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Actionable news in BFR: BBVA BANCO FRANCES S.A.,

Report of foreign issuer [Rules 13a-16 and 15d-16]

Economic Environment

The Monthly Estimator of Economic Activity (known by its acronym in Spanish as EMAE) increased by 2.6% (seasonally adjusted) in August 2015 compared to the same period of 2014, and 0.2% compared to July 2015.

The industrial sector activity, measured by the Monthly Industrial Estimator (EMI), increased by 0.5% compared to the third quarter of 2014 and 0.8% compared to the previous quarter of 2015.

The Synthetic Index of Construction Activity increased by 7.2 % compared to the third quarter of 2014, while it decreased 0.9% compared to the second quarter of 2015.

Inflation, measured by the National and Urban Consumer Price Index (which is used to calculate the CER adjustment for some sovereign bonds) increased by 3.7% during the third quarter of 2015, measuring an accumulated inflation rate of 14.4% yoy and 10.7% in 2015.

The national public sector fiscal balance showed a primary surplus of approximately AR$ 0.8 billion during July (the latest information available for the third quarter of 2015), representing an increase of 3.1% compared to the surplus reached during the same period of 2014.

Primary public sector spending grew 38% and public sector revenues increased 37.7% during the same period.

Interest payments fell by 6% and the total deficit reached AR$ 1.1 billion, a decrease of 11.9% compared to the same period in 2014.

In the third quarter of 2015, tax revenues increased by 33.6% year over year. Income tax grew by 44.1% while export duties remained weak, growing 1% during the same period.

In the external sector, the accumulated trade surplus reached USD 0.3 billion during the third quarter of 2015, a decrease of 86.2% compared to the same period of 2014. Such amount is the result of total exports of USD 17.1 billion (-11.8% yoy) and total imports of USD 16.7 billion (-1.8% yoy).

In the FX market, the exchange rate (BCRA reference rate) closed at AR$ 9.41 per U.S. dollar on

September 30, 2015, increasing 3.7% compared to the AR$ 9.08 rate registered on June 30, 2015 and 11.3% from the third quarter of 2014.

During the third quarter of 2015, the BCRAs stock of international reserves decreased by USD 0.594 billion, closing the period at USD 33.3 billion. During the quarter, the Central Bank sold USD 3.5 billion in the FX market. The BCRA maintained the bilateral currency swap deal signed with the Peoples Bank of China.

The Badlar interest rate for private banks increased 48 b.p. in the third quarter of 2015, averaging 20.9% compared to a 20.4% average during the second quarter of 2015.

During the third quarter private sector loans denominated in pesos increased 8.5% compared to the second quarter of 2015, while private sector loans denominated in dollars decrease 13.2%.

Total deposits denominated in pesos in the financial system increased by 8.5% in the third quarter of 2015 compared to previous quarter. In the same period, private sector deposits denominated in pesos increased by 4.9% and those denominated in dollars increased 2.0%.

BBVA Francés continued to carry out actions to benefit its clients by furthering the creation of value and differentiation.

The most significant marketing promotion of the year was Francés GO 2.0. The Banks traditional SMS discount service becomes a digital vehicle by which clients and non-clients may access a great variety of discounts and experiences. The new Francés GO service includes an interactive website and a smartphone app that alerts clients of benefits and discounts that are tailored to their interests. It also has a distinguishing feature in the market; it offers advantages to customers and non-customers, through any means of payments. The product is incremental and modular and will incorporate regular updates such as geo-localization.

The BBVA El Celler de Can Roca World Tour was one of the most outstanding promotions carried out in the development of the PREMIUM segment. During one week, Joan Josep and Jordi Roca, owners of the best restaurant in the world, cooked a menu based

on ingredients and wines from various regions of Argentina for clients. The promotion was very well received by the public and press.

In the commercial clients segment, BBVA Francés introduced a new comprehensive Suppliers Payment System to ensure practicality, efficiency and security in the administration of payments to be used by clients and suppliers. The system includes self-service terminals, specially designed for suppliers to access their checks, located at the Payment Center in Buenos Aires and, soon, at the main cities of the country as well.

Moreover, the service provides online account balance and payment information and allows users download receipts and solve other enquiries.

BBVA Francés has been working to adapt its distribution...