Other Events

• BBVA ancFrances S.A.'s Board of Directors accepted the resignation of Ricardo Enrique Moreno as

Execut1ve Director (CEO), and appointed Martin Ezequiel Zarich to fili this position.
Mr. Moreno will continue his career in Spain, where he will be responsible for software development and management of technology and operations for the BBVA Group.
The Board also decided that the resignation of Mr. Moreno shall be effective when the Centrai Bank of
Argentina authorizes Mr. Zarich as the new Executive Director (CEO).
N?twithstanding the foregoing, we inform that Jorge Carlos Bledel, continues as Chairman of the Board of
D1rectors.
Finally,the Board has also decided to appoint Gustavo Alonso as the new Director of lnnovation &
Development, in replacing Mr. Zarich.

Economie Environment


The Monthly Estimator of Economie Activity (known by its acronym in Spanish as EMAE) increased by 0.9% (seasonally adjusted) in February 2015 compared to January 2015,and 1.4% compared to February 2014.
The industriai sector activity, measured by the Monthly Industriai Estimator (EMI) decreased by 0.2% and 1.9% in the first quarter of 2015 compared to the previous quarter, and to the first quarter of 2014, respectively.
Finally, in the period January-February, the Synthetic lndex of Construction Activity remained almost unchanged in comparison to the fourth quarter of
2014 but increased 3.8% with respect to the same two­
month period of 2014.
lnflation, measured by the National and Urban Consumer Price lndex (which is used to calculate the CER adjustment for some sovereign bonds) increased by 3.4% in the first quarter of 2015, measuring an accumulated inflation rate of 16.5%.
The national public sector fiscal balance showed a primary deficit of AR$ 15.0 billion in the first two months of 2015, registering a decline of 211% compared to the deficit of AR$ 4.8 billion reached in the same period of the previous year.
Primary public sector spending rose 37.4 % and public sector revenues showed an increase, of 31.3 % during the same period.
lncreases in public sector salaries, pensions, capitai expenditures and public firms' deficit were primarily responsible for the increase in primary spending during the period. lnterest payments increased by
148% and the total deficit reached AR$ 29.9 bìllìon, an increase of 176% compared to the same period in 2014.
Tax revenues increased by 31.7% year over year.
during the first quarter of 2015. lncome tax grew by
40.3% while export duties remain weak and fell 6.9%
in the same period.
In the external sector, the accumulated trade surplus reached USD 169 million during the first quarter of
2015, 8.3% higher than that recorded in the same period of 2014. During the first three months of 2015, the trade balance reached total exports of USO 13.4 billion (-15.6%) and total imports of USO 13.2 billion
(-15.9%).
In the FX market, the exchange rate (BCRA reference rate) closed at AR$ 8.82 per U.S. dollar on March 31,
2015, increasing 3.1% compared to the AR$ 8.55 rate
registered on Oecember 31, 2014 and 10.1% from the first quarter of 2014.
In the first quarter of 2015, the BCRA's stock of international reserves increased USO 47 million reaching USO 31.5 billion as of March 31, 2015. Ouring the quarter, the Centrai Bank sold US0.992 million in the FX market and added USO 2.5 billion from the BCRA's SWAP with the People's Bank of China, This bilatera! currency swap deal was signed for a total amount of USO 11 billion, and at the end of the first quarter of 2015, a total of USD 4.8 billion had been transferered.
The Badlar interest rate for private banks increased 62 b.p. in the first quarter of 2015, averaging 20.5% compared to a 19.9% average in the fourth quarter of
2014.
Ouring the first quarter private sector loans in pesos increased 4.5% compared to the fourth quarter of
2014, while private sector loans in dollars recovered
9.5%.
Total deposits in pesos in the financial system increased by 4.5% in the first quarter of 2015. In the same period,private sector deposits denominated in

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