current employees are designated as Class B shares, representing the Programa de Propiedad Participada. The following table shows the composition of the capital stock as of September 30, 2014, detailing the classes of shares and their face value. Class Shares Face value Capital Stock A 670,933, ,933,087 B 57,009, ,009,279 C 75,000, ,000,000 D 697,057, ,057,634 1,500,000,000 1,500,000, BASIS FOR PRESENTATION OF THE FINANCIAL STATEMENTS These financial statements have been prepared in line with accounting standards established by the Argentine Central Bank through CONAU 1 Circular, supplementary rules and amendments. The financial statements of the predecessor entity, Banco Hipotecario Nacional, have been adjusted for inflation in conformity with the guidelines set in Communication "A" 551 of the Argentine Central Bank up to the financial year ended December 31, 1994, and prepared in accordance with the standards laid down by CONAU 1 General 3

28 Circular. As from January 1, 1995, and according to the authorization accorded by Resolution No. 388 of the Argentine Central Bank's Superintendency of Financial and Exchange Institutions, the Bank discontinued the adjustment for inflation of its financial statements until December 31, As from January 1, 2002, as a result of the application of Communication "A" 3702 which established the repeal of any legal and regulatory rule that did not allow companies to restate their accounting balances at period-end currency values, the Bank resumed the application of the adjustment for inflation in accordance with the rules issued in due time by the Argentine Central Bank using the adjustment coefficient derived from the domestic wholesale price index published by the National Statistics and Census Institute (INDEC). Furthermore, it has been considered that the accounting measurements derived from the changes in the purchasing power of the currency between December 31, 1994 and 2001 are stated in the currency value as of the latter date. On March 25, 2003, the Executive Branch issued Decree 664 establishing that the financial statements for years ending as from that date are to be stated in nominal currency. Consequently, in accordance with Communication "A" 3921 of the BCRA, the restatement of the financial statements was discontinued as from March 1, These financial statements have been prepared in line with the accounting standards issued by the Argentine Central Bank for application by financial institutions. The differences between the Argentine Central Bank regulations and the professional accounting standards in force in the Autonomous city of Buenos Aires are detailed in Note 3. The principal disclosure and valuation criteria followed for preparing these financial statements are described below: 2.1. Foreign currency assets and liabilities US dollar assets and liabilities have been valued at the rate of exchange between the peso and the US dollar published by the Argentine Central Bank. Assets and liabilities valued in foreign currencies other than the US dollar were converted into the latter currency using the swap rates communicated by the Argentine Central Bank s operations desk, in force at the close of operations on the last business day of the fiscal period ended September 30, 2014 and the fiscal year ended December 31, Interest accruals and adjustments of principal amounts (CER and CVS) Interest accruals were determined using the exponential method for all lending and certain borrowing transactions in local and foreign currency, and interest accruals for loans overdue more than ninety days were discontinued. General 4

29 Adjustments of principal amounts from application of the CER and CVS were accrued as established by Argentine Central Bank regulations, and interest accruals on loans overdue more than ninety days were discontinued Government and corporate securities 2.4. Loans As September 30, 2014 and December 31, 2013, the securities classified as "Holdings booked at fair market value", "Investment in listed corporate securities" and "Securities issued by the BCRA" with volatility published by the BCRA, have been valued at period or year-end market quotation. As of September 30, 2014, the Bank maintains in its portfolio overdue income coupons from the DICY and PARY bonds to be collected. As of September 30, 2014 and December 31, 2013, the securities classified as Holdings booked at cost plus return and Securities issued by the BCRA with no volatility published by the BCRA or with volatility but which the Entity decides to book under the first category, have been valued, in accordance with the provisions of Communication A 5180 and supplementary rules, at their acquisition cost subject to an exponential increase based on the internal rate of return, net of contra accounts, if applicable. For comparison purposes with market values, see Schedule A. The portfolio of performing loans and loans due ninety days or less has been valued in terms of the principal amounts actually lent, plus capitalized interest, net of principal amortization collected and debt balance refinancing, plus adjustments (from the application of the CER, and CVS where applicable) and accrued interest receivable and less the estimated reserve for loan losses. Other loans to the public sector: i) as of September 30, 2014 and December 31, 2013, those loans were valued at cost plus return according to point of Communication A 5180, taking as cost their book value as of December 31, ii) those originally granted in foreign currency have been converted into Ps. at the exchange rate of $1.40 per US dollar, as established by Law 25561, Decree 214 and complementary rules and amendments. Since February 3, 2002, the CER has been applied to the amount of those loans and maximum rates have been established, in accordance with Decree 1579/02, if those assets were subjected to the Exchange of Provincial Public Debt. General 5