##### Table of Contents

AS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION ON APRIL 29, 2013







UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549





FORM
20F





(Mark One)

| ̈ | Registration Statement pursuant to Section 12(b) or (g) of the Securities Exchange Act of 1934
|- | ----------------------------------------------------------------------------------------------

or



|x | Annual Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
|- | ------------------------------------------------------------------------------------

for the fiscal year ended December 31, 2012

or



| ̈ | Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the transition period from
 to
|- | ---------------------------------------------------------------------------------------------------------------------------

or



| ̈ | Shell Company Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
|- | -------------------------------------------------------------------------------------------

Date of event requiring this Shell Company Report

Commission File Number 000-30852





GRUPO
FINANCIERO GALICIA S.A.

(Exact name of Registrant as specified in its charter)





GALICIA FINANCIAL GROUP

(Translation of Registrants name into English)

REPUBLIC OF
ARGENTINA

(Jurisdiction of incorporation or organization)

Grupo Financiero Galicia S.A.

Tte. Gral. Juan D. Perón 456

C1038 AAJ-Buenos Aires, Argentina

(Address of principal executive offices)

Pedro A. Richards, Chief Executive Officer

Tel: 54 11 4 343 7528 / Fax:
54 11 4 331 9183, prichards@gfgsa.com

Perón 456, 2° Piso C1038AAJ Buenos Aires ARGENTINA

(Name, Telephone, E-mail and/or Facsimile number and Address of Company Contact Person)

Securities registered or to be registered pursuant to Section 12(b) of the Act:

American Depositary Shares, each representing ten Class B ordinary Shares

Name of each exchange on which registered

Nasdaq Capital Market



Title of each class

Class B Ordinary Shares, Ps.1.00 par value, (not
for trading but only in connection with the listing of the American Depositary Shares on the Nasdaq Capital Market)

Securities registered or to be registered pursuant to Section 12(g) of the Act:

None

Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act:

None

Indicate the
number of outstanding shares of each of the issuers classes of capital or common stock as of the close of the period covered by the annual report:

Class A Ordinary Shares, Ps.1.00 par value . . . . . . . . 281,221,650

Class
B Ordinary Shares, Ps.1.00 par value . . . . . . . . 960,185,367

Indicate by check mark if the registrant is a well-known seasoned issuer, as
defined in Rule 405 of the Securities Act.

Yes   ̈    
No  x

If this report is an annual or transition report,
indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. Yes   ̈    
No  x

Indicate by check mark whether the registrant
(1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and
(2) has been subject to such filing requirements for the past 90 days. Yes  x    
No   ̈

Indicate by check mark whether the registrant has
submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the
registrant was required to submit and post such files). Yes  x     No   ̈

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer. See definition of
accelerated filer and larger accelerated filer in Rule 12b-2 of the Exchange Act. (Check one):



| |  |                            |  |                      |  |                         
| |  | -------------------------- |  | -------------------- |  | ------------------------
| |  | Large accelerated filer   ̈ |  | Accelerated filer  x |  | Non-accelerated filer   ̈

Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in
this filing:



|             |  |                                                                                                          |  |         
|------------ |  | -------------------------------------------------------------------------------------------------------- |  | --------
|U.S. GAAP   ̈ |  | International Financial Reporting Standards As issued by the International Accounting Standards Board   ̈ |  | Other  x

Indicate by check mark which financial statement item the registrant has elected to follow. Item 17   ̈    
Item 18  x

If this is an annual report, indicate by
check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes   ̈    
No  x







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TABLE OF CONTENTS



|                                                                                                             |  |      |     | 
|------------------------------------------------------------------------------------------------------------ |  | ---- | --- | 
|                                                                                                             |  | Page |    
|                                                                                                             | 
|Item 1. Identity of Directors, Senior Management and Advisers                                                |  |      | 3   | 
|Item 2. Offer Statistics and Expected Timetable                                                              |  |      | 3   | 
|Item 3. Key Information                                                                                      |  |      | 3   | 
|Item 3.A. Selected Financial Data                                                                            |  |      | 3   | 
|Exchange Rate Information                                                                                    |  |      | 6   | 
|Item 3.B. Capitalization and Indebtedness                                                                    |  |      | 7   | 
|Item 3.C. Reasons for the Offer and Use of Proceeds                                                          |  |      | 7   | 
|Item 3.D. Risk Factors                                                                                       |  |      | 7   | 
|Item 4. Information on the Company                                                                           |  |      | 17  | 
|History and Development of the Company                                                                       |  |      | 17  | 
|Organizational Structure                                                                                     |  |      | 17  | 
|History                                                                                                      |  |      | 19  | 
|Business                                                                                                     |  |      | 26  | 
|Competition                                                                                                  |  |      | 35  | 
|Sales and Marketing                                                                                          |  |      | 38  | 
|Property                                                                                                     |  |      | 40  | 
|Capital Investments and Divestitures                                                                         |  |      | 40  | 
|Selected Statistical Information                                                                             |  |      | 41  | 
|Government Regulation                                                                                        |  |      | 72  | 
|Argentine Banking Regulation                                                                                 |  |      | 76  | 
|Credit Cards Regulation                                                                                      |  |      | 84  | 
|Concealment and Laundering of Assets of a Criminal Origin                                                    |  |      | 85  | 
|Item 4.A. Unresolved Staff Comments                                                                          |  |      | 86  | 
|Item 5. Operating and Financial Review and Prospects                                                         |  |      | 86  | 
|Item 5.A. Operating Results                                                                                  |  |      | 86  | 
|Overview                                                                                                     |  |      | 87  | 
|The Argentine Economy                                                                                        |  |      | 87  | 
|The Argentine Financial System                                                                               |  |      | 89  | 
|The Argentine Insurance Industry                                                                             |  |      | 90  | 
|Inflation                                                                                                    |  |      | 90  | 
|Currency Composition of Our Balance Sheet                                                                    |  |      | 91  | 
|Results of Operations for the Fiscal Years Ended December 31, 2012, December 
31, 2011 and December 31, 2010 |  |      | 92  | 
|U.S. GAAP and Argentine Banking GAAP Reconciliation                                                          |  |      | 104 | 
|Results by Segments                                                                                          |  |      | 111 | 
|Consolidated Assets                                                                                          |  |      | 118 | 
|Exposure to the Argentine Public Sector                                                                      |  |      | 119 | 
|Funding                                                                                                      |  |      | 119 | 
|Contractual Obligations                                                                                      |  |      | 124 | 
|Off-Balance Sheet Arrangements                                                                               |  |      | 125 | 
|Critical Accounting Policies                                                                                 |  |      | 127 | 
|U.S. GAAP - Critical Accounting Policies                                                                     |  |      | 128 | 
|Principal Trends                                                                                             |  |      | 132 | 
|Item 5.B. Liquidity and Capital Resources                                                                    |  |      | 133 | 
|Liquidity - Holding Company on an Individual Basis                                                           |  |      | 133 | 
|Consolidated Cash Flows                                                                                      |  |      | 135 | 
|Banco Galicias Liquidity Management                                                                         |  |      | 137 | 
|Capital                                                                                                      |  |      | 139 | 
|Capital Expenditures                                                                                         |  |      | 139 | 
|Item 5.E. Off-Balance Sheet Arrangements                                                                     |  |      | 139 | 
|Item 5.F. Contractual Obligations                                                                            |  |      | 139 | 
|Item 6. Directors, Senior Management and Employees                                                           |  |      | 139 | 
|Our Board of Directors                                                                                       |  |      | 139 | 



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TABLE OF CONTENTS

(continued)



|                                                                                      |  |      |     | 
|------------------------------------------------------------------------------------- |  | ---- | --- | 
|                                                                                      |  | Page |    
|                                                                                      | 
|Our Audit Committee                                                                   |  |      | 142 | 
|Our Supervisory Committee                                                             |  |      | 142 | 
|Compensation of Our Directors                                                         |  |      | 143 | 
|Management of Grupo Financiero Galicia                                                |  |      | 144 | 
|Board of Directors of Banco Galicia                                                   |  |      | 145 | 
|Functions of the Board of Directors of Banco Galicia                                  |  |      | 146 | 
|Banco Galicias Executive Officers                                                    |  |      | 148 | 
|Banco Galicias Supervisory Committee                                                 |  |      | 151 | 
|Compensation of Banco Galicias Directors and Officers                                |  |      | 152 | 
|Employees                                                                             |  |      | 152 | 
|Nasdaq Corporate Governance Standards                                                 |  |      | 153 | 
|Share Ownership                                                                       |  |      | 155 | 
|Item 7. Major Shareholders and Related Party Transactions                             |  |      | 155 | 
|Major Shareholders                                                                    |  |      | 155 | 
|Related Party Transactions                                                            |  |      | 156 | 
|Item 8. Financial Information                                                         |  |      | 158 | 
|Legal Proceedings                                                                     |  |      | 159 | 
|Dividend Policy and Dividends                                                         |  |      | 160 | 
|Significant Changes                                                                   |  |      | 162 | 
|Item 9. The Offer and Listing                                                         |  |      | 162 | 
|Shares and ADSs                                                                       |  |      | 162 | 
|Argentine Securities Market                                                           |  |      | 164 | 
|Market Regulations                                                                    |  |      | 165 | 
|Item 10. Additional Information                                                       |  |      | 166 | 
|Description of Our Bylaws                                                             |  |      | 166 | 
|Exchange Controls                                                                     |  |      | 173 | 
|Taxation                                                                              |  |      | 173 | 
|Material Contracts                                                                    |  |      | 179 | 
|Documents on Display                                                                  |  |      | 180 | 
|Item 11. Quantitative and Qualitative Disclosures About Market Risk                   |  |      | 180 | 
|General                                                                               |  |      | 180 | 
|Interest Rate Risk                                                                    |  |      | 181 | 
|Foreign Exchange Rate Risk                                                            |  |      | 184 | 
|Currency Mismatches                                                                   |  |      | 185 | 
|Market Risk                                                                           |  |      | 187 | 
|Cross-border Risk                                                                     |  |      | 188 | 
|Overseas Foreign Currency Transfer Risk                                               |  |      | 188 | 
|Risk Exposures in the Non-financial Public Sector                                     |  |      | 189 | 
|Item 12. Description of Securities Other Than Equity Securities                       |  |      | 189 | 
|Item 12.D. American Depositary Shares                                                 |  |      | 189 | 
|Fees and Charges Applicable to ADS Holders                                            |  |      | 189 | 
|Fees and Direct and Indirect Payments Made by the Depositary to Us                    |  |      | 190 | 
|Item 13. Defaults, Dividend Arrearages and Delinquencies                              |  |      | 191 | 
|Item 14. Material Modifications to the Rights of Security Holders and Use of
Proceeds |  |      | 191 | 
|Item 15. Controls and Procedures                                                      |  |      | 191 | 
|Item 16.A. Audit Committee Financial Expert                                           |  |      | 192 | 
|Item 16.B. Code of Ethics                                                             |  |      | 192 | 
|Item 16.C. Principal Accountants Fees and Services                                   |  |      | 192 | 
|Item 16.D. Exemptions from the Listing Standards for Audit Committees                 |  |      | 193 | 
|Item 16.E. Purchases of Equity Securities by the Issuer and Affiliated
Purchasers     |  |      | 193 | 
|Item 16.H. Mine Safety Disclosure                                                     |  |      | 193 | 



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TABLE OF CONTENTS

(continued)



|                              |  |      |     | 
|----------------------------- |  | ---- | --- | 
|                              |  | Page |    
|                              | 
|Item 17. Financial Statements |  |      | 194 | 
|Item 18. Financial Statements |  |      | 194 | 
|Item 19. Exhibits             |  |      | 194 | 



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PRESENTATION OF FINANCIAL INFORMATION

Grupo Financiero Galicia S.A. (Grupo Financiero Galicia or Grupo Galicia) is a financial services holding company
incorporated in Argentina and is one of Argentinas largest financial services groups. In this annual report, references to we, our, and us are to Grupo Financiero Galicia and its consolidated subsidiaries,
except where otherwise noted. Our consolidated financial statements consolidate the accounts of the following companies:



| |  |  | Grupo Financiero Galicia;
| | - |  | -------------------------



| |  |  | Banco de Galicia y Buenos Aires S.A., our largest subsidiary, its wholly-owned subsidiaries Banco Galicia Uruguay S.A. (in liquidation) (Galicia
Uruguay) and Galicia Cayman Limited (Galicia Cayman), and other subsidiaries and affiliated companies required to be consolidated under Argentine Banking GAAP (collectively Banco Galicia or the Bank except
where otherwise noted);
| | - |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | Tarjetas Regionales S.A. (Tarjetas Regionales) and its operating subsidiaries;
| | - |  | --------------------------------------------------------------------------------



| |  |  | Compañía Financiera Argentina S.A. (Compañía Financiera Argentina or CFA);
| | - |  | ------------------------------------------------------------------------------



| |  |  | Sudamericana Holding S.A. (Sudamericana) and its subsidiaries;
| | - |  | ----------------------------------------------------------------



| |  |  | Galicia Warrants S.A. (Galicia Warrants),
| | - |  | -------------------------------------------



| |  |  | Net Investment S.A. (Net Investment) and
| | - |  | ------------------------------------------



| |  |  | Galval Agente de Valores S.A. (Galval), the results of which were consolidated only during the first half of fiscal year 2012, since on
September 4, 2012, the Board of Directors of Grupo Financiero Galicia (the Board of Directors) approved the sale of 100% of its interest in Galval. Such transaction is subject to the corresponding authorization of the Central Bank
of Uruguay.
| | - |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

We maintain our financial books and records in Argentine Pesos and prepare our financial
statements in conformity with the accounting rules of the Argentine Central Bank, which entity prescribes the generally accepted accounting principles for all financial institutions in Argentina. This annual report refers to those accounting
principles as Argentine Banking GAAP. Argentine Banking GAAP differs in certain relevant respects from generally accepted accounting principles in Argentina, which we refer to as Argentine GAAP. Argentine Banking GAAP also
differs in certain significant respects from the generally accepted accounting principles in the United States, which we refer to as U.S. GAAP. See Note 33 to our audited consolidated financial statements included in this annual report
for a description of the differences between Argentine GAAP and Argentine Banking GAAP, and Note 35 to our audited consolidated financial statements included in this annual report for a discussion of the principal differences between Argentine
Banking GAAP and U.S. GAAP and a reconciliation to U.S. GAAP of our net income for the three fiscal years ended December 31, 2012 and total shareholders equity as of December 31, 2012 and 2011 and Item 5. Operating and
Financial Review and Prospects-Item 5.A. Operating Results-U.S. GAAP and Argentine Banking GAAP Reconciliation.

In this annual report, references to US$ and Dollars are to United States Dollars and references to Ps. or Pesos are to Argentine Pesos. The exchange rate
used in translating Pesos into Dollars and used in calculating the convenience translations included in the following tables is the Reference Exchange Rate which is published by the Argentine Central Bank and which was Ps.4.9173,
Ps.4.3032 and Ps.3.9758 per US$1.00 as of December 31, 2012, December 31, 2011 and December 31, 2010, respectively. The exchange rate translations contained in this annual report should not be construed as representations that
the stated Peso amounts actually represent or have been or could be converted into Dollars at the rates indicated or at any other rate.

Our fiscal year ends on December 31, and references in this annual report to any specific fiscal year are to the twelve-month period ended December 31 of such year.

Unless otherwise indicated, all information regarding deposit and loan market shares and other financial industry information has been
derived from information published by the Argentine Central Bank.

We have expressed all amounts in millions of Pesos, except
percentages, ratios, multiples and per-share data.



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FORWARD LOOKING STATEMENTS

This annual report contains forward-looking statements that involve substantial risks and uncertainties, including, in particular,
statements about our plans, strategies and prospects under the captions Item 4. Information on the Company-Capital Investments and Divestitures, Item 5. Operating and Financial Review and Prospects-Item 5.A.
Operating Results-Principal Trends and Item 5.B. Liquidity and Capital Resources. All statements other than statements of historical facts contained in this annual report (including statements regarding our future financial
position, business strategy, budgets, projected costs and managements plans and objectives for future operations) are forward-looking statements. In addition, forward-looking statements generally can be identified by the use of such words as
may, will, expect, intend, estimate, anticipate, believe, continue or other similar terminology. Although we believe that the expectations reflected in
these forward-looking statements are reasonable, no assurance can be provided with respect to these statements. Because these statements are subject to risks and uncertainties, actual results may differ materially and adversely from those expressed
or implied by such forward-looking statements. Factors that could cause actual results to differ materially and adversely from those contemplated in such forward-looking statements include but are not limited to:



| |  |  | changes in Argentine government regulations applicable to financial institutions, including tax regulations and changes in or failures to comply with
banking or other regulations;
| | - |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | changes in general political, legal, social or other conditions in Argentina, Latin America or abroad;
| | - |  | ------------------------------------------------------------------------------------------------------



| |  |  | fluctuations in the Argentine rate of inflation;
| | - |  | ------------------------------------------------



| |  |  | changes in capital markets in general that may affect policies or attitudes toward lending to Argentina or Argentine companies, including expected or
unexpected turbulence or volatility in domestic or international financial markets;
| | - |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | changes in the macroeconomic situation at the regional, national or international levels, and the influence of these changes on the microeconomic
conditions of the financial markets in Argentina;
| | - |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | increased competition in the banking, financial services, credit card services, insurance, asset management and related industries;
| | - |  | -----------------------------------------------------------------------------------------------------------------------------------



| |  |  | changes in interest rates which may, among other things, adversely affect margins;
| | - |  | ----------------------------------------------------------------------------------



| |  |  | a loss of market share by any of Banco Galicias main businesses;
| | - |  | -----------------------------------------------------------------



| |  |  | a change in the credit cycle, increased borrower defaults and/or a decrease in the fees charged to clients;
| | - |  | -----------------------------------------------------------------------------------------------------------



| |  |  | Banco Galicias inability to sustain or improve its performance;
| | - |  | ----------------------------------------------------------------



| |  |  | Banco Galicias inability to obtain additional debt or equity financing on attractive conditions or at all, which may limit its ability to fund
existing operations and to finance new activities;
| | - |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | technological changes and changes in Banco Galicias ability to implement new technologies;
| | - |  | -------------------------------------------------------------------------------------------



| |  |  | changes in the saving and consumption habits of its customers and other structural changes in the general demand for financial products, such as those
offered by Banco Galicia;
| | - |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | possible financial difficulties of the Argentine government;
| | - |  | ------------------------------------------------------------



| |  |  | volatility of the Peso and the exchange rates between the Peso and foreign currencies; and
| | - |  | ------------------------------------------------------------------------------------------



| |  |  | other factors discussed under Item 3. Key Information-Item 3.D. Risk Factors in this annual report.
| | - |  | ------------------------------------------------------------------------------------------------------

You should not place undue reliance on forward-looking statements, which speak only as of the date that
they were made. Moreover, you should consider these cautionary statements in connection with any written or oral forward-looking statements that we may issue in the future. We do not undertake any obligation to release publicly any revisions to
forward-looking statements after completion of this annual report to reflect later events or circumstances or to reflect the occurrence of unanticipated events.

In light of the risks and uncertainties described above, the forward-looking events and circumstances discussed in this annual report might not occur and are not guarantees of future performance.



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##### Table of Contents

PART I

Item 1. Identity of Directors, Senior Management and Advisers

Not applicable.

Item 2. Offer Statistics and Expected
Timetable

Not applicable.

Item 3. Key Information

Item 3.A. Selected Financial Data

The following table presents summary historical financial and other information about us as of the dates and for the periods indicated.

Our financial statements do not include any effect for inflation accounting other than the adjustments to non-monetary assets through
February 28, 2003.

The selected consolidated financial information as of December 31, 2012 and December 31,
2011 and for the fiscal years ended December 31, 2012, 2011 and 2010 has been derived from our audited consolidated financial statements included in this annual report. The selected consolidated financial information as of December 31,
2010, December 31, 2009 and December 31, 2008 and for the fiscal years ended December 31, 2009 and December 31, 2008 has been derived from our audited consolidated financial statements not included in this annual report.

You should read this data in conjunction with Item 5. Operating and Financial Review and Prospects and our
audited consolidated financial statements included in this annual report.



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|                                                                        |  |                                                       |          |   |                                            |  |          |      |  |  |          |   |  |      |          |   |      |  |          |   |  |  |          |  
|----------------------------------------------------------------------- |  | ----------------------------------------------------- | -------- | - | ------------------------------------------ |  | -------- | ---- |  |  | -------- | - |  | ---- | -------- | - | ---- |  | -------- | - |  |  | -------- | -
|                                                                        |  | Fiscal Year Ended December 31,                        |         
|                                                                        |  | 2012                                                  |          |   | 2012                                       |  |          | 2011 |  |  | 2010     |   |  | 2009 |          |   | 2008 | 
|                                                                        |  | (in millionsof Dollars,except asnoted)( 1 ) Unaudited |          |   | (in millions of Pesos, except as noted)(1) | 
|Consolidated Income Statement in Accordance with Argentine Banking GAAP |  |                                                       |          |   |                                            |  |          |      |  |  |          |   |  |      |          |   |      |  |          |   |  |  |          |  
|Financial Income                                                        |  |                                                       | 1,856.5  |   |                                            |  | 9,129.0  |      |  |  | 6,017.7  |   |  |      | 3,614.9  |   |      |  | 3,005.6  |   |  |  | 2,559.3  |  
|Financial Expenses                                                      |  |                                                       | 801.4    |   |                                            |  | 3,940.6  |      |  |  | 2,274.2  |   |  |      | 1,412.7  |   |      |  | 1,460.5  |   |  |  | 1,421.0  |  
|Net Financial Income(2)                                                 |  |                                                       | 1,055.1  |   |                                            |  | 5,188.4  |      |  |  | 3,743.5  |   |  |      | 2,202.2  |   |      |  | 1,545.1  |   |  |  | 1,138.3  |  
|Provision for Losses on Loans and Other Receivables                     |  |                                                       | 274.0    |   |                                            |  | 1,347.3  |      |  |  | 843.4    |   |  |      | 551.5    |   |      |  | 639.5    |   |  |  | 395.4    |  
|Income before Taxes                                                     |  |                                                       | 432.2    |   |                                            |  | 2,125.5  |      |  |  | 1,860.8  |   |  |      | 667.1    |   |      |  | 385.3    |   |  |  | 250.8    |  
|Income Tax                                                              |  |                                                       | (160.5   | ) |                                            |  | (789.3   | )    |  |  | (753.9   | ) |  |      | (258.2   | ) |      |  | (156.0   | ) |  |  | (74.0    | )
|                                                                        |  |                                                       |          |   |                                            |  |          |      |  |  |          |   |  |      |          |   |      |  |          |   |  |  |          |  
|Net Income / (Loss)                                                     |  |                                                       | 271.7    |   |                                            |  | 1,336.2  |      |  |  | 1,106.9  |   |  |      | 408.9    |   |      |  | 229.3    |   |  |  | 176.8    |  
|                                                                        |  |                                                       |          |   |                                            |  |          |      |  |  |          |   |  |      |          |   |      |  |          |   |  |  |          |  
|Earnings / (Loss) per Share (in Pesos)(3)                               |  |                                                       | 0.219    |   |                                            |  | 1.076    |      |  |  | 0.892    |   |  |      | 0.329    |   |      |  | 0.185    |   |  |  | 0.142    |  
|Cash Dividends per Share (in Pesos)(3)                                  |  |                                                       | 0.004    |   |                                            |  | 0.020    |      |  |  | 0.014    |   |  |      | 0.020    |   |      |  |         |   |  |  |         |  
|Stock Dividends per Share (in Pesos)(3)                                 |  |                                                       |         |   |                                            |  |         |      |  |  |         |   |  |      |         |   |      |  |         |   |  |  |         |  
|Book Value per Share (in Pesos)(3)                                      |  |                                                       | 0.798    |   |                                            |  | 3.923    |      |  |  | 2.861    |   |  |      | 1.989    |   |      |  | 1.653    |   |  |  | 1.487    |  
|                                                                        |  |                                                       |          |   |                                            |  |          |      |  |  |          |   |  |      |          |   |      |  |          |   |  |  |          |  
|Amounts in Accordance with U.S. GAAP                                    |  |                                                       |          |   |                                            |  |          |      |  |  |          |   |  |      |          |   |      |  |          |   |  |  |          |  
|Net Income / (Loss)                                                     |  |                                                       | 266.3    |   |                                            |  | 1,309.6  |      |  |  | 866.7    |   |  |      | 2,293.6  |   |      |  | 770.2    |   |  |  | (1,171.0 | )
|Basic and Diluted Earnings / (Losses) per Share (in Pesos)(3)           |  |                                                       | 0.215    |   |                                            |  | 1.055    |      |  |  | 0.698    |   |  |      | 1.848    |   |      |  | 0.620    |   |  |  | (0.943   | )
|Book Value / (Deficit) per Share (in Pesos)(3)                          |  |                                                       | 0.837    |   |                                            |  | 4.115    |      |  |  | 3.122    |   |  |      | 2.414    |   |      |  | 0.996    |   |  |  | (0.608   | )
|Financial Income                                                        |  |                                                       | 1,868.3  |   |                                            |  | 9,187.1  |      |  |  | 5,985.6  |   |  |      | 4,778.0  |   |      |  | 3,374.8  |   |  |  | 1,201.7  |  
|Financial Expenses                                                      |  |                                                       | 797.8    |   |                                            |  | 3,923.1  |      |  |  | 2,240.8  |   |  |      | 1,343.4  |   |      |  | 1,434.4  |   |  |  | 1,391.3  |  
|Net Financial Income / (Loss)                                           |  |                                                       | 1,075.5  |   |                                            |  | 5,264.0  |      |  |  | 3,744.8  |   |  |      | 3,434.6  |   |      |  | 1,940.4  |   |  |  | (189.6   | )
|Provision for Losses on Loans and Other Receivables                     |  |                                                       | 272.1    |   |                                            |  | 1,338.0  |      |  |  | 887.8    |   |  |      | 549.7    |   |      |  | 527.3    |   |  |  | 450.1    |  
|Income Tax                                                              |  |                                                       | 158.5    |   |                                            |  | 779.5    |      |  |  | 678.8    |   |  |      | 508.1    |   |      |  | 54.5     |   |  |  | 50.9     |  
|                                                                        |  |                                                       |          |   |                                            |  |          |      |  |  |          |   |  |      |          |   |      |  |          |   |  |  |          |  
|Consolidated Balance Sheet in Accordance with Argentine Banking GAAP    |  |                                                       |          |   |                                            |  |          |      |  |  |          |   |  |      |          |   |      |  |          |   |  |  |          |  
|Cash and Due from Banks                                                 |  |                                                       | 1,697.1  |   |                                            |  | 8,345.0  |      |  |  | 6,418.9  |   |  |      | 5,645.6  |   |      |  | 3,696.3  |   |  |  | 3,405.1  |  
|Government Securities, Net                                              |  |                                                       | 737.6    |   |                                            |  | 3,627.1  |      |  |  | 5,227.7  |   |  |      | 2,267.7  |   |      |  | 3,907.2  |   |  |  | 1,531.8  |  
|Loans, Net                                                              |  |                                                       | 8,661.9  |   |                                            |  | 42,593.0 |      |  |  | 30,904.5 |   |  |      | 21,353.8 |   |      |  | 13,477.9 |   |  |  | 11,774.6 |  
|Total Assets                                                            |  |                                                       | 12,905.1 |   |                                            |  | 63,458.3 |      |  |  | 51,193.0 |   |  |      | 35,708.1 |   |      |  | 27,602.4 |   |  |  | 24,735.8 |  
|Deposits                                                                |  |                                                       | 8,133.6  |   |                                            |  | 39,945.2 |      |  |  | 30,135.1 |   |  |      | 22,222.8 |   |      |  | 17,039.4 |   |  |  | 14,056.1 |  
|Other Funds(4)                                                          |  |                                                       | 5,621.6  |   |                                            |  | 27,643.0 |      |  |  | 17,506.3 |   |  |      | 11,015.8 |   |      |  | 8,510.5  |   |  |  | 8,834.0  |  
|Total Shareholders Equity                                              |  |                                                       | 990.4    |   |                                            |  | 4,870.1  |      |  |  | 3,551.6  |   |  |      | 2,469.5  |   |      |  | 2,052.5  |   |  |  | 1,845.7  |  
|                                                                        |  |                                                       |          |   |                                            |  |          |      |  |  |          |   |  |      |          |   |      |  |          |   |  |  |          |  
|Average Total Assets(5)                                                 |  |                                                       | 11,066.3 |   |                                            |  | 54,416.4 |      |  |  | 41,635.7 |   |  |      | 29,118.4 |   |      |  | 24,685.3 |   |  |  | 23,412.5 |  
|                                                                        |  |                                                       |          |   |                                            |  |          |      |  |  |          |   |  |      |          |   |      |  |          |   |  |  |          |  
|Percentage of Period-end Balance Sheet Items Denominated in Dollars:    |  |                                                       |          |   |                                            |  |          |      |  |  |          |   |  |      |          |   |      |  |          |   |  |  |          |  
|Loans, Net of Allowances                                                |  |                                                       | 6.32     |   |                                            |  | 6.32     |      |  |  | 13.88    |   |  |      | 14.53    |   |      |  | 17.78    |   |  |  | 16.97    |  
|Total Assets                                                            |  |                                                       | 11.42    |   |                                            |  | 11.42    |      |  |  | 15.15    |   |  |      | 18.98    |   |      |  | 24.95    |   |  |  | 28.85    |  
|Deposits                                                                |  |                                                       | 10.12    |   |                                            |  | 10.12    |      |  |  | 15.05    |   |  |      | 18.08    |   |      |  | 18.16    |   |  |  | 16.98    |  
|Total Liabilities                                                       |  |                                                       | 14.29    |   |                                            |  | 14.29    |      |  |  | 23.57    |   |  |      | 23.01    |   |      |  | 27.73    |   |  |  | 32.47    |  
|                                                                        |  |                                                       |          |   |                                            |  |          |      |  |  |          |   |  |      |          |   |      |  |          |   |  |  |          |  
|Amounts in Accordance with U.S. GAAP                                    |  |                                                       |          |   |                                            |  |          |      |  |  |          |   |  |      |          |   |      |  |          |   |  |  |          |  
|Trading Securities                                                      |  |                                                       | 701.6    |   |                                            |  | 3,450.1  |      |  |  | 5,309.8  |   |  |      | 2,700.4  |   |      |  | 2,011.9  |   |  |  | 989.6    |  
|Available-for-Sale Securities                                           |  |                                                       | 661.2    |   |                                            |  | 3,251.2  |      |  |  | 2,881.9  |   |  |      | 2,384.9  |   |      |  | 3,916.9  |   |  |  | 2,050.0  |  
|Total Assets                                                            |  |                                                       | 14,723.2 |   |                                            |  | 72,398.2 |      |  |  | 55,956.7 |   |  |      | 40,593.9 |   |      |  | 30,377.6 |   |  |  | 25,159.7 |  
|Total Liabilities                                                       |  |                                                       | 13,684.4 |   |                                            |  | 67,290.3 |      |  |  | 52,080.6 |   |  |      | 37,596.9 |   |      |  | 29,141.3 |   |  |  | 25,914.1 |  
|Shareholders Equity (Deficit)                                          |  |                                                       | 1,038.8  |   |                                            |  | 5,107.9  |      |  |  | 3,876.1  |   |  |      | 2,997.1  |   |      |  | 1,236.3  |   |  |  | (754.4   | )
|                                                                        |  |                                                       |          |   |                                            |  |          |      |  |  |          |   |  |      |          |   |      |  |          |   |  |  |          |  



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##### Table of Contents

|                                                                   |  |                                            |        |   |      |  |        |      |  |  |        |   |  |      |        |   |  |  |        |   
|------------------------------------------------------------------ |  | ------------------------------------------ | ------ | - | ---- |  | ------ | ---- |  |  | ------ | - |  | ---- | ------ | - |  |  | ------ | --
|                                                                   |  | Fiscal Year Ended December 31,             |       
|                                                                   |  | 2012                                       |        |   | 2011 |  |        | 2010 |  |  | 2009   |   |  | 2008 |       
|                                                                   |  | (in millions of Pesos, except as noted)(1) |       
|Selected Ratios in Accordance with Argentine Banking GAAP          |  |                                            |        |   |      |  |        |      |  |  |        |   |  |      |        |   |  |  |        |   
|Profitability and Efficiency                                       |  |                                            |        |   |      |  |        |      |  |  |        |   |  |      |        |   |  |  |        |   
|Net Yield on Interest Earning Assets(6)                            |  |                                            | 14.14  | % |      |  | 13.27  | %    |  |  | 11.38  | % |  |      | 9.10   | % |  |  | 5.72   | % 
|Financial Margin(7)                                                |  |                                            | 12.11  |   |      |  | 11.72  |      |  |  | 10.02  |   |  |      | 8.41   |   |  |  | 5.72   |   
|Return on Average Assets(8)                                        |  |                                            | 2.80   |   |      |  | 3.07   |      |  |  | 1.76   |   |  |      | 1.12   |   |  |  | 0.91   |   
|Return on Average Shareholders Equity(9)                          |  |                                            | 32.12  |   |      |  | 37.39  |      |  |  | 18.63  |   |  |      | 11.69  |   |  |  | 10.13  |   
|Net Income from Services as a Percentage of Operating Income(10)   |  |                                            | 38.15  |   |      |  | 39.57  |      |  |  | 44.73  |   |  |      | 45.90  |   |  |  | 51.07  |   
|Efficiency ratio(11)                                               |  |                                            | 68.83  |   |      |  | 67.88  |      |  |  | 71.42  |   |  |      | 71.05  |   |  |  | 76.57  |   
|Capital                                                            |  |                                            |        |   |      |  |        |      |  |  |        |   |  |      |        |   |  |  |        |   
|Shareholders Equity as a Percentage of Total Assets               |  |                                            | 7.67   | % |      |  | 6.94   | %    |  |  | 6.92   | % |  |      | 7.44   | % |  |  | 7.46   | % 
|Total Liabilities as a Multiple of Shareholders Equity            |  |                                            | 12.03  | x |      |  | 13.41  | x    |  |  | 13.46  | x |  |      | 12.45  | x |  |  | 12.40  | x 
|Total Capital Ratio                                                |  |                                            | 13.02  | % |      |  | 12.63  | %    |  |  | 15.19  | % |  |      | 14.35  | % |  |  | 13.92  | % 
|Liquidity                                                          |  |                                            |        |   |      |  |        |      |  |  |        |   |  |      |        |   |  |  |        |   
|Cash and Due from Banks as a Percentage of Total Deposits          |  |                                            | 20.89  | % |      |  | 21.30  | %    |  |  | 25.40  | % |  |      | 21.69  | % |  |  | 24.23  | % 
|Loans, Net as a Percentage of Total Assets                         |  |                                            | 67.12  |   |      |  | 60.37  |      |  |  | 59.80  |   |  |      | 48.83  |   |  |  | 47.60  |   
|Credit Quality                                                     |  |                                            |        |   |      |  |        |      |  |  |        |   |  |      |        |   |  |  |        |   
|Past Due Loans(12)as a Percentage of Total Loans                   |  |                                            | 2.53   | % |      |  | 1.82   | %    |  |  | 2.57   | % |  |      | 3.95   | % |  |  | 2.87   | % 
|Non-Accrual Loans(13)as a Percentage of Total Loans                |  |                                            | 3.37   |   |      |  | 2.63   |      |  |  | 3.37   |   |  |      | 4.77   |   |  |  | 3.49   |   
|Allowance for Loan Losses as a Percentage of Non-accrual Loans(13) |  |                                            | 115.86 |   |      |  | 152.01 |      |  |  | 137.57 |   |  |      | 118.64 |   |  |  | 123.11 |   
|Net Charge-Offs(14)as a Percentage of Average Loans                |  |                                            | 2.00   |   |      |  | 1.49   |      |  |  | 2.37   |   |  |      | 2.84   |   |  |  | 1.83   |   
|Ratios in Accordance with U.S. GAAP                                |  |                                            |        |   |      |  |        |      |  |  |        |   |  |      |        |   |  |  |        |   
|Capital                                                            |  |                                            |        |   |      |  |        |      |  |  |        |   |  |      |        |   |  |  |        |   
|Shareholders Equity (deficit) as a Percentage of Total Assets     |  |                                            | 7.06   | % |      |  | 6.93   | %    |  |  | 7.38   | % |  |      | 4.07   | % |  |  | (3.00  | )%
|Total Liabilities as a Multiple of Total Shareholders Equity      |  |                                            | 13.17  | x |      |  | 13.44  | x    |  |  | 12.54  | x |  |      | 23.57  | x |  |  | (34.35 | )x
|Liquidity                                                          |  |                                            |        |   |      |  |        |      |  |  |        |   |  |      |        |   |  |  |        |   
|Loans, Net as a Percentage of Total Assets                         |  |                                            | 58.74  | % |      |  | 55.06  | %    |  |  | 52.56  | % |  |      | 45.55  | % |  |  | 49.59  | % 
|Credit Quality                                                     |  |                                            |        |   |      |  |        |      |  |  |        |   |  |      |        |   |  |  |        |   
|Allowance for Loan Losses as a Percentage of Non-Accrual Loans     |  |                                            | 143.90 |   |      |  | 202.23 |      |  |  | 163.37 |   |  |      | 108.37 |   |  |  | 141.34 |   
|                                                                   |  |                                            |        |   |      |  |        |      |  |  |        |   |  |      |        |   |  |  |        |   
|Inflation and Exchange Rate                                        |  |                                            |        |   |      |  |        |      |  |  |        |   |  |      |        |   |  |  |        |   
|Wholesale Inflation(15)                                            |  |                                            | 13.08  | % |      |  | 12.67  | %    |  |  | 14.56  | % |  |      | 10.27  | % |  |  | 8.82   | % 
|Consumer Inflation(16)                                             |  |                                            | 10.84  |   |      |  | 9.51   |      |  |  | 10.92  |   |  |      | 7.69   |   |  |  | 7.24   |   
|Exchange Rate Variation(17)(%)                                     |  |                                            | 14.27  |   |      |  | 8.23   |      |  |  | 4.72   |   |  |      | 9.93   |   |  |  | 9.61   |   
|CER(18)                                                            |  |                                            | 10.55  |   |      |  | 9.54   |      |  |  | 11.04  |   |  |      | 6.95   |   |  |  | 7.97   |   
|                                                                   |  |                                            |        |   |      |  |        |      |  |  |        |   |  |      |        |   |  |  |        |   

The ratios disclosed above are considered significant by the management of Grupo Financiero Galicia despite of the
fact that they are not a specific requirement of any GAAP.



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##### Table of Contents

|(1) | The exchange rate used to convert the December 31, 2012 amounts into Dollars was Ps.4.9173 per US$1.00. All amounts are stated in millions of Pesos, except
inflation and exchange rates, percentages, ratios, multiples and per-share data.
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(2) | Net financial income primarily represents income from interest on loans and other receivables resulting from financial brokerage plus net income from government and
corporate debt securities, including gains and losses, minus interest on deposits and other liabilities from financial intermediation. It also includes the CER adjustment.
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(3) | Amounts stated in Pesos or Dollars, as it corresponds.
|--- | ------------------------------------------------------

|(4) | Includes primarily debt with merchants and liabilities with other banks and international entities.
|--- | ---------------------------------------------------------------------------------------------------

|(5) | The average balances of assets, including the related interest that is due are calculated on a daily basis for Banco Galicia and for Galicia Uruguay, as well as for
Tarjetas Regionales consolidated with its operating subsidiaries, and on a monthly basis for Grupo Financiero Galicia and its non-banking subsidiaries.
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(6) | Net interest earned divided by interest-earning assets. For a description of net interest earned, see Item 4. Information on the Company-Selected
Statistical Information-Interest-Earning Assets-Net Yield on Interest-Earning Assets.
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(7) | Financial margin represents net financial income divided by average interest-earning assets.
|--- | --------------------------------------------------------------------------------------------

|(8) | Net income excluding minority interest as a percentage of average total assets.
|--- | -------------------------------------------------------------------------------

|(9) | Net income as a percentage of average shareholders equity.
|--- | -----------------------------------------------------------

|(10) | Operating income is defined as net financial income plus net income from services.
|---- | ----------------------------------------------------------------------------------

|(11) | Administrative expenses as a percentage of operating income as defined above.
|---- | -----------------------------------------------------------------------------

|(12) | Past-due loans are defined as the aggregate principal amount of a loan plus any accrued interest that is due and payable for which either the principal or any
interest payment is 91 days or more past due.
|---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(13) | Non-Accrual loans are defined as those loans in the categories of: (a) Consumer portfolio: Medium Risk, High Risk,
Uncollectible, and Uncollectible Due to Technical Reasons, and (b) Commercial portfolio: With problems, High Risk of Insolvency, Uncollectible, and Uncollectible Due to Technical
Reasons.
|---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(14) | Charge-offs plus direct charge-offs minus bad debts recovered.
|---- | --------------------------------------------------------------

|(15) | As measured by the annual change in the end-of-period Wholesale Price Index (WPI), published by INDEC (as defined herein).
|---- | ----------------------------------------------------------------------------------------------------------------------------

|(16) | As measured by the annual change in the end-of-period Consumer Price Index (CPI), published by INDEC.
|---- | -------------------------------------------------------------------------------------------------------

|(17) | Annual change in the end-of-period exchange rate expressed in Pesos per Dollar.
|---- | -------------------------------------------------------------------------------

|(18) | The CER is the Coeficiente de Estabilización de Referencia, an adjustment coefficient based on changes in the CPI.
|---- | ----------------------------------------------------------------------------------------------------------------------

Exchange Rate Information

The following table sets forth the annual high, low, average and period-end exchange rates for Dollars for the periods indicated,
expressed in Pesos per Dollar and not adjusted for inflation.



|              |  |                       |        |  |     |  |        |         |  |  |            |     |  |  |        | 
|------------- |  | --------------------- | ------ |  | --- |  | ------ | ------- |  |  | ---------- | --- |  |  | ------ | 
|              |  | Exchange Rate
(1)     |       
|              |  | High                  |        |  | Low |  |        | Average |  |  | Period-End |    
|              |  | (in Pesos per Dollar) |       
|2008          |  |                       | 3.4537 |  |     |  | 3.0128 |         |  |  | 3.1797     | (2) |  |  | 3.4537 | 
|2009          |  |                       | 3.8545 |  |     |  | 3.4497 |         |  |  | 3.7478     |     |  |  | 3.7967 | 
|2010          |  |                       | 3.9857 |  |     |  | 3.7942 |         |  |  | 3.9226     |     |  |  | 3.9758 | 
|2011          |  |                       | 4.3035 |  |     |  | 3.9715 |         |  |  | 4.1442     |     |  |  | 4.3032 | 
|2012          |  |                       | 4.9173 |  |     |  | 4.3048 |         |  |  | 4.5760     |     |  |  | 4.9173 | 
|October 2012  |  |                       | 4.7655 |  |     |  | 4.6992 |         |  |  | 4.7299     | (3) |  |  | 4.7655 | 
|November 2012 |  |                       | 4.8338 |  |     |  | 4.7700 |         |  |  | 4.7974     |     |  |  | 4.8338 | 
|December 2012 |  |                       | 4.9173 |  |     |  | 4.8398 |         |  |  | 4.8800     |     |  |  | 4.9173 | 
|January 2013  |  |                       | 4.9768 |  |     |  | 4.9228 |         |  |  | 4.9486     |     |  |  | 4.9768 | 
|February 2013 |  |                       | 5.0448 |  |     |  | 4.9825 |         |  |  | 5.0111     |     |  |  | 5.0448 | 
|March 2013    |  |                       | 5.1223 |  |     |  | 5.0475 |         |  |  | 5.0840     |     |  |  | 5.1223 | 



|(1) | Using closing reference exchange rates as published by the Argentine Central Bank.
|--- | ----------------------------------------------------------------------------------

|(2) | Annual average: based on the last day of each months closing quotation.
|--- | ------------------------------------------------------------------------

|(3) | Monthly average: daily closing quotations.
|--- | ------------------------------------------

As of April 26, 2013, the exchange rate was Ps.5.1752 for US$1.00.



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##### Table of Contents

Item 3.B. Capitalization and Indebtedness

Not applicable.

Item 3.C. Reasons for the Offer and Use of Proceeds

Not applicable.

Item 3.D. Risk Factors

You should carefully consider the risks described below in addition to the other information contained in this annual report. In addition, most, if not all, of the risks described below must be
evaluated bearing in mind that our most important asset is our equity interest in Banco Galicia, thus, a material change in Banco Galicias shareholders equity or income statement would also adversely affect our businesses and results of
operations. We may also face risks and uncertainties that are not presently known to us or that we currently deem immaterial, which may impair our business. Our operations, property and customers are located mainly in Argentina. Accordingly, the
quality of our customer portfolio, loan portfolio, financial condition and results of operations depend, to a significant extent, on the macroeconomic and political conditions prevailing in Argentina. In general, the risk assumed when investing in
the securities of issuers from countries such as Argentina, is higher than when investing in the securities of issuers from developed countries.

Risk Factors Relating to Argentina

Market conditions and the governments
intervention in the economy may adversely affect our business and prospects.

Grupo Galicias results of
operations may be affected by inflation, fluctuations in the exchange rate, modifications in interest rates, changes in the governments policies, and other political or economic developments either internationally or in Argentina or other
events that affect the country.

Historically, Argentinas economy has experienced periods of high levels of instability
and volatility, low or negative economic growth and high and fluctuating levels of inflation and devaluation. There are a number of factors that could have a material and adverse effect on Argentinas economy, in general, and, in particular, on
Grupo Galicias results of operations, the rights of the holders of securities issued by Grupo Galicia and the value of such securities. These factors include, but are not limited to, Argentinas inability to sustain economic growth, the
effects of inflation, Argentinas limited ability to obtain external financing, a decline in the international prices for Argentinas main commodity exports, fluctuations in the exchange rate of other countries against which Argentina
competes, regulatory actions taken by the Government (including, for example, the recent nationalization of YPF, and certain changes in the legal framework applicable to the capital markets), actions taken by the Government regarding the ongoing
lawsuit with the holdout creditors from Argentinas debt default and the vulnerability of the Argentine economy to external shocks.

After the presidential elections in October 2011, and in the light of the foreign exchange imbalance that arose as a result of the increase in the dollarization of the private sector portfolio and the
decrease in the balance of payment current account surplus, the Government issued a series of regulations with a view to stabilizing Argentinas stock of international reserves. The main measures taken included: (i) suspension of
regulations that allowed non-financial Argentine residents (both individuals and entities) to purchase foreign currency for the following concepts: real estate investments abroad, loans granted to non-residents, direct investment contributions
abroad, portfolio investments abroad, other investments abroad by residents, among other saving transactions, (ii) new obligations regarding the repatriation of funds (applicable, for example, to insurance and mining companies),
(iii) shorter periods within which to convert foreign currency into Pesos when there is an obligation to repatriate funds and (iv) the implementation of a reporting system which includes a pre-import of Goods Affidavit (DJAI),
an Anticipated Affidavit of Services ( DJAS) and an Anticipated Affidavit of (Financial) Payments Abroad (DAPE  Please see below Risk Factors Relating to Us) whereby, for example, importers of goods
for consumption are required to file such declaration with the Federal Public Revenue Authority, prior to issuing any purchase order (or similar document), otherwise they cannot make any import-related payment or fulfill the necessary Customs
procedures to obtain the clearance of the imported goods.



-7-



---

##### Table of Contents

The above noted factors that are currently impacting the Argentine economy, the Argentine
governments regulatory intervention and a deterioration in certain variables in the international context have led to a slowdown in the Argentine economic growth rate in 2012 that may continue in the near future. In addition, the inflation
rate remains high. Further, no assurance can be given that additional events in the future, such as the enactment of new regulations by the Argentine government or authorities will not occur. As a result of all of the foregoing, the financial
position and results of operations of private sector companies in Argentina, including Grupo Galicia, the rights of holders of securities issued by such institutions and the value of such securities may be negatively and adversely impacted.

The performance of the Argentine economy may deteriorate due to current economic conditions and any significant decline may adversely
impact Grupo Galicias financial condition.

According to the Argentine Institute of Statistics and Census
(INDEC), Argentinas Gross Domestic Product (GDP), in real terms, grew by 6.8% in 2008, 0.9% in 2009, 9.2% in 2010, 8.9% in 2011 and 1.9% in 2012, according to preliminary data. Thus, after the recovery observed in 2010
and 2011, in 2012 the economy suffered a slowdown as a result of the negative impact of lower crop yields, Brazils economic slowdown, the deterioration in the investment climate due to heightened regulations and the domestic economys
loss of competitiveness resulting from a level of inflation that exceeds the exchange rate depreciation rate. Although the economic conditions for the current year show indications of an improvement in terms of yields for the agricultural sector and
the recovery of Argentinas main business partner (Brazil), the macroeconomic imbalances as well as the regulatory risks continue, creating risks as to the domestic economys performance.

The international economic deterioration, a lack of stability and competitiveness of the Peso against other foreign currencies, the low
level of confidence among consumers and foreign and domestic investors, a higher inflation rate and future political uncertainties, among other factors, may affect the development of the Argentine economy and cause volatility in the local capital
markets.

In addition, the Argentine economy may be subject to further deterioration due to the following economic conditions:



| |  |  | the availability of long-term credit is scarce;
| | - |  | -----------------------------------------------



| |  |  | if the difficulties in bringing down the high spending growth rate continue, this may adversely affect the fiscal situation;
| | - |  | ----------------------------------------------------------------------------------------------------------------------------



| |  |  | inflation remains high;
| | - |  | -----------------------



| |  |  | an ongoing review of the regulatory framework applicable to many private sector activities continues to remain uncertain; and
| | - |  | -----------------------------------------------------------------------------------------------------------------------------



| |  |  | the economic recovery has depended to some extent on high commodity prices, which are volatile and beyond the control of the Argentine government.
| | - |  | --------------------------------------------------------------------------------------------------------------------------------------------------

A slowdown in Argentinas economic growth or an increased level economic instability may have a
significant adverse effect on Grupo Galicias business, financial position and results of its operations and the trading price for its ADSs.

If the high levels of inflation continue, the Argentine economy and Grupo Galicias financial position and business could be adversely affected.

The high rate of economic growth in recent years, which has been fueled by Argentinas full utilization of its installed productive
capacity, along with expansive fiscal and monetary policies, has caused a high level of inflation in Argentina since 2007. According to INDEC data, the CPI grew 7.2% in 2008, 7.7% in 2009, 10.9% in 2010, 9.5% in 2011 and 10.8% in 2012; while the WPI
increased 8.8% in 2008, 10.0% in 2009, 14.6% in 2010, 12.7% in 2011 and 13.1% in 2012. In the past, inflation has materially undermined the Argentine economy and the governments ability to generate conditions that fostered economic growth. In
addition, high inflation or a high level of volatility with respect to the same may materially and adversely affect the business volume of the financial system and prevent the growth of intermediation activity levels. This result, in turn, could
adversely affect the level of economic activity and employment.



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A high inflation rate also affects Argentinas competitiveness abroad, real salaries,
employment, consumption and interest rates. A high level of uncertainty with regard to these economic variables, and a general lack of stability in terms of inflation, could lead to shortened contractual terms and affect the ability to plan and make
decisions. This may have a negative impact on economic activity and on the income of consumers and their purchasing power, all of which could materially and adversely affect Grupo Galicias financial position, results of operations and
business.

In addition to the above, the accuracy of the measurements of the INDEC is in doubt, and the current actual
consumer and wholesale price indices may be significantly higher than those indicated by INDEC. If a correction of the CPI and other INDEC indices is deemed necessary, this may lead to a marked loss of confidence in the Argentine economy.

Argentinas ability to obtain financing and to attract direct foreign investment is limited and may adversely affect Grupo
Galicias financial position, results of operations and business.

As of the date hereof, Argentina had very
limited access to foreign financing, essentially due a default in December 2001 on its debt to foreign bondholders, multilateral financial institutions (e.g., the IMF and the Paris Club) and other financial institutions. Although in 2006, Argentina
settled all of its outstanding debt with the IMF and between 2004 and 2010 carried out a variety of debt swaps with certain bondholders, the Government is still in default with some of the bondholders (holdout creditors) and with the Paris Club.

In this regard, among other issues, Argentina is currently involved in litigation in U.S. courts with the holdout
bondholders, i.e. those bondholders that chose not to participate in the above mentioned debt swaps. The outcome of this litigation is uncertain and, in the event of an unfavorable outcome for Argentina, could cause Argentina to be in technical
default under some of its current indebtedness. In addition, the foreign shareholders of several Argentine companies, mostly public utilities, have filed claims with the International Centre for Settlement of Investment Disputes (ICSID),
alleging that the emergency measures adopted by the Argentine government differ from the fair and equitable treatment provisions set forth in several bilateral investment treaties to which Argentina is a party. Both items would entail a contingent
debt that would exceed US$20 billion.

Argentinas default on its foreign debt and the abovementioned claims that have
been filed against Argentina may prevent the Argentine government and Argentine private sector companies from accessing the international capital markets and receiving direct foreign investment. Due to the same, the Argentine government may not be
able to foster economic growth. Moreover, direct foreign investment in the private sector, which is also necessary to foster economic growth, may not occur at the necessary or optimal levels. These risks may be additionally exacerbated due to the
limited liquidity available for investment in the local capital markets, as well as the highly concentrated pool of potential local investors.

If Argentina does not fully recover its ability to access the international capital markets and attract direct foreign investment, there is a risk that the country will not obtain the requisite capital to
restart the investment cycle and sustain a high economic growth rate. If this occurs, Argentinas fiscal condition may be adversely affected, which could generate more inflation and undermine the Argentine governments ability to implement
economic policies designed to foster growth. The difficulty of sustaining economic growth in the long term, along with a reasonable stability in prices, may result in another episode of economic instability, which could have a material adverse
effect on the prospects of the Argentine economy and, therefore, could have a material adverse effect on Grupo Galicias financial condition and operating results and on the trading prices for its ADSs.

A decline in the international prices of Argentinas main commodity exports and a significant real appreciation of the Peso against the
U.S. Dollar could affect the Argentine economy and create new pressures on the foreign exchange market, and have a material adverse effect on Grupo Galicias financial condition, prospects and operating results.

Argentinas economic recovery since the 2001-2002 crisis has taken place within a context of increasing prices for commodity exports,
such as soy, which represented 21.9% of Argentine exports in 2012. High prices for



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commodities have contributed to the increase in exports by Argentina since the third quarter of 2002, and have contributed to increased tax revenues for the Argentine government, mainly from
export taxes (withholdings). However, this reliance on the export of certain commodities, such as soy, has made the Argentine more vulnerable to fluctuations in their prices.

A significant increase in the real appreciation of the Peso could affect Argentinas competitiveness, substantially affecting exports, and this, in turn could prompt new recessionary pressures on the
countrys economy and a new imbalance in the foreign exchange market, which could lead to a high degree of volatility in the exchange rate. Most importantly, in the short term, a significant appreciation of the real exchange rate could
substantially reduce the Argentine public sectors tax revenues in real terms, given the strong reliance on taxes on exports (withholdings). The occurrence of the foregoing could lead to inflation and potentially materially and adversely affect
the Argentine economy, as well as Grupo Galicias financial condition and operating results and, thus, the trading prices for its ADSs.

Volatility in the regulatory framework could have a material adverse effect on Argentinas economy in general, and on Grupo Galicias
financial position, specifically.

In response to the 2001 and 2002 economic crisis, the Argentine government enacted
several laws amending the regulatory framework governing a number of different activities. The Argentine government continues to exert significant control over the economy. For example, during fiscal year 2012, the Argentine Central Bank passed new
regulations that require banks, including Banco Galicia, to provide loans with interest rates that are below the then prevailing market interest rates. In addition, political and social pressures could inhibit the Argentine governments
implementation of policies designed to maintain price stability, generate growth and enhance consumer and investor confidence.

Existing or new regulations that could potentially be enacted in the future by Argentine authorities could materially and adversely
affect the assets, revenues and operating income of private sector companies, including Grupo Galicia, the rights of holders of securities issued by those entities, or the value of those securities.

The lack of regulatory foresight could impose significant limitations on the activities of the financial system and Grupo Galicias
business, and would generate uncertainty regarding its future financial position and results of operations and the trading price for its ADSs.

The Argentine economy and its goods, financial services and securities markets remain vulnerable to external factors, which could affect
Argentinas economic growth and Grupo Galicias prospects.

The financial and securities markets in Argentina
are influenced, to varying degrees, by economic and market conditions in other countries. Although such conditions may vary from country to country, investor reactions to events occurring in one country may affect capital flows to issuers in other
countries, and consequently, affect the trading prices of their securities. Decreased capital inflows and lower prices in the securities market of a country may have a material adverse effect on the real economy of those countries in the form of
higher interest rates and foreign exchange volatility.

During periods of uncertainty in international markets, investors
generally choose to invest in high-quality assets (flight to quality) over emerging market assets. This has caused and could continue to cause an adverse impact on the Argentine economy and has and could continue to adversely affect the
countrys economy in the near future.

During 2011 and 2012, Greece and, to a lesser extent, other European countries
such as Portugal, Ireland, Spain and Italy, continued facing significant problems, and the risk of these issues continuing into the future continues to be a concern. The problems faced by the European Unions periphery countries, resulting from
a combination of factors such as low growth, fiscal woes and financial pressures, are particularly acute. Reestablishing financial and fiscal stability to offset the low or zero growth continues to pose a challenge.

A new global economic and/or financial crisis or the effects of deterioration in the current international context, could affect the
Argentine economy and, consequently, Grupo Galicias results of operations, financial condition and the trading price for its ADSs.



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A potential future devaluation of the Peso may hinder or potentially prevent Grupo Galicia from being
able to honor its foreign-currency denominated obligations.

If the Peso were to devalue significantly in the future,
it could have an adverse effect on the ability of Argentine companies to make timely payments on their debts denominated in or indexed or otherwise connected to a foreign currency, generate very high inflation rates, reduce real salaries
significantly, and have an adverse effect on companies focused on the domestic market, such as public utilities and the financial industry. Devaluation could also adversely affect the Argentine governments capacity to honor its foreign debt,
with adverse consequences for Grupo Galicias and Banco Galicias businesses, which could affect Grupo Galicias capacity to meet future obligations denominated in a foreign currency which, in turn, could have a material adverse
effect on the trading prices for Grupo Galicias ADSs.

The Argentine foreign exchange market is subject to controls, which may
adversely affect the ability and the manner in which Grupo Galicia repays its obligations denominated in or indexed or otherwise connected to a foreign currency.

Decree No. 1570/01, effective as of December 3, 2001, established certain restrictions on transfers of foreign currencies abroad, prohibiting most of ordinary foreign currency transfers abroad.
Decree No. 1606/01 maintained the same restrictions, but has incorporated additional restrictions regarding the transfers of funds that entered the country after December 3, 2001 to foreign countries.

Subsequently, the Argentine government issued Decree No. 616/05 (and supplementary regulations), which regulated Argentinas
capital inflows and outflows. Basically, this decree establishes that, subject to certain exceptions, funds transferred into Argentina by residents and non-residents are subject to a deposit, called an encaje, equal to 30% of the
amount transferred, which must be deposited in U.S. Dollars for one year in a local financial institution, during which time such amount will not bear interest. This deposit cannot be transferred and cannot be used as security. This regulation also
establishes that Argentine companies obtain the approval of the Argentine Central Bank (BCRA, as per its initials in Spanish) in order to transfer funds from Argentina to accounts abroad, subject to certain exceptions, and also sets forth the
prerequisites for individuals to acquire and transfer funds in the foreign exchange market without requiring that prior authorization.

Since late 2011, the controls and regulations in respect of the foreign exchange market have become more stringent, limiting the possibility of transferring funds abroad. For further details on these and
other exchange control measures in respect of the foreign exchange market, please see the section titled Item 8. Financial Information-Legal Proceedings.

No assurance can be provided that the abovementioned regulations will not be amended, or that no new regulations will be enacted in the future imposing greater limitations on funds flowing into and out of
the Argentine foreign exchange market. Any such measures, as well as any additional controls and/or restrictions, could materially affect Grupo Galicias ability to access the international capital markets and may undermine its ability to make
payments of principal and/or interest on its obligations denominated in a foreign currency or transfer funds abroad (in total or in part) to make payments on its obligations (which could affect Grupo Galicias financial condition and results of
operations). Therefore, Argentine resident or non-resident investors should take special notice of these regulations (and their amendments) that limit access to the foreign exchange market. Grupo Galicia may be prevented from making payments in U.S.
Dollars and/or making payments outside Argentina due to the restrictions in place at that time in the foreign exchange market and/or due to the restrictions on the ability of companies to transfer funds abroad.

It may be difficult to effect service of process against Grupo Galicias executive officers and directors, and foreign judgments may be
difficult to enforce or may be unenforceable.

Service of process upon individuals or entities which are not resident
in the United States may be difficult to obtain with the United States. Grupo Galicia and substantially all of its subsidiaries are companies incorporated under the laws of Argentina. Most of their shareholders, directors, members of the Supervisory
Syndics Committee, officers, and some specialists named herein are domiciled in Argentina and the most significant part of their assets is located in Argentina. Although Grupo Galicia has an agent to receive service of process in any action
against it in the United States with respect to its ADSs, none of its executive officers or directors has consented to service of



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process in the United States or to the jurisdiction of any United States court. As a result, it may be difficult to effect service of process against Grupo Galicias executive officers and
directors. Additionally, under Argentine law, the enforcement of foreign judgments will be allowed provided that the requirements in sections 517 to 519 of the National Code of Civil and Commercial Procedures are met or, if it is one of the powers
governed by provincial law, the requirements in the applicable local code of procedure, and provided that the foreign judgment does not infringe the concepts of public policy in Argentine law, as determined by the competent courts of Argentina.
Grupo Galicia cannot guarantee that an Argentine court may consider that the enforcement of foreign judgments ordering payments under foreign-currency securities, outside Argentina is contrary to public policy regulations of Argentine law, for
instance, if at such time there are legal restrictions in place prohibiting Argentine debtors from transferring foreign currency abroad to pay off debts.

The measures adopted by the Argentine government and the claims filed by workers on an individual basis or as part of a labor union action may lead to pressures to increase salaries or additional
benefits, which would increase companies, including Grupo Galicias, operating costs.

In the past, the
Argentine government has passed laws and regulations requiring private sector companies to maintain certain salary levels and provide their employees with additional benefits. Furthermore, employers, both in the public sector and in the private
sector, have been experiencing intense pressures from their personnel, or from the labor unions representing them, demanding salary increases and certain benefits for the workers, given the high inflation rates.

Grupo Galicia cannot assure you that the Argentine government will not adopt measures in the future mandating salary increases or the
provision of additional employee benefits or that the employees or their unions will not exert pressure in demanding those measures. Any such measures could have a material and adverse effect on Grupo Galicias expenses and business, results of
operations and financial condition and, thus, on the trading prices for its ADSs.

Risk Factors Relating to the Argentine
Financial System

The stability of the Argentine financial system is dependent upon the ability of financial institutions, including
Banco Galicia, the main subsidiary of Grupo Galicia, to maintain and increase the confidence of depositors.

The
measures implemented by the Argentine government in late 2001 and early 2002, in particular the restrictions imposed on depositors to withdraw money freely from banks and the pesification and restructuring of their deposits, were strongly opposed by
depositors due to the losses on their savings and undermined their confidence in the Argentine financial system and in all financial institutions operating in Argentina.

If depositors once again withdraw their money from banks in the future, there may be a substantial negative impact on the manner in which financial institutions, including Banco Galicia, conduct their
business, and on their ability to operate as financial intermediaries. Loss of confidence in the international financial markets may also adversely affect the confidence of Argentine depositors in local banks.

In the future, an adverse economic situation, even if it is not related to the financial system, could trigger a massive withdrawal of
capital from local banks by depositors, as an alternative to protect their assets from potential crises. Any massive withdrawal of deposits could cause liquidity issues in the financial sector and, consequently, a contraction in credit supply.

The occurrence of any of the above could have a material and adverse effect on Grupo Galicias expenses and business,
results of operations and financial condition and, thus, on the trading prices for its ADSs.

If financial intermediation activity
volumes relative to GDP are not restored to significant levels, the capacity of financial institutions, including Banco Galicia, the main subsidiary of Grupo Galicia, to generate profits may be negatively affected.

As a result of the 2001-2002 economic crisis, the volume of financial intermediation activity dropped dramatically: private sector credit
plummeted from 24% of GDP in December 2000 to 7.7% in June 2004 and total deposits as a percentage of GDP fell from 31% to 23.2% during the same period. The depth of the crisis and the



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effect it had on depositors confidence in the financial system created uncertainty as to its ability to act as an intermediary between savings and credit. Further, the ratio of total
financial systems private-sector deposits and loans to GDP is low when compared to international levels and lower than the periods prior to the crisis, especially in the case of loans to the private sector, which represented approximately 17%
of GDP as of December 31, 2012.

There is no assurance that financial intermediation activities will continue in a manner
sufficient to reach the necessary volumes to provide financial institutions, including Banco Galicia, with sufficient capacity to generate income, or that that those actions will be sufficient to prevent Argentine financial institutions, such as
Banco Galicia, from having to assume excessive risks in terms of maturity mismatches. Under these circumstances, for an undetermined period of time, the scale of operations of Argentine-based financial institutions, including Banco Galicia, their
business volume, the size of their assets and liabilities or their income-generation capacity could be much lower than before the crisis which may, in turn, impact the results of operations of Banco Galicia and, potentially, the trading price for
Grupo Galicias ADSs.

The Argentine financial systems growth and income, including that of Banco Galicia, the main
subsidiary of Grupo Galicia, depend in part on the development of medium- and long-term funding sources.

In spite of
the fact that the financial systems and Banco Galicias deposits continue to grow, they are mostly demand or short-term time deposits and the sources of medium- and long-term funding for financial institutions are currently limited. If
Argentine financial institutions, such as Banco Galicia, are unable to access adequate sources of medium and long-term funding or if they are required to pay high costs in order to obtain the same and/or if they cannot generate profits and/or
maintain their current volume and/or scale of their business, this may adversely affect Grupo Galicias ability to honor its debts.

Argentine financial institutions (including Banco Galicia) continue to have exposure to public sector debt (including securities issued by the
Argentine Central Bank) and its repayment capacity, which in periods of economic recession, may negatively affect their results of operations.

Argentine financial institutions continue to be exposed, to some extent, to public sector debt and its repayment capacity. The Argentine governments ability to honor its financial obligations is
dependent on, among other things, its ability to establish economic policies that succeed in fostering sustainable growth and development in the long term, generating tax revenues and controlling public expenditures, which could, either partially or
totally, fail to take place.

Banco Galicias exposure to the public sector as of December 31, 2012 was Ps.4,950
million, representing approximately 7.9% of its total consolidated assets and one times its shareholders equity. Of this total, Ps.1,698 million corresponded to Argentine government securities, while the remaining Ps.3,252 million were
Argentine Central Bank debt instruments. As a result, Banco Galicias income-generating capacity may be materially impacted, or may be particularly affected by the Argentine public sectors repayment capacity and the performance of public
sector bonds, which, in turn, is dependent on the factors referred to above. Banco Galicias ability to honor its financial obligations may be adversely affected by the Argentine governments repayment capacity or its failure to meet its
obligations in regard to Argentine government obligations owed to Banco Galicia.

In the future, the Argentine government may impose new
limitations on creditors rights in Argentina and on the possibility of enforcing certain guarantees, which could adversely affect the financial conditions of financial institutions, including Banco Galicia, the main subsidiary of Grupo
Galicia.

To protect debtors affected by the 2001-2002 economic crisis, beginning in 2002, the Argentine government
passed various laws and regulations that temporarily suspended the ability of creditors to enforce their guarantees and exert their rights under similar instruments established in financing agreements in the event of a default by the debtor. Such
limitations have, in some cases, restricted Argentine creditors, such as Banco Galicia, from initiating actions and/or lawsuits to collect and recover on defaulted loans. While these rules have ceased to be applicable, in the event of an adverse
economic environment or in other circumstances, the Government could pass new rules and regulations restricting the ability of creditors to enforce their rights pursuant to loan agreements, guarantees and similar instruments or documents, the impact
of which may have an adverse effect on the business of financial institutions in Argentine, include those of Banco Galicia.



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The Consumer Protection Law may limit some of the rights afforded to Grupo Galicia and its
subsidiaries.

Argentine Law No. 24,240 (the Consumer Protection Law) sets forth a series of rules and
principles designed to protect consumers, which include Banco Galicias customers. The Consumer Protection Law was amended by Law No. 26,361 on March 12, 2008 to expand its applicability and the penalties associated with violations
thereof. Additionally, Law No. 25,065 (as amended by Law No. 26,010 and Law No. 26,361, the Credit Card Law) also sets forth public policy regulations designed to protect credit card holders.

The application of both the Consumer Protection Law and the Credit Card Law by administrative authorities and courts at the federal,
provincial and municipal levels has increased. This trend has increased general consumer protection levels. In the event that Grupo Galicia and its subsidiaries are found to be liable for violations of any of the provisions of the Consumer
Protection Law or the Credit Card Law, the potential penalties could limit some of Grupo Galicia and its subsidiaries rights, for example, with respect to their ability to collect payments due from services and financing provided by Grupo
Galicia or its subsidiaries, and adversely affect their financial results of operations. Grupo Galicia cannot assure you that court and administrative rulings based on the newly-enacted regulation or measures adopted by the enforcement authorities
will not increase the degree of protection given to its debtors and other customers in the future, or that they will not favor the claims brought by consumer groups or associations. This may prevent or hinder the collection of payments resulting
from services rendered and financing granted by Grupo Galicias subsidiaries, which may have an adverse effect on their results and operations.

Class actions against financial institutions for an indeterminate amount may adversely affect the profitability of the financial system and of Banco Galicia, specifically.

Certain public and private organizations have initiated class actions against financial institutions in Argentina. Class actions are
contemplated in the Argentine National Constitution and the Consumer Protection Law, however, their guidance with respect to procedural rules for instituting and trying class action cases is limited. Notwithstanding the foregoing, the courts have
admitted class actions providing for some guidance with respect to the procedures for trying the same. These courts have admitted several complaints filed against financial institutions to defend collective interests, based on arguments that object
to the charges applied to certain products, the interest rates applied and the advisory services rendered in the sale of government securities, among others.

Final judgments entered against financial institutions under these class actions may affect the profitability of financial institutions in general and of Banco Galicia specifically in relation to class
actions filed against Banco Galicia. If these class actions plaintiffs were to prevail, their success could have an adverse effect on the financial or insurance industry and, consequently, on Grupo Galicias business and financial condition.
For further information regarding class actions brought against Banco Galicia, please refer to the Item 8. Financial InformationLegal Proceedings.

Administrative procedures filed by the tax authorities of certain Argentine provinces against financial institutions, such as Banco Galicia (the primary subsidiary of Grupo Galicia) and amendments
to tax laws applicable to Grupo Galicia could generate losses for Grupo Galicia.

Buenos Aires City tax authorities, as
well as certain provincial tax authorities, have initiated administrative proceedings against financial institutions in order to collect higher gross income taxes from those financial institutions from the year ended 2002 and onwards. The Argentine
Federal Court of Appeals granted Banco Galicia a preliminary injunction in an amount corresponding to the Compensatory Bond (as defined below) in Banco Galicias challenge of the assessment of the tax authorities of the Autonomous City of
Buenos Aires. The Argentine Supreme Court of Justice affirmed the opinion of the Argentine Federal Court of Appeals, and the Court of Appeals therefore ordered the fiscal authority to refrain from starting tax enforcement proceedings or otherwise
requesting precautionary measures for such purpose. The aim of the Compensatory Bond was to compensate financial institutions for losses that they would have otherwise incurred as a result of the measures implemented to confront the 2001-2002
economic crisis, in particular, the asymmetric pesification. The final decision regarding these proceedings remains uncertain and financial institutions, including Banco Galicia, may suffer substantial losses.

In addition, although Banco Galicia considers it has met its tax obligations regarding current regulations and has properly recorded
provisions for those risks based on the opinions and advice of its external legal advisors and pursuant to the applicable accounting standards, certain risk factors may render those provisions inadequate. Tax authorities may not agree with Grupo
Galicias tax treatment, possibly leading to an increase in the tax responsibilities.



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Moreover, amendments to existing regulations may increase Grupo Galicias tax rate and
a material increase in the tax burden could adversely affect its financial results.

Risk Factors Relating to Us

Grupo Galicia may be unable to repay its financial obligations due to a lack of liquidity it may suffer because of being a holding
company

Grupo Galicia, as a holding company, conducts its operations through its subsidiaries. Consequently, it does
not operate or hold substantial assets, except for equity investments in its subsidiaries. Except for such assets, Grupo Galicias ability to invest in its business developments and/or to repay obligations is subject to the funds generated by
its subsidiaries and their ability to pay cash dividends. In the absence of such funds, Grupo Galicia may be forced to resort to financing options at unappealing prices, rates and conditions. Additionally, such financing could be unavailable when
Grupo Galicia may need it.

Grupo Galicias subsidiaries are under no obligation to pay any amount to enable Grupo
Galicia to carry out investment activities and/or to cancel its liabilities, or to give Grupo Galicia funds for such purposes. Each of the subsidiaries is a legal entity separate from Grupo Galicia, and due to certain circumstances, legal or
contractual restrictions, as well as to the subsidiaries financial condition and operating requirements, Grupo Galicias ability to receive dividends and its ability to develop its business and/or to comply with payment obligations, could
be limited. Under certain regulations and agreements, Banco Galicia has restrictions related to dividend distribution. In particular, effective as of the end of 2011, the Argentine Central Bank implemented new regulations regarding dividend
distribution. These new regulations established that after paying dividends, financial institutions must still have an excess of computable capital over the new minimum requirement of 75%, an increase from the previous requirement of 30%. As a
result of these regulations, Banco Galicia was unable to declare dividends for the fiscal year ended December 31, 2012, and therefore the ability of Grupo Financiero Galicia to pay dividends has been negatively impacted. In addition, the
Federal Public Revenue Authority enacted a new regulation (effective since February, 2013), requiring an Anticipated Affidavit of (Financial) Payments Abroad (named DAPE) in order to complete payments of dividends to non-residents (among
other concepts which are also subject to the mandatory DAPE).

Notwithstanding the fact that the repayment of such obligations
could be afforded by Grupo Galicia through other means, such as bank loans or new issues in the capital market, investors should take notice of the above prior to deciding on their investment in debt or equity of Grupo Galicia. For further
information on dividend distribution restrictions, see Item 5.B. Liquidity and capital Resources.

Corporate governance
standards and disclosure policies that govern companies listing their shares as part of the public offerings system in Argentina may differ from those regulating highly-developed capital markets, such as the U.S. As a foreign private issuer, Grupo
Galicia applies disclosure policies and requirements that differ from those governing U.S. domestic registrants.

Argentine disclosure requirements, are more limited than those in the United States in important respects and, as a foreign private
issuer, Grupo Galicia may be subject to different disclosure and other requirements than a domestic U.S. registrant. For example, as a foreign private issuer in the U.S., Grupo Galicia is not subject to the same requirements and disclosure policies
as a domestic U.S. registrant under the Exchange Act, including the requirements to prepare and issue financial statements, report on significant events and the standards applicable to domestic U.S. registrants under Section 14 of the Exchange
Act or the insider reporting and short-swing profit rules applicable to domestic U.S. registrants.

In addition, although
Argentine laws provide for certain requirements that are similar to those prevailing in the U.S. in relation to publicly listed companies (including, for example, those related to price manipulation), in general, applicable Argentine laws are
different to those in the U.S. and in certain aspects may provide different or fewer protections or remedies as compared to U.S. laws. Further, Grupo Galicia relies on exemptions from certain Nasdaq rules that are applicable to domestic companies.
Accordingly, the information available about Grupo Galicia to you is not the same as, and may be more limited than, the information available to shareholders of a U.S. company.



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Adverse conditions in the credit, capital and foreign exchange markets may have a material adverse
effect on Grupo Galicias financial position and results of operations and adversely impact it by limiting its ability to access funding sources.

Grupo Galicia may sustain losses relating to its investments in fixed- or variable-income securities on the exchange market and its monetary position due to, among other reasons, changes in market prices,
defaults and fluctuations in interest rates and in exchange rates. A deterioration in the capital markets may cause Grupo Galicia to record net losses due to a decrease in the value of its investment portfolios, in addition to losses caused by the
volatility in financial market prices, even if the economy overall is not affected. Any of these losses could have an adverse effect on Grupo Galicias results of operations.

A percentage of Banco Galicias liquidity is derived from local banks and the local capital market. As of December 31, 2012,
Banco Galicias liquidity ratio was 27.64%, as measured by liquid assets as a percentage of total deposits (liquid assets that include cash, bank loans, holdings of securities issued by the Argentine Central Bank (Lebac and
Nobac), net interbank loans, short-term placements with correspondent banks and repurchase agreement transactions in the local market). Any disruptions in the local capital market or in the local financial market, as have been
experienced by Argentina in the past, may result in a reduction in availability and/or increased cost of financing for liquidity obtained from such sources. These conditions may impact Banco Galicias ability to replace, in a cost effective
and/or timely manner, maturing liabilities and/or access funding to execute its growth strategy. Any such event may adversely affect Banco Galicias financial position and/or results of operations.

Grupo Galicias subsidiaries estimate and establish reserves for potential credit risk or future credit losses, which may be inadequate or
insufficient, and which may, in turn, materially and adversely affect its financial position and results of operations.

Grupo Galicias subsidiaries estimate and establish reserves for potential credit risk and losses related to changes in the levels of
income of debtors/borrowers, increased rates of inflation, increased levels of non-performing loans or an increase in interest rates. This process requires a complex and subjective analysis, including economic projections and assumptions regarding
the ability of debtors to repay their loans.

Therefore, if in the future Grupo Galicias subsidiaries are unable to
effectively control the level of quality of their loan portfolio, if loan loss reserves are inadequate to cover future losses, or if they are required to increase their loan loss reserves due to an increase in the amount of their non-performing
loans, the financial position and the results of operations of Grupo Galicias subsidiaries may be materially and adversely affected.

If Grupo Galicias main subsidiary, Banco Galicia, should fail to detect money laundering and other illegal or inappropriate activities in a
comprehensive or timely manner, the business interests and reputation of Banco Galicia, and consequently, that of Grupo Galicia, may be harmed.

Banco Galicia must be in compliance with all applicable laws against money laundering, funding of terrorist activities and other regulations. These laws and regulations require, among other things, that
Banco Galicia adopt and implement control policies and procedures which involve know your customer principles that comply with the applicable regulations and reporting suspicious or unusual transactions to the applicable regulatory
authorities. While Banco Galicia has adopted policies and procedures intended to detect and prevent the use of its network for money laundering activities and by terrorists, terrorist organizations and other types of organizations, those policies
and procedures may fail to fully eliminate the risk that Banco Galicia has been or is currently being used by other parties, without its knowledge, to engage in activities related to money laundering or other illegal activities. To the extent that
Banco Galicia has not detected or does not detect those illegal activities, the relevant governmental agencies to which it reports have the power and authority to impose fines and other penalties on Banco Galicia. In addition, its business and
reputation could be adversely affected if customers use it for money laundering activities or other illegal activities.



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A disruption or failure in Grupo Galicias information technology system could adversely affect
its operations and financial position.

The success of Grupo Galicias subsidiaries is dependent upon the
efficient and uninterrupted operation of their communications and computer hardware systems, including those systems related to the operation of their ATM networks. Grupo Galicias communications, systems or transactions could be harmed or
disrupted by fire, floods, power failures, defective telecommunications, computer viruses, electronic or physical theft and similar events or disruptions. Any of the foregoing events may cause disruptions in Grupo Galicias systems, delays and
the loss of critical data, and could prevent it from operating at optimal levels. In addition, the contingency plans in place may not be sufficient to cover all those events and, therefore, this may mean that the applicable insurance coverage is
limited or inadequate, preventing Banco Galicia from receiving full compensation for the losses sustained as a result of such a disruption. If any of these events occur, it could damage the reputation, entail serious costs and affect Grupo
Galicias transactions, as well as its results of operations and financial position.

Item 4.
Information on the Company

History and Development of the Company

Our legal name is Grupo Financiero Galicia S.A. We are a financial services holding company that was incorporated on September 14,
1999, as a sociedad anónima (which is a stock corporation) under the laws of Argentina. As a holding company we do not have operations of our own and conduct our business through our subsidiaries. Banco Galicia is our main subsidiary
and one of Argentinas largest full-service banks. Through the operating subsidiaries of Tarjetas Regionales, a holding company controlled by Banco Galicia, and CFA (97% Banco Galicia, 3% Grupo Financiero Galicia S.A.) we provide proprietary
brand credit cards throughout the Interior of the country and consumer finance services throughout Argentina. Argentines refer to the Interior as that part of the countrys territory different from the federal capital
and the areas surrounding the city of Buenos Aires (Greater Buenos Aires), i.e., the provinces, including the Buenos Aires Province but excluding the city of Buenos Aires and its surroundings. Through Sudamericana and its subsidiaries we
provide insurance products in Argentina. We directly or indirectly own other companies providing financial related products as explained herein. We are one of Argentinas largest financial services groups with consolidated assets of Ps.63,458
million as of December 31, 2012.

Our goal is to consolidate our position as one of Argentinas leading
comprehensive financial services providers while continuing to strengthen Banco Galicias position as one of Argentinas leading banks. We seek to broaden and complement the operations and businesses of Banco Galicia, through holdings in
companies and undertakings whose objectives are related to and/or can produce synergies with financial activities. Our non-banking subsidiaries operate in financial and related activities that Banco Galicia cannot undertake or in which it is limited
to invest in due to restrictive banking regulations.

Our domicile is in Buenos Aires, Argentina. Under our bylaws, our
corporate duration is until June 30, 2100. Our duration can be extended by a resolution passed at the extraordinary shareholders meeting. Our principal executive offices are located at Teniente General Juan D. Perón 456, Second
Floor, (C1038AAJ), Buenos Aires, Argentina. Our telephone number is (54-11) 4343-7528.

Our agent for service of process in
the United States is C T Corporation System, presently located at 111 8th Avenue, New York, New York 10011.

Organizational Structure

The following table illustrates our organizational structure as of December 31, 2012. Percentages indicate the ownership interests held. All of the companies shown in the chart are incorporated in
Argentina, except for:



| |  |  | Galicia Uruguay (in liquidation), incorporated in Uruguay and currently not an operating financial institution.
| | - |  | ---------------------------------------------------------------------------------------------------------------



| |  |  | Galval, incorporated in Uruguay and on September 4, 2012, the Board of Directors of Grupo Financiero Galicia approved the sale of the 100% of its
interest in Galval. Such transaction is subject to the corresponding authorization of the Central Bank of Uruguay.
| | - |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | Galicia Cayman, incorporated in the Cayman Islands.
| | - |  | ---------------------------------------------------



| |  |  | Tarjeta Naranja Dominicana, incorporated in the Dominican Republic.
| | - |  | -------------------------------------------------------------------



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| |  |  | Tarjeta Naranja Perú, incorporated in Perú.
| | - |  | -------------------------------------------



LOGO





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History

Grupo Financiero Galicia

Grupo Financiero Galicia was formed on
September 14, 1999 as a financial services holding company to hold all of the shares of the capital stock of Banco Galicia held by members of the Escasany, Ayerza and Braun families. Its initial nominal capital amounted to 24,000 common shares,
12,516 of which were designated as class A ordinary (common) shares (the class A shares) and 11,484 of which were designated as class B ordinary (common) shares (the class B shares).

Following Grupo Financiero Galicias formation, the holding companies that held the shares in Banco Galicia on behalf of the
Escasany, Ayerza and Braun families were merged into Grupo Financiero Galicia. Following the merger, Grupo Financiero Galicia held 46.34% of the outstanding shares of Banco Galicia. In addition, and due to the merger, Grupo Financiero Galicias
capital increased from 24,000 to 543,000,000 common shares, 281,221,650 of which were designated as class A shares and 261,778,350 of which were designated as class B shares. Following this capital increase, all of our class A shares were held by
EBA Holding S.A., an Argentine corporation that is 100% owned by our controlling shareholders, and our class B shares were held directly by our controlling shareholders in an amount equal to their ownership interests in the holding companies that
were merged into Grupo Financiero Galicia.

On May 16, 2000, our shareholders held an extraordinary shareholders
meeting during which they unanimously approved a capital increase of up to Ps.628,704,540 and the public offering and listings of our class B shares. All of the new common shares were designated as class B shares, with a par value of Ps.1.00. During
this extraordinary shareholders meeting, all of our existing shareholders waived their preemptive rights. In addition, the shareholders determined that the exchange ratio for the exchange offer would be one class B share of Banco Galicia for
2.5 of our class B shares and one ADS of Banco Galicia for one of our ADSs. The exchange offer was completed in July 2000 and the resulting capital increase was of Ps.549,407,017. At date of completion of the exchange offer, our only significant
asset was our 93.23% interest in Banco Galicia.

On January 2, 2004, our shareholders held an extraordinary
shareholders meeting during which they approved a capital increase of up to 149,000,000 preferred shares, each of them mandatorily convertible into one of our class B shares on the first anniversary of the date of issuance, to be subscribed
for in up to US$100.0 million of face value of subordinated notes to be issued by Banco Galicia to its creditors in the restructuring of the foreign debt of its head office in Argentina (the Head Office) and its Cayman Branch, or cash.
This capital increase was carried out in connection with the restructuring of Banco Galicias foreign debt. On May 13, 2004, we issued 149,000,000 preferred non-voting shares, with preference over the ordinary shares in the event of
liquidation, each with a face value of Ps.1.00. The preferred shares were converted into class B shares on May 13, 2005. With this capital increase, our capital increased to Ps.1,241,407,017. For more information on Banco Galicias debt
restructuring, please see below.

In 2000, Net Investment was established as a holding company, of which Grupo Financiero
Galicia had 87.5% ownership. During that year, Grupo Financiero Galicia also entered the bank insurance business acquiring a participation in Sudamericana and in 2001 acquired the 87.5% of Galicia Warrants. As of the date of this annual report Grupo
Financiero Galicia owns the 87.5% of each company, with the remaining 12.5% being held by Banco Galicia.

In January 2005, we
created Galval, a securities broker based in Uruguay, with the purpose of providing trading and custody services. We own 100% of the capital and voting rights of this subsidiary. On September 4, 2012, the Board of Directors approved the sale of
its 100% interest in Galval. Such transaction is subject to the corresponding authorization of the Central Bank of Uruguay.

In August 2007, Grupo Financiero Galicia exercised its preemptive rights in Banco Galicias share issuance and subscribed for
93.6 million shares of Banco Galicia. The consideration consisted of: (i) US$102.2 million face value of notes due 2014 issued by Banco Galicia in May 2004, and (ii) cash. After the capital increase, Grupo Financiero Galicia held
94.66% of Banco Galicias shares, up from 93.60%. For more information on Banco Galicias capital increase, please see -Banco Galicia-Banco Galicias 2007 Capital Increase.



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In March 2008, GV Mandataria (in liquidation) was incorporated with the purpose of carrying
out securities-related representations, mandates and commissions of all types, involving both domestic and international companies. Grupo Financiero Galicia holds 100% of GV Mandatarias stock.

As of December 31, 2012, the controlling percentage held by Grupo Financiero Galicia in Banco Galicia was 94.93%. During the first
quarter of fiscal year 2013, its ownership of Banco Galicia reached 94.94%.

Banco Galicia

Banco de Galicia y Buenos Aires S.A. is a banking corporation organized as a stock corporation under Argentine law and supervised and
licensed to operate as a commercial bank by the Superintendencia de Entidades Financieras y Cambiarias (Superintendency of Financial Institutions and Exchange Bureaus or the Superintendency).

Banco Galicia was founded in September 1905 by a group of businessmen from the Spanish community in Argentina and initiated its
activities in November of that year. Two years later, in 1907, Banco Galicias stock was listed on the Buenos Aires Stock Exchange (BASE). Banco Galicias business and branch network increased significantly by the late 1950s
and continued expanding in the following decades, after regulatory changes allowed Banco Galicia to exercise its potential and gain a reputation for innovation, thereby achieving a leading role within the domestic banking industry.

In the late 1950s, Banco Galicia launched the equity fund FIMA Acciones and founded the predecessor of the asset manager Galicia
Administradora de Fondos S.A., Sociedad Gerente de Fondos Comunes de Inversión (Galicia Administradora de Fondos). Beginning in the late 1960s Banco Galicia began to establish an international network mainly comprised of branches
in New York and in the Cayman Islands, a bank in Uruguay and several representative offices.

In order to develop automated
banking in Argentina and avoid bank disintermediation (i.e., when consumers directly access information or goods rather than using intermediaries) in the provision of electronic information and fund transfer services, in 1985, Banco Galicia
established, together with four other private- sector banks operating in Argentina, Banelco S.A. to operate a nationwide automated teller system, which became the largest in the country. During the same year, Banco Galicia also acquired an interest
in VISA Argentina S.A., and is currently one of the largest issuers of such cards in Argentina.

During the 1990s, Banco
Galicia implemented a growth and modernization strategy directed at achieving economies of scale and increasing productivity and, therefore, heavily invested in developing new businesses, acquiring new customers, widening its product offering,
developing its IT and human resources capabilities, and expanding its distribution capacity. This was comprised of traditional channels (branches) and, especially, alternative channels, including new types of branches (in-store for example), ATMs,
banking centers, phone banking and internet banking.

As part of its growth strategy, in 1995 Banco Galicia began a new
expansion phase into the Interior of Argentina where high growth potential was believed to exist. Typically the Interior is underserved relative to the city of Buenos Aires and its surroundings with respect to access to financial services and
its population tends to use fewer banking services. Between 1995 and 1999, Banco Galicia acquired equity interests in entities or formed several non-banking companies providing financial services to individuals in the Interior through the issuance
of proprietary brand credit cards. See -Regional Credit Card Companies below. In addition, in 1997, Banco Galicia acquired a regional bank that was merged into it, with branches located mainly in Santa Fe and Córdoba, two of the
wealthiest and more populous provinces.

In order to fund its strategy, during the 1990s, Banco Galicia tapped the
international capital markets for both equity and debt. In June 1993, Banco Galicia carried out its initial international public offering in the United States and Europe and, as a result, began to list its American Depositary Receipts
(ADRs) on the Nasdaq Stock Market until 2000, when Banco Galicias shares were exchanged for our shares. In 1991, it was the first Argentine bank to issue debt in the European capital markets and, in 1994, it was the first Latin
American issuer of a convertible bond. In 1996, Banco Galicia raised equity again through a local and international public offering.



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In 1996, Banco Galicia entered the bank insurance business through an agreement with ITT
Hartford Life Insurance Co. for the joint development of initiatives in the life insurance business. In this same year, Banco Galicia initiated its internet presence, which evolved into a full e-banking service for both companies and individuals.

At the end of 2000, Banco Galicia was the largest private-sector bank in the Argentine market with a 9.8% deposit market
share.

In 2001 and 2002 Argentina experienced a severe political and financial crisis, which had a material adverse effect on
the financial system and on financial businesses as a whole, including Banco Galicia, but especially on financial intermediation activity. However, during the crisis, the provision of banking services of a transactional nature was maintained. With
the normalization of the Argentine economys situation and the subsequent growth cycle that began in mid-2002, financial activities began to expand at high rates, which translated into high growth at the level of the financial system as a
whole, including Banco Galicia. The provision of services continued to develop, even further than prior to the crisis, and financial intermediation resumed progressively.

Beginning in May 2002, Banco Galicia began to implement a series of initiatives to deal with the liquidity shortage caused by the systemic deposit run, the unavailability of funding and other adverse
effects of the 2001-2002 crisis on the financial system as a whole. Banco Galicia significantly streamlined its operations and reduced its administrative expenses and, immediately after launching such initiatives, restored its liquidity. Also, in
late 2002 and early 2003, Banco Galicia closed all of its operating units abroad or began to wind them down. In addition, Banco Galicia: (i) restructured most of its commercial loan portfolio, a process that was substantially completed in 2005,
(ii) restructured its foreign debt, a process that began in 2002 and that was completed in May 2004, and resulted in an increase in its capitalization, and (iii) in February 2004, finalized the restructuring of its debt with the Argentine
Central Bank incurred as a consequence of the 2001-2002 crisis.

Together with the launching of the above-mentioned
initiatives, Banco Galicia began to normalize its activities, progressively restoring its customer relations and growing its business with the private sector. In 2007, Banco Galicia finalized the full repayment of its debt with the Argentine Central
Bank incurred as a consequence of the 2001-2002 crisis. In addition, in August 2007, Banco Galicia repaid in full the notes that it had issued to restructure the debt of its New York Branch and undertook a share offering to increase its
capitalization, in order to be able to support the increase in regulatory capital requirements on a banks exposure to the public sector and the growth of its business with the private sector. For more information, see -Banco
Galicias 2007 Capital Increase below.

On June 1, 2009, Banco Galicia entered into a stock purchase agreement
with AIG and with AIG Consumer Finance Group Inc. for the purchase of the shares of CFA, Cobranzas y Servicios S.A. and Procesadora Regional S.A. (collectively the CFA Group), Argentine companies that are involved in financial and
related activities.

Pursuant to Resolution No. 124, dated June 7, 2010, the Argentine Central Bank authorized the
purchase of the shares of the CFA Group by Banco Galicia and Tarjetas Regionales and on August 31, 2010, through Resolution No. 299, the National Commission for the Defense of Competition (Comisión Nacional de Defensa de la
Competencia) approved the transaction. The purchase of the shares of the CFA Group was completed by Banco Galicia (95%) and Tarjetas Regionales (5%) on June 24, 2010. The price to acquire the shares of these companies was Ps.333.9
million. This purchase was financed with Banco Galicias available cash, within its ordinary course of business. During the fiscal year ended December 31, 2011, the 5% interest held by Tarjetas Regionales was acquired by Grupo Financiero
Galicia and Banco Galicia, which acquired 3% and 2% of such interest, respectively. Following such acquisition, Banco Galicia held a 97% interest in CFA. See -Compañía Financiera Argentina below.

Restructuring of the Foreign Debt of Banco Galicias Head Office in Argentina and its Cayman Branch

On May 18, 2004, Banco Galicia successfully completed the restructuring of US$1,320.9 million of the debt of Banco Galicias
Head Office and its Cayman Branch, consisting of bank debt (including debt with multilateral credit agencies) and bonds. This amount represented 98.2% of the foreign debt eligible for restructuring. As of December 31, 2012, the principal amount
of old debt, the holders of which did not participate in the exchange offer was US$1.3 million.



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Based on the final amounts validly tendered, on May 18, 2004, Banco Galicia paid
creditors who elected to participate in the cash offer and the Boden offer and issued the following new debt instruments:



| |  |  | US$648.5 million of long-term Dollar-denominated debt instruments, of which US$464.8 million were Dollar-denominated notes due 2014 (referred to as the
Step Up Notes Due 2014 or the 2014 Notes) issued under an indenture.
| | - |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | US$399.8 million of medium-term Dollar-denominated debt instruments, of which US$352.8 million were Dollar-denominated notes due 2010 (referred to as
the Floating Rate Notes Due 2010 or the 2010 Notes) issued under an indenture.
| | - |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | US$230.0 million of subordinated Dollar-denominated debt instruments, of which US$218.2 million were Dollar-denominated notes due 2019 (referred to as
the Subordinated Notes Due 2019 or the 2019 Notes) issued under an indenture.
| | - |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

In
January 2010, Banco Galicia paid the last amortization installment of its 2010 Notes, for a principal amount of US$34.2 million and in November 2010, Banco Galicia redeemed all its 2014 Notes, for an outstanding principal amount of US$102.3 million.

During February 2011, Banco Galicia partially redeemed capitalized interest of its Subordinated Notes Due 2019 for US$90.1
million, which amount was capitalized between January 1, 2004 and December 31, 2010, and was originally scheduled to be paid on January 1, 2014. In addition, as part of such partial redemption, Banco Galicia also paid all other
interest accrued on such partially redeemed amount up to the day before the redemption date for US$1.4 million. Interest accrues on these notes at a fixed annual rate of 5% and is payable semiannually.

In addition, in December 2011, with respect to such notes, Banco Galicia made an advance payment of interest, including both interests
that capitalized from January 1, 2011 to June 30, 2011, as well as interests that had accrued on such capitalized amount as of the day before such advanced payment, of US$5.5 million and US$0.3 million, respectively. Such payment was
originally scheduled to be made on January 1, 2014.

As of December 31, 2012, the outstanding principal amount of
debt resulting from the above-mentioned restructuring amounted to US$242.4 million. For more information see Item 5.A. Operating Results-Contractual Obligations and Operating Results-Funding.

Grupo Financiero Galicia holds a credit against Banco Galicia for US$10.2 million, as a result of the acquisition from third parties of
subordinated loans maturing in 2019.

Banco Galicias 2007 Capital Increase

On October 11, 2006, Banco Galicias shareholders resolved to increase Banco Galicias capital stock by up to
100 million ordinary (common) book-entry, class B shares, with one vote per share and a nominal value of Ps.1.0 each. The new shares could be purchased, at the option of the purchaser, in cash or in 2010 Notes, 2014 Notes and/or 2019 Notes. The
offer was made only to shareholders. The purpose of the capital increase was to guarantee Banco Galicias compliance with the Argentine Central Banks capital adequacy rules, in light of the increase in such requirements. This increase was
expected because of the projected growth of Banco Galicias business volume with the private sector and the Argentine Central Banks regulations establishing increasing capital requirements in respect of public-sector assets.

On July 27, 2007, we purchased 93,604,637 new shares through the exercise of our preemptive rights. During August 2007, Banco
Galicia issued 93,664,806 new shares through the exercise of its shareholders preemptive and accretion rights. In total, the transaction led to a net increase in Banco Galicias shareholders equity of Ps.493 million, of which Ps.466
million was an aggregate increase in Banco Galicias shareholders equity items capital stock and issuance premiums, net of issuance costs, and Ps.27 million was a profit in connection with the portion paid for in 2014 Notes, given that
these notes were received by Banco Galicia at a value lower than their book value.



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Banco Galicia Uruguay S.A. and Galicia (Cayman) Ltd.

In 1983, Galicia Uruguay was established as a Casa Bancaria, a license that granted an offshore status, as an
alternative service location for Banco Galicias customers. In September and October 1999, the Uruguayan governments executive branch and the Uruguayan Central Bank, respectively, approved Galicia Uruguays status as a full service
domestic bank. Due to the effects of the 2001-2002 crisis on Galicia Uruguay, in early 2002, the Central Bank of Uruguay suspended its activities and assumed control and management of Galicia Uruguay. In December 2002, Galicia Uruguay restructured
its deposits into debt maturing in 2011. On June 1, 2004, Galicia Uruguays license to operate as a domestic commercial bank was revoked by the Central Bank of Uruguay, but it retained the license from the Uruguayan governments
executive branch. Control and management of Galicia Uruguay by the Central Bank of Uruguay ended on February 22, 2007. On May 15, 2009, Galicia Uruguay made available to its clients in advance US$27.3 million, corresponding to the
remaining balance of its restructured debt, which was initially due in September 2011.

On May 29, 2009, the Special
General Meeting of Galicia Uruguay approved the voluntary reduction of capital by redemption of shares. Following such capital reduction, Banco Galicia held 100% of the capital stock of Galicia Cayman, of which formerly 65.34% was controlled by
Galicia Uruguay and the remaining 34.66% by Banco Galicia. As of the closing of fiscal year 2012 the shareholders equity of Galicia Uruguay amounted to Ps.55.7 million.

At the date of this annual report, Galicia Uruguay was in the process of being liquidated and therefore was not engaged in any active business and its restructured debt (time deposits and notes) has been
repaid in full.

Galicia Cayman was established in 1988 in the Cayman Islands as another alternative service location for
Banco Galicias customers. Galicia Uruguays situation adversely affected its subsidiary Galicia Cayman, which commenced voluntary liquidation and surrendered its banking license effective as of December 31, 2002. In May 2003, Galicia
Cayman together with the provisional liquidators designated by the Grand Court of the Cayman Islands completed a debt restructuring plan and, with the authorization of such Court, presented it to all creditors for their consideration. The plan was
approved, in whole, by the vote of 99.7% of creditors, exceeding the legal majority required, on July 10, 2003, and became effective and mandatory for all creditors. On February 2, 2006, the Grand Court of the Cayman Islands declared the
plan as terminated and ended the involvement of any third parties in the companys management beginning on February 23, 2006.

Regional Credit Card Companies

In the mid-1990s, Banco Galicia made the strategic decision to target the non-account holding individuals market, which, in Argentina, typically includes the low and medium-low income segments
of the population who live in the Interior of the country, in addition to certain locations of the Greater Buenos Aires. To implement this strategic decision, in 1995 Banco Galicia began investing in non-bank companies (the Regional
Credit Card Companies) operating in certain regions of the Interior, providing financial services to individuals through the issuance of credit cards with proprietary brands and extending credit to its customers through such cards.

In 1995, Banco Galicia made the first investment in this business by acquiring a minority stake in Tarjeta Naranja S.A.
(Tarjeta Naranja) and in 1997 increased its ownership to 80%. This company had begun operations in 1985 in the city of Córdoba, the second largest city in Argentina, by marketing Tarjeta Naranja, its proprietary brand
credit card, in this city and had enjoyed local growth.

In 1996, Banco Galicia formed Tarjetas Cuyanas S.A. (Tarjetas
Cuyanas), to operate in the Cuyo Region (the provinces of Mendoza, San Juan and San Luis) in partnership with local businessmen. This company launched the Nevada Card in May 1996 in the city of Mendoza. Also in 1996, Banco Galicia
formed a new company, Tarjetas del Mar S.A. (Tarjetas del Mar), to operate in the city of Mar del Plata and its area of influence. Tarjetas del Mar began marketing the Mira card in March 1997.

In early 1997, Banco Galicia purchased an interest in Comfiar S.A., a consumer finance company operating in the provinces of Santa Fe and
Entre Ríos, which was merged into Tarjeta Naranja in January 2004.



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In 1999, Banco Galicia reorganized its participation in this business through Tarjetas
Regionales, a holding company wholly owned by Banco Galicia and Galicia Cayman, which achieved control of Tarjeta Naranja, Comfiar S.A., Tarjetas Cuyanas, and Tarjetas del Mar. In addition, in 1999, Tarjetas Regionales acquired a 12.5% interest in
Tarjetas del Sur S.A., a credit card company operating in southern Argentina. In January 2000, this interest increased to 60% and, in February of the same year, Tarjeta Naranja acquired the remaining 40%. In March 2001, Tarjetas del Sur S.A. merged
into Tarjeta Naranja.

During 2012, the ownership interests in Tarjetas Regionales and its operating subsidiaries were modified due to the
following events:



| |  |  | Tarjeta Naranjas board of directors approved the merger of Tarjeta Mira S.A. (merged company) into Tarjeta Naranja (merging company).
| | - |  | --------------------------------------------------------------------------------------------------------------------------------------



| |  |  | Tarjetas Regionales carried out a capital increase that was mainly paid in by the contribution of the minority shareholders holdings in its
subsidiaries Tarjeta Naranja and Tarjetas Cuyanas. Therefore, Banco Galicias direct and indirect interest decreased to 77% of the capital stock and the remaining 23% is held by the shareholders who, by means of the above-mentioned
contribution, became Tarjetas Regionales minority shareholders.
| | - |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

As of December 31, 2012, Banco
Galicia held directly 57.97% of Tarjetas Regionales while through Galicia Cayman held 19.03%. In turn, Tarjetas Regionales held 99.0% of Tarjeta Naranja and 99.0% of Tarjetas Cuyanas.

These companies have experienced a significant expansion of their customer bases, in absolute terms and with respect to the range of
customers served, number of cards issued, distribution networks and size of operations, as well as a technological upgrade and general modernization. By mid 1995, Tarjeta Naranja had approximately 200,000 cards outstanding. As of December 31,
2012, the Regional Credit Card Companies, on a consolidated basis, had 7.3 million issued cards and were the largest proprietary brand credit card operation in Argentina.

In terms of funding, the Regional Credit Card Companies have historically used one or more of the following third party sources of financing: merchants, bond issuances, bank loans and other credit lines,
financial leases and securitizations using financial trust vehicles. This diversification has allowed the Regional Credit Card Companies to maintain and expand their business without depending excessively on one single source or provider.

The business operations of the Regional Credit Card Companies are exposed to foreign exchange rate fluctuations and interest
rate fluctuations; however, they mitigate the foreign exchange rate risk in respect of their business and operation through hedging transactions and to try to offset their interest rate exposure with assets that bear interest at similar floating
rates. In addition, the Regional Credit Card Companies have an overall liquidity policy to have sufficient liquidity to cover at least three months of future operations and they also formulate a cash flow projection for each upcoming year. These
internal policies and practices ensure adequate working capital through which the Regional Credit Card Companies protect their operations against short-term cash shortages, allowing them to focus on expanding their business and continuously better
serving their clients.

Compañía Financiera Argentina

CFA is a financial company which operates under the Financial Institutions Law and other regulations set forth by the Argentine
Central Bank.

CFA is a leading financial company in Argentina in the personal loans business, providing consumer personal
loans through different products. Within this framework, CFA grants unsecured personal loans within the Argentine territory, mainly through its Efectivo Sí offices, intermediary entities (mutuals, unions, cooperatives,
etc.) and the financing of purchases through its affiliated merchants. It also issues credit cards, but on a small scale.

CFA
had different names before adopting its current name. It was originally set up under the name Río de la Plata Sociedad Anónima Comercial y de Financiaciones on August 16, 1960, and in 1977 the name was changed to
Burofinanz S.A. Compañía Financiera (authorized by Resolution No. 424 of the Argentine Central Bank, dated December 29, 1977).



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In 1992, CFA carried out its commercial activities under the name Interbonos
Compañía Financiera S.A. (authorized by Resolution No. 284 of the Argentine Central Bank, dated June 17, 1992), as agent of the Mercado Abierto (fixed income brokerage) and later it shifted its activities to
personal financing, providing small loans through retail merchants for the acquisition of different consumer goods. In 1994, it created Efectivo Sí, which is a product aimed at satisfying the financial needs of the
non-bankarized population sector, or that segment of the population characterized by limited interaction with traditional banks.

In 1995, Banco de Crédito Argentino acquired an interest in the companys capital stock and later Banco de Crédito Argentino was acquired by BBVA Banco Francés S.A., which became
the major shareholder of CFA. Subsequently, the División Convenios (Agreements Division) was created, which allowed CFA to enter the market of agreements with mutuals, unions, cooperatives and other intermediary
organizations, and grant loans to its associates.

The Argentine Central Bank, through its Resolution No. 85 dated
February 7, 1996, registered CFAs change of denomination to Compañía Financiera Argentina S.A. and authorized it to operate as a financial company under the Financial Institutions Law, thus allowing CFA to
initiate its activities since February 27, 1996.

In 1998, most of CFAs capital stock was acquired by AIG Consumer
Finance Group Inc., a company controlled by AIG American International Group Inc. Six years later, in 2004, the Cuota Sí product was designed, aimed at financing purchases through affiliated merchants.

In June 2010, Compañía Financiera Argentina was acquired by Banco Galicia and Tarjetas Regionales, with an interest in
CFAs capital stock of 95% and 5%, respectively.

During fiscal year 2011, the 5% interest held by Tarjetas Regionales
was acquired by Grupo Financiero Galicia and Banco Galicia, which acquired 3% and 2% of such interest, respectively. Following such acquisition, Banco Galicia held a 97% interest in CFA.

Sudamericana Holding

In 1996, Banco Galicia entered the bank
insurance business, through the establishment of a joint venture with Hartford Life International to sell life insurance and annuities, in which it had a 12.5% interest. In December 2000, Banco Galicia sold its interest in this company and purchased
12.5% of Sudamericana, a subsidiary of Hartford Life International. As a result of various acquisitions, Grupo Financiero Galicia owns 87.5% of Sudamericana (with the remaining 12.5% being held by Banco Galicia) which offers life, retirement and
property and casualty insurance products in Argentina through its subsidiaries Galicia Seguros S.A. (Galicia Seguros), which provides property and casualty and life insurance, Galicia Retiro Compañía de Seguros S.A.
(Galicia Retiro), which provides retirement insurance and Galicia Broker Asesores de Seguros S.A. (insurance broker).

In addition, during fiscal year 2012 Galicia Seguros, together with other three insurance companies, created Nova Re Compañía Argentina de Reaseguros S.A., the goal of which is to increase
the scope of offerings of reinsurance products in Argentina.

Net Investment

Net Investment was established in February 2000 as a holding company (87.5% owned by Grupo Financiero Galicia and 12.5% owned by Banco
Galicia) whose initial purpose was to invest in and develop businesses related to technology, communications, internet connectivity and web contents. Net Investment has performed its activities in the areas of business to business e-commerce, with
the purpose of creating and exchanging synergies with Banco Galicias business activities.

During the 2010 fiscal year,
Net Investment purchased shares of a company that carries out activities related to online business development. Further, during the 2011 fiscal year, the shareholders decided to amend the corporate purpose of Net Investment to be able to invest in
additional companies in related, accessory and/or supplementary activities.



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As of December 31, 2012, the equity investment held by Net Investment is equivalent to
0.19% of such companys net worth.

For fiscal year 2013, the board of directors of Net Investment is analyzing various
business alternatives and opportunities.

Galicia Warrants

Galicia Warrants was founded in April 1993, when it obtained the authorization from the relevant authorities to store goods and issue
certificates of deposits of goods and warrants under the provisions of Law No. 9,643.

Galicia Warrants is a leading
company in the deposit certificates and warrants issuance market and its main customers belong to the agricultural, industrial and agro-industrial sectors, as well as exporters and retailers. Its main objective is to enable its customers to access
credit and financing, which are secured by the property kept under custody. Its shareholders are Grupo Financiero Galicia, with an 87.5% stake, and Banco Galicia, with the remaining 12.5%

Galval

Galval was formed in January 2005 under the laws of
República Oriental del Uruguay. Galval renders brokerage services in Uruguay.

On September 4, 2012, the Board of
Directors approved the sale of the 100% of Grupo Financiero Galicias interest in Galval. Such transaction is subject to the corresponding authorization of the Central Bank of Uruguay.

GV Mandataria (in liquidation)

The main purpose of GV Mandataria de
Valores S.A. (GV Mandataria) (in liquidation) is to represent, act as agent and carry out brokerage activities for domestic and foreign companies. As a result of the international financial crisis and its impact on financial brokerage,
GV Mandataria has not achieved its economic goals. During the fiscal year ended December 31, 2012, the decision was made to reduce the number of shareholders to only one, Grupo Financiero Galicia.

On November 12, 2012, the companys extraordinary shareholders approved a proposal for the dissolution and liquidation of
GV Mandataria pursuant to Section 94, Subsection 8, of the Law No. 19,550, as amended (Ley de Sociedades Comerciales, the Corporations Law). Consequently, GV Mandataria (in liquidation) is currently in liquidation and is
taking all the necessary steps for the payment of its liabilities and the sale of its assets.

Business

Banking

Banco Galicia is our largest subsidiary. Banco Galicia operates in Argentina and substantially all of its customers, operations and assets are located in Argentina. Banco Galicia is a bank that provides,
directly or through its subsidiaries, a wide variety of financial products and services to large corporations, small and medium-sized companies, and individuals.

Banco Galicia is one Argentinas largest full-service banks and is a leading provider of financial services in Argentina. According to information published by the Argentine Central Bank, as of
December 31, 2012, Banco Galicia ranked second in terms of assets, deposits and loan portfolio within private-sector banks in Argentina. As of the same date, Banco Galicia also ranked first among private-sector domestic banks in terms of
assets, loans and deposits. Its market share of private sector deposits and of loans to the private sector was of 9.12% and of 9.05% respectively, as of the end of 2012. On a consolidated basis, as of the end of fiscal year 2012, Banco Galicia had
total assets of Ps.62,771 million, total loans of Ps.42,571 million, total deposits of Ps.39,991 million, and its shareholders equity amounted to Ps.4,904 million.



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Banco Galicia provides a full range of financial services through one of the most extensive
and diversified distribution platforms amongst private-sector financial institutions in Argentina. This distribution platform, as of December 31, 2012, was comprised of 257 full service banking branches, located throughout the country, 1,676
ATMs and self-service terminals owned by Banco Galicia, phone banking and e-banking facilities. Banco Galicias customer base, on an unconsolidated basis, was comprised of more than 2.5 million customers, who were comprised of mostly
individuals but who also included more than 65,500 companies. Banco Galicia has a strong competitive position in retail banking, both with respect to individuals and small and medium-sized companies. Specifically, it is one of the primary providers
of financial services to individuals, one of the largest providers of credit cards, the primary private-sector institution serving the small and medium-sized companies sector, and has traditionally maintained a leading position in the agriculture
and livestock sectors. Banco Galicias primary clients are classified into two categories, the Wholesale Banking Division and the Retail Banking Division.

For a breakdown of Banco Galicias revenues by category of activity for the last three financial years, see Item 5.A. Operating Results-Results by Segments-Banking.

Wholesale Banking

The
Wholesale Banking division manages and builds the relationships with companies from all economic sectors and supports its business model by being closely related to its corporate customers, providing dedicated and focused services.

Banco Galicia continues to strengthen its leading position in various business segments, not only through the cross selling of its
various products to existing clients, but also through continuing to provide better quality financial products and services (including collection and payment services, commercial credit cards for each segment, direct payroll deposit, capital market
alternatives, foreign trade solutions and corporate e-banking solutions). Banco Galicia also renewed its certification of the quality management system Cobranza Integrada Galicia (Galicia Integral Collection).

Banco Galicia provided assistance to more than 62,000 companies in Argentina through multiple credit lines to finance from working
capital to medium- to long-term investment projects. The commitment to the countrys business activity becomes clear in the Banks total loan portfolio structure (unconsolidated with Tarjetas Regionales or Compañía Financiera
Argentina), of which 58% accounts for the financing of production-related sectors. Out of this total, 62% of such financing was granted to small and medium-sized companies and the agricultural sector, and the remainder of such financing to large
companies and corporations.

During 2012, Ps.43,700 million were granted as loans to companies across the country and the
total commercial loans portfolio increased by 33.6%. The offer of Peso and Dollar-denominated medium- and long-term financing continued being improved through a broad offer of agreements with domestic and international agencies, such as the
International Finance Corporation (IFC), the Inter-American Development Bank (IDB), FONTAR (Fondo Tecnológico Argentino), the Netherlands Development Finance Company (FMO), the Promotion et
Participation pour la Coopération Economique (Proparco) and Bank for Investment and Foreign Trade (BICE). Additionally, the benefits of all subsidized credit lines or lines with special conditions offered by the
national and provincial public sector were offered to customers.

In addition to investment in capital goods, through the
Credit Line for the Productive Investment under Communiqué A 5319, Banco Galicia disbursed more than Ps.1,400 million in respect of 3,300 loans, 89% of which related to micro-, small- and medium-sized companies. Through such
Communiqué, in July 2012, the Argentine Central Bank established that financial entities must offer a new credit line in order to finance investment projects to purchase capital goods and/or to finance the construction of facilities to
produce goods and/or services and to market goods (excluding inventories). Financial entities must assign at least an amount equivalent to 5% of the monthly average of daily balances of peso-denominated deposits from the non-financial private sector
as of June 2012. Not less than 50% of said amount had to be granted to micro, small and medium enterprises, and said financing had to be fully approved before December 31, 2012. Loans had to be granted in pesos, at a fix nominal annual interest
rate not higher than 15.01%, with an average life longer than 24 months and for a minimum term of 36 months. In order to continue managing value chain integration, alliances were forged with leading companies to provide special financing conditions,
entering into 115 agreements for the purchase of machines, seeds, agrochemicals, trucks and vehicles, among others; and purchases for over Ps.453 million were financed. The



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relationship with Sociedades de Garantía Recíproca  SGR (Reciprocal Guarantee Companies) was sought to be strengthened, by generating differentiated circuits and
exclusive proposals/quotas, and granting Ps.25 million for transactions guaranteed by the SGR and obtaining deposits amounting to Ps.130 million from their risk funds. Furthermore, an agreement was signed with Garantizar SGR, whereby Banco Galicia
contributed Ps.30 million to the SGRs risk fund and became the contributory partner of the company.

Galicia Office,
Banco Galicias corporate e-banking service, provides a quick, dynamic and safe channel to manage the online treasury of corporate customers and continues to grow year after year. In this respect, Galicia Offices business increased by
36%, totaling Ps.553,800 million in transaction volumes, as compared to Ps.407,300 million in 2011.

Corporate Banking

During the 2012 fiscal year, Banco Galicia consolidated its leading position in the segment, as per its presence in assessment and market
penetration indices, as a result of planned commercial management, tailor-made financial and non-financial solutions, and the specialized advisory services from a professional team.

We have continued to design technological solutions to integrate Banco Galicia into global platforms in order to facilitate
customers transactions. Treasury volumes increased by 56%, as compared to the prior year, as a result of increased e-banking services and the provision of products, such as Cobranza Integrada Galicia(Galicia Integral Collection),
Pago a Proveedores (Payment to Suppliers) and Pago de Haberes (Direct Payroll Deposits).

During the fiscal
year, the Corporate Banking division actively took part in the structuring of debt transactions and capital markets issuances, bolstering its leading positions in such transactions.

With respect to foreign trade transactions, the service model for such segment was supplemented in order to provide more expedient and
tailor-made professional services in respect of the same.

Companies

This segment is comprised of companies whose revenues range from Ps.50 million to Ps.500 million. Among these types of companies, Banco Galicia is the leading bank in the sector, standing out in all
business sectors.

During the 2012 fiscal year, both cross-selling and transactional levels remained high, supported by the
fact that the Companies segment practically fully joined the corporate e-banking solution, Galicia Office. Additionally, there was an increased presence throughout Argentina by the opening of additional Corporate Banking Centers with officers and
service representatives specializing in the geographic area and business of such companies. These officers provide attentive, professional advice, credit assistance and technical support to selected groups of companies. There are a total of eleven
Corporate Banking Centers throughout Argentina.

In the second half of the 2012 fiscal year, companies demand for
financing increased, both with respect to working capital and for financing investment projects. Furthermore, capital markets transactions and other financial transactions were successfully carried out within such segment.

Agricultural and Livestock Sector

For the seventh year in a row, according to the annual survey of ICASA/Mora y Araujo Consultant for Chacra Magazine that establishes the best positioned brands in this sector, Banco Galicia was
ranked first among private banks in the agriculture and livestock sector. Further, Banco Galicia continued to improve its business model in respect of the agriculture sector by focusing on small producers in order to reach additional regions of
Argentina.

This directly correlates to its offering of products relating to such sector. Tarjeta Galicia Rural holds more
than 50% of the market share of credit card-related transactions in this segment, having experienced a 50% increase in sales volumes, as compared to the 2011 fiscal year. For example, more than 70 interest-free agreements were entered into with
leading agricultural and livestock sector companies.



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Noteworthy among the business activities carried out during the 2012 fiscal year were
multiple financing offers to finance agricultural campaigns, including the structuring of loans to best suit each producers needs and the development of capital market transactions for such segment.

During the 2012 fiscal year, the tenth edition of the Excelencia Agropecuaria La NaciónBanco Galicia Award (La
Nación-Banco Galicias Agricultural Excellence Award) was achieved and Banco GaliciaRevista Chacra a la Gestión Solidaria del Campo Award (Banco Galicia-Chacra Magazines Rural Solidarity Award) and CAPA-Banco
Galicia Award to the agricultural journalism were granted. Banco Galicia also continued supporting the research and outreach activities of Producir Conservando Foundation and of Universidad Austral as well as continuing its support of
the work of Asociación Argentina de Productores en Siembra Directa (Argentine Association of No-till Farming) and Consorcios Regionales de Experimentación Agrícola (Agricultural Experimentation Regional
Consortiums) with a view towards spreading the agriculture certified in Argentina.

Foreign Trade

During the 2012 fiscal year, the foreign trade volumes (imports plus exports) amounted to US$14,400 million, which accounts for 9.7% of
the trade balance.

The Foreign Trade Customer Contact Center supported this sector by providing telephone assistance by way
of more than 245,000 calls. Work was performed jointly with operating and commercial areas to strengthen the internal management and foster a better experience for all customers.

New employees joined the team of Foreign Trade specialists within the Corporate Banking Centers to provide assistance in the preparation
of transactions, business advice and miscellaneous services. This new service model was implemented at the Corporate Banking Centers in Morón, Pilar, Quilmes, Mendoza, Corrientes and Córdoba.

During the 2012 fiscal year, the micro-, small- and medium-sized companies segment service model was launched with Foreign Trade Officers
throughout Argentina. The Galicia Comex website, a community for Foreign Trade customers, was renewed for customers to be able to find valuable information required by its businesses. In respect of the same, 19 events were held in the main
marketplaces of Argentina, where over 850 people attended who represented more than 600 companies. The goal of such events was to provide a forum for advice related to new regulations and updates regarding the Argentine Central Bank and the Federal
Public Revenue Authority.

Capital Markets and Investment Banking

Banco Galicias capital market activity is focused on corporate debt transactions and, to a lesser extent, on securitization transactions. In addition, Banco Galicia contributes to the optimization
of its affiliated companies financing strategies.

Non-Financial Public Sector

During the 2012 fiscal year, non-financial public sector work was intended to provide e-collection and payment solutions to various
agencies, municipalities and universities, with technology-based, value-added solutions that facilitate and enhance daily operations according to transactional needs. In addition, at the municipal level, Banco Galicia is still the leader in
implementing e-collection solutions for the payment of rates to large taxpayers through its Business to Business tool.

Based
on the Banks Foreign Trade positioning, customers in the sector were provided with advice, both on export and the introduction of new technologies and equipment.

Retail Banking

The Retail Banking Division manages Banco Galicias
business with individuals from all income brackets, micro and smaller businesses (i.e., those businesses with annual revenues below Ps.30 million) and small retailers and professionals. Retail Banking provides a wide range of financial products and
services, encompassing transactions, loans, and investments. On the transactions side, Banco Galicia offers its customers checking and



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savings accounts, credit and debit cards, and payroll direct deposit, among other services. Banco Galicias customers have access to its services through its branch network as well as
through its electronic distribution channels. See -Sales and Marketing.

Retail Banking continued consolidating
its commercial strategy by segment. During the 2012 fiscal year, the Retail Banking Division launched an initiative for the small companies and business and professionals segment, increased the implementation of the customer service model targeted
at the high-income customer segment and increased the effectiveness of customer service provided to other income segments.

As
of December 31, 2012, the Retail Banking Divisions total customers amounted to 1.8 million, representing a 12% growth from the fiscal year ended December 31, 2011.

During the 2012 fiscal year, certain actions were carried out in order to improve profitability, increase the number of customers,
enhance consumer satisfaction and streamline key processes to achieve the promptness and simplicity Banco Galicia seeks for its services.

Similar to the strategy differentiated by segment previously discussed, an initiative targeted at business and small- and medium-sized companies was launched in August 2012. This customer service platform
is targeted at individuals with business activity and companies with annual turnover of less than Ps.30 million. Such initiative is based on the following three points:

Proximity: More than 400 specialized officers and improved processes to achieve prompter services.

Advisory Service: Increase customers growth by providing training and support for business development and management.

Solutions: New products by type of business activity and size were developed, new Home Banking and Galicia Office functions.

Galicia Éminent, a service launched in June 2011 and aimed at the high-income customer segment, was consolidated
during the 2012 fiscal year. At the end of 2012, such service reached 100,000 customers and met all growth and service level goals.

In order to continuously improve the Banks services and provide customer-focused services, a new satisfaction assessment system was implemented, involving both sale channels and those who are
involved in central areas.

In order to improve responsiveness, comfort and the customer service offerings, strategies were
implemented during the 2012 fiscal year to provide current customers with access to other alternative channels of customer service being provided. The Bank achieved a 35% increase in customers with access to such alternative channels.

Banco Galicia continued to lead in the direct deposit of salaries, with a 4% increase in the number of customers as compared to 2011.

Private Banking offers professional financial services to individuals with medium- to high- net worth, through the management
of their investments and the provision of financial advisory services. Private Banking offers its customers a wide range of domestic financial investment alternatives, such as deposits, FIMA mutual funds, government and corporate securities, as well
as trusts and notes where Banco Galicia acts as an arranger.

One of the Private Banking goals, similar to the Banks
strategy to differentiate from competitors through quality of service, is the focus on customer service. For the fifth year in a row, the Private Banking Division has obtained the ISO 9001 Certification for its Customer Service Model and continued
with its customer loyalty and satisfaction assessment programs. Further, the ISO 9001 recertification was also obtained for the immediate loans process for the third consecutive year. The high index achieved with respect to the general perception of
the services rendered exceeds the general market levels.



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Banco Galicia has placed special emphasis on its personal loan customer base and has aimed
at sustaining growth while maintaining its excellent low-risk levels.

Banco Galicia provides a wide offering of services
according to each customers income and credit profile. A personal loan can be accessed immediately by visiting any of its branches, by phone, from home banking, ATMs and self-inquiry terminals.

During the 2012 fiscal year, certain special offers were also launched, including Tiempo de Préstamos(Time for Loans) to
provide easier access to personal loans for more conservative customers and promissory loans of up to Ps.250,000 for the high-income customer segment.

Banco Galicias extensive network of branches is one of the key components of its distribution network, and one of its most important competitive advantages. Banco Galicias distribution network
is supported by its intranet, information technology systems, customer incentives offered in connection therewith and the constant monitoring of its customer service quality.

As of December 31, 2012, Banco Galicias geographical distribution of its branches was as follows:



|                                                                                                         |  |                   
|-------------------------------------------------------------------------------------------------------- |  | ------------------
|Geographical Area                                                                                        |  | Number of Branches
|City of Buenos Aires                                                                                     |  | 84                
|Greater Buenos Aires                                                                                     |  | 68                
|Rest of the Province of Buenos Aires                                                                     |  | 31                
|Santa Fe                                                                                                 |  | 15                
|Córdoba                                                                                                  |  | 15                
|Mendoza                                                                                                  |  | 9                 
|Chubut                                                                                                   |  | 5                 
|Entre Ríos                                                                                               |  | 4                 
|Río Negro and Tucumán                                                                                    |  | 3 each            
|Corrientes, La Pampa, Misiones, San Luis and Tierra del Fuego                                            |  | 2 each            
|Catamarca, Chaco, Formosa, Jujuy, La Rioja, Neuquén, Salta, Santa Cruz, Santiago del Estero and San Juan |  | 1 each            
|                                                                                                         |  |                   
|Total                                                                                                    |  | 257               
|                                                                                                         |  |                   

Apart from its branches, Banco Galicia uses Red Galicia 24 (Banco Galicias ATM and self-service
terminals network), the bancogalicia.com portal, Galicia Servicios Móviles, its Retail Sales Unit, and the Commercial Planning area of its Customer Contact Center, which are service, transactional and sales channels focused on individual and
corporate customers.

Banco Galicias ATMs and self-service terminals provide its customers with a means of solving their
transactional needs in a simple, safe and affordable way, on a 24/7 basis. They are distributed all over the country in the branch network and other locations, such as gas stations, supermarkets and shopping malls.

The bancogalicia.com website makes it possible for customers to request products according to their needs with the assistance of an
interactive advisor, obtain information on promotions in the innovative benefits catalogue, and get information about all the products and services offered by Banco Galicia. It also facilitates access to Banco Galicias specific web pages for
both individuals (Galicia home banking) and companies (Galicia Office), allowing customers to access Banco Galicias products and services from any location, 365 days a year.

Galicia Servicios Móviles is a suite of services for cell phones (SMS, WAP, and Java and iPhone applications), allowing customers
to inquire about their accounts, pay balances, subscribe to alerts and obtain information regarding their credit cards.



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Consumption

Through its Regional Credit Card Companies and CFA, Banco Galica offers financing for low- and mid-income consumer segments.

Regional Credit Card Companies

The companies devoted to the issuance of regional
credit cards and the provision of financing transactions to consumers are subsidiaries of Banco Galicia through Tarjetas Regionales (Tarjeta Naranja and Tarjetas Cuyanas)

Through the Regional Credit Card Companies, Tarjetas Regionales is the largest non-bank credit card issuer in Argentina and one of the largest in Latin America, in each case, based on the number of credit
cards issued. It is also one of the two largest merchant acquirers in Argentina and one of the largest credit card processors in Argentina. As of December 31, 2012, Tarjetas Regionales had more than 2.8 million active accounts,
7.3 million issued credit cards and more than 190,000 affiliated merchants. As of the same date, Tarjetas Regionales estimated that its market share of issued credit cards in Argentina was approximately 17% and of active accounts in Argentina
was approximately 15%. As the credit card processor for all of our credit card operations, Tarjetas Regionales processes approximately 118 million transactions per year.

Tarjetas Regionales has a distinctive business model that it believes is well-suited to developing economies in Latin America and to the cultural background of its clients. Its business model of credit
card issuance and related credit services focuses on the specific needs of lower- and lower-middle-income clients through personalized and attentive services using its extensive network of branches. Tarjetas Regionaless client base is
primarily in the Interior, where each of its brands has a leading presence in its coverage area. Its current expansion efforts in Argentina are focused on the greater Buenos Aires area. In addition, Tarjetas Regionales has exported its model
to Peru, where it commenced operations in 2011 through a joint venture with Banco de Crédito del Perú.

As of
the end of the second quarter of 2012, Tarjeta Naranja Dominicana S.A.s shareholders decided to sell Banco Múltiple León S.A. (holder of the remaining 50% interest in Tarjeta Naranja Dominicana S.A.s capital stock) Tarjeta
Naranja Dominicana S.A.s right related to customers and to start the liquidation of the company.

Through the Regional
Credit Card subsidiaries, Tarjetas Regionales issues, operates and processes its own branded credit cards, the Tarjeta Naranja credit card and the Tarjeta Nevada credit card, which allow credit card holders to charge purchases of goods and services
in the network of merchants that have agreed to accept these proprietary credit cards. At December 31, 2012, these proprietary credit cards accounted for, on average, approximately 57% of its issued credit cards and approximately 82% in terms
of its average monthly purchase volumes. Tarjetas Regionales also offers its clients international credit card brands such as Visa, MasterCard and American Express that are issued by Banco Galicia on its behalf. In addition to its credit card
business, Tarjetas Regionales also extends personal loans, through the Regional Credit Card Companies, to its clients either for the account of the Regional Credit Card Companies or for the account of Banco Galicia at the election of the relevant
Regional Credit Card Company. Tarjetas Regionales provides its products and services through an extensive network of 254 branches, client service centers and other points of sale strategically located in most major Argentine cities and in limited
locations in Peru. Its branch network provides a critical service and payment interface for its clients, which allows it to provide targeted client service and form relationships with its clients and affiliated merchants.

For a breakdown of the Regional Credit Card Companies revenues for the last three financial years, see Item 5.A.
Operating Results-Results by Segments-Regional Credit Cards.

Compañía Financiera Argentina

CFA is the leading financial company in Argentina in the personal loan business. As of December 31, 2012, CFAs assets were over
Ps.3,198 million and its shareholders equity was Ps.970.6 million. CFA employed 1,071 people. With 59 branches and 36 points of sale throughout Argentina, CFA offers its products to 500,000 customers, who belong, in general, to the
low-to-medium income segments, characterized by limited interaction with traditional banks. Such customers often seek a more simplified and quick processing regime for their loans and other banking products.



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Main products:



| |  |  | Efectivo SíLoans
| | - |  | -----------------



| |  |  | Personal Loans: Unsecured personal loans payable in installments.
| | - |  | -----------------------------------------------------------------



| |  |  | Consumer Loans: Product to finance purchases of goods through merchants associated with CFA, without using any cash or credit cards. Such goods
include home appliances, household goods and construction materials.
| | - |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | Microfinance: Credit lines for small ventures in specific geographic areas across the country.
| | - |  | ----------------------------------------------------------------------------------------------



| |  |  | Payroll Loans: Granted to affiliates or associate members of mutuals, cooperatives, unions, and to companies employees.
| | - |  | ------------------------------------------------------------------------------------------------------------------------



| |  |  | Loans to Public Sector Employees:Loans targeted to public sector employees on the national level, which are deducted directly from their
salary.
| | - |  | ------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | Efectivo SíSavings
| | - |  | -------------------



| |  |  | Time Deposits: An investment alternative which allows customers to receive returns over its invested money in a quick and streamlined manner.
| | - |  | ---------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | Savings Account and Debit Card: Mainly aimed at retired individuals who receive their salaries through Efectivo Sí.
| | - |  | -------------------------------------------------------------------------------------------------------------------



| |  |  | Efectivo SíCards
| | - |  | -----------------



| |  |  | Credit Cards: CFA is the issuer of Visa and MasterCard, both at domestic and international level.
| | - |  | -------------------------------------------------------------------------------------------------



| |  |  | Efectivo SíInsurance
| | - |  | ---------------------



| |  |  | Insurance: CFA sells different types of insurance policies from leading companies of the market to meet customers needs.
| | - |  | -------------------------------------------------------------------------------------------------------------------------



| |  |  | Retirement and pension paymentNational Social Security Administration: Aimed at retired individuals and pensioners collecting their
payments at CFA.
| | - |  | -----------------------------------------------------------------------------------------------------------------------------------------------------

Throughout the year, the Efectivo Sí trademark has strengthened, mainly
through advertising in major soccer tournaments organized by the Argentine Soccer Association.

CFAs net income for
fiscal year 2012 amounted to Ps.213 million. At year end, its loan portfolio, net of allowances for loan losses, exceeded Ps.2,280 million, representing a 37.8% increase as compared to fiscal year 2011 and had strong portfolio quality ratios.

CFAs objective is to secure, maintain and expand its leading position in the consumer finance market. During 2012, CFA
expects to further grow and consolidate its customer portfolio and boost credit card circulation. With respect to financing, it will seek financing from the domestic capital market by issuing trusts and notes, and it will focus on increasing
financing through time deposits at its branches.

For a breakdown of CFAs revenues for the last financial year, see
Item 5.A. Operating Results-Results by Segments-CFA.

Financial Division

The Financial Division of Banco Galicia includes the Financial Operations, Banking Relations, Assets and Liabilities Management and
Information Management and Support areas. The Financial Division is also involved in mutual funds and in brokerage services through Galicia Valores.

The Financial Operations Division is responsible for, among other things, managing liquidity and the different financial risks of Banco Galicia, based on the parameters determined by the board of
directors of Banco Galicia. It manages positions in foreign currency and government securities, and it also acts as an intermediary and distributes financial instruments for its own customers (institutional investors) and corporate customers and
individuals. It participates in different markets in its capacity as agent of the Mercado Abierto Electrónico (MAE) and as a member of the Rosario Futures Exchange (ROFEX), Financial Products Division. Through
Galicia Valores, this division offers customers the ability to buy and sell securities on the BASE.



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In 2012, Banco Galicia was ranked 1st in the MAEs annual ranking for transactions of
fixed-income instruments, rising one position as compared to 2011.

Foreign trade transactions amounted to US$15,800 million,
similar to the amount of transactions in 2011. In addition, Dollar trading transactions significantly decreased as a result of foreign exchange restrictions, from US$6,000 million in 2011 to US$1,300 million in 2012. The trading of reais and
Uruguayan pesos for trips and tourism was implemented in mid-October to provide a broader range of services to our customers.

Banco Galicia ranked first in the futures traded volume with a total of Ps.10,200 million, and second in swaps with a total traded volume
of Ps.460 million. In 2012, Banco Galicia substantially increased the number of derivative transactions with customers to meet their hedging and investment needs.

The Banking Relations Division is responsible internationally for managing Banco Galicias business relationships with correspondent banks, international credit agencies, official credit agencies
and, domestically, with financial institutions and exchange houses.

The Assets and Liabilities Management Division is in
charge of preparing and analyzing information aimed at managing the mismatches inherent in banking activities, maintaining the exposure within the policies determined by Banco Galicias board of directors.

The Banks activities include the provision of support to the Assets and Liabilities Committee through the analysis and
quantification of the risks associated with different business strategies and market scenarios, as well as the follow-up of liquidity policies and currency mismatches, whether due to regulations of the Argentine Central Bank or other Banco Galicia
operations, and the assessment of the Funding Units results of operations through a transfer pricing method so as to assess the profitability of each business unit, isolated from the rate, term and currency risk exposure.

Banco Galicia distributes the FIMA mutual funds through its broad distribution network (branches, electronic banking and telephone
banking) to different customer segments (institutions, companies and individuals), while it acts as custodian of the assets that make up the funds in its role as depository. Galicia Administradora de Fondos is the company that manages investments
and determines the value of the mutual fund units on a daily basis. The total value of the FIMA funds equity grew 81% to Ps.3,562 million, as compared to the fiscal year ended December 31, 2011, accounting for 7.9% of the market share.

Insurance

Galicia Seguros is a provider of a variety of property and casualty and life insurance products. Its most important line of business is group life insurance, including employee benefit plans and credit
related insurance. With regard to property and casualty insurance products, it primarily underwrites home and ATM theft insurance. Galicia Retiro provides annuity products, and Galicia Broker Asesores de Seguros S.A. is an insurance broker. In the
2012 fiscal year, Galicia Seguros, together with three other insurance companies, created Nova Re Compañía Argentina de Reaseguros S.A., which aims to increase the reinsurance offers in the Argentinean market. These companies
operations are all located in Argentina.

Total insurance production of the aforementioned insurance companies amounted to
Ps.939.0 million during 2012, 54% higher than the volume of premiums of the previous year (Ps.608.5 million).

This increase
in insurance production was recorded mainly for Galicia Seguros, with Ps.329.6 million more premiums written than in the same period of the previous fiscal year. As regards Galicia Seguros business transactions, the focus was placed on
continuing to increase the companys turnover and sales, which in 2012 amounted to Ps.272 million of annualized premiums. This represented a 56% growth as compared to the previous year, thus increasing the insurance policy lapse ratio and
extending the types of coverage offered by adding insurance policies in new lines of business, including liability insurance and burial insurance.



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Law No. 26,425 that created the Argentine Social Security Integrated System (Sistema
Integrado Previsional Argentino) brought an end to pension-linked life annuities, the main product marketed by Galicia Retiro. Consequently, the companys main objective is to efficiently administrate current business and to analyze whether or
not to re-launch new voluntary individual and group retirement products.

Within the current economic framework, measures
aimed at complying with the goals established in the Business Plan will continue during 2013.

Other Businesses

Net Investment: this company has performed its activities in the areas of intercompany e-commerce, with the purpose of creating and
exchanging synergies with Banco Galicias business activities.

During the 2010 fiscal year, Net Investment purchased
shares of a company that carries out activities related to online business development. Further, during the 2011 fiscal year, the shareholders of Net Investment decided to amend the corporate purpose in order to be able to invest in additional
companies in related, accessory and/or supplementary activities. As of December 31, 2012, the equity investment held by Net Investment was equivalent to 0.19% of such companys net worth.

For fiscal year 2013, the board of directors of Net Investment is analyzing various business alternatives and opportunities.

Galicia Warrants: this company is a leading company in the deposit certificates and warrants issuance market. It has been
conducting transactions since 1994, supporting medium and large companies with respect to stock custody. Galicia Warrants main objective is to enable its customers to access credit and financing secured by the property kept under custody.
Galicia Warrants main customers belong to the agricultural, industrial and agro-industrial sectors, as well as exporters and retailers. The growth experienced by the Argentine economy and the increased activity in the industrial and
agro-industrial sectors resulted in higher demand for credit and, therefore, an increase in financing-related activities. As a result of such growth, together with the demand for short- and mid-term financial services, in the fiscal year
December 31, 2012, Galicia Warrants recorded Ps.23.9 million in income from services and a net income of to Ps.7.9 million.

Galval: this company mainly generates fee income from brokerage and custodial services. On September 4, 2012, the Board of Directors resolved to approve the sale of 100% of its interest in
Galval. Such transaction is still subject to the approval of the Uruguayan Central Bank.

GV Mandataria (in
liquidation): this company carries out representations, mandates and commissions of all types, whether involving domestic or international companies.

As a result of the international financial crisis and its impact on GV Mandatarias business, it has not achieved its economic goals. During the fiscal year ended December 31, 2012, the decision
was made to reduce the number of shareholders to only one, Grupo Financiero Galicia.

On November 12, 2012, the
companys extraordinary shareholders meeting approved a proposal for the dissolution and liquidation of the company pursuant to Section 94, Subsection 8, of the Corporations Law. Consequently, GV Mandataria (in liquidation) is
currently in liquidation and taking all the necessary steps for the payment of its liabilities and the sale of its assets.

For a breakdown of the other businesses revenues for the last three financial years, see Item 5.A. Operating
Results-Results by Segments-Other Grupo Businesses.

Competition

Due to our financial holding structure, competition is experienced at the level of our operating subsidiaries. We face strong competition
in most of the areas in which our subsidiaries are active. For a breakdown of our total revenues, for each of the past three fiscal years, for the activities discussed below (i.e., banking, regional credit cards, CFA personal loans and insurance),
see Item 5.A. Operating Results-Results by Segments.



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Banking

Banco Galicia faces significant competition in all of its principal areas of operation from foreign banks operating in Argentina, mainly large retail banks which are subsidiaries or branches of banks with
global operations; Argentine national and provincial government-owned banks; private-sector domestic banks and cooperative banks, as well as non-bank financial institutions.

With respect to private-sector customers, Banco Galicias main competitors are large foreign banks and certain domestically-owned private-sector banks. Banco Galicia also faces competition from
government-owned banks.

Banco Galicias estimated deposit market share of private-sector deposits in the Argentine
financial system was 9.12% as of December 31, 2012, compared to 8.78% as of December 31, 2011 and 8.35% as of December 31, 2010.

With respect to loans to the private sector, Banco Galicias Argentine market share was 9.05% as of December 31, 2012, as compared to 8.63% and 8.99% as of December 31, 2011 and
December 31, 2010, respectively.

According to the information published by the Argentine Central Bank, as of
December 31, 2012, Banco Galicia was the second largest private-sector bank as measured by its assets, its deposits and its loan portfolio and ranked fourth in terms of net worth.

Banco Galicia believes that it has a strong competitive position in retail banking, both with respect to individuals and small and
medium-sized companies. Specifically, Banco Galicia believes it is one of the primary providers of financial services to individuals, the primary private-sector institution serving the small and medium-sized companies sector, and has traditionally
maintained a leading position in the agriculture and livestock sector.

Argentine Banking System

As of December 31, 2012, the Argentine financial system consisted of 81 financial institutions, of which 65 were banks and 16 were
financial non-bank institutions (including finance companies, credit unions and savings and loans associations). Of the 65 banks, 12 were Argentine national and provincial government-owned or related banks. Of the 53 private-sector banks, 33 were
private-sector domestically-owned banks; 20 were foreign-owned banks (i.e., local branches or subsidiaries of foreign banks); and 1 was a cooperative bank, also domestically-owned.

As of the same date, the largest private-sector banks, in terms of total deposits, were: Banco Santander Río, Banco Galicia, BBVA
Banco Francés, Banco Macro, HSBC Bank, Credicoop and Patagonia. Banco Galicia, Banco Macro and Credicoop are domestically-owned banks and the others are foreign-owned banks. According to information published by the Argentine Central Bank as
of December 31, 2012, private-sector banks accounted for 53.3% of total deposits and 59.0% of total net loans in the Argentine financial system. Argentine financial industry regulations do not raise significant entry or exit barriers, nor do
they make any differentiation between locally or foreign-owned institutions. The only cooperative bank is active principally in consumer and middle-market banking, with a special emphasis on the lower end of the market. As of December 31, 2012,
financial institutions (other than banks) accounted for approximately 0.4% of deposits and 3.2% of net loans in the Argentine financial system.

As of December 31, 2012, the largest Argentine national and provincial government-owned or related banks, in terms of total deposits, were Banco Nación and Banco de la Provincia de Buenos
Aires. Under the provisions the Financial Institutions Law, public-sector banks have comparable rights and obligations to private banks, except that public-sector banks are usually chosen as depositaries for public-sector revenues and promote
regional development and certain public-sector banks have preferential tax treatment. The bylaws of some public-sector banks provide that the governments that own them (both national and provincial governments) guarantee their commitments. Under
current law, Banco de la Provincia de Buenos Aires is not subject to any taxes, levies or assessments that the Argentine government may impose. According to information published by the Argentine Central Bank, as of December 31, 2012,
government-owned banks and banks in which the national, provincial and municipal governments had an ownership interest accounted for 46.3% of deposits and 37.8% of loans in the Argentine financial system.



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Consolidation has been a dominant theme in the Argentine banking sector since the
1990s, with the total number of financial institutions declining from 214 in 1991 to 81 at December 31, 2012, with the ten largest banks holding 77.7% of the systems deposits and 73.4% of the systems loans as of
December 31, 2012.

Foreign banks continue to have significant presence, despite the fact that the number of foreign
banks decreased by 20 through December 2012, as compared to the end of 2001, and that foreign banks share of total deposits has decreased since the 2001-2002 crisis while the share of domestic private-sector banks has increased.

Regional Credit Cards

The Regional Credit Card Companies credit cards represent approximately 17% of all personal credit cards issued in Argentina. On a national basis, the Regional Credit Card Companies compete with
open credit card system companies, such as Visa, MasterCard and American Express. On a regional level, they face competition from regional credit card companies that operate within closed credit cards systems.

In the consumer loan market, the Regional Credit Card Companies compete with Argentine banks and other financial institutions that target
similar economic segments. The main players in this segment include Banco Supervielle, Banco Columbia, Banco Comafi, Banco Credicoop, Banco MasVentas, Banco Municipal de Rosario and CFA. Historically, certain international banks with presence in
Argentina have attempted to target consumers in these economic segments and have been, to date and for the most part, unsuccessful.

In order to compete effectively at a national and regional basis, the Regional Credit Card Companies target low to middle income clients by offering personalized services in each region, focusing their
commercial efforts mainly on medium and low income segments. While other Argentine credit card issuers and consumer loan providers focus on earning interest on outstanding personal loans and credit card balances, they also focus on and have access
to additional sources of revenues including merchant fees and commissions, which allow them to offer competitive pricing and financing terms. Furthermore, unlike other credit card issuers in Argentina, approximately 60% of their clients pay their
credit card bill through their branch network. The broad geographical reach of their network of branches, which is the second largest in Argentina, has allowed the Regional Credit Card Companies to establish a local presence in all of the provinces
of Argentina.

The Regional Credit Card Companies believe that their diversified and consistent funding sources, significant
network of branches, robust information technology infrastructure, relationships with over 190,000 merchants and the brand recognition they enjoy provide them with a competitive edge to consolidate and expand their market share in their target
market segment, making it difficult for new players to effectively compete in this market segment on a national scale.

Compañía Financiera Argentina

CFA markets all of its financial products mainly to medium and low income segments. CFAs main competitors are: Banco Cetelem, Banco Columbia (which acquired the branch network of GE Money), Banco de
Servicios y Transacciones (formerly known as Credilogros), Cooperativa la Capital del Plata, Caja de Crédito Cuenca, Banco de Servicios Financieros (Carrefour Group), Banco Supervielle and Banco Sáenz (Frávega Group). It is
worth mentioning that CFA is ranked 10th within national personal loans market, over entities such as Citibank, Cordial Cía.Financiera S.A., Banco Supervielle, Banco Credicoop and Banco Hipotecario.

CFA also faces competition with certain entities which render non-regulated services, or small chains, located in less populated cities.
Some big chains also offer their own financing, such as Garbarino, Frávega, Megatone and Riveiro, financed through the issuance of financial trusts.

Insurance

Sudamericanas subsidiaries face significant
competition since, as of December 2012, the Argentine insurance industry was comprised of approximately 178 insurance companies, 34 of which were dedicated exclusively to life insurance and 18 to annuities. Subsidiaries of foreign insurance
companies and the worlds largest insurance companies with global operations are among these companies. In addition, as of that date, the number of brokers amounted to approximately 23,100 individuals and 470 companies.



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During 2012, the insurance industry continued growing. Production amounted to Ps.68.3
billion, 29.7% higher than the level recorded for 2011.

Out of the total insurance production, 80% relates to property
insurance, 18% relates to life and personal insurance, and 2% relates to retirement insurance.

Within the 80% corresponding
to property insurance, the automotive insurance segment continues to be the most significant segment, representing 44%, followed by the workers compensation segment, representing 32%.

Within the life insurance segment, the group life insurance segment is the most significant, representing 66%, followed by individual
life insurance, representing 15%, and personal accident insurance, representing 14%.

As of December 2012, Galicia Seguros
ranked sixth in terms of net premium of life insurance policies underwritten and first in terms of net premium of home insurance policies underwritten.

Sales and Marketing

Banco Galicias, the
Regional Credit Card Companies and CFAs distribution capabilities are our principal marketing channels. Our distribution network is one of the largest and most flexible distribution platforms in the country and has nationwide coverage.
The network of offices, located in the interior of Argentina, of the Regional Credit Card Companies mainly serves the medium and low income segments of the population, who tend to use fewer banking and financial services. CFAs network
serves the low income segment of the population, mainly in Buenos Aires and its outskirts. Through Banco Galicia, we operate a nationwide distribution network, which is one of the most extensive and diversified distribution networks among
private-sector financial institutions in Argentina.



|                                                     |  |               |        | 
|---------------------------------------------------- |  | ------------- | ------ | 
|                                                     |  | December 2012 |       
|Branches(number)                                     |  |               |        | 
|Bank Branches                                        |  |               | 257    | 
|Regional Credit Card Cos. Branches                   |  |               | 198    | 
|CFA Branches                                         |  |               | 95     | 
|Business Centers and In-House Facilities             |  |               | 31     | 
|Eminents space with Private-Banking                 |  |               | 17     | 
|                                                     |  |               |        | 
|Electronic Banking Terminals(number)                 |  |               |        | 
|ATMs                                                 |  |               | 807    | 
|Self-Service Terminals                               |  |               | 869    | 
|                                                     |  |               |        | 
|Electronic Banking Transactions(thousands per month) |  |               |        | 
|ATMs + Self-Service Terminals                        |  |               | 15,058 | 
|Phone-Banking                                        |  |               | 357    | 
|e-banking                                            |  |               | 36,641 | 
|                                                     |  |               |        | 

Banco Galicia markets all of its financial products and services to high-, medium- and medium- to
low-income individuals, including loans, insurance and FIMA family of mutual funds, among others, through its branch network, which operates on-line in real time. Within the branches, the sales force is specialized by type of customer and by
customer segment. Banco Galicias sales policy encourages tellers to perform sales functions as well. Wealthy individuals who are private banking customers are served by specialized officers and a specialized network of service centers,
including a head office facility.

Commercial and investment banking services to large corporations and other entities are
provided in a centralized manner. Branch officers are responsible for Banco Galicias relationship with middle-market and small businesses and most of the agriculture and livestock sector customers. Banco Galicia also has established
specialized centers that concentrate on providing service to businesses, which are distributed across the country and located in main cities of the Interior and certain customer companies facilities.

All of Banco Galicias individual and corporate customers have access to Banco Galicias electronic distribution channels,
including the ATM and self-service terminals network, a multifunction call center (the CCC), an e-banking website (www.bancogalicia.com) and a mobile banking service platform Galicia Móvil.



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Likewise, Banco Galicia currently has over 400,000 customers who find social networks a
means to talk to Banco Galicia quickly, effectively and frankly. Banco Galicia consistently focuses on adapting to the varying situations that result from the use of social media, using these opportunities as a chance to improve its relationship
with its customers. Through its work on the digital platform, Banco Galicia has established an excellent reputation regarding its online services, providing not only traditional services, but also involving the use of social networks, cellular
phones and transactional, informative and communicative services, with the purpose of promoting the Banks business and establishing effective channels of communication with its current and potential customers. Banco Galicia is client service
oriented and assigns great importance to its service model and seeks to improve it constantly.

Banco Galicia has a segmented
marketing approach and designs marketing campaigns focused on specific segments of Banco Galicias customer base. Banco Galicias marketing strategy is also focused on the development of long-term relationships with customers based on a
deep and increasing knowledge of those customers. As part of this client-oriented strategy, Banco Galicia implemented a customer relationship management technology. Banco Galicias investment in advertising has increased in the last years, in
line with the general markets trend and particularly, the Argentine financial systems increase in investment and number of advertisers.

Banco Galicia considers quality of service as the main element capable of distinguishing it from competitors. In order to measure this indicator, Banco Galicia periodically performs surveys, with positive
results in recent years, showing high customer satisfaction.

The Regional Credit Card Companies market their products and
services through a network of branches and service centers, the size of which depends on the size of the locations in which they operate. The companies culture is strongly client service oriented and assigns great importance to quality of
service. Sales officials receive intensive training in personalized sale of the companies products and quality of service, given that the bulk of sales is conducted on a one-on-one basis. Quality of service at the branches is permanently
monitored by third parties and availability is enhanced through extended business hours. In addition, each of the companies has a web site through which they conduct sales, receive customers requests (such as requests for statements, loans or
increases in the credit limits assigned and new cards, among others), provide information on and promote products. These sites include a link that allows payments to be made. In addition, each company has a call center, through which sales,
post-sales and collection functions are performed. During 2012, Tarjeta Naranja launched the website www.tiendanaranja.com aimed at selling products associated with its primary merchants. Similarly, Tarjetas Cuyanas launched the website,
www.preciosbajos.com.

CFA markets its products through a network of 59 branches and 36 points of sales, located throughout
Argentina. The company leads the personal loan business among financial institutions in Argentina and offers its products to customers who belong, in general, to the low-to-medium income segments, characterized by limited interaction with
traditional banks. As such, CFA offers its product Cuota SI in approximately 5,300 merchants, of which 666 are active, while the agreements are offered out of the branches through different channels. Such customers often seek a more
simplified and quick processing regime for their loans and other banking products.

To market its products,
Sudamericanas subsidiaries mainly use Banco Galicias, the Regional Credit Card Companies and CFAs distribution networks. They also use the sales officers of Galicia Broker Asesores de Seguros S.A. In addition Sudamericana has
a telemarketing center of its own.



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Property

The following are our main property assets, as of December 31, 2012:



|                                            |  |                                                                          |  |                       |        |  |           |                                              
|------------------------------------------- |  | ------------------------------------------------------------------------ |  | --------------------- | ------ |  | --------- | ---------------------------------------------
|Property                                    |  | Address                                                                  |  | SquareMeters(approx.) |        |  | Main Uses
|Grupo Financiero Galicia                    |  |                                                                          | 
|- Owned                                     |  | -Tte. Gral. Juan D. Perón 456, 2nd floor, Buenos Aires, Argentina        |  |                       | 191    |  |           | Administrative activities                    
|Banco de Galicia y Buenos Aires S.A.        |  |                                                                          |  |                       |        |  |           |                                              
|- Owned                                     |  | -Tte. Gral. Juan D. Perón 407, Buenos Aires, Argentina                   |  |                       | 17,300 |  |           | Administrative activities                    
|                                            |  | -Tte. Gral. Juan D. Perón 430, Buenos Aires, Argentina                   |  |                       | 42,000 |  |           | Administrative activities                    
|                                            |  | -Florida 361, Buenos Aires, Argentina                                    |  |                       | 7,300  |  |           | Administrative activities                    
|                                            |  | -Corrientes 6287, Buenos Aires, Argentina                                |  |                       | 4,800  |  |           | Land for corporate building                  
|- Rented                                    |  | -San Martín 178/200, Buenos Aires, Argentina                             |  |                       | 3,600  |  |           | Administrative activities                    
|                                            |  | -Corrientes 411, 3rd and 4th floors, Buenos Aires, Argentina             |  |                       | 2,100  |  |           | Administrative activities                    
|Banco Galicia Uruguay S.A. (in liquidation) |  |                                                                          |  |                       |        | 
|- Rented                                    |  | -Bernardina Fragoso de Rivera 1438, Montevideo, Uruguay                  |  |                       | 580    |  |           | Storage                                      
|                                            |  | - Dr. Luis A. de Herrera 1052 - Tower C , Unit 1309, Montevideo, Uruguay |  |                       | 87     |  |           | Administrative activities                    
|Tarjeta Naranja S.A.                        |  |                                                                          |  |                       |        |  |           |                                              
|- Owned                                     |  | -Sucre 152, 154 and 541, Córdoba, Argentina                              |  |                       | 6,300  |  |           | Administrative activities                    
|                                            |  | -Humberto Primo, Córdoba, Argentina                                      |  |                       | 4,900  |  |           | Administrative activities                    
|                                            |  | -Jujuy 542, Córdoba, Argentina                                           |  |                       | 853    |  |           | Administrative activities                    
|                                            |  | -Ruta Nacional 36, km. 8, Córdoba, Argentina                             |  |                       | 49,200 |  |           | Storage                                      
|                                            |  | -Río Grande, Tierra del Fuego, Argentina                                 |  |                       | 309    |  |           | Administrative activities                    
|                                            |  | -San Jerónimo 2348 and 2350, Santa Fe, Argentina                         |  |                       | 1,475  |  |           | Administrative activities                    
|- Rented                                    |  | -Sucre 145/151, La Rioja 359, 364 and 375, Córdoba, Argentina            |  |                       | 4,450  |  |           | Administrative activities and printing centre
|Tarjetas Cuyanas S.A.                       |  |                                                                          |  |                       |        |  |           |                                              
|- Rented                                    |  | -Belgrano 1415, Mendoza, Argentina                                       |  |                       | 1,740  |  |           | Administrative activities                    
|                                            |  | -Belgrano 1462, Mendoza, Argentina                                       |  |                       | 1,156  |  |           | Administrative activities                    
|                                            |  | -Belgrano 1478, Mendoza, Argentina                                       |  |                       | 175    |  |           | Printing centre                              
|Compañía Financiera Argentina               |  |                                                                          |  |                       |        |  |           |                                              
|- Rented                                    |  | -Florida 238, Buenos Aires, Argentina                                    |  |                       | 4,500  |  |           | Administrative Activities                    
|                                            |  | -Paseo Colón 746, 3rd floor, Buenos Aires, Argentina                     |  |                       | 1,700  |  |           | Administrative Activities                    
|Galicia Warrants S.A.                       |  |                                                                          |  |                       |        |  |           |                                              
|- Owned                                     |  | -Tte. Gral. Juan D. Perón 456, 6th floor, Buenos Aires, Argentina        |  |                       | 118    |  |           | Administrative activities                    
|                                            |  | -Alsina 3396/3510, San Miguel de Tucumán, Tucumán, Argentina             |  |                       | 12,800 |  |           | Storage                                      
|- Rented                                    |  | -Alto Verde, Chicligasta, Tucumán, Argentina                             |  |                       | 2,000  |  |           | Storage                                      
|                                            |  | -Santa Marta, Alderete, Tucumán, Argentina                               |  |                       | 2,100  |  |           | Storage                                      
|Galicia Seguros S.A.                        |  |                                                                          |  |                       |        |  |           |                                              
|- Owned                                     |  | -Maipú 241, Buenos Aires, Argentina                                      |  |                       | 3,261  |  |           | Administrative activities                    

As of December 31, 2012, our distribution network consisted of:



| |  |  | Banco Galicia: 244 branches located in Argentina, 139 of which were owned and 118 of which were rented by Banco Galicia, located in all of
Argentinas 23 provinces.
| | - |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | Tarjeta Naranja: 159 sales points located in 21 of the 23 Argentine provinces, 157 of which were rented by the company.
| | - |  | -----------------------------------------------------------------------------------------------------------------------



| |  |  | Tarjetas Cuyanas: 45 sales points in the provinces of Mendoza, San Juan, San Luis, Santiago del Estero, La Pampa, La Rioja, Catamarca, Neuquén,
Rio Negro, Salta, Jujuy and Tucumán, all of which were leased.
| | - |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | CFA: 41 branches, 38 mini-branches and 16 payment centers, all of which were leased and with at least one branch located in each of Argentinas
provinces.
| | - |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------

Capital Investments and Divestitures

During 2012, our capital expenditures amounted to Ps.868.0 million, distributed as follows:



| |  |  | Ps.299.6 million in fixed assets (real estate, machinery and equipment, vehicles, furniture and fittings); and
| | - |  | --------------------------------------------------------------------------------------------------------------



| |  |  | Ps.568.4 million in organizational and IT system development expenses.
| | - |  | ----------------------------------------------------------------------

During 2011, our capital expenditures amounted to Ps.584.6 million, distributed as follows:



| |  |  | Ps.198.6 million in fixed assets (real estate, machinery and equipment, vehicles, furniture and fittings); and
| | - |  | --------------------------------------------------------------------------------------------------------------



| |  |  | Ps.386.0 million in organizational and IT system development expenses.
| | - |  | ----------------------------------------------------------------------

During 2010, our capital expenditures amounted to Ps.330.5 million, distributed as follows:



| |  |  | Ps.118.8 million in fixed assets (real estate, machinery and equipment, vehicles, furniture and fittings); and
| | - |  | --------------------------------------------------------------------------------------------------------------



| |  |  | Ps.211.7 million in organizational and IT system development expenses.
| | - |  | ----------------------------------------------------------------------



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These capital expenditures were made mainly in Argentina.

During fiscal year 2010, Banco Galicia purchased 95% of the shares of CFA and Tarjetas Regionales purchased the remaining 5% of the
shares of CFA. The total cost for the shares was Ps.333.9 million (including acquisition costs), generating a negative goodwill of Ps.517.4 million resulting from the difference between the amount paid as acquisition cost and the book value of the
net assets received. During fiscal year 2011, the 5% interest in CFA owned by Tarjetas Regionales SA was acquired by Grupo Financiero Galicia SA (3%) and by Banco Galicia (2%, which added to its previous interest totaled 97%).

In February 2012, Tarjetas Regionales carried out a capital increase that was mainly subscribed for by the minority shareholders of its
subsidiaries, Tarjeta Naranja and Tarjeta Cuyanas, and which was predominantly funded by the contribution of such minority shareholders holdings in such subsidiaries. The Banks direct and indirect interest in Tarjetas Regionales amounted
to 77% of the capital stock with the remaining 23% of the capital stock held by the minority shareholders who became shareholders in Tarjetas Regionales. As a result of this transaction, Tarjetas Regionales direct and indirect interest in
Tarjeta Naranja and Tarjetas Cuyanas now amounts to 100% of the capital stock of such subsidiaries.

In addition, during the
2012 fiscal year, Galicia Seguros invested Ps.11.7 million for the formation of a reassurance company (Nova Re Compañía Argentina de Reaseguro S.A.), controlling 39% of the capital stock and voting rights of such company.

We have budgeted capital expenditures for the fiscal year ending December 31, 2013, for the following purposes and amounts:



|                                                                                                                              |  |                        |         | 
|----------------------------------------------------------------------------------------------------------------------------- |  | ---------------------- | ------- | 
|                                                                                                                              |  | (In millions of Pesos) |        
|Infrastructure of Corporate Buildings, Tower and Branches (construction, furniture, equipment, phones and other fixed
assets) |  | Ps.                    | 540.2   | 
|Organizational and IT System Development                                                                                      |  |                        | 689.7   | 
|                                                                                                                              |  |                        |         | 
|Total                                                                                                                         |  | Ps.                    | 1,229.9 | 
|                                                                                                                              |  |                        |         | 

These capital expenditures will be made mainly in Argentina.

Management considers that internal funds will be sufficient to finance fiscal year ended December 31, 2013 capital expenditures.

Selected Statistical Information

You should read this information in conjunction with the other information provided in this annual report, including our audited consolidated financial statements and Item 5. Operating and
Financial Review and Prospects. We prepared this information from our financial records, which are maintained under accounting methods established by the Argentine Central Bank under Argentine Banking GAAP, and do not reflect adjustments
necessary to reflect the information in accordance with U.S. GAAP.

The exchange rate used in translating Pesos into Dollars,
which is used in calculating the convenience translations included in the following tables is the Reference Exchange Rate published by the Argentine Central Bank, which was Ps.4.9173, Ps.4.3032 and Ps.3.9758 per US$1.00 as of December 31,
2012, December 31, 2011 and December 31, 2010, respectively. The exchange rate translations contained in this annual report should not be construed as representations that the stated Peso amounts actually represent or have been or
could be converted into Dollars at the rates indicated or any other rate. See Item 3. Key Information-Exchange Rate Information.

Average Balance Sheet and Income from Interest-Earning Assets and Expenses from Interest-Bearing Liabilities

The average balances of interest-earning assets and interest-bearing liabilities, including the related interest that is receivable and payable, are calculated on a daily basis for Banco Galicia, Galicia
Uruguay, Tarjetas Regionales and CFA on a consolidated basis. CFA was consolidated since the third quarter of fiscal year 2010. The average balances of interest-earning assets and interest bearing liabilities are calculated on a monthly basis for
Grupo Financiero Galicia and its other non-banking subsidiaries.



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##### Table of Contents

Average balances have been separated between those denominated in Pesos and those
denominated in Dollars. The average yield/rate is the amount of interest earned or paid during the period divided by the related average balance.

Net gains/losses on government securities and related differences in quoted market prices are included in interest earned. We manage our trading activities in government securities as an integral part of
our business. We do not distinguish between interest income and market gains or losses on our government securities portfolio. The non-accrual loans balance is included in the average loan balance calculation.

The following table shows our consolidated average balances, accrued interest and nominal interest rates for interest-earning assets and
interest-bearing liabilities for the fiscal year ended December 31, 2012.



|                                                 |  |                                         |          |   |                 |  |         |                   |  |  |                |  |  |                 |          |   |                   |  |       |                |  |  |                 |   |  |                   |          |   |  |  |         |  |  |  |       | 
|------------------------------------------------ |  | --------------------------------------- | -------- | - | --------------- |  | ------- | ----------------- |  |  | -------------- |  |  | --------------- | -------- | - | ----------------- |  | ----- | -------------- |  |  | --------------- | - |  | ----------------- | -------- | - |  |  | ------- |  |  |  | ----- | 
|                                                 |  | Fiscal Year Ended December 31, 2012 (*) |         
|                                                 |  | Pesos                                   |          |   | Dollars         |  |         | Total             | 
|                                                 |  | AverageBalance                          |          |   | AccruedInterest |  |         | AverageYield/Rate |  |  | AverageBalance |  |  | AccruedInterest |          |   | AverageYield/Rate |  |       | AverageBalance |  |  | AccruedInterest |   |  | AverageYield/Rate |         
|                                                 |  | (in millions of Pesos, except rates)    |         
|Assets                                           |  |                                         |          |   |                 |  |         |                   |  |  |                |  |  |                 |          |   |                   |  |       |                |  |  |                 |   |  |                   |          |   |  |  |         |  |  |  |       | 
|Government Securities                            |  |                                         | 5,154.1  |   |                 |  | 695.0   |                   |  |  | 13.48          |  |  |                 | 94.0     |   |                   |  | 2.1   |                |  |  | 2.23            |   |  |                   | 5,248.1  |   |  |  | 697.1   |  |  |  | 13.28 | 
|Loans                                            |  |                                         |          |   |                 |  |         |                   |  |  |                |  |  |                 |          |   |                   |  |       |                |  |  |                 |   |  |                   |          |   |  |  |         |  |  |  |       | 
|Private Sector                                   |  |                                         | 31,552.2 |   |                 |  | 7,846.1 |                   |  |  | 24.87          |  |  |                 | 3,644.7  |   |                   |  | 196.7 |                |  |  | 5.40            |   |  |                   | 35,196.9 |   |  |  | 8,042.8 |  |  |  | 22.85 | 
|Public Sector                                    |  |                                         |         |   |                 |  |        |                   |  |  |               |  |  |                 |         |   |                   |  |      |                |  |  |                |   |  |                   |         |   |  |  |        |  |  |  |      | 
|                                                 |  |                                         |          |   |                 |  |         |                   |  |  |                |  |  |                 |          |   |                   |  |       |                |  |  |                 |   |  |                   |          |   |  |  |         |  |  |  |       | 
|Total Loans(1)                                   |  |                                         | 31,552.2 |   |                 |  | 7,846.1 |                   |  |  | 24.87          |  |  |                 | 3,644.7  |   |                   |  | 196.7 |                |  |  | 5.40            |   |  |                   | 35,196.9 |   |  |  | 8,042.8 |  |  |  | 22.85 | 
|                                                 |  |                                         |          |   |                 |  |         |                   |  |  |                |  |  |                 |          |   |                   |  |       |                |  |  |                 |   |  |                   |          |   |  |  |         |  |  |  |       | 
|Other                                            |  |                                         | 2,264.7  |   |                 |  | 383.3   |                   |  |  | 16.92          |  |  |                 | 126.9    |   |                   |  | 3.5   |                |  |  | 2.76            |   |  |                   | 2,391.6  |   |  |  | 386.8   |  |  |  | 16.17 | 
|                                                 |  |                                         |          |   |                 |  |         |                   |  |  |                |  |  |                 |          |   |                   |  |       |                |  |  |                 |   |  |                   |          |   |  |  |         |  |  |  |       | 
|Total Interest-Earning Assets                    |  |                                         | 38,971.0 |   |                 |  | 8,924.4 |                   |  |  | 22.90          |  |  |                 | 3,865.6  |   |                   |  | 202.3 |                |  |  | 5.23            |   |  |                   | 42,836.6 |   |  |  | 9,126.7 |  |  |  | 21.31 | 
|                                                 |  |                                         |          |   |                 |  |         |                   |  |  |                |  |  |                 |          |   |                   |  |       |                |  |  |                 |   |  |                   |          |   |  |  |         |  |  |  |       | 
|Cash and Gold                                    |  |                                         | 4,349.5  |   |                 |  |        |                   |  |  |               |  |  |                 | 2,799.3  |   |                   |  |      |                |  |  |                |   |  |                   | 7,148.8  |   |  |  |        |  |  |  |      | 
|Equity in Other Companies                        |  |                                         | 850.9    |   |                 |  |        |                   |  |  |               |  |  |                 | 265.3    |   |                   |  |      |                |  |  |                |   |  |                   | 1,116.2  |   |  |  |        |  |  |  |      | 
|Other Assets                                     |  |                                         | 4,435.8  |   |                 |  |        |                   |  |  |               |  |  |                 | 527.3    |   |                   |  |      |                |  |  |                |   |  |                   | 4,963.1  |   |  |  |        |  |  |  |      | 
|Allowances                                       |  |                                         | (1,543.1 | ) |                 |  |        |                   |  |  |               |  |  |                 | (105.2   | ) |                   |  |      |                |  |  |                |   |  |                   | (1,648.3 | ) |  |  |        |  |  |  |      | 
|                                                 |  |                                         |          |   |                 |  |         |                   |  |  |                |  |  |                 |          |   |                   |  |       |                |  |  |                 |   |  |                   |          |   |  |  |         |  |  |  |       | 
|Total Assets                                     |  |                                         | 47,064.1 |   |                 |  |        |                   |  |  |               |  |  |                 | 7,352.3  |   |                   |  |      |                |  |  |                |   |  |                   | 54,416.4 |   |  |  |        |  |  |  |      | 
|                                                 |  |                                         |          |   |                 |  |         |                   |  |  |                |  |  |                 |          |   |                   |  |       |                |  |  |                 |   |  |                   |          |   |  |  |         |  |  |  |       | 
|Liabilities and Equity                           |  |                                         |          |   |                 |  |         |                   |  |  |                |  |  |                 |          |   |                   |  |       |                |  |  |                 |   |  |                   |          |   |  |  |         |  |  |  |       | 
|Deposits                                         |  |                                         |          |   |                 |  |         |                   |  |  |                |  |  |                 |          |   |                   |  |       |                |  |  |                 |   |  |                   |          |   |  |  |         |  |  |  |       | 
|Checking Accounts                                |  |                                         | 0.2      |   |                 |  |        |                   |  |  |               |  |  |                 | 1.3      |   |                   |  |      |                |  |  |                |   |  |                   | 1.5      |   |  |  |        |  |  |  |      | 
|Savings Accounts                                 |  |                                         | 5,395.2  |   |                 |  | 10.5    |                   |  |  | 0.19           |  |  |                 | 1,274.0  |   |                   |  |      |                |  |  |                |   |  |                   | 6,669.2  |   |  |  | 10.5    |  |  |  | 0.16  | 
|Time Deposits                                    |  |                                         | 15,124.7 |   |                 |  | 2,222.0 |                   |  |  | 14.69          |  |  |                 | 1,585.8  |   |                   |  | 14.4  |                |  |  | 0.91            |   |  |                   | 16,710.5 |   |  |  | 2,236.4 |  |  |  | 13.38 | 
|                                                 |  |                                         |          |   |                 |  |         |                   |  |  |                |  |  |                 |          |   |                   |  |       |                |  |  |                 |   |  |                   |          |   |  |  |         |  |  |  |       | 
|Total Interest-Bearing Deposits                  |  |                                         | 20,520.1 |   |                 |  | 2,232.5 |                   |  |  | 10.88          |  |  |                 | 2,861.1  |   |                   |  | 14.4  |                |  |  | 0.50            |   |  |                   | 23,381.2 |   |  |  | 2,246.9 |  |  |  | 9.61  | 
|                                                 |  |                                         |          |   |                 |  |         |                   |  |  |                |  |  |                 |          |   |                   |  |       |                |  |  |                 |   |  |                   |          |   |  |  |         |  |  |  |       | 
|Other Financial Entities                         |  |                                         | 925.0    |   |                 |  | 192.5   |                   |  |  | 20.81          |  |  |                 | 968.2    |   |                   |  | 31.8  |                |  |  | 3.28            |   |  |                   | 1,893.2  |   |  |  | 224.3   |  |  |  | 11.85 | 
|Debt Securities                                  |  |                                         | 1,032.0  |   |                 |  | 186.1   |                   |  |  | 18.03          |  |  |                 | 3,718.7  |   |                   |  | 360.8 |                |  |  | 9.70            |   |  |                   | 4,750.7  |   |  |  | 546.9   |  |  |  | 11.51 | 
|Other                                            |  |                                         | 228.0    |   |                 |  | 19.6    |                   |  |  | 8.60           |  |  |                 | 668.9    |   |                   |  | 32.4  |                |  |  | 4.84            |   |  |                   | 896.9    |   |  |  | 52.0    |  |  |  | 5.80  | 
|                                                 |  |                                         |          |   |                 |  |         |                   |  |  |                |  |  |                 |          |   |                   |  |       |                |  |  |                 |   |  |                   |          |   |  |  |         |  |  |  |       | 
|Total Interest-Bearing Liabilities               |  |                                         | 22,705.1 |   |                 |  | 2,630.7 |                   |  |  | 11.59          |  |  |                 | 8,216.9  |   |                   |  | 439.4 |                |  |  | 5.35            |   |  |                   | 30,922.0 |   |  |  | 3,070.1 |  |  |  | 9.93  | 
|                                                 |  |                                         |          |   |                 |  |         |                   |  |  |                |  |  |                 |          |   |                   |  |       |                |  |  |                 |   |  |                   |          |   |  |  |         |  |  |  |       | 
|Demand Deposits                                  |  |                                         | 8,922.0  |   |                 |  |        |                   |  |  |               |  |  |                 | 615.4    |   |                   |  |      |                |  |  |                |   |  |                   | 9,537.4  |   |  |  |        |  |  |  |      | 
|Other Liabilities                                |  |                                         | 7,971.9  |   |                 |  |        |                   |  |  |               |  |  |                 | 1,255.9  |   |                   |  |      |                |  |  |                |   |  |                   | 9,227.8  |   |  |  |        |  |  |  |      | 
|Minority Interests                               |  |                                         | 568.8    |   |                 |  |        |                   |  |  |               |  |  |                 |         |   |                   |  |      |                |  |  |                |   |  |                   | 568.8    |   |  |  |        |  |  |  |      | 
|Shareholders Equity                             |  |                                         | 4,160.4  |   |                 |  |        |                   |  |  |               |  |  |                 |         |   |                   |  |      |                |  |  |                |   |  |                   | 4,160.4  |   |  |  |        |  |  |  |      | 
|                                                 |  |                                         |          |   |                 |  |         |                   |  |  |                |  |  |                 |          |   |                   |  |       |                |  |  |                 |   |  |                   |          |   |  |  |         |  |  |  |       | 
|Total Liabilities and Equity                     |  |                                         | 44,328.2 |   |                 |  |        |                   |  |  |               |  |  |                 | 10,088.2 |   |                   |  |      |                |  |  |                |   |  |                   | 54,416.4 |   |  |  |        |  |  |  |      | 
|                                                 |  |                                         |          |   |                 |  |         |                   |  |  |                |  |  |                 |          |   |                   |  |       |                |  |  |                 |   |  |                   |          |   |  |  |         |  |  |  |       | 
|Spread and Net Yield                             |  |                                         |          |   |                 |  |         |                   |  |  |                |  |  |                 |          |   |                   |  |       |                |  |  |                 |   |  |                   |          |   |  |  |         |  |  |  |       | 
|Interest Rate Spread                             |  |                                         |          |   |                 |  |         |                   |  |  | 11.31          |  |  |                 |          |   |                   |  |       |                |  |  | (0.12           | ) |  |                   |          |   |  |  |         |  |  |  | 11.38 | 
|Cost of Funds Supporting Interest-Earning Assets |  |                                         |          |   |                 |  |         |                   |  |  | 6.75           |  |  |                 |          |   |                   |  |       |                |  |  | 11.37           |   |  |                   |          |   |  |  |         |  |  |  | 7.17  | 
|Net Yield on Interest-Earning Assets             |  |                                         |          |   |                 |  |         |                   |  |  | 16.15          |  |  |                 |          |   |                   |  |       |                |  |  | (6.13           | ) |  |                   |          |   |  |  |         |  |  |  | 14.14 | 
|                                                 |  |                                         |          |   |                 |  |         |                   |  |  |                |  |  |                 |          |   |                   |  |       |                |  |  |                 |   |  |                   |          |   |  |  |         |  |  |  |       | 



|(*) | Rates include the CER adjustment.
|--- | ---------------------------------

|(1) | Non accruing loans have been included in average loans.
|--- | -------------------------------------------------------



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##### Table of Contents

The following table shows our consolidated average balances, accrued interest and nominal
interest rates for interest-earning assets and interest-bearing liabilities for the fiscal year ended December 31, 2011.



|                                                 |  |                                         |          |   |                 |  |         |                   |  |  |                |  |  |                 |          |   |                   |  |       |                |  |  |                 |   |  |                   |          |   |  |  |         |  |  |  |       | 
|------------------------------------------------ |  | --------------------------------------- | -------- | - | --------------- |  | ------- | ----------------- |  |  | -------------- |  |  | --------------- | -------- | - | ----------------- |  | ----- | -------------- |  |  | --------------- | - |  | ----------------- | -------- | - |  |  | ------- |  |  |  | ----- | 
|                                                 |  | Fiscal Year Ended December 31, 2011 (*) |         
|                                                 |  | Pesos                                   |          |   | Dollars         |  |         | Total             | 
|                                                 |  | AverageBalance                          |          |   | AccruedInterest |  |         | AverageYield/Rate |  |  | AverageBalance |  |  | AccruedInterest |          |   | AverageYield/Rate |  |       | AverageBalance |  |  | AccruedInterest |   |  | AverageYield/Rate |         
|                                                 |  | (in millions of Pesos, except rates)    |         
|Assets                                           |  |                                         |          |   |                 |  |         |                   |  |  |                |  |  |                 |          |   |                   |  |       |                |  |  |                 |   |  |                   |          |   |  |  |         |  |  |  |       | 
|Government Securities                            |  |                                         | 3,781.5  |   |                 |  | 652.8   |                   |  |  | 17.26          |  |  |                 | 4.4      |   |                   |  | 0.2   |                |  |  | 4.55            |   |  |                   | 3,785.9  |   |  |  | 653.0   |  |  |  | 17.25 | 
|Loans                                            |  |                                         |          |   |                 |  |         |                   |  |  |                |  |  |                 |          |   |                   |  |       |                |  |  |                 |   |  |                   |          |   |  |  |         |  |  |  |       | 
|Private Sector                                   |  |                                         | 22,218.5 |   |                 |  | 5,071.4 |                   |  |  | 22.83          |  |  |                 | 4,000.2  |   |                   |  | 149.3 |                |  |  | 3.73            |   |  |                   | 26,218.7 |   |  |  | 5,220.7 |  |  |  | 19.91 | 
|Public Sector                                    |  |                                         |         |   |                 |  |        |                   |  |  |               |  |  |                 |         |   |                   |  |      |                |  |  |                |   |  |                   |         |   |  |  |        |  |  |  |      | 
|                                                 |  |                                         |          |   |                 |  |         |                   |  |  |                |  |  |                 |          |   |                   |  |       |                |  |  |                 |   |  |                   |          |   |  |  |         |  |  |  |       | 
|Total Loans(1)                                   |  |                                         | 22,218.5 |   |                 |  | 5,071.4 |                   |  |  | 22.83          |  |  |                 | 4,000.2  |   |                   |  | 149.3 |                |  |  | 3.73            |   |  |                   | 26,218.7 |   |  |  | 5,220.7 |  |  |  | 19.91 | 
|                                                 |  |                                         |          |   |                 |  |         |                   |  |  |                |  |  |                 |          |   |                   |  |       |                |  |  |                 |   |  |                   |          |   |  |  |         |  |  |  |       | 
|Other                                            |  |                                         | 1,677.8  |   |                 |  | 207.5   |                   |  |  | 12.37          |  |  |                 | 258.9    |   |                   |  | 5.0   |                |  |  | 1.93            |   |  |                   | 1,936.7  |   |  |  | 212.5   |  |  |  | 10.97 | 
|                                                 |  |                                         |          |   |                 |  |         |                   |  |  |                |  |  |                 |          |   |                   |  |       |                |  |  |                 |   |  |                   |          |   |  |  |         |  |  |  |       | 
|Total Interest-Earning Assets                    |  |                                         | 27,677.8 |   |                 |  | 5,931.7 |                   |  |  | 21.43          |  |  |                 | 4,263.5  |   |                   |  | 154.5 |                |  |  | 3.62            |   |  |                   | 31,941.3 |   |  |  | 6,086.2 |  |  |  | 19.05 | 
|                                                 |  |                                         |          |   |                 |  |         |                   |  |  |                |  |  |                 |          |   |                   |  |       |                |  |  |                 |   |  |                   |          |   |  |  |         |  |  |  |       | 
|Cash and Gold                                    |  |                                         | 3,184.7  |   |                 |  |        |                   |  |  |               |  |  |                 | 2,952.6  |   |                   |  |      |                |  |  |                |   |  |                   | 6,137.3  |   |  |  |        |  |  |  |      | 
|Equity in Other Companies                        |  |                                         | 678.0    |   |                 |  |        |                   |  |  |               |  |  |                 | 248.3    |   |                   |  |      |                |  |  |                |   |  |                   | 926.3    |   |  |  |        |  |  |  |      | 
|Other Assets                                     |  |                                         | 3,572.3  |   |                 |  |        |                   |  |  |               |  |  |                 | 277.3    |   |                   |  |      |                |  |  |                |   |  |                   | 3,849.6  |   |  |  |        |  |  |  |      | 
|Allowances                                       |  |                                         | (1,140.3 | ) |                 |  |        |                   |  |  |               |  |  |                 | (78.5    | ) |                   |  |      |                |  |  |                |   |  |                   | (1,218.8 | ) |  |  |        |  |  |  |      | 
|                                                 |  |                                         |          |   |                 |  |         |                   |  |  |                |  |  |                 |          |   |                   |  |       |                |  |  |                 |   |  |                   |          |   |  |  |         |  |  |  |       | 
|Total Assets                                     |  |                                         | 33,972.5 |   |                 |  |        |                   |  |  |               |  |  |                 | 7,663.2  |   |                   |  |      |                |  |  |                |   |  |                   | 41,635.7 |   |  |  |        |  |  |  |      | 
|                                                 |  |                                         |          |   |                 |  |         |                   |  |  |                |  |  |                 |          |   |                   |  |       |                |  |  |                 |   |  |                   |          |   |  |  |         |  |  |  |       | 
|Liabilities and Equity                           |  |                                         |          |   |                 |  |         |                   |  |  |                |  |  |                 |          |   |                   |  |       |                |  |  |                 |   |  |                   |          |   |  |  |         |  |  |  |       | 
|Deposits                                         |  |                                         |          |   |                 |  |         |                   |  |  |                |  |  |                 |          |   |                   |  |       |                |  |  |                 |   |  |                   |          |   |  |  |         |  |  |  |       | 
|Checking Accounts                                |  |                                         | 0.6      |   |                 |  |        |                   |  |  |               |  |  |                 | 2.7      |   |                   |  |      |                |  |  |                |   |  |                   | 3.3      |   |  |  |        |  |  |  |      | 
|Savings Accounts                                 |  |                                         | 3,928.3  |   |                 |  | 10.6    |                   |  |  | 0.27           |  |  |                 | 1,897.4  |   |                   |  |      |                |  |  |                |   |  |                   | 5,825.7  |   |  |  | 10.6    |  |  |  | 0.18  | 
|Time Deposits                                    |  |                                         | 10,153.5 |   |                 |  | 1,285.9 |                   |  |  | 12.66          |  |  |                 | 1,816.7  |   |                   |  | 11.3  |                |  |  | 0.62            |   |  |                   | 11,970.2 |   |  |  | 1,297.2 |  |  |  | 10.84 | 
|                                                 |  |                                         |          |   |                 |  |         |                   |  |  |                |  |  |                 |          |   |                   |  |       |                |  |  |                 |   |  |                   |          |   |  |  |         |  |  |  |       | 
|Total Interest-Bearing Deposits                  |  |                                         | 14,082.4 |   |                 |  | 1,296.5 |                   |  |  | 9.21           |  |  |                 | 3,716.8  |   |                   |  | 11.3  |                |  |  | 0.30            |   |  |                   | 17,799.2 |   |  |  | 1,307.8 |  |  |  | 7.35  | 
|                                                 |  |                                         |          |   |                 |  |         |                   |  |  |                |  |  |                 |          |   |                   |  |       |                |  |  |                 |   |  |                   |          |   |  |  |         |  |  |  |       | 
|Other Financial Entities                         |  |                                         | 696.5    |   |                 |  | 134.8   |                   |  |  | 19.35          |  |  |                 | 636.4    |   |                   |  | 11.1  |                |  |  | 1.74            |   |  |                   | 1,332.9  |   |  |  | 145.9   |  |  |  | 10.95 | 
|Debt Securities                                  |  |                                         | 379.9    |   |                 |  | 66.6    |                   |  |  | 17.53          |  |  |                 | 3,010.9  |   |                   |  | 286.6 |                |  |  | 9.52            |   |  |                   | 3,390.8  |   |  |  | 353.2   |  |  |  | 10.42 | 
|Other                                            |  |                                         | 114.4    |   |                 |  | 9.2     |                   |  |  | 8.04           |  |  |                 | 691.6    |   |                   |  | 31.9  |                |  |  | 4.61            |   |  |                   | 806.0    |   |  |  | 41.1    |  |  |  | 5.10  | 
|                                                 |  |                                         |          |   |                 |  |         |                   |  |  |                |  |  |                 |          |   |                   |  |       |                |  |  |                 |   |  |                   |          |   |  |  |         |  |  |  |       | 
|Total Interest-Bearing Liabilities               |  |                                         | 15,273.2 |   |                 |  | 1,507.1 |                   |  |  | 9.87           |  |  |                 | 8,055.7  |   |                   |  | 340.9 |                |  |  | 4.23            |   |  |                   | 23,328.9 |   |  |  | 1,848.0 |  |  |  | 7.92  | 
|                                                 |  |                                         |          |   |                 |  |         |                   |  |  |                |  |  |                 |          |   |                   |  |       |                |  |  |                 |   |  |                   |          |   |  |  |         |  |  |  |       | 
|Demand Deposits                                  |  |                                         | 6,878.8  |   |                 |  |        |                   |  |  |               |  |  |                 | 750.2    |   |                   |  |      |                |  |  |                |   |  |                   | 7,629.0  |   |  |  |        |  |  |  |      | 
|Other Liabilities                                |  |                                         | 6,048.5  |   |                 |  |        |                   |  |  |               |  |  |                 | 1,251.8  |   |                   |  |      |                |  |  |                |   |  |                   | 7,300.3  |   |  |  |        |  |  |  |      | 
|Minority Interests                               |  |                                         | 416.7    |   |                 |  |        |                   |  |  |               |  |  |                 |         |   |                   |  |      |                |  |  |                |   |  |                   | 416.7    |   |  |  |        |  |  |  |      | 
|Shareholders Equity                             |  |                                         | 2,960.8  |   |                 |  |        |                   |  |  |               |  |  |                 |         |   |                   |  |      |                |  |  |                |   |  |                   | 2,960.8  |   |  |  |        |  |  |  |      | 
|                                                 |  |                                         |          |   |                 |  |         |                   |  |  |                |  |  |                 |          |   |                   |  |       |                |  |  |                 |   |  |                   |          |   |  |  |         |  |  |  |       | 
|Total Liabilities and Equity                     |  |                                         | 31,578.0 |   |                 |  |        |                   |  |  |               |  |  |                 | 10,057.7 |   |                   |  |      |                |  |  |                |   |  |                   | 41,635.7 |   |  |  |        |  |  |  |      | 
|                                                 |  |                                         |          |   |                 |  |         |                   |  |  |                |  |  |                 |          |   |                   |  |       |                |  |  |                 |   |  |                   |          |   |  |  |         |  |  |  |       | 
|Spread and Net Yield                             |  |                                         |          |   |                 |  |         |                   |  |  |                |  |  |                 |          |   |                   |  |       |                |  |  |                 |   |  |                   |          |   |  |  |         |  |  |  |       | 
|Interest Rate Spread                             |  |                                         |          |   |                 |  |         |                   |  |  | 11.56          |  |  |                 |          |   |                   |  |       |                |  |  | (0.61           | ) |  |                   |          |   |  |  |         |  |  |  | 11.13 | 
|Cost of Funds Supporting Interest-Earning Assets |  |                                         |          |   |                 |  |         |                   |  |  | 5.45           |  |  |                 |          |   |                   |  |       |                |  |  | 8.00            |   |  |                   |          |   |  |  |         |  |  |  | 5.79  | 
|Net Yield on Interest-Earning Assets             |  |                                         |          |   |                 |  |         |                   |  |  | 15.99          |  |  |                 |          |   |                   |  |       |                |  |  | (4.37           | ) |  |                   |          |   |  |  |         |  |  |  | 13.27 | 
|                                                 |  |                                         |          |   |                 |  |         |                   |  |  |                |  |  |                 |          |   |                   |  |       |                |  |  |                 |   |  |                   |          |   |  |  |         |  |  |  |       | 



|(*) | Rates include the CER adjustment.
|--- | ---------------------------------

|(1) | Non accruing loans have been included in average loans.
|--- | -------------------------------------------------------



-43-



---

##### Table of Contents

The following table shows our consolidated average balances, accrued interest and nominal
interest rates for interest-earning assets and interest-bearing liabilities for the fiscal year ended December 31, 2010.



|                                                 |  |                                         |          |   |                 |  |         |                   |  |  |                |  |  |                 |         |   |                   |  |        |                |  |  |                 |   |  |                   |          |   |  |  |         |  |  |  |       | 
|------------------------------------------------ |  | --------------------------------------- | -------- | - | --------------- |  | ------- | ----------------- |  |  | -------------- |  |  | --------------- | ------- | - | ----------------- |  | ------ | -------------- |  |  | --------------- | - |  | ----------------- | -------- | - |  |  | ------- |  |  |  | ----- | 
|                                                 |  | Fiscal Year Ended December 31, 2010 (*) |         
|                                                 |  | Pesos                                   |          |   | Dollars         |  |         | Total             | 
|                                                 |  | AverageBalance                          |          |   | AccruedInterest |  |         | AverageYield/Rate |  |  | AverageBalance |  |  | AccruedInterest |         |   | AverageYield/Rate |  |        | AverageBalance |  |  | AccruedInterest |   |  | AverageYield/Rate |         
|                                                 |  | (in millions of Pesos, except rates)    |         
|Assets                                           |  |                                         |          |   |                 |  |         |                   |  |  |                |  |  |                 |         |   |                   |  |        |                |  |  |                 |   |  |                   |          |   |  |  |         |  |  |  |       | 
|Government Securities                            |  |                                         | 2,770.6  |   |                 |  | 567.6   |                   |  |  | 20.49          |  |  |                 | 573.5   |   |                   |  | (181.0 | )              |  |  | (31.56          | ) |  |                   | 3,344.1  |   |  |  | 386.6   |  |  |  | 11.56 | 
|Loans                                            |  |                                         |          |   |                 |  |         |                   |  |  |                |  |  |                 |         |   |                   |  |        |                |  |  |                 |   |  |                   |          |   |  |  |         |  |  |  |       | 
|Private Sector                                   |  |                                         | 14,191.4 |   |                 |  | 3,002.5 |                   |  |  | 21.16          |  |  |                 | 2,609.0 |   |                   |  | 116.1  |                |  |  | 4.45            |   |  |                   | 16,800.4 |   |  |  | 3,118.6 |  |  |  | 18.56 | 
|Public Sector                                    |  |                                         | 0.4      |   |                 |  |        |                   |  |  | 0.20           |  |  |                 |        |   |                   |  |       |                |  |  |                |   |  |                   | 0.4      |   |  |  |        |  |  |  | 0.20  | 
|                                                 |  |                                         |          |   |                 |  |         |                   |  |  |                |  |  |                 |         |   |                   |  |        |                |  |  |                 |   |  |                   |          |   |  |  |         |  |  |  |       | 
|Total Loans(1)                                   |  |                                         | 14,191.8 |   |                 |  | 3,002.5 |                   |  |  | 21.16          |  |  |                 | 2,609.0 |   |                   |  | 116.1  |                |  |  | 4.45            |   |  |                   | 16,800.8 |   |  |  | 3,118.6 |  |  |  | 18.56 | 
|                                                 |  |                                         |          |   |                 |  |         |                   |  |  |                |  |  |                 |         |   |                   |  |        |                |  |  |                 |   |  |                   |          |   |  |  |         |  |  |  |       | 
|Other                                            |  |                                         | 1,571.8  |   |                 |  | 85.3    |                   |  |  | 5.43           |  |  |                 | 266.6   |   |                   |  | 3.9    |                |  |  | 1.46            |   |  |                   | 1,838.4  |   |  |  | 89.2    |  |  |  | 4.85  | 
|                                                 |  |                                         |          |   |                 |  |         |                   |  |  |                |  |  |                 |         |   |                   |  |        |                |  |  |                 |   |  |                   |          |   |  |  |         |  |  |  |       | 
|Total Interest-Earning Assets                    |  |                                         | 18,534.2 |   |                 |  | 3,655.4 |                   |  |  | 19.72          |  |  |                 | 3,449.1 |   |                   |  | (61.0  | )              |  |  | (1.77           | ) |  |                   | 21,983.3 |   |  |  | 3,594.4 |  |  |  | 16.35 | 
|                                                 |  |                                         |          |   |                 |  |         |                   |  |  |                |  |  |                 |         |   |                   |  |        |                |  |  |                 |   |  |                   |          |   |  |  |         |  |  |  |       | 
|Cash and Gold                                    |  |                                         | 2,084.8  |   |                 |  |        |                   |  |  |               |  |  |                 | 2,233.0 |   |                   |  |       |                |  |  |                |   |  |                   | 4,317.8  |   |  |  |        |  |  |  |      | 
|Equity in Other Companies                        |  |                                         | 702.5    |   |                 |  |        |                   |  |  |               |  |  |                 | 147.7   |   |                   |  |       |                |  |  |                |   |  |                   | 850.2    |   |  |  |        |  |  |  |      | 
|Other Assets                                     |  |                                         | 2,735.0  |   |                 |  |        |                   |  |  |               |  |  |                 | 183.6   |   |                   |  |       |                |  |  |                |   |  |                   | 2,918.6  |   |  |  |        |  |  |  |      | 
|Allowances                                       |  |                                         | (901.1   | ) |                 |  |        |                   |  |  |               |  |  |                 | (50.4   | ) |                   |  |       |                |  |  |                |   |  |                   | (951.5   | ) |  |  |        |  |  |  |      | 
|                                                 |  |                                         |          |   |                 |  |         |                   |  |  |                |  |  |                 |         |   |                   |  |        |                |  |  |                 |   |  |                   |          |   |  |  |         |  |  |  |       | 
|Total Assets                                     |  |                                         | 23,155.4 |   |                 |  |        |                   |  |  |               |  |  |                 | 5,963.0 |   |                   |  |       |                |  |  |                |   |  |                   | 29,118.4 |   |  |  |        |  |  |  |      | 
|                                                 |  |                                         |          |   |                 |  |         |                   |  |  |                |  |  |                 |         |   |                   |  |        |                |  |  |                 |   |  |                   |          |   |  |  |         |  |  |  |       | 
|Liabilities and Equity                           |  |                                         |          |   |                 |  |         |                   |  |  |                |  |  |                 |         |   |                   |  |        |                |  |  |                 |   |  |                   |          |   |  |  |         |  |  |  |       | 
|Deposits                                         |  |                                         |          |   |                 |  |         |                   |  |  |                |  |  |                 |         |   |                   |  |        |                |  |  |                 |   |  |                   |          |   |  |  |         |  |  |  |       | 
|Checking Accounts                                |  |                                         | 328.1    |   |                 |  | 5.5     |                   |  |  | 1.67           |  |  |                 | 180.0   |   |                   |  |       |                |  |  |                |   |  |                   | 508.1    |   |  |  | 5.5     |  |  |  | 1.08  | 
|Savings Accounts                                 |  |                                         | 2,717.5  |   |                 |  | 7.7     |                   |  |  | 0.28           |  |  |                 | 1,298.7 |   |                   |  |       |                |  |  |                |   |  |                   | 4,016.2  |   |  |  | 7.7     |  |  |  | 0.19  | 
|Time Deposits                                    |  |                                         | 7,083.8  |   |                 |  | 741.8   |                   |  |  | 10.47          |  |  |                 | 1,470.5 |   |                   |  | 11.7   |                |  |  | 0.79            |   |  |                   | 8,554.3  |   |  |  | 753.5   |  |  |  | 8.81  | 
|                                                 |  |                                         |          |   |                 |  |         |                   |  |  |                |  |  |                 |         |   |                   |  |        |                |  |  |                 |   |  |                   |          |   |  |  |         |  |  |  |       | 
|Total Interest-Bearing Deposits                  |  |                                         | 10,129.4 |   |                 |  | 755.0   |                   |  |  | 7.45           |  |  |                 | 2,949.2 |   |                   |  | 11.7   |                |  |  | 0.40            |   |  |                   | 13,078.6 |   |  |  | 766.7   |  |  |  | 5.86  | 
|                                                 |  |                                         |          |   |                 |  |         |                   |  |  |                |  |  |                 |         |   |                   |  |        |                |  |  |                 |   |  |                   |          |   |  |  |         |  |  |  |       | 
|Other Financial Entities                         |  |                                         | 335.2    |   |                 |  | 61.3    |                   |  |  | 18.29          |  |  |                 | 281.2   |   |                   |  | 7.1    |                |  |  | 2.53            |   |  |                   | 616.4    |   |  |  | 68.4    |  |  |  | 11.10 | 
|Debt Securities                                  |  |                                         | 256.7    |   |                 |  | 32.3    |                   |  |  | 12.58          |  |  |                 | 2,019.4 |   |                   |  | 196.2  |                |  |  | 9.72            |   |  |                   | 2,276.1  |   |  |  | 228.5   |  |  |  | 10.04 | 
|Other                                            |  |                                         | 147.5    |   |                 |  | 10.7    |                   |  |  | 7.25           |  |  |                 | 543.9   |   |                   |  | 18.9   |                |  |  | 3.47            |   |  |                   | 691.4    |   |  |  | 29.6    |  |  |  | 4.28  | 
|                                                 |  |                                         |          |   |                 |  |         |                   |  |  |                |  |  |                 |         |   |                   |  |        |                |  |  |                 |   |  |                   |          |   |  |  |         |  |  |  |       | 
|Total Interest-Bearing Liabilities               |  |                                         | 10,868.8 |   |                 |  | 859.3   |                   |  |  | 7.91           |  |  |                 | 5,793.7 |   |                   |  | 233.9  |                |  |  | 4.04            |   |  |                   | 16,662.5 |   |  |  | 1,093.2 |  |  |  | 6.56  | 
|                                                 |  |                                         |          |   |                 |  |         |                   |  |  |                |  |  |                 |         |   |                   |  |        |                |  |  |                 |   |  |                   |          |   |  |  |         |  |  |  |       | 
|Demand Deposits                                  |  |                                         | 4,746.0  |   |                 |  |        |                   |  |  |               |  |  |                 | 390.7   |   |                   |  |       |                |  |  |                |   |  |                   | 5,136.7  |   |  |  |        |  |  |  |      | 
|Other Liabilities                                |  |                                         | 3,995.8  |   |                 |  |        |                   |  |  |               |  |  |                 | 786.5   |   |                   |  |       |                |  |  |                |   |  |                   | 4,782.3  |   |  |  |        |  |  |  |      | 
|Minority Interests                               |  |                                         | 341.9    |   |                 |  |        |                   |  |  |               |  |  |                 |        |   |                   |  |       |                |  |  |                |   |  |                   | 341.9    |   |  |  |        |  |  |  |      | 
|Shareholders Equity                             |  |                                         | 2,195.0  |   |                 |  |        |                   |  |  |               |  |  |                 |        |   |                   |  |       |                |  |  |                |   |  |                   | 2,195.0  |   |  |  |        |  |  |  |      | 
|                                                 |  |                                         |          |   |                 |  |         |                   |  |  |                |  |  |                 |         |   |                   |  |        |                |  |  |                 |   |  |                   |          |   |  |  |         |  |  |  |       | 
|Total Liabilities and Equity                     |  |                                         | 22,147.5 |   |                 |  |        |                   |  |  |               |  |  |                 | 6,970.9 |   |                   |  |       |                |  |  |                |   |  |                   | 29,118.4 |   |  |  |        |  |  |  |      | 
|                                                 |  |                                         |          |   |                 |  |         |                   |  |  |                |  |  |                 |         |   |                   |  |        |                |  |  |                 |   |  |                   |          |   |  |  |         |  |  |  |       | 
|Spread and Net Yield                             |  |                                         |          |   |                 |  |         |                   |  |  |                |  |  |                 |         |   |                   |  |        |                |  |  |                 |   |  |                   |          |   |  |  |         |  |  |  |       | 
|Interest Rate Spread                             |  |                                         |          |   |                 |  |         |                   |  |  | 11.81          |  |  |                 |         |   |                   |  |        |                |  |  | (5.81           | ) |  |                   |          |   |  |  |         |  |  |  | 9.79  | 
|Cost of Funds Supporting Interest-Earning Assets |  |                                         |          |   |                 |  |         |                   |  |  | 4.64           |  |  |                 |         |   |                   |  |        |                |  |  | 6.78            |   |  |                   |          |   |  |  |         |  |  |  | 4.97  | 
|Net Yield on Interest-Earning Assets             |  |                                         |          |   |                 |  |         |                   |  |  | 15.09          |  |  |                 |         |   |                   |  |        |                |  |  | (8.55           | ) |  |                   |          |   |  |  |         |  |  |  | 11.38 | 



|(*) | Rates include the CER adjustment.
|--- | ---------------------------------

|(1) | Non accruing loans have been included in average loans.
|--- | -------------------------------------------------------



-44-



---

##### Table of Contents

Changes in Net Interest Income-Volume and Rate Analysis

The following table allocates, by currency of the underlying asset or liability, changes in our consolidated interest income and interest
expenses between changes in the average volume of interest-earning assets and interest-bearing liabilities and changes in their respective average yield/rate for (i) the fiscal year ended December 31, 2012 compared with the fiscal year
ended December 31, 2011; and (ii) the fiscal year ended December 31, 2011, compared with the fiscal year ended December 31, 2010. Differences related to both rate and volume are allocated proportionally to the rate variance and
the volume variance, respectively.



|                                                 |  |                                                                         |         |   |                                                                         |  |       |           |  |  |         |   |  |      |         |   |           |  |       |   |  |  |         |  
|------------------------------------------------ |  | ----------------------------------------------------------------------- | ------- | - | ----------------------------------------------------------------------- |  | ----- | --------- |  |  | ------- | - |  | ---- | ------- | - | --------- |  | ----- | - |  |  | ------- | -
|                                                 |  | Fiscal Year 2012/ Fiscal Year2011, Increase (Decrease) dueto changes in |         |   | Fiscal Year 2011/ Fiscal Year2010, Increase (Decrease) dueto changes in | 
|                                                 |  | Volume                                                                  |         |   | Rate                                                                    |  |       | NetChange |  |  | Volume  |   |  | Rate |         |   | NetChange | 
|                                                 |  | (in millions of Pesos)                                                  |        
|Interest Earning Assets                          |  |                                                                         |         |   |                                                                         |  |       |           |  |  |         |   |  |      |         |   |           |  |       |   |  |  |         |  
|Government Securities                            |  |                                                                         |         |   |                                                                         |  |       |           |  |  |         |   |  |      |         |   |           |  |       |   |  |  |         |  
|Pesos                                            |  |                                                                         | 106.4   |   |                                                                         |  | (64.2 | )         |  |  | 42.2    |   |  |      | 149.8   |   |           |  | (64.6 | ) |  |  | 85.2    |  
|Dollars                                          |  |                                                                         | 1.9     |   |                                                                         |  |      |           |  |  | 1.9     |   |  |      | 83.4    |   |           |  | 97.8  |   |  |  | 181.2   |  
|                                                 |  |                                                                         |         |   |                                                                         |  |       |           |  |  |         |   |  |      |         |   |           |  |       |   |  |  |         |  
|Total                                            |  |                                                                         | 108.3   |   |                                                                         |  | (64.2 | )         |  |  | 44.1    |   |  |      | 233.2   |   |           |  | 33.2  |   |  |  | 266.4   |  
|Loans(1)                                         |  |                                                                         |         |   |                                                                         |  |       |           |  |  |         |   |  |      |         |   |           |  |       |   |  |  |         |  
|Private Sector                                   |  |                                                                         |         |   |                                                                         |  |       |           |  |  |         |   |  |      |         |   |           |  |       |   |  |  |         |  
|Banco Galicia and Regional Credit Card Companies |  |                                                                         |         |   |                                                                         |  |       |           |  |  |         |   |  |      |         |   |           |  |       |   |  |  |         |  
|Pesos                                            |  |                                                                         | 2,287.6 |   |                                                                         |  | 487.1 |           |  |  | 2,774.7 |   |  |      | 1,815.8 |   |           |  | 253.1 |   |  |  | 2,068.9 |  
|Dollars                                          |  |                                                                         | (11.8   | ) |                                                                         |  | 59.2  |           |  |  | 47.4    |   |  |      | 47.6    |   |           |  | (14.4 | ) |  |  | 33.2    |  
|                                                 |  |                                                                         |         |   |                                                                         |  |       |           |  |  |         |   |  |      |         |   |           |  |       |   |  |  |         |  
|Total                                            |  |                                                                         | 2,275.8 |   |                                                                         |  | 546.3 |           |  |  | 2,822.1 |   |  |      | 1,863.4 |   |           |  | 238.7 |   |  |  | 2,102.1 |  
|Public Sector                                    |  |                                                                         |         |   |                                                                         |  |       |           |  |  |         |   |  |      |         |   |           |  |       |   |  |  |         |  
|Pesos                                            |  |                                                                         |        |   |                                                                         |  |      |           |  |  |        |   |  |      |        |   |           |  |      |   |  |  |        |  
|Dollars                                          |  |                                                                         |        |   |                                                                         |  |      |           |  |  |        |   |  |      |        |   |           |  |      |   |  |  |        |  
|                                                 |  |                                                                         |         |   |                                                                         |  |       |           |  |  |         |   |  |      |         |   |           |  |       |   |  |  |         |  
|Total                                            |  |                                                                         |        |   |                                                                         |  |      |           |  |  |        |   |  |      |        |   |           |  |      |   |  |  |        |  
|Other                                            |  |                                                                         |         |   |                                                                         |  |       |           |  |  |         |   |  |      |         |   |           |  |       |   |  |  |         |  
|Pesos                                            |  |                                                                         | 85.7    |   |                                                                         |  | 90.1  |           |  |  | 175.8   |   |  |      | 6.1     |   |           |  | 116.1 |   |  |  | 122.2   |  
|Dollars                                          |  |                                                                         | (9.1    | ) |                                                                         |  | 7.6   |           |  |  | (1.5    | ) |  |      | (0.1    | ) |           |  | 1.2   |   |  |  | 1.1     |  
|                                                 |  |                                                                         |         |   |                                                                         |  |       |           |  |  |         |   |  |      |         |   |           |  |       |   |  |  |         |  
|Total                                            |  |                                                                         | 76.6    |   |                                                                         |  | 97.7  |           |  |  | 174.3   |   |  |      | 6.0     |   |           |  | 117.3 |   |  |  | 123.3   |  
|Total Interest-Earning Assets                    |  |                                                                         |         |   |                                                                         |  |       |           |  |  |         |   |  |      |         |   |           |  |       |   |  |  |         |  
|Pesos                                            |  |                                                                         | 2,479.7 |   |                                                                         |  | 513.0 |           |  |  | 2,992.7 |   |  |      | 1,971.7 |   |           |  | 304.6 |   |  |  | 2,276.3 |  
|Dollars                                          |  |                                                                         | (19.0   | ) |                                                                         |  | 66.8  |           |  |  | 47.8    |   |  |      | 130.9   |   |           |  | 84.6  |   |  |  | 215.5   |  
|                                                 |  |                                                                         |         |   |                                                                         |  |       |           |  |  |         |   |  |      |         |   |           |  |       |   |  |  |         |  
|Total                                            |  |                                                                         | 2,460.7 |   |                                                                         |  | 579.8 |           |  |  | 3,040.5 |   |  |      | 2,102.6 |   |           |  | 389.2 |   |  |  | 2,491.8 |  
|                                                 |  |                                                                         |         |   |                                                                         |  |       |           |  |  |         |   |  |      |         |   |           |  |       |   |  |  |         |  
|Interest Bearing Liabilities                     |  |                                                                         |         |   |                                                                         |  |       |           |  |  |         |   |  |      |         |   |           |  |       |   |  |  |         |  
|Demand Account                                   |  |                                                                         |         |   |                                                                         |  |       |           |  |  |         |   |  |      |         |   |           |  |       |   |  |  |         |  
|Pesos                                            |  |                                                                         |        |   |                                                                         |  |      |           |  |  |        |   |  |      | (2.7    | ) |           |  | (2.8  | ) |  |  | (5.5    | )
|Dollars                                          |  |                                                                         |        |   |                                                                         |  |      |           |  |  |        |   |  |      |        |   |           |  |      |   |  |  |        |  
|                                                 |  |                                                                         |         |   |                                                                         |  |       |           |  |  |         |   |  |      |         |   |           |  |       |   |  |  |         |  
|Total                                            |  |                                                                         |        |   |                                                                         |  |      |           |  |  |        |   |  |      | (2.7    | ) |           |  | (2.8  | ) |  |  | (5.5    | )
|Savings Account                                  |  |                                                                         |         |   |                                                                         |  |       |           |  |  |         |   |  |      |         |   |           |  |       |   |  |  |         |  
|Pesos                                            |  |                                                                         | 3.3     |   |                                                                         |  | (3.4  | )         |  |  | (0.1    | ) |  |      | 3.3     |   |           |  | (0.4  | ) |  |  | 2.9     |  
|Dollars                                          |  |                                                                         |        |   |                                                                         |  |      |           |  |  |        |   |  |      |        |   |           |  |      |   |  |  |        |  
|                                                 |  |                                                                         |         |   |                                                                         |  |       |           |  |  |         |   |  |      |         |   |           |  |       |   |  |  |         |  
|Total                                            |  |                                                                         | 3.3     |   |                                                                         |  | (3.4  | )         |  |  | (0.1    | ) |  |      | 3.3     |   |           |  | (0.4  | ) |  |  | 2.9     |  
|Time Deposits                                    |  |                                                                         |         |   |                                                                         |  |       |           |  |  |         |   |  |      |         |   |           |  |       |   |  |  |         |  
|Pesos                                            |  |                                                                         | 705.5   |   |                                                                         |  | 230.6 |           |  |  | 936.1   |   |  |      | 366.9   |   |           |  | 177.2 |   |  |  | 544.1   |  
|Dollars                                          |  |                                                                         | (1.2    | ) |                                                                         |  | 4.3   |           |  |  | 3.1     |   |  |      | 2.4     |   |           |  | (2.8  | ) |  |  | (0.4    | )
|                                                 |  |                                                                         |         |   |                                                                         |  |       |           |  |  |         |   |  |      |         |   |           |  |       |   |  |  |         |  
|Total                                            |  |                                                                         | 704.3   |   |                                                                         |  | 234.9 |           |  |  | 939.2   |   |  |      | 369.3   |   |           |  | 174.4 |   |  |  | 543.7   |  
|With Other Financial Entities                    |  |                                                                         |         |   |                                                                         |  |       |           |  |  |         |   |  |      |         |   |           |  |       |   |  |  |         |  
|Pesos                                            |  |                                                                         | 46.9    |   |                                                                         |  | 10.8  |           |  |  | 57.7    |   |  |      | 69.7    |   |           |  | 3.8   |   |  |  | 73.5    |  
|Dollars                                          |  |                                                                         | 7.6     |   |                                                                         |  | 13.1  |           |  |  | 20.7    |   |  |      | 5.3     |   |           |  | (1.3  | ) |  |  | 4.0     |  
|                                                 |  |                                                                         |         |   |                                                                         |  |       |           |  |  |         |   |  |      |         |   |           |  |       |   |  |  |         |  
|Total                                            |  |                                                                         | 54.5    |   |                                                                         |  | 23.9  |           |  |  | 78.4    |   |  |      | 75.0    |   |           |  | 2.5   |   |  |  | 77.5    |  
|Notes                                            |  |                                                                         |         |   |                                                                         |  |       |           |  |  |         |   |  |      |         |   |           |  |       |   |  |  |         |  
|Pesos                                            |  |                                                                         | 117.5   |   |                                                                         |  | 2.0   |           |  |  | 119.5   |   |  |      | 18.9    |   |           |  | 15.4  |   |  |  | 34.3    |  
|Dollars                                          |  |                                                                         | 68.6    |   |                                                                         |  | 5.6   |           |  |  | 74.2    |   |  |      | 94.2    |   |           |  | (3.8  | ) |  |  | 90.4    |  
|                                                 |  |                                                                         |         |   |                                                                         |  |       |           |  |  |         |   |  |      |         |   |           |  |       |   |  |  |         |  
|Total                                            |  |                                                                         | 186.1   |   |                                                                         |  | 7.6   |           |  |  | 193.7   |   |  |      | 113.1   |   |           |  | 11.6  |   |  |  | 124.7   |  
|Other liabilities                                |  |                                                                         |         |   |                                                                         |  |       |           |  |  |         |   |  |      |         |   |           |  |       |   |  |  |         |  
|Pesos                                            |  |                                                                         | 9.7     |   |                                                                         |  | 0.7   |           |  |  | 10.4    |   |  |      | (2.9    | ) |           |  | 1.4   |   |  |  | (1.5    | )
|Dollars                                          |  |                                                                         | (0.9    | ) |                                                                         |  | 1.4   |           |  |  | 0.5     |   |  |      | 5.9     |   |           |  | 7.1   |   |  |  | 13.0    |  
|                                                 |  |                                                                         |         |   |                                                                         |  |       |           |  |  |         |   |  |      |         |   |           |  |       |   |  |  |         |  
|Total                                            |  |                                                                         | 8.8     |   |                                                                         |  | 2.1   |           |  |  | 10.9    |   |  |      | 3.0     |   |           |  | 8.5   |   |  |  | 11.5    |  
|Total Interest Bearing Liabilities               |  |                                                                         |         |   |                                                                         |  |       |           |  |  |         |   |  |      |         |   |           |  |       |   |  |  |         |  
|Pesos                                            |  |                                                                         | 882.9   |   |                                                                         |  | 240.7 |           |  |  | 1,123.6 |   |  |      | 453.2   |   |           |  | 194.6 |   |  |  | 647.8   |  
|Dollars                                          |  |                                                                         | 74.1    |   |                                                                         |  | 24.4  |           |  |  | 98.5    |   |  |      | 107.8   |   |           |  | (0.8  | ) |  |  | 107.0   |  
|                                                 |  |                                                                         |         |   |                                                                         |  |       |           |  |  |         |   |  |      |         |   |           |  |       |   |  |  |         |  
|Total                                            |  |                                                                         | 957.0   |   |                                                                         |  | 265.1 |           |  |  | 1,222.1 |   |  |      | 561.0   |   |           |  | 193.8 |   |  |  | 754.8   |  
|                                                 |  |                                                                         |         |   |                                                                         |  |       |           |  |  |         |   |  |      |         |   |           |  |       |   |  |  |         |  



|(1) | Non accruing loans have been included in average loans.
|--- | -------------------------------------------------------

The increase of Ps.3,040.5 million in interest income for the fiscal year ended December 31, 2012, as compared to the previous year, is mainly explained by the Ps.2,460.7 million benefit from the
increase in the volume of interest-earning assets, together with the Ps.579.8 million increase in interest rates.

In
particular, the Ps.2,992.7 million benefit from Peso-denominated assets was mainly due to an increase in volume, mainly as a result of the increase in loans to the private sector due to the strong demand. Likewise, the increase in interest rates in
Pesos was mainly due to the 249 basis points (b.p.) increase in the average interest rate for loans to the private sector, from 19.91% to 22.85%.

The Ps.47.8 million net change in Dollar-denominated assets reflects an increase of Ps.66.8 million due to an increase in the interest rate for interest earning assets. This increase was partially offset
by a decrease of Ps.19.0 million in the volume of interest earning assets held.



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##### Table of Contents

In terms of interest expenses, the Ps.1,222.1 million increase for the fiscal year ended
December 31, 2012, as compared to the previous year, is mainly due to the increase in the volume of time deposits, together with the increase in the average interest rate, in line with the dynamics of the financial market.

Interest-Earning Assets-Net Yield on Interest-Earning Assets

The following table analyzes, by currency of denomination, the levels of our average interest-earning assets and net interest earned, and illustrates the net yields and spreads obtained, for each of the
periods indicated.



|                                                    |  |                                            |          |   |      |  |          |      |  |  |          |  
|--------------------------------------------------- |  | ------------------------------------------ | -------- | - | ---- |  | -------- | ---- |  |  | -------- | -
|                                                    |  | Fiscal Year Ended December 31,             |         
|                                                    |  | 2012                                       |          |   | 2011 |  |          | 2010 | 
|                                                    |  | (in millions of Pesos, except percentages) |         
|Total Average Interest-Earning Assets               |  |                                            |          |   |      |  |          |      |  |  |          |  
|Pesos                                               |  |                                            | 38,971.0 |   |      |  | 27,677.8 |      |  |  | 18,534.2 |  
|Dollars                                             |  |                                            | 3,865.6  |   |      |  | 4,263.5  |      |  |  | 3,449.1  |  
|                                                    |  |                                            |          |   |      |  |          |      |  |  |          |  
|Total                                               |  |                                            | 42,836.6 |   |      |  | 31,941.3 |      |  |  | 21,983.3 |  
|                                                    |  |                                            |          |   |      |  |          |      |  |  |          |  
|Net Interest Earned (1)                             |  |                                            |          |   |      |  |          |      |  |  |          |  
|Pesos                                               |  |                                            | 6,293.7  |   |      |  | 4,424.6  |      |  |  | 2,796.1  |  
|Dollars                                             |  |                                            | (237.1   | ) |      |  | (186.4   | )    |  |  | (294.9   | )
|                                                    |  |                                            |          |   |      |  |          |      |  |  |          |  
|Total                                               |  |                                            | 6,056.6  |   |      |  | 4,238.2  |      |  |  | 2,501.2  |  
|                                                    |  |                                            |          |   |      |  |          |      |  |  |          |  
|Net Yield on Interest-Earning Assets (2)(%)         |  |                                            |          |   |      |  |          |      |  |  |          |  
|Pesos                                               |  |                                            | 16.15    |   |      |  | 15.99    |      |  |  | 15.09    |  
|Dollars                                             |  |                                            | (6.13    | ) |      |  | (4.37    | )    |  |  | (8.55    | )
|                                                    |  |                                            |          |   |      |  |          |      |  |  |          |  
|Weighted-Average Yield                              |  |                                            | 14.14    |   |      |  | 13.27    |      |  |  | 11.38    |  
|                                                    |  |                                            |          |   |      |  |          |      |  |  |          |  
|Interest Spread, Nominal Basis (3)(%)               |  |                                            |          |   |      |  |          |      |  |  |          |  
|Pesos                                               |  |                                            | 11.31    |   |      |  | 11.56    |      |  |  | 11.81    |  
|Dollars                                             |  |                                            | (0.12    | ) |      |  | (0.61    | )    |  |  | (5.81    | )
|                                                    |  |                                            |          |   |      |  |          |      |  |  |          |  
|Weighted-Average Yield                              |  |                                            | 11.38    |   |      |  | 11.13    |      |  |  | 9.79     |  
|                                                    |  |                                            |          |   |      |  |          |      |  |  |          |  
|Credit Related Fees Included in Net Interest Earned |  |                                            |          |   |      |  |          |      |  |  |          |  
|Pesos                                               |  |                                            | 191.5    |   |      |  | 146.2    |      |  |  | 109.5    |  
|Dollars                                             |  |                                            | 0.4      |   |      |  |         |      |  |  |         |  
|                                                    |  |                                            |          |   |      |  |          |      |  |  |          |  
|Total                                               |  |                                            | 191.9    |   |      |  | 146.2    |      |  |  | 109.5    |  
|                                                    |  |                                            |          |   |      |  |          |      |  |  |          |  



|(1) | Net interest earned corresponds to the net financial income (Financial Income minus Financial Expenses, as set forth in the Income
Statement), plus (i) financial fees included in Income from ServicesIn Relation to Lending Transactions in the Income Statement,(ii) contributions to the Deposits Insurance Fund included in the item with the same
denomination that is part of the Financial Expenses caption in the Income Statement, and (iii) contributions and taxes on financial income included in the Income Statement under Financial ExpensesOthers;
minus (i) net income from corporate securities, included under Financial Income/ExpensesInterest Income and Gains/Losses from Holdings of Government and Corporate Securities, in the Income Statement,(ii) differences in
quotation of gold and foreign currency included in the item with the same denomination that is part of the Financial Expenses/Income caption in the Income Statement, and (iii) the premiums and adjustments on forward transactions in foreign
currency, included in the item Financial Income-Others in the Income Statement. Net interest earned also includes income from government securities used as security margins in repurchase agreement transactions. This income/loss is
included in Miscellaneous Income/LossOthers in the Income Statement. Net income from government securities includes both interest and gains/losses due to the variation of market quotations.
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(2) | Net interest earned, divided by average interest-earning assets.
|--- | ----------------------------------------------------------------

|(3) | Interest spread, nominal basis is the difference between the average nominal interest rate on interest-earning assets and the average nominal interest rate on
interest-bearing liabilities.
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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##### Table of Contents

Government and Corporate Securities

The following table shows our holdings of government and corporate securities at the balance sheet dates stated below, and the breakdown
of the portfolio in accordance with the Argentine Central Bank classification system and by the currency of denomination of the relevant securities. Our holdings of government securities represent mainly holdings of Banco Galicia.



|                                                |  |                                |         |   |      |  |         |      |  |  |         | 
|----------------------------------------------- |  | ------------------------------ | ------- | - | ---- |  | ------- | ---- |  |  | ------- | 
|                                                |  | Fiscal Year Ended December 31, |        
|                                                |  | 2012                           |         |   | 2011 |  |         | 2010 | 
|                                                |  | (in millions of Pesos)         |        
|Government Securities                           |  |                                |         |   |      |  |         |      |  |  |         | 
|Pesos                                           |  |                                |         |   |      |  |         |      |  |  |         | 
|Recorded at Cost plus Yield                     |  |                                | 595.7   |   |      |  | 162.4   |      |  |  | 133.7   | 
|Bonar Bonds                                     |  |                                | 558.1   |   |      |  |        |      |  |  |        | 
|Others                                          |  |                                | 37.6    |   |      |  | 162.4   |      |  |  | 133.7   | 
|Recorded at Fair Value                          |  |                                | 98.8    |   |      |  | 93.1    |      |  |  | 38.4    | 
|Bonar Bonds                                     |  |                                | 89.1    |   |      |  | 61.1    |      |  |  | 13.3    | 
|Others                                          |  |                                | 9.7     |   |      |  | 32.0    |      |  |  | 25.1    | 
|Issued by Argentine Central Bank                |  |                                | 2,685.3 |   |      |  | 4,917.9 |      |  |  | 2,065.7 | 
|Lebac Unquoted                                  |  |                                | 1,165.5 |   |      |  | 713.5   |      |  |  | 257.5   | 
|Lebac Quoted                                    |  |                                | 1,309.2 |   |      |  | 10.3    |      |  |  | 359.1   | 
|Nobac Unquoted                                  |  |                                | 46.6    |   |      |  | 637.4   |      |  |  | 1,265.0 | 
|Nobac Quoted                                    |  |                                | 125.5   |   |      |  | 2,146.0 |      |  |  | 3.9     | 
|Nobac Repurchase Agreement Transactions         |  |                                |        |   |      |  | 66.5    |      |  |  |        | 
|Lebac Repurchase Agreement Transactions         |  |                                | 38.5    |   |      |  | 1,344.2 |      |  |  | 180.2   | 
|Without Quotation                               |  |                                |        |   |      |  |        |      |  |  |        | 
|Bonar Bonds                                     |  |                                |        |   |      |  |        |      |  |  |        | 
|Discount Bonds in Pesos                         |  |                                |        |   |      |  |        |      |  |  |        | 
|                                                |  |                                |         |   |      |  |         |      |  |  |         | 
|Total Government Securities in Pesos            |  |                                | 3,379.8 |   |      |  | 5,173.4 |      |  |  | 2,237.8 | 
|                                                |  |                                |         |   |      |  |         |      |  |  |         | 
|Dollars                                         |  |                                |         |   |      |  |         |      |  |  |         | 
|Recorded at Cost plus Yield                     |  |                                | 228.5   |   |      |  |        |      |  |  |        | 
|Government Bonds                                |  |                                | 228.5   |   |      |  |        |      |  |  |        | 
|Recorded at Fair Value                          |  |                                | 19.8    |   |      |  | 54.3    |      |  |  | 29.9    | 
|Others                                          |  |                                | 19.8    |   |      |  | 54.3    |      |  |  | 29.9    | 
|                                                |  |                                |         |   |      |  |         |      |  |  |         | 
|Total Government Securities in Dollars          |  |                                | 248.3   |   |      |  | 54.3    |      |  |  | 29.9    | 
|                                                |  |                                |         |   |      |  |         |      |  |  |         | 
|Total Government Securities                     |  |                                | 3,628.1 |   |      |  | 5,227.7 |      |  |  | 2,267.7 | 
|                                                |  |                                |         |   |      |  |         |      |  |  |         | 
|Corporate Securities                            |  |                                | 0.2     |   |      |  | 3.1     |      |  |  | 10.3    | 
|Corporate Equity Securities (Quoted) in Pesos   |  |                                | 0.2     |   |      |  | 3.1     |      |  |  | 10.3    | 
|Corporate Equity Securities (Quoted) in Dollars |  |                                |        |   |      |  |        |      |  |  |        | 
|                                                |  |                                |         |   |      |  |         |      |  |  |         | 
|Allowances                                      |  |                                | (1.2    | ) |      |  |        |      |  |  |        | 
|                                                |  |                                |         |   |      |  |         |      |  |  |         | 
|Total Government and Corporate Securities       |  |                                | 3,627.1 |   |      |  | 5,230.8 |      |  |  | 2,278.0 | 

The decrease in our holdings of Argentine government securities in 2012 can be mainly attributed to the
decrease in Lebac and Nobac (Argentine Central Bank bills and notes). The portfolio in Pesos corresponding to securities recorded at cost plus yield reflects Banco Galicias holdings of bonds issued by the Argentine government due in 2015
(Bonar 2015 Bonds) for Ps.558.1 million.

In the 2011 fiscal year, the increase of our holdings of Argentine
government securities can also be mainly attributed to the increase in Lebac and Nobac. The portfolio in Pesos corresponding to securities recorded at cost plus yield reflects Banco Galicias holdings of Bonar 2015 Bonds for Ps.162.4 million.

All government securities, except for the Lebac and Nobac, which are issued by the Argentine Central Bank, were issued by the
Argentine government.



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##### Table of Contents

Government Securities - Net Position

The following table shows our net position in government and corporate securities at the balance sheet date, and the breakdown of the
portfolio in accordance with the Argentine Central Bank classification system and by the securities currency of denomination. The net position is defined as holdings plus forward purchases and spot purchases pending settlement, minus forward
sales and spot sales pending settlement.



|                                                |  |                         |         |  |              |  |       |           |  |  |               |   |  |               |   |  |          |  |       |   |  |  |         |  
|----------------------------------------------- |  | ----------------------- | ------- |  | ------------ |  | ----- | --------- |  |  | ------------- | - |  | ------------- | - |  | -------- |  | ----- | - |  |  | ------- | -
|                                                |  | As of December 31, 2012 |        
|                                                |  |                         |         |  |              |  |       |           |  |  | Spot          |   |  | Spot          |   |  |          | 
|                                                |  |                         |         |  | Forward      |  |       | Forward   |  |  | purchases     |   |  | sales         |   |  | Net      | 
|                                                |  | Holdings                |         |  | Purchases(1) |  |       | Sales (2) |  |  | to be settled |   |  | to be settled |   |  | Position | 
|                                                |  | (in millions of Pesos)  |        
|Government Securities                           |  |                         |         |  |              |  |       |           |  |  |               |   |  |               |   |  |          |  |       |   |  |  |         |  
|Holdings Recorded at Cost plus Yield            |  |                         |         |  |              |  |       |           |  |  |               |   |  |               |   |  |          |  |       |   |  |  |         |  
|Pesos                                           |  |                         | 595.6   |  |              |  |      |           |  |  |              |   |  |               |  |  |          |  |      |   |  |  | 595.6   |  
|Dollars                                         |  |                         | 228.5   |  |              |  |      |           |  |  |              |   |  |               |  |  |          |  | (1.2  | ) |  |  | 227.3   |  
|Holdings Recorded at Fair Value                 |  |                         |         |  |              |  |       |           |  |  |               |   |  |               |   |  |          |  |       |   |  |  |         |  
|Pesos                                           |  |                         | 98.9    |  |              |  |      |           |  |  | (192.4        | ) |  |               |  |  |          |  |      |   |  |  | (93.5   | )
|Dollars                                         |  |                         | 18.5    |  |              |  |      |           |  |  |              |   |  |               |  |  |          |  | (3.7  | ) |  |  | 14.8    |  
|Securities issued by the Argentine Central Bank |  |                         |         |  |              |  |       |           |  |  |               |   |  |               |   |  |          |  |       |   |  |  |         |  
|Pesos                                           |  |                         | 2,685.4 |  |              |  | 727.5 |           |  |  | (91.4         | ) |  |               |  |  |          |  | (69.9 | ) |  |  | 3,251.6 |  
|Total Government Securities                     |  |                         | 3,626.9 |  |              |  | 727.5 |           |  |  | (283.8        | ) |  |               |  |  |          |  | (74.8 | ) |  |  | 3,995.8 |  
|                                                |  |                         |         |  |              |  |       |           |  |  |               |   |  |               |   |  |          |  |       |   |  |  |         |  
|Corporate Equity Securities (Quoted)            |  |                         | 0.2     |  |              |  |      |           |  |  |              |   |  |               |  |  |          |  | (1.1  | ) |  |  | (0.9    | )
|                                                |  |                         |         |  |              |  |       |           |  |  |               |   |  |               |   |  |          |  |       |   |  |  |         |  
|Total Government and Corporate Securities       |  |                         | 3,627.1 |  |              |  | 727.5 |           |  |  | (283.8        | ) |  |               |  |  |          |  | (75.9 | ) |  |  | 3,994.9 |  
|                                                |  |                         |         |  |              |  |       |           |  |  |               |   |  |               |   |  |          |  |       |   |  |  |         |  



|1. | Forward purchases include securities granted as collateral.
|-- | -----------------------------------------------------------

|2. | Forward sales include government securities deposits.
|-- | -----------------------------------------------------

The net position of government securities as of December 31, 2012 amounted to Ps.3,994.9 million.

The net position of government securities at cost plus yield issued in pesos corresponds to Bonar 2015 Bonds, for Ps.595.6 million. The net position of government securities at cost plus yield issued in
dollars amount to Ps.227.3 million and can primarily be attributed to debt issued by the provinces of Neuquén, Buenos Aires and Córdoba.

The negative net position corresponding to government securities at fair value in pesos, in the amount of Ps.93.5 million, occurred as a result of the receipt of deposits of the Bonar 2015 Bonds.

Regarding securities issued by the Argentine Central Bank, the net position corresponds to our holding of Lebac and Nobac in
the amount of Ps.3,251.6 million.

Remaining Maturity and Weighted-Average Yield

The following table analyzes the remaining maturity and weighted-average yield of our holdings of government and corporate securities as
of December 31, 2012. Our government securities portfolio yields do not contain any tax equivalency adjustments.



|                                                 |  |                                            |           |  |                       |          |         |                                        |           |  |                                          |          |  |                        |           |  |  |          |      |   |           |  |   |          |  |  |   |  |  |  |     |  |  |  |      |  
|------------------------------------------------ |  | ------------------------------------------ | --------- |  | --------------------- | -------- | ------- | -------------------------------------- | --------- |  | ---------------------------------------- | -------- |  | ---------------------- | --------- |  |  | -------- | ---- | - | --------- |  | - | -------- |  |  | - |  |  |  | --- |  |  |  | ---- | -
|Maturity Yield                                   | 
|                                                 |  | TotalBookValue                             |           |  | Maturingwithin 1 year |          |         | Maturing after 1year but
within5 years |           |  | Maturing after 5years but within10 years |          |  | Maturingafter 10 years |          
|                                                 |  |                                            | BookValue |  |                       | Yield(1) |         |                                        | BookValue |  |                                          | Yield(1) |  |                        | BookValue |  |  | Yield(1) |      |   | BookValue |  |   | Yield(1) | 
|                                                 |  | (in millions of Pesos, except percentages) |          
|Government Securities                            |  |                                            |           |  |                       |          |         |                                        |           |  |                                          |          |  |                        |           |  |  |          |      |   |           |  |   |          |  |  |   |  |  |  |     |  |  |  |      |  
|Recorded at Fair Value                           |  |                                            |           |  |                       |          |         |                                        |           |  |                                          |          |  |                        |           |  |  |          |      |   |           |  |   |          |  |  |   |  |  |  |     |  |  |  |      |  
|Pesos                                            |  |                                            | 136.5     |  |                       |          | 52.6    |                                        |           |  | 18.5                                     | %        |  |                        | 80.8      |  |  |          | 17.4 | % |           |  |  |          |  |  |  |  |  |  | 3.0 |  |  |  | 12.8 | %
|Dollars                                          |  |                                            | 247.2     |  |                       |          | 155.4   |                                        |           |  | 4.4                                      | %        |  |                        | 91.8      |  |  |          | 9.4  | % |           |  |  |          |  |  |  |  |  |  |    |  |  |  |     |  
|Recorded at Cost plus Yield                      |  |                                            |           |  |                       |          |         |                                        |           |  |                                          |          |  |                        |           |  |  |          |      |   |           |  |   |          |  |  |   |  |  |  |     |  |  |  |      |  
|Pesos                                            |  |                                            | 558.0     |  |                       |          | 185.9   |                                        |           |  | 17.5                                     | %        |  |                        | 372.1     |  |  |          | 17.5 | % |           |  |  |          |  |  |  |  |  |  |    |  |  |  |     |  
|Instruments Issued by the Argentine Central Bank |  |                                            |           |  |                       |          |         |                                        |           |  |                                          |          |  |                        |           |  |  |          |      |   |           |  |   |          |  |  |   |  |  |  |     |  |  |  |      |  
|Pesos                                            |  |                                            | 2,685.3   |  |                       |          | 2,653.4 |                                        |           |  | 14.1                                     | %        |  |                        | 31.9      |  |  |          | 14.1 | % |           |  |  |          |  |  |  |  |  |  |    |  |  |  |     |  
|Securities Without Quotation                     |  |                                            |           |  |                       |          |         |                                        |           |  |                                          |          |  |                        |           |  |  |          |      |   |           |  |   |          |  |  |   |  |  |  |     |  |  |  |      |  
|Pesos                                            |  |                                            |          |  |                       |          |        |                                        |           |  |                                         |          |  |                        |          |  |  |          |     |   |           |  |  |          |  |  |  |  |  |  |    |  |  |  |     |  
|Dollars                                          |  |                                            |          |  |                       |          |        |                                        |           |  |                                         |          |  |                        |          |  |  |          |     |   |           |  |  |          |  |  |  |  |  |  |    |  |  |  |     |  
|                                                 |  |                                            |           |  |                       |          |         |                                        |           |  |                                          |          |  |                        |           |  |  |          |      |   |           |  |   |          |  |  |   |  |  |  |     |  |  |  |      |  
|Total Government Securities                      |  |                                            | 3,627.0   |  |                       |          | 3,047.3 |                                        |           |  | 13.8                                     | %        |  |                        | 576.6     |  |  |          | 16.0 | % |           |  |  |          |  |  |  |  |  |  | 3.0 |  |  |  | 12.8 | %
|                                                 |  |                                            |           |  |                       |          |         |                                        |           |  |                                          |          |  |                        |           |  |  |          |      |   |           |  |   |          |  |  |   |  |  |  |     |  |  |  |      |  
|Corporate Debt Securities                        |  |                                            | 0.2       |  |                       |          | 0.2     |                                        |           |  |                                         |          |  |                        |          |  |  |          |     |   |           |  |  |          |  |  |  |  |  |  |    |  |  |  |     |  
|                                                 |  |                                            |           |  |                       |          |         |                                        |           |  |                                          |          |  |                        |           |  |  |          |      |   |           |  |   |          |  |  |   |  |  |  |     |  |  |  |      |  
|Total Portfolio                                  |  |                                            | 3,627.1   |  |                       |          | 3,047.5 |                                        |           |  | 13.8                                     | %        |  |                        | 576.6     |  |  |          | 16.0 | % |           |  |  |          |  |  |  |  |  |  | 3.0 |  |  |  | 12.8 | %
|                                                 |  |                                            |           |  |                       |          |         |                                        |           |  |                                          |          |  |                        |           |  |  |          |      |   |           |  |   |          |  |  |   |  |  |  |     |  |  |  |      |  



|(1) | Effective yield based on December 31, 2012 quoted market values.
|--- | ----------------------------------------------------------------



-48-



---

##### Table of Contents

As of December 31, 2012, we had the following investments in securities of issuers that
exceeded 10% of our shareholders equity.



|                                                |  |                        |  |            |         |  |              |  |         | 
|----------------------------------------------- |  | ---------------------- |  | ---------- | ------- |  | ------------ |  | ------- | 
|December 31, 2012                               | 
|In millions of Pesos                            |  | Issuer                 |  | Book Value |         |  | Market Value | 
|Securities issued by the Argentine Central Bank |  | Argentine Central Bank |  |            | 2,685.3 |  |              |  | 2,684.4 | 
|Government Securities Bonar                     |  | National Government    |  |            | 558.0   |  |              |  | 601.0   | 
|                                                |  |                        |  |            |         |  |              |  |         | 
|Total                                           |  |                        |  |            | 3,243.3 |  |              |  | 3,285.4 | 
|                                                |  |                        |  |            |         |  |              |  |         | 

Loan Portfolio

Our total loans reflect Banco Galicias, the Regional Credit Card Companies and CFAs loan portfolios including past due principal amounts. Personal loans and credit-card loans are
typically loans to individuals granted by Banco Galicia, the Regional Credit Card Companies or CFA. The Regional Credit Card Companies loans are included under Credit card loans, while most of CFAs loans are included under
Personal loans. Also, certain amounts related to advances, promissory notes, mortgage loans and pledge loans are extended to individuals. However, advances and promissory notes mostly represent loans to companies. The following table
analyzes our loan portfolio, i.e., Banco Galicias loan portfolio consolidated with the Regional Credit Card Companies and CFAs loan portfolio, by type of loan and total loans with guarantees.



|                                                                  |  |                        |          |   |      |  |          |      |  |  |          |   |  |      |          |   |  |  |          |  
|----------------------------------------------------------------- |  | ---------------------- | -------- | - | ---- |  | -------- | ---- |  |  | -------- | - |  | ---- | -------- | - |  |  | -------- | -
|                                                                  |  | As of December 31,     |         
|                                                                  |  | 2012                   |          |   | 2011 |  |          | 2010 |  |  | 2009     |   |  | 2008 |         
|                                                                  |  | (in millions of Pesos) |         
|Principal and Interest                                            |  |                        |          |   |      |  |          |      |  |  |          |   |  |      |          |   |  |  |          |  
|Non-Financial Public Sector                                       |  |                        | 0.1      |   |      |  | 1.0      |      |  |  | 3.2      |   |  |      | 5.0      |   |  |  | 1,319.6  |  
|Local Financial Sector                                            |  |                        | 356.6    |   |      |  | 326.2    |      |  |  | 80.6     |   |  |      | 25.4     |   |  |  | 148.1    |  
|Non-Financial Private Sector and Residents Abroad(1)              |  |                        |          |   |      |  |          |      |  |  |          |   |  |      |          |   |  |  |          |  
|Advances                                                          |  |                        | 3,097.8  |   |      |  | 2,302.1  |      |  |  | 979.2    |   |  |      | 630.1    |   |  |  | 594.4    |  
|Promissory Notes                                                  |  |                        | 10,459.7 |   |      |  | 6,412.3  |      |  |  | 4,534.3  |   |  |      | 3,205.4  |   |  |  | 2,116.3  |  
|Mortgage Loans                                                    |  |                        | 1,158.8  |   |      |  | 959.5    |      |  |  | 950.2    |   |  |      | 964.3    |   |  |  | 1,026.8  |  
|Pledge Loans                                                      |  |                        | 310.7    |   |      |  | 202.3    |      |  |  | 119.2    |   |  |      | 64.8     |   |  |  | 81.0     |  
|Personal Loans                                                    |  |                        | 7,283.1  |   |      |  | 5,785.7  |      |  |  | 4,093.6  |   |  |      | 1,724.4  |   |  |  | 1,217.6  |  
|Credit Card Loans                                                 |  |                        | 19,279.0 |   |      |  | 13,392.2 |      |  |  | 9,120.1  |   |  |      | 5,691.3  |   |  |  | 4,378.4  |  
|Placements in Banks Abroad                                        |  |                        | 277.5    |   |      |  | 66.0     |      |  |  | 215.3    |   |  |      | 440.7    |   |  |  | 334.5    |  
|Other Loans                                                       |  |                        | 1,619.4  |   |      |  | 2,462.5  |      |  |  | 2,081.2  |   |  |      | 1,387.9  |   |  |  | 883.3    |  
|Accrued Interest, Adjustment and Quotation Differences
Receivable |  |                        | 660.5    |   |      |  | 420.8    |      |  |  | 277.1    |   |  |      | 178.8    |   |  |  | 185.8    |  
|Documented Interest                                               |  |                        | (200.7   | ) |      |  | (165.6   | )    |  |  | (81.8    | ) |  |      | (54.2    | ) |  |  | (38.5    | )
|                                                                  |  |                        |          |   |      |  |          |      |  |  |          |   |  |      |          |   |  |  |          |  
|Total Non-Financial Private-Sector and Residents Abroad           |  |                        | 43,945.8 |   |      |  | 31,837.8 |      |  |  | 22,288.4 |   |  |      | 14,233.5 |   |  |  | 10,779.6 |  
|                                                                  |  |                        |          |   |      |  |          |      |  |  |          |   |  |      |          |   |  |  |          |  
|Total Gross Loans                                                 |  |                        | 44,302.5 |   |      |  | 32,165.0 |      |  |  | 22,372.2 |   |  |      | 14,263.9 |   |  |  | 12,247.3 |  
|                                                                  |  |                        |          |   |      |  |          |      |  |  |          |   |  |      |          |   |  |  |          |  
|Allowance for Loan Losses                                         |  |                        | (1,731.9 | ) |      |  | (1,284.0 | )    |  |  | (1,038.5 | ) |  |      | (806.4   | ) |  |  | (526.8   | )
|                                                                  |  |                        |          |   |      |  |          |      |  |  |          |   |  |      |          |   |  |  |          |  
|Total Loans                                                       |  |                        | 42,570.6 |   |      |  | 30,881.0 |      |  |  | 21,333.7 |   |  |      | 13,457.5 |   |  |  | 11,720.5 |  
|                                                                  |  |                        |          |   |      |  |          |      |  |  |          |   |  |      |          |   |  |  |          |  
|Loans with Guarantees                                             |  |                        |          |   |      |  |          |      |  |  |          |   |  |      |          |   |  |  |          |  
|With Preferred Guarantees(2)                                      |  |                        | 1,698.9  |   |      |  | 1,441.3  |      |  |  | 1,257.1  |   |  |      | 1,142.2  |   |  |  | 1,332.8  |  
|Other Guarantees                                                  |  |                        | 6,829.5  |   |      |  | 4,866.0  |      |  |  | 3,694.5  |   |  |      | 2,453.9  |   |  |  | 2,971.1  |  
|                                                                  |  |                        |          |   |      |  |          |      |  |  |          |   |  |      |          |   |  |  |          |  
|Total Loans with Guarantees                                       |  |                        | 8,528.4  |   |      |  | 6,307.3  |      |  |  | 4,951.6  |   |  |      | 3,596.1  |   |  |  | 4,303.9  |  
|                                                                  |  |                        |          |   |      |  |          |      |  |  |          |   |  |      |          |   |  |  |          |  



-49-



---

##### Table of Contents

|(1) | Categories of loans include:
|--- | ----------------------------

- Advances: short-term obligations drawn on by customers through overdrafts.

- Promissory Notes: endorsed promissory notes, notes and other promises to pay signed by one borrower or group of borrowers

and factored loans.

- Mortgage Loans: loans granted to purchase or improve real estate and collateralized by such real estate and commercial loans

secured by a real estate mortgage.

- Pledge Loans: loans secured by collateral (such as cars or machinery) other than real estate, where such collateral is an

integral part of the loan documents.

- Personal Loans:
loans to individuals.

- Credit-Card Loans: loans granted through credit cards to credit card holders.

- Placements in Banks Abroad: short-term loans to banks abroad.

- Other Loans: loans not included in other categories.

- Documented Interest: discount on notes and bills.



|(2) | Preferred guarantees include mortgages on real estate property or pledges on movable property, such as cars or machinery, where Banco Galicia has priority,
endorsements of the Federal Office of the Secretary of Finance, pledges of Government securities, or gold or cash as collateral.
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

As of December 31, 2012, Banco Galicias loan portfolio before allowances for loan losses increased by 37.7% as compared to the fiscal year ended December 31, 2011, as a result of increases
in loans to both companies and individuals by 39.8% and 35.8%, respectively.

For the fiscal year ended December 31,
2011, Banco Galicias loan portfolio before allowances for loan losses amounted to Ps.32,165.0 million, a 43.8% increase as compared to the fiscal year ended December 31, 2010, as a result of a significant increase in loans to the private
sector.

Loans by Type of Borrower

The following table shows the breakdown of our total loan portfolio, by type of borrower at December 31, 2012, 2011 and 2010. The middle-market companies category includes Banco Galicias
loans to small and medium-sized companies and the agricultural and livestock sectors while the individuals category includes loans granted by Banco Galicia, the Regional Credit Card Companies and CFA. Loans to individuals comprise both
consumer loans and commercial loans extended to individuals with a commercial activity.



|                                   |  |                                            |          |  |            |  |        |        |  |  |            |  |  |        |        |  |            |  |          |  |  |  |        | 
|---------------------------------- |  | ------------------------------------------ | -------- |  | ---------- |  | ------ | ------ |  |  | ---------- |  |  | ------ | ------ |  | ---------- |  | -------- |  |  |  | ------ | 
|                                   |  | As of December 31,                         |         
|                                   |  | 2012                                       |          |  | 2011       |  |        | 2010   | 
|                                   |  | Amount                                     |          |  | % of Total |  |        | Amount |  |  | % of Total |  |  | Amount |        |  | % of Total | 
|                                   |  | (in millions of Pesos, except percentages) |         
|Commercial Loans                   |  |                                            | 19,041.3 |  |            |  | 42.98  |        |  |  | 13,623.7   |  |  |        | 42.36  |  |            |  | 9,410.1  |  |  |  | 42.06  | 
|Corporate                          |  |                                            | 6,256.6  |  |            |  | 14.12  |        |  |  | 4,454.5    |  |  |        | 13.85  |  |            |  | 2,768.1  |  |  |  | 12.37  | 
|Middle-Market Companies            |  |                                            | 12,784.7 |  |            |  | 28.86  |        |  |  | 9,169.2    |  |  |        | 28.51  |  |            |  | 6,642.0  |  |  |  | 29.69  | 
|- Agribusiness                     |  |                                            | 5,474.2  |  |            |  | 12.36  |        |  |  | 3,615.9    |  |  |        | 11.24  |  |            |  | 2,458.2  |  |  |  | 10.99  | 
|- Small and medium-sized companies |  |                                            | 7,310.5  |  |            |  | 16.50  |        |  |  | 5,553.3    |  |  |        | 17.27  |  |            |  | 4,183.8  |  |  |  | 18.70  | 
|Individuals                        |  |                                            | 24,609.5 |  |            |  | 55.55  |        |  |  | 18,115.2   |  |  |        | 56.32  |  |            |  | 12,640.9 |  |  |  | 56.51  | 
|- Bank                             |  |                                            | 12,915.6 |  |            |  | 29.15  |        |  |  | 9,562.2    |  |  |        | 29.73  |  |            |  | 6,807.0  |  |  |  | 30.43  | 
|- Regional Credit Card Companies   |  |                                            | 9,260.6  |  |            |  | 20.90  |        |  |  | 6,740.0    |  |  |        | 20.95  |  |            |  | 4,455.9  |  |  |  | 19.92  | 
|- CFA                              |  |                                            | 2,433.3  |  |            |  | 5.50   |        |  |  | 1,813.0    |  |  |        | 5.64   |  |            |  | 1,378.0  |  |  |  | 6.16   | 
|Financial Sector (1)               |  |                                            | 651.6    |  |            |  | 1.47   |        |  |  | 425.1      |  |  |        | 1.32   |  |            |  | 318.0    |  |  |  | 1.42   | 
|Non-Financial Public Sector        |  |                                            | 0.1      |  |            |  |       |        |  |  | 1.0        |  |  |        |       |  |            |  | 3.2      |  |  |  | 0.01   | 
|                                   |  |                                            |          |  |            |  |        |        |  |  |            |  |  |        |        |  |            |  |          |  |  |  |        | 
|Total
(2)                          |  |                                            | 44,302.5 |  |            |  | 100.00 |        |  |  | 32,165.0   |  |  |        | 100.00 |  |            |  | 22,372.2 |  |  |  | 100.00 | 
|                                   |  |                                            |          |  |            |  |        |        |  |  |            |  |  |        |        |  |            |  |          |  |  |  |        | 



|(1) | Includes local and international financial sector. Financial Sector loans are primarily composed of interbank loans (call money loans), overnight deposits at
international money center banks and loans to provincial banks.
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(2) | Before the allowance for loan losses.
|--- | -------------------------------------



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---

##### Table of Contents

Loans by Economic Activity

The following table sets forth as of the dates indicated an analysis of our loan portfolio according to the borrowers main economic
activity. Figures include principal and interest.



|                                                   |  |                                            |          |  |           |  |        |        |  |  |           |  |  |        |        |  |           |  |          |  |  |  |        | 
|-------------------------------------------------- |  | ------------------------------------------ | -------- |  | --------- |  | ------ | ------ |  |  | --------- |  |  | ------ | ------ |  | --------- |  | -------- |  |  |  | ------ | 
|                                                   |  | As of December 31,                         |         
|                                                   |  | 2012                                       |          |  | 2011      |  |        | 2010   | 
|                                                   |  | Amount                                     |          |  | % ofTotal |  |        | Amount |  |  | % ofTotal |  |  | Amount |        |  | % ofTotal | 
|                                                   |  | (in millions of Pesos, except percentages) |         
|Financial Sector (1)                               |  |                                            | 651.6    |  |           |  | 1.47   |        |  |  | 425.1     |  |  |        | 1.32   |  |           |  | 318.0    |  |  |  | 1.42   | 
|Services                                           |  |                                            |          |  |           |  |        |        |  |  |           |  |  |        |        |  |           |  |          |  |  |  |        | 
|Non-Financial Public Sector                        |  |                                            | 0.1      |  |           |  |       |        |  |  | 1.0       |  |  |        |       |  |           |  | 3.2      |  |  |  | 0.01   | 
|Communications, Transportation Health and Others   |  |                                            | 2,063.8  |  |           |  | 4.66   |        |  |  | 1,571.2   |  |  |        | 4.88   |  |           |  | 1,315.3  |  |  |  | 5.88   | 
|Electricity, Gas, Water Supply and Sewage
Services |  |                                            | 243.9    |  |           |  | 0.55   |        |  |  | 268.9     |  |  |        | 0.84   |  |           |  | 111.2    |  |  |  | 0.50   | 
|Other Financial Services                           |  |                                            | 165.3    |  |           |  | 0.37   |        |  |  | 126.1     |  |  |        | 0.39   |  |           |  | 54.0     |  |  |  | 0.24   | 
|                                                   |  |                                            |          |  |           |  |        |        |  |  |           |  |  |        |        |  |           |  |          |  |  |  |        | 
|Total                                              |  |                                            | 2,473.1  |  |           |  | 5.58   |        |  |  | 1,967.2   |  |  |        | 6.11   |  |           |  | 1,483.7  |  |  |  | 6.63   | 
|                                                   |  |                                            |          |  |           |  |        |        |  |  |           |  |  |        |        |  |           |  |          |  |  |  |        | 
|Primary Products                                   |  |                                            |          |  |           |  |        |        |  |  |           |  |  |        |        |  |           |  |          |  |  |  |        | 
|Agriculture and Livestock                          |  |                                            | 4,844.8  |  |           |  | 10.94  |        |  |  | 3,318.9   |  |  |        | 10.32  |  |           |  | 2,268.0  |  |  |  | 10.14  | 
|Fishing, Forestry and Mining                       |  |                                            | 133.8    |  |           |  | 0.30   |        |  |  | 537.7     |  |  |        | 1.67   |  |           |  | 199.3    |  |  |  | 0.89   | 
|                                                   |  |                                            |          |  |           |  |        |        |  |  |           |  |  |        |        |  |           |  |          |  |  |  |        | 
|Total                                              |  |                                            | 4,978.6  |  |           |  | 11.24  |        |  |  | 3,856.6   |  |  |        | 11.99  |  |           |  | 2,467.3  |  |  |  | 11.03  | 
|                                                   |  |                                            |          |  |           |  |        |        |  |  |           |  |  |        |        |  |           |  |          |  |  |  |        | 
|Consumer                                           |  |                                            | 24,167.5 |  |           |  | 54.55  |        |  |  | 17,617.0  |  |  |        | 54.77  |  |           |  | 12,232.7 |  |  |  | 54.68  | 
|                                                   |  |                                            |          |  |           |  |        |        |  |  |           |  |  |        |        |  |           |  |          |  |  |  |        | 
|Retail Trade                                       |  |                                            | 1,749.2  |  |           |  | 3.95   |        |  |  | 1,125.7   |  |  |        | 3.50   |  |           |  | 906.2    |  |  |  | 4.05   | 
|                                                   |  |                                            |          |  |           |  |        |        |  |  |           |  |  |        |        |  |           |  |          |  |  |  |        | 
|Wholesale Trade                                    |  |                                            | 2,476.4  |  |           |  | 5.59   |        |  |  | 1,918.3   |  |  |        | 5.96   |  |           |  | 1,532.8  |  |  |  | 6.85   | 
|                                                   |  |                                            |          |  |           |  |        |        |  |  |           |  |  |        |        |  |           |  |          |  |  |  |        | 
|Construction                                       |  |                                            | 593.8    |  |           |  | 1.34   |        |  |  | 510.0     |  |  |        | 1.59   |  |           |  | 318.1    |  |  |  | 1.42   | 
|                                                   |  |                                            |          |  |           |  |        |        |  |  |           |  |  |        |        |  |           |  |          |  |  |  |        | 
|Manufacturing                                      |  |                                            |          |  |           |  |        |        |  |  |           |  |  |        |        |  |           |  |          |  |  |  |        | 
|Foodstuffs                                         |  |                                            | 2,614.5  |  |           |  | 5.90   |        |  |  | 1,962.2   |  |  |        | 6.10   |  |           |  | 1,098.4  |  |  |  | 4.91   | 
|Transportation Materials                           |  |                                            | 1,041.1  |  |           |  | 2.35   |        |  |  | 76.5      |  |  |        | 0.24   |  |           |  | 70.9     |  |  |  | 0.32   | 
|Chemicals and Oil                                  |  |                                            | 1,139.7  |  |           |  | 2.57   |        |  |  | 642.6     |  |  |        | 2.00   |  |           |  | 454.3    |  |  |  | 2.03   | 
|Manufacturing Industries                           |  |                                            | 2,416.3  |  |           |  | 5.46   |        |  |  | 2,062.0   |  |  |        | 6.41   |  |           |  | 1,388.7  |  |  |  | 6.21   | 
|                                                   |  |                                            |          |  |           |  |        |        |  |  |           |  |  |        |        |  |           |  |          |  |  |  |        | 
|Total                                              |  |                                            | 7,211.6  |  |           |  | 16.28  |        |  |  | 4,743.3   |  |  |        | 14.75  |  |           |  | 3,012.3  |  |  |  | 13.47  | 
|                                                   |  |                                            |          |  |           |  |        |        |  |  |           |  |  |        |        |  |           |  |          |  |  |  |        | 
|Other Loans                                        |  |                                            | 0.7      |  |           |  |       |        |  |  | 1.8       |  |  |        | 0.01   |  |           |  | 101.1    |  |  |  | 0.45   | 
|                                                   |  |                                            |          |  |           |  |        |        |  |  |           |  |  |        |        |  |           |  |          |  |  |  |        | 
|Total
(2)                                          |  |                                            | 44,302.5 |  |           |  | 100.00 |        |  |  | 32,165.0  |  |  |        | 100.00 |  |           |  | 22,372.2 |  |  |  | 100.00 | 
|                                                   |  |                                            |          |  |           |  |        |        |  |  |           |  |  |        |        |  |           |  |          |  |  |  |        | 



|(1) | Includes local and international financial sectors.
|--- | ---------------------------------------------------

|(2) | Before the allowance for loan losses.
|--- | -------------------------------------

Consumer loans account for the majority of the loan portfolio, which as of the fiscal year-end represented 54.55% of the total loan portfolio; similar to the 54.77% of the previous fiscal year and 54.68%
for fiscal year 2010.

As for business activities, the most significant categories during the fiscal year ended
December 31, 2012 were loans to the manufacturing industry, the primary production sector and trade (wholesale and retail), with a total portfolio share of 16.28%, 11.24% and 9.54%, respectively.

The most significant growth occurred in the retail trade sector, with a 55.4% increase as compared to the previous fiscal year and in the
manufacturing industry, which increased 52.0% as compared to the previous fiscal year.



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Maturity Composition of the Loan Portfolio

The following table sets forth an analysis by type of loan and time remaining to maturity of our loan portfolio as of December 31,
2012.



|                                                           |  |                        |          |   |                                |  |          |                                  |  |  |                               |  |  |                               |         |  |              |  |       |                          |  |  |       |  |  |  |          |  
|---------------------------------------------------------- |  | ---------------------- | -------- | - | ------------------------------ |  | -------- | -------------------------------- |  |  | ----------------------------- |  |  | ----------------------------- | ------- |  | ------------ |  | ----- | ------------------------ |  |  | ----- |  |  |  | -------- | -
|                                                           |  | Within 1Month          |          |   | After 1Month butwithin 6Months |  |          | After 6Months butwithin 12Months |  |  | After 1 Yearbut within 3Years |  |  | After 3Years butwithin 5Years |         |  | After 5Years |  |       | Total atDecember 31,2012 | 
|                                                           |  | (in millions of Pesos) |         
|Non-Financial Public Sector (1)                            |  |                        | 0.1      |   |                                |  |         |                                  |  |  |                              |  |  |                               |        |  |              |  |      |                          |  |  |      |  |  |  | 0.1      |  
|Financial Sector (1)                                       |  |                        | 107.6    |   |                                |  | 99.1     |                                  |  |  | 149.9                         |  |  |                               |        |  |              |  |      |                          |  |  |      |  |  |  | 356.6    |  
|Private Sector and Residents Abroad                        |  |                        | 22,266.8 |   |                                |  | 10,675.8 |                                  |  |  | 4,315.7                       |  |  |                               | 5,575.1 |  |              |  | 953.8 |                          |  |  | 158.7 |  |  |  | 43,945.9 |  
|- Advances                                                 |  |                        | 1,959.5  |   |                                |  | 930.8    |                                  |  |  | 206.8                         |  |  |                               | 0.7     |  |              |  |      |                          |  |  |      |  |  |  | 3,097.8  |  
|- Promissory Notes                                         |  |                        | 3,261.8  |   |                                |  | 4,292.5  |                                  |  |  | 1,165.6                       |  |  |                               | 1,630.0 |  |              |  | 90.1  |                          |  |  | 19.7  |  |  |  | 10,459.7 |  
|- Mortgage Loans                                           |  |                        | 43.5     |   |                                |  | 111.4    |                                  |  |  | 125.6                         |  |  |                               | 495.2   |  |              |  | 245.2 |                          |  |  | 137.9 |  |  |  | 1,158.8  |  
|- Pledge Loans                                             |  |                        | 13.3     |   |                                |  | 57.4     |                                  |  |  | 50.8                          |  |  |                               | 178.1   |  |              |  | 11.1  |                          |  |  |      |  |  |  | 310.7    |  
|- Personal Loans                                           |  |                        | 451.7    |   |                                |  | 1,666.1  |                                  |  |  | 1,574.7                       |  |  |                               | 2,991.4 |  |              |  | 599.1 |                          |  |  | 0.1   |  |  |  | 7,283.1  |  
|- Credit-Card Loans                                        |  |                        | 14,356.3 |   |                                |  | 3,558.4  |                                  |  |  | 1,158.2                       |  |  |                               | 206.1   |  |              |  |      |                          |  |  |      |  |  |  | 19,279.0 |  
|- Other Loans                                              |  |                        | 1,721.7  |   |                                |  | 59.2     |                                  |  |  | 34.0                          |  |  |                               | 73.6    |  |              |  | 8.3   |                          |  |  | 1.0   |  |  |  | 1,897.8  |  
|- Accrued Interest and Quotation Differences Receivable(1) |  |                        | 660.5    |   |                                |  |         |                                  |  |  |                              |  |  |                               |        |  |              |  |      |                          |  |  |      |  |  |  | 660.5    |  
|- (Documented Interest)                                    |  |                        | (200.7   | ) |                                |  |         |                                  |  |  |                              |  |  |                               |        |  |              |  |      |                          |  |  |      |  |  |  | (200.7   | )
|- (Unallocated Collections)                                |  |                        | (0.8     | ) |                                |  |         |                                  |  |  |                              |  |  |                               |        |  |              |  |      |                          |  |  |      |  |  |  | (0.8     | )
|Allowance for Loan Losses (2)                              |  |                        | (1,732.0 | ) |                                |  |         |                                  |  |  |                              |  |  |                               |        |  |              |  |      |                          |  |  |      |  |  |  | (1,732.0 | )
|                                                           |  |                        |          |   |                                |  |          |                                  |  |  |                               |  |  |                               |         |  |              |  |       |                          |  |  |       |  |  |  |          |  
|Total Loans, Net                                           |  |                        | 20,642.5 |   |                                |  | 10,774.9 |                                  |  |  | 4,465.6                       |  |  |                               | 5,575.1 |  |              |  | 953.8 |                          |  |  | 158.7 |  |  |  | 42,570.6 |  
|                                                           |  |                        |          |   |                                |  |          |                                  |  |  |                               |  |  |                               |         |  |              |  |       |                          |  |  |       |  |  |  |          |  



|(1) | Interest and the CER adjustment were assigned to the first month.
|--- | -----------------------------------------------------------------

|(2) | Allowances were assigned to the first month as were past due loans and loans in judicial proceedings.
|--- | -----------------------------------------------------------------------------------------------------

Interest Rate Sensitivity of Outstanding Loans

The following table presents the interest rate sensitivity of our outstanding loans due after one year by denomination as of December 31, 2012.



|                    |  |                      |         |  |                       |  |       |  
|------------------- |  | -------------------- | ------- |  | --------------------- |  | ----- | -
|                    |  | In millions of Pesos |         |  | As a % of Total Loans | 
|Variable Rate(1)(2) |  |                      |         |  |                       |  |       |  
|Pesos               |  |                      | 1,760.7 |  |                       |  | 26.33 | %
|Dollars             |  |                      | 164.3   |  |                       |  | 2.46  | %
|                    |  |                      |         |  |                       |  |       |  
|Total               |  |                      | 1,925.0 |  |                       |  | 28.79 | %
|                    |  |                      |         |  |                       |  |       |  
|Fixed Rate(2)(3)    |  |                      |         |  |                       |  |       |  
|Pesos               |  |                      | 4,635.2 |  |                       |  | 69.31 | %
|Dollars             |  |                      | 127.4   |  |                       |  | 1.90  | %
|                    |  |                      |         |  |                       |  |       |  
|Total               |  |                      | 4,762.6 |  |                       |  | 71.21 | %
|                    |  |                      |         |  |                       |  |       |  



|(1) | Includes overdraft loans.
|--- | -------------------------

|(2) | Includes past due loans and excludes interest receivable, differences in quotations and the CER adjustment.
|--- | -----------------------------------------------------------------------------------------------------------

|(3) | Includes short-term and long-term loans whose rates are determined at the beginning of the loans life.
|--- | -------------------------------------------------------------------------------------------------------

Credit Review Process

Credit risk is the potential for financial loss resulting from the failure of a borrower to honor its financial contractual obligations. Our credit risk arises mainly from Banco Galicias, the
Regional Credit Card Companies and CFAs lending activities, and from the fact that, in the normal course of business, these subsidiaries are parties to certain transactions with off-balance sheet treatment and associated risk, mainly
commitments to extend credit and guarantees granted. See also Item 5.A. Operating Results-Off-Balance Sheet Arrangements.

Our credit approval and credit risk analysis is a centralized process based on the concept of opposition of interests. This is achieved through the existing division among the risk management,
the credit and the origination functions both in retail and wholesale businesses, thus enabling us to achieve an ongoing and efficient control of asset quality, a proactive management of loans with problems, aggressive charge-offs of uncollectible
loans, and adequate loan loss provisioning. Apart from that, it includes the follow-up of the models for measuring the portfolio risk at the operation and customer levels, facilitating the detection of loans with problems and the losses associated
thereto, what in turn allows the early detection of situations that could entail some degree of portfolio deterioration and provides appropriate protection of our assets.



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Banco Galicia

The Risk Management Division manages the Banks risks in a comprehensive manner and follows international best practices. The Risk Management Division handles credit, insurance, financial and
operational risks. It is independent from other divisions as it reports directly to the Banks General Division. This structure reflects the high level of commitment from each of the Banks governance bodies to risk management. It also
strengthens the independence of management while still keeping management involved in business decisions and focused on managing the risk profile of the Bank by providing them with state-of-the-art tools and systems for identifying, measuring,
monitoring and mitigating the risks faced by the Bank.

The mission of the Risk Management Division is comprised of the
following activities: (i) actively and comprehensively managing and monitoring the risks assumed by Banco Galicia and its subsidiaries to ensure compliance with the internal policies and regulations in force; (ii) keeping the board of
directors of Banco Galicia informed with respect to the risks Banco Galicia faces and proposing how to deal with such risks; (iii) strengthening risk management and fully understanding the risks undertaken by providing a global view of the
business; (iv) designing policies and procedures to mitigate and control risks; (v) quantifying the capital required by each business and recommending to the General Division the appropriate allocation and profitability of each risk
undertaken; and (vi) facilitating communication regarding dispensations from risk internal policies to Banco Galicias General Division, as appropriate, together with a compliance plan.

The Risk Management Divisions responsibilities include: (i) ensuring contingency plans are in place for risks posing a threat
to business continuity; (ii) recommending the most suitable methodologies for Banco Galicia to measure identified risks; (iii) guaranteeing that the launching of any new product includes a previous assessment of potential risks involved;
and (iv) providing technical support and assisting management with global risk management.

The Prevention and Control of
Money Laundering and Funding of Terrorist Activities Division monitors Banco Galicias compliance with the regulations set forth by the Argentine Central Bank and with Law No. 25,246, as amended and supplemented, with respect to the
concealment and laundering of assets from illegal activities. The Financial Information Unit (the UIF), under the supervision of the Ministry of Justice, is in charge of the analysis, treatment and transmission of any information in
connection with this risk.

Banco Galicia has policies, procedures and control structures in place related to the features of
the various products offered, which assist in monitoring transactions in order to identify unusual or suspicious transactions and reporting such transactions to the UIF. The Anti-Money Laundering Unit is in charge of managing such risk, through the
implementation of control and prevention procedures, as well as through communication thereof to the rest of the organization via employee training and incorporation of such risk into handbooks.

Banco Galicia has appointed a director to be responsible for the management of such risk, and has created a committee in charge of
planning, coordinating and enforcing compliance with the policies set by the board of directors of Banco Galicia. Such regulations are based on Banco Galicias know your customer policy, which is implemented and enforced worldwide.
The internal and external auditors regularly review management of such risk.

The Credit Divisions mission is to assure
the quality of the Banks loan portfolio by monitoring the origination of businesses and the optimization of loan recovery in accordance with best practices standards.

This division performs the following functions: credit granting, preventative management, tracking down and classification of customers and recovery of past-due loans.

In order to obtain timely information and to provide a flexible and efficient structure that assists in responding and adjusting to the
then current macro and microeconomic variables, the above-mentioned functions, both for companies and for individuals, are under the direction of divisions and departments that report directly to the Credit Division.

The Credit Division has specific departments for complex businesses which include banks, capital market and agri-business, and specific
departments for the review and analysis of sectors based on their type of activity and environmental risk.



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The analysis and granting in relation to the retail portfolio is made on a centralized basis
by the Individuals Credit Approval Division.

Applications for these products, such as credit cards, checking account
overdrafts and secured or unsecured personal loans, are automatically assessed through computerized credit scoring systems that take into account different criteria to determine the customers credit background and repayment capacity, as well
as through granting guidelines based on the customers credit history within the financial system (which is verified against the information provided by a company that furnishes credit information) or with Banco Galicia (credit screening).

Credit approval for the corporate loan portfolio is carried out through two specialized teams: The Corporate Credit Approval
Division, responsible for credit granting and the Credit Analysis Division, responsible for the analysis of large amount transactions.

Before approving a loan, Banco Galicia performs an assessment of the potential borrower and his/her financial condition. Approvals of loans exceeding a certain threshold amount are analyzed based on the
credit line and the customer. For loans below such amount, Banco Galicia uses automated risk assessment systems that provide financial and non-financial information on the borrower and that provide projections based on the financial statements of
the borrower and generate automatic warnings about situations that may indicate an increase in the risk.

Banco Galicia
performs its risk assessment based on the following factors:



|                            |  |                                                                                                                                               
|--------------------------- |  | ----------------------------------------------------------------------------------------------------------------------------------------------
|Qualitative Analysis        |  | Assessment of the corporate borrowers creditworthiness performed by the officer in charge of the account based on personal knowledge.        
|Economic and Financial Risk |  | Quantitative analysis of the borrowers balance sheet amounts.                                                                                
|Economic Risk of the Sector |  | Measurement of the general risk of the financial sector where the borrower operates (based on statistical information, internal and external).
|Environmental Risk          |  | Environmental impact analysis (required for all investment projects of significant amounts).                                                  

Loans are generally approved by the Corporate Approval Division, pursuant to set authorization levels.
However, loans exceeding a certain amount and loans granted to (domestic or foreign) financial institutions and to related customers are approved by the Credit Committee.

The Information and Management Division provides information for the decision-making process in compliance with both internal credit policies and regulations passed by regulating authorities, and carries
out an ongoing review of processes by establishing efficiency ratios and proposing alternatives for improvement.

The Policy
and Strategy Department is responsible for reviewing and proposing changes to Banco Galicias internal policies, with respect to both credit granting and recovery of past-due loans. This department consistently interfaces with the Risk
Management Division.

The Preventive Management and Analysis Division is in charge of the reorganization of Banco
Galicias portfolio through the analysis of strategic patterns of behavior, as well as sector, environmental, economic and financial analyses to assist in identifying credit customers that may potentially default in their payments.

The Customer Credit Recovery Division is responsible for reducing the deterioration of the loan portfolio under management and pursuing
customers reinsertion in the commercial line; whereas the Portfolio Recovery Division covers the court and out-of-court proceedings with respect to customers within the individuals and companies portfolio.

Regional Credit Card Companies

Each of the Regional Credit Card Companies maintains its own credit products and limits; however, their credit approval and credit risk analysis procedures are basically the same. Assessment of the credit
risk of each



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customer is based on certain information required and provided by the customer, which is verified by the companies, as well as on information on customers credit records obtained from
credit bureaus and other entities. Once the information is verified, the credit card is issued. There are certain requirements such as age, minimum levels of income (depending on the type of customer, i.e. employee, self-employed, etc.) and domicile
area that must be fulfilled in order to qualify for a credit card. Credit limits are defined based on customers income. Credit limits may be raised for a particular customer, either at the customers request or based on the
customers past payment profile, at the companies discretion or for all customers, due to, among other factors, macroeconomic conditions such as inflation, salary trends or interest rates.

Credit risk assessment, credit approval (the extension of a credit card and the assignment of a limit) and classification (in accordance
with the current loan classification criteria defined by the Argentine Central Bank regulations) of the loan portfolio are managed by each company on a centralized basis by a unit that is separate from the sales units. The credit process is
described in manuals and Tarjeta Naranja, the largest regional credit card company, has certified all of its processes under the ISO 9001/2000 standard. Credit limits and policies are defined by the board of directors of each regional credit card
company.

With regards to recovery of past due loans, the Regional Credit Card Companies and Cobranzas Regionales S.A., a
subsidiary of Tarjetas Regionales, manage the early stages of delinquency through their branch personnel and use different types of contact with customers (letters, phone calls, etc.). After 100 days, recovery is turned over to collection agencies
that manage out of court proceedings, and if the loan is not recovered, court proceedings could be initiated by other specialized agencies. Cobranzas Regionales S.A. supervises the whole process of recovery, including recovery procedures of such
collection agencies.

Compañía Financiera Argentina

CFA maintains its own credit products and limits. Assessment of the credit risk of each customer is based on certain information required
and provided by the customer, which is verified by the company, as well as on information on customers credit records obtained from credit bureaus and other entities.

Credit risk assessment, credit approval and classification (in accordance with the current loan classification criteria defined by the Argentine Central Bank regulations) of the loan portfolio are managed
by the company on a centralized basis by a unit that is separate from the sales units.

Main Argentine Central Banks Rules on Loan
Classification and Loan Loss Provisions

General

Regardless of the internal policies and procedures designed to minimize risks undertaken, Banco Galicia complies with the Argentine Central Bank regulations.

In 1994, the Argentine Central Bank introduced the current loan classification system and the corresponding minimum loan-loss provision
requirements applicable to loans and other types of credit (together referred to as loans in this section) to private sector borrowers.

The current loan classification system applies certain criteria to classify loans in a banks consumer portfolio, and another set of criteria to classify loans in its
commercial portfolio. The classification system is independent of the currency in which the loan is denominated.

The loan classification criteria applied to loans in the consumer portfolio is based on objective guidelines related to the
borrowers degree of fulfillment of its obligations or its legal status, the information provided by the Financial Systems Debtors System-whenever debtors reflect lower quality levels than the rating assigned by the Bank-, by the
Non-Performing Debtors database from former financial institutions and the status resulting from the enforcement of the refinance guidelines. In the event of any disagreement, the guidelines indicating the greater risk level of loan losses
should be considered.

For the purposes of the Argentine Central Banks regulations, consumer loans are defined as
mortgage loans, pledge loans, credit card loans and other types of loans in installments granted to individuals. All other loans



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are considered commercial loans. In addition, in accordance with an option set forth in these regulations, Banco Galicia prospectively applies the consumer portfolio classification criteria to
commercial loans of up to Ps.1,500,000 (until May 2012, such amount was up to Ps.750,000). This classification is based on the level of fulfillment and the situation thereof.

The main classification criterion for loans in the commercial portfolio is each borrowers ability to pay, mainly in terms of such borrowers future cash flows. If a customer has both commercial
and consumer loans, all these loans will be considered as a whole to determine eligibility for classification in the corresponding portfolio. Loans backed with preferred guarantees will be considered at 50% of their face value.

By applying the Argentine Central Banks classification to commercial loans, banks must assess the following factors: the current
and projected financial situation of the borrower, the customers exposure to currency risk, the customers managerial and operating background, the borrowers ability to provide accurate and timely financial information, as well as
the overall risk of the sector in which the borrower operates and the borrowers relative position within that sector.

The Argentine Central Banks regulations also establish that a team independent from the departments in charge of credit origination
must carry out a periodic review of the commercial portfolio. Banco Galicias Credit Division, which is independent from the business units that generate transactions, is in charge of these reviews.

The review must be carried out on each borrower with debt pending payment equal to the lesser of the following amounts: Ps.4.0 million
(until May 2012 such figure was Ps.2.0 million) or 1% of the banks computable capital (the RPC) but, in any case, the review shall cover at least 20% of the total loan portfolio. The frequency of the review of each borrower depends
on the banks exposure to that borrower. The Argentine Central Bank requires that the larger the exposure is, the more frequent the review should be. This review must be conducted every calendar quarter when credit exposure to that borrower is
equal to or in excess of 5% of the banks RPC, or every six months when exposure equals or exceeds the lesser of the following amounts: Ps.4 million or 1% of the banks RPC. In all cases, at least 50% of Banco Galicias commercial
portfolio must be reviewed once every six months; and all other borrowers in Banco Galicias commercial portfolio must be reviewed during the fiscal year, so that the entire commercial portfolio is reviewed every fiscal year.

In addition, only one level of discrepancy is permitted between the classification assigned by a bank and the lowest classification
assigned by at least two other banks whose combined credit to the borrower represents 40% or more of the total credit of the borrower, considering all banks. If Banco Galicias classification was different by more than one level from the lowest
classification granted, Banco Galicia must immediately downgrade its classification of the debtor to the same classification level, or else within one classification level.

Communiqué A 4738 issued by the Argentine Central Bank on November 26, 2007, introduced certain amendments to the classification rules applicable to debtors pertaining to the
consumer portfolio, with the purpose of reflecting the customers total risk more accurately. Consequently, the rule establishes a new identification of the consumer portfolio categories. Communiqué A 4738 also establishes
that, in order to determine the degree of timely fulfillment of obligations, it will be necessary to analyze the customers arrears, legal situation and the classification assigned by the rest of the financial institutions whether currently
operating or under liquidation, and whether the fulfillment of obligations depends on any kind of refinancing.

Pursuant to
this Communiqué, those customers having received any kind of refinancing may achieve a better credit status than the one they had at the time of such refinancing, by previously repaying a certain number of installments for monthly or
bimonthly amortization loans or a percentage of the debt for any other type of loans, without incurring any arrears exceeding 31 days.



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In August 2009, the Argentine Central Bank amended these requirements as per
Communiqué A 4975 (effective since January 2010):



|                            |  |                     |                |  |                     |               |    |           |  |  |              |   |  |  |    |   |  |  |    |  
|--------------------------- |  | ------------------- | -------------- |  | ------------------- | ------------- | -- | --------- |  |  | ------------ | - |  |  | -- | - |  |  | -- | -
|                            |  | Refinancing         |                |  | Judicial Agreements |              
|                            |  | Monthly orBimonthly |                |  | Others              |               |    | Previous% |  |  | Com. A4975 |  
|                            |  |                     | Previous %     |  |                     | Com. A 4975 |    |           | 
|Category change from 5 to 4 |  |                     | 3 installments |  |                     |               | 20 | %         |  |  | 15           | % |  |  |    |   |  |  |    |  
|Category change from 4 to 3 |  |                     | 3 installments |  |                     |               | 15 | %         |  |  | 10           | % |  |  |    |   |  |  |    |  
|Category change from 3 to 2 |  |                     | 2 installments |  |                     |               | 10 | %         |  |  | 5            | % |  |  | 20 | % |  |  | 15 | %
|Category change from 2 to 1 |  |                     | 1 installment  |  |                     |               | 10 | %         |  |  | 5            | % |  |  | 20 | % |  |  | 15 | %

In addition: (i) to achieve this better quality status, the customer must comply with the rest of
the requirements for the new category; (ii) in case the customer has refinanced and non-refinanced transactions, the resulting classification shall be the lowest from the individual analysis of each transaction; (iii) if a customer with a
refinanced loan received or had received additional financial assistance, it will remain within the category for 180 days after the refinancing or the granting of additional credit, whichever is more recent; and (iv) debtors with arrears of
over 31 days must be classified within the category resulting from adding the number of days in arrears corresponding to the refinanced debts first unpaid installment and those of the minimum arrears set forth for the category in which the
debtor is classified at the time of default.

For customers in a normal situation, the additional financial assistance granted
shall not be deemed refinancing as long as it leads to an increase in principal owed and the customers ability to pay the obligation resulting from such expansion is assessed. The rest of the cases where no debt increase is recorded will be
deemed refinancing and only those customers who have not exceeded two refinancing instances within 12 months since the last refinancing will be kept within category 1.

To comply with the commercial obligations included in this portfolio, the following cases shall not be deemed refinancing: (i) any additional credit facilities granted with respect to already agreed
limits to the extent said facilities imply additional funds and they do not exceed 10% of the original limits set; and (ii) a higher financial assistance to fund working capital increases or additional investments arisen from business expansion
to the extent they are in agreement with the borrowers ordinary course of business and provided that there exists the ability to honor payments of the remaining financial obligations.

Loan Classification

The following tables contain the six loan
classification categories corresponding to the different risk levels set forth by the Argentine Central Bank. Banco Galicias total exposure to a private sector customer must be classified according to the riskier classification corresponding
to any part of such exposure.

Commercial Portfolio.



|                           |  |                                                                                                                                                                                                                                                                                                                                                                                                                  
|-------------------------- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Loan Classification        |  | Description                                                                                                                                                                                                                                                                                                                                                                                                      
|                           | 
|1. Normal Situation        |  | The debtor is widely able to meet its financial obligations, demonstrating significant cash flows, a liquid financial situation, an adequate financial structure, a timely payment
record, competent management, available information in a timely, accurate manner and satisfactory internal controls. The debtor is in the upper 50% of a sector of activity that is operating properly and has good prospects.
|                           | 
|2. With Special Follow-up  |  | Cash flow analysis reflects that the debt may be repaid even though it is possible that the customers future payment ability
may deteriorate without a proper follow-up. This category is divided into two subcategories:
(2.a). Under Observation; (2.b). Under
Negotiation or Refinancing Agreements.                                                                                                         
|                           | 
|3. With Problems           |  | Cash flow analysis evidences problems to repay the debt, and therefore, if these problems are not solved, there may be some losses.                                                                                                                                                                                                                                                                              
|                           | 
|4. High Risk of Insolvency |  | Cash flow analysis evidences that repayment of the full debt is highly unlikely.                                                                                                                                                                                                                                                                                                                                 



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|                                          |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|----------------------------------------- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|                                          | 
|5. Uncollectible                          |  | The amounts in this category are deemed total losses. Even though these assets may be recovered under certain future circumstances, inability to make payments is evident at the
date of the analysis. It includes loans to insolvent or bankrupt borrowers.                                                                                                                                                                                                                                                                                                                                      
|                                          | 
|6. Uncollectible due to Technical Reasons |  | Loans to borrowers indicated by the Argentine Central Bank to be in non-accrual status with financial institutions that have been
liquidated or are being liquidated, or whose authorization to operate has been revoked. It also includes loans to foreign banks and other institutions that are not: (i) classified as normal; (ii) subject to the supervision of the Argentine Central
Bank or other similar authority of the country of origin; (iii) classified as investment grade by any of the rating agencies
admitted pursuant to Communiqué A 2729 of the Argentine Central Bank.

Consumer Portfolio.



|                                          |  |                                                                                                                                                                                                                                                                                                                                         
|----------------------------------------- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Loan Classification                       |  | Description                                                                                                                                                                                                                                                                                                                             
|                                          | 
|1. Normal Situation                       |  | Loans with timely repayment or arrears not exceeding 31 days, both of principal and interest.                                                                                                                                                                                                                                           
|                                          | 
|2. Low Risk                               |  | Occasional late payments, with a payment in arrears of more than 32 days and up to 90 days. A customer classified as Normal having been refinanced may be
recategorized within this category, as long as he amortizes one principal installment (whether monthly or bimonthly) or repays 5% of principal.                             
|                                          | 
|3. Medium Risk                            |  | Some inability to make payments, with arrears of more than 91 days and up to 180 days. A customer classified as Low Risk having been refinanced may be recategorized
within this category, as long as he amortizes two principal installments (whether monthly or bimonthly) or repays 5% of principal.                               
|                                          | 
|4. High Risk                              |  | Judicial proceedings demanding payment have been initiated or arrears of more than 180 days and up to one year. A customer classified as Medium Risk having been
refinanced may be recategorized within this category, as long as he amortizes three principal installments (whether monthly or bimonthly) or repays 10% of principal.
|                                          | 
|5. Uncollectible                          |  | Loans to insolvent or bankrupt borrowers, or subject to judicial proceedings, with little or no possibility of collection, or with arrears in excess of one year.                                                                                                                                                                       
|                                          | 
|6. Uncollectible due to Technical Reasons |  | Loans to borrowers who fall within the conditions described above under Commercial Portfolio-Uncollectible due to Technical Reasons.                                                                                                                                                                                                  

Loan Loss Provision Requirements

Allocated Provisions. Minimum allowances for loan losses are required for the different categories in which loans are classified. The rates vary by classification and by whether the loans are
secured. The percentages apply to total customer obligations, both principal and interest. The allowance for loan losses on the performing portfolio is unallocated, while the allowances for the other classifications are individually allocated.
Regulations



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provide for the suspension of interest accrual or the requirement of allowances equivalent to 100% of the interests for customers classified as With Problems and Medium
Risk, or lower. The allowances are set forth as follows:



|                                                     |  |         |       |   |           |  |       |  
|---------------------------------------------------- |  | ------- | ----- | - | --------- |  | ----- | -
|Minimum Allowances for Loan Losses                   |  |         |       |   |           | 
|Category                                             |  | Secured |       |   | Unsecured | 
|1. Normal Situation                                  |  |         | 1.0   | % |           |  | 1.0   | %
|2. (a) Under Observation and Low Risk            |  |         | 3.0   | % |           |  | 5.0   | %
|2. (b) Under Negotiation or Refinancing Agreements |  |         | 6.0   | % |           |  | 12.0  | %
|3. With Problems and Medium Risk                 |  |         | 12.0  | % |           |  | 25.0  | %
|4. High Risk of Insolvency and High Risk         |  |         | 25.0  | % |           |  | 50.0  | %
|5. Uncollectible                                   |  |         | 50.0  | % |           |  | 100.0 | %
|6. Uncollectible Due to Technical Reasons          |  |         | 100.0 | % |           |  | 100.0 | %
|                                                     |  |         |       |   |           |  |       |  

Loans backed with preferred guarantees A (loans assigned or pledged in such a way that a
financial institution may be assured of its full repayment due to the existence of a solvent third party or secondary markets available for the sale of the assets) require a 1% provision independently of the customer category.

General Provisions. In addition to the specific loan loss allowances described above, the Argentine Central Bank requires the
establishment of a general allowance of 1% for all loans in its Normal Situation category. This general allowance is not required for interbank financial transactions of less than thirty days, or loans to the non-financial public sector
or to financial institutions majority-owned by the Argentine national, provincial or city governments with governmental guarantees. Besides these general provisions, Banco Galicia may establish additional provisions, determined based on Banco
Galicias judgment of the entire loan portfolio risk at each reporting period.

As of December 31, 2012, 2011 and
2010, we maintained a general loan loss allowance of Ps.937.8 million, Ps.836.4 million and Ps.614.2 million, respectively, which exceeded by Ps.501.1 million, Ps.517.2 million and Ps.393.0 million, respectively, the 1% minimum general allowance
required by the Argentine Central Bank. The increase in these amounts was related to the growth and seasoning of the individuals loan portfolio and the impact of the worsening of certain macroeconomic variables.

Classification of the Loan Portfolio based on Argentine Central Bank Regulations

The following tables set forth the amounts of our loans past due and the amounts not yet due of the loan portfolio, including the loan
portfolios of Banco Galicia, the Regional Credit Card Companies and CFA, applying the Argentine Central Banks loan classification criteria in effect at the dates indicated.



|                                                           |  |                                            |          |  |                  |  |        |             |  |  |         |  |  |         |        |  |   |  |          |  |  |  |        | 
|---------------------------------------------------------- |  | ------------------------------------------ | -------- |  | ---------------- |  | ------ | ----------- |  |  | ------- |  |  | ------- | ------ |  | - |  | -------- |  |  |  | ------ | 
|                                                           |  | As of December 31, 2012                    |         
|                                                           |  | Amounts Not Yet Due                        |          |  | Amounts Past Due |  |        | Total Loans | 
|                                                           |  | (in millions of Pesos, except percentages) |         
|                                                           |  | Amounts                                    |          |  | %                |  |        | Amounts     |  |  | %       |  |  | Amounts |        |  | % | 
|Loan Portfolio Classification                              |  |                                            |          |  |                  |  |        |             |  |  |         |  |  |         |        |  |   |  |          |  |  |  |        | 
|1. Normal and Normal Performance                           |  |                                            | 41,790.4 |  |                  |  | 96.78  |             |  |  |        |  |  |         |       |  |   |  | 41,790.4 |  |  |  | 94.33  | 
|2. With Special Follow-up - Under observation and Low Risk |  |                                            | 1,017.3  |  |                  |  | 2.36   |             |  |  |        |  |  |         |       |  |   |  | 1,017.3  |  |  |  | 2.30   | 
|3. With Problems and Medium Risk                           |  |                                            | 243.9    |  |                  |  | 0.56   |             |  |  | 353.3   |  |  |         | 31.46  |  |   |  | 597.2    |  |  |  | 1.35   | 
|4. High Risk of Insolvency and High Risk                   |  |                                            | 128.0    |  |                  |  | 0.30   |             |  |  | 534.5   |  |  |         | 47.60  |  |   |  | 662.5    |  |  |  | 1.50   | 
|5. Uncollectible                                           |  |                                            |         |  |                  |  |       |             |  |  | 233.3   |  |  |         | 20.78  |  |   |  | 233.3    |  |  |  | 0.52   | 
|6. Uncollectible Due to Technical Reasons                  |  |                                            |         |  |                  |  |       |             |  |  | 1.8     |  |  |         | 0.16   |  |   |  | 1.8      |  |  |  |       | 
|                                                           |  |                                            |          |  |                  |  |        |             |  |  |         |  |  |         |        |  |   |  |          |  |  |  |        | 
|Total                                                      |  |                                            | 43,179.6 |  |                  |  | 100.00 |             |  |  | 1,122.9 |  |  |         | 100.00 |  |   |  | 44,302.5 |  |  |  | 100.00 | 
|                                                           |  |                                            |          |  |                  |  |        |             |  |  |         |  |  |         |        |  |   |  |          |  |  |  |        | 



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|                                                           |  |                                            |          |  |                  |  |        |             |  |  |       |  |  |         |        |  |   |  |          |  |  |  |        | 
|---------------------------------------------------------- |  | ------------------------------------------ | -------- |  | ---------------- |  | ------ | ----------- |  |  | ----- |  |  | ------- | ------ |  | - |  | -------- |  |  |  | ------ | 
|                                                           |  | As of December 31, 2011                    |         
|                                                           |  | Amounts Not Yet Due                        |          |  | Amounts Past Due |  |        | Total Loans | 
|                                                           |  | (in millions of Pesos, except percentages) |         
|                                                           |  | Amounts                                    |          |  | %                |  |        | Amounts     |  |  | %     |  |  | Amounts |        |  | % | 
|Loan Portfolio Classification                              |  |                                            |          |  |                  |  |        |             |  |  |       |  |  |         |        |  |   |  |          |  |  |  |        | 
|1. Normal and Normal Performance                           |  |                                            | 30,715.8 |  |                  |  | 97.28  |             |  |  |      |  |  |         |       |  |   |  | 30,715.8 |  |  |  | 95.49  | 
|2. With Special Follow-up - Under observation and Low Risk |  |                                            | 604.5    |  |                  |  | 1.91   |             |  |  |      |  |  |         |       |  |   |  | 604.5    |  |  |  | 1.88   | 
|3. With Problems and Medium Risk                           |  |                                            | 162.5    |  |                  |  | 0.51   |             |  |  | 163.4 |  |  |         | 27.89  |  |   |  | 325.9    |  |  |  | 1.01   | 
|4. High Risk of Insolvency and High Risk                   |  |                                            | 96.3     |  |                  |  | 0.30   |             |  |  | 275.6 |  |  |         | 47.04  |  |   |  | 371.9    |  |  |  | 1.16   | 
|5. Uncollectible                                           |  |                                            |         |  |                  |  |       |             |  |  | 144.1 |  |  |         | 24.59  |  |   |  | 144.1    |  |  |  | 0.45   | 
|6. Uncollectible Due to Technical Reasons                  |  |                                            |         |  |                  |  |       |             |  |  | 2.8   |  |  |         | 0.48   |  |   |  | 2.8      |  |  |  | 0.01   | 
|                                                           |  |                                            |          |  |                  |  |        |             |  |  |       |  |  |         |        |  |   |  |          |  |  |  |        | 
|Total                                                      |  |                                            | 31,579.1 |  |                  |  | 100.00 |             |  |  | 585.9 |  |  |         | 100.00 |  |   |  | 32,165.0 |  |  |  | 100.00 | 
|                                                           |  |                                            |          |  |                  |  |        |             |  |  |       |  |  |         |        |  |   |  |          |  |  |  |        | 



|                                                           |  |                                            |          |  |                  |  |        |             |  |  |       |  |  |         |        |  |   |  |          |  |  |  |        | 
|---------------------------------------------------------- |  | ------------------------------------------ | -------- |  | ---------------- |  | ------ | ----------- |  |  | ----- |  |  | ------- | ------ |  | - |  | -------- |  |  |  | ------ | 
|                                                           |  | As of December 31, 2010                    |         
|                                                           |  | Amounts Not Yet Due                        |          |  | Amounts Past Due |  |        | Total Loans | 
|                                                           |  | (in millions of Pesos, except percentages) |         
|                                                           |  | Amounts                                    |          |  | %                |  |        | Amounts     |  |  | %     |  |  | Amounts |        |  | % | 
|Loan Portfolio Classification                              |  |                                            |          |  |                  |  |        |             |  |  |       |  |  |         |        |  |   |  |          |  |  |  |        | 
|1. Normal and Normal Performance                           |  |                                            | 21,230.1 |  |                  |  | 97.40  |             |  |  |      |  |  |         |       |  |   |  | 21,230.1 |  |  |  | 94.90  | 
|2. With Special Follow-up - Under observation and Low Risk |  |                                            | 387.2    |  |                  |  | 1.78   |             |  |  |      |  |  |         |       |  |   |  | 387.2    |  |  |  | 1.73   | 
|3. With Problems and Medium Risk                           |  |                                            | 114.2    |  |                  |  | 0.52   |             |  |  | 144.6 |  |  |         | 25.11  |  |   |  | 258.8    |  |  |  | 1.15   | 
|4. High Risk of Insolvency and High Risk                   |  |                                            | 64.8     |  |                  |  | 0.30   |             |  |  | 251.7 |  |  |         | 43.71  |  |   |  | 316.5    |  |  |  | 1.41   | 
|5. Uncollectible                                           |  |                                            |         |  |                  |  |       |             |  |  | 178.4 |  |  |         | 30.98  |  |   |  | 178.4    |  |  |  | 0.80   | 
|6. Uncollectible Due to Technical Reasons                  |  |                                            |         |  |                  |  |       |             |  |  | 1.2   |  |  |         | 0.20   |  |   |  | 1.2      |  |  |  | 0.01   | 
|                                                           |  |                                            |          |  |                  |  |        |             |  |  |       |  |  |         |        |  |   |  |          |  |  |  |        | 
|Total                                                      |  |                                            | 21,796.3 |  |                  |  | 100.00 |             |  |  | 575.9 |  |  |         | 100.00 |  |   |  | 22,372.2 |  |  |  | 100.00 | 
|                                                           |  |                                            |          |  |                  |  |        |             |  |  |       |  |  |         |        |  |   |  |          |  |  |  |        | 



|                                                           |  |                                            |          |  |                  |  |        |             |  |  |       |  |  |         |        |  |   |  |          |  |  |  |        | 
|---------------------------------------------------------- |  | ------------------------------------------ | -------- |  | ---------------- |  | ------ | ----------- |  |  | ----- |  |  | ------- | ------ |  | - |  | -------- |  |  |  | ------ | 
|                                                           |  | As of December 31, 2009                    |         
|                                                           |  | Amounts Not Yet Due                        |          |  | Amounts Past Due |  |        | Total Loans | 
|                                                           |  | (in millions of Pesos, except percentages) |         
|                                                           |  | Amounts                                    |          |  | %                |  |        | Amounts     |  |  | %     |  |  | Amounts |        |  | % | 
|Loan Portfolio Classification                              |  |                                            |          |  |                  |  |        |             |  |  |       |  |  |         |        |  |   |  |          |  |  |  |        | 
|1. Normal and Normal Performance                           |  |                                            | 13,273.6 |  |                  |  | 96.89  |             |  |  |      |  |  |         |       |  |   |  | 13,273.6 |  |  |  | 93.06  | 
|2. With Special Follow-up - Under observation and Low Risk |  |                                            | 310.6    |  |                  |  | 2.27   |             |  |  |      |  |  |         |       |  |   |  | 310.6    |  |  |  | 2.18   | 
|3. With Problems and Medium Risk                           |  |                                            | 85.1     |  |                  |  | 0.62   |             |  |  | 146.2 |  |  |         | 25.92  |  |   |  | 231.3    |  |  |  | 1.62   | 
|4. High Risk of Insolvency and High Risk                   |  |                                            | 30.5     |  |                  |  | 0.22   |             |  |  | 308.1 |  |  |         | 54.62  |  |   |  | 338.6    |  |  |  | 2.37   | 
|5. Uncollectible                                           |  |                                            |         |  |                  |  |       |             |  |  | 109.0 |  |  |         | 19.32  |  |   |  | 109.0    |  |  |  | 0.76   | 
|6. Uncollectible Due to Technical Reasons                  |  |                                            |         |  |                  |  |       |             |  |  | 0.8   |  |  |         | 0.14   |  |   |  | 0.8      |  |  |  | 0.01   | 
|                                                           |  |                                            |          |  |                  |  |        |             |  |  |       |  |  |         |        |  |   |  |          |  |  |  |        | 
|Total                                                      |  |                                            | 13,699.8 |  |                  |  | 100.00 |             |  |  | 564.1 |  |  |         | 100.00 |  |   |  | 14,263.9 |  |  |  | 100.00 | 
|                                                           |  |                                            |          |  |                  |  |        |             |  |  |       |  |  |         |        |  |   |  |          |  |  |  |        | 



|                                                           |  |                                            |          |  |                  |  |        |             |  |  |       |  |  |         |        |  |   |  |          |  |  |  |        | 
|---------------------------------------------------------- |  | ------------------------------------------ | -------- |  | ---------------- |  | ------ | ----------- |  |  | ----- |  |  | ------- | ------ |  | - |  | -------- |  |  |  | ------ | 
|                                                           |  | As of December 31, 2008                    |         
|                                                           |  | Amounts Not Yet Due                        |          |  | Amounts Past Due |  |        | Total Loans | 
|                                                           |  | (in millions of Pesos, except percentages) |         
|                                                           |  | Amounts                                    |          |  | %                |  |        | Amounts     |  |  | %     |  |  | Amounts |        |  | % | 
|Loan Portfolio Classification                              |  |                                            |          |  |                  |  |        |             |  |  |       |  |  |         |        |  |   |  |          |  |  |  |        | 
|1. Normal and Normal Performance                           |  |                                            | 11,430.6 |  |                  |  | 96.09  |             |  |  |      |  |  |         |       |  |   |  | 11,430.6 |  |  |  | 93.33  | 
|2. With Special Follow-up - Under observation and Low Risk |  |                                            | 388.8    |  |                  |  | 3.27   |             |  |  |      |  |  |         |       |  |   |  | 388.8    |  |  |  | 3.18   | 
|3. With Problems and Medium Risk                           |  |                                            | 54.1     |  |                  |  | 0.46   |             |  |  | 103.1 |  |  |         | 29.29  |  |   |  | 157.2    |  |  |  | 1.28   | 
|4. High Risk of Insolvency and High Risk                   |  |                                            | 21.8     |  |                  |  | 0.18   |             |  |  | 185.4 |  |  |         | 52.67  |  |   |  | 207.2    |  |  |  | 1.69   | 
|5. Uncollectible                                           |  |                                            |         |  |                  |  |       |             |  |  | 62.0  |  |  |         | 17.61  |  |   |  | 62.0     |  |  |  | 0.51   | 
|6. Uncollectible Due to Technical Reasons                  |  |                                            |         |  |                  |  |       |             |  |  | 1.5   |  |  |         | 0.43   |  |   |  | 1.5      |  |  |  | 0.01   | 
|                                                           |  |                                            |          |  |                  |  |        |             |  |  |       |  |  |         |        |  |   |  |          |  |  |  |        | 
|Total                                                      |  |                                            | 11,895.3 |  |                  |  | 100.00 |             |  |  | 352.0 |  |  |         | 100.00 |  |   |  | 12,247.3 |  |  |  | 100.00 | 
|                                                           |  |                                            |          |  |                  |  |        |             |  |  |       |  |  |         |        |  |   |  |          |  |  |  |        | 



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Amounts Past Due and Non-Accrual Loans

The following table analyzes amounts past due by 90 days or more in our loan portfolio, by type of loan and by type of guarantee as of the
dates indicated, as well as our non-accrual loan portfolio, by type of guarantee, our allowance for loan losses and the main asset quality ratios as of the dates indicated.



|                                                                          |  |                                       |          |  |      |  |          |      |  |  |          |  |  |      |          |  |  |  |          | 
|------------------------------------------------------------------------- |  | ------------------------------------- | -------- |  | ---- |  | -------- | ---- |  |  | -------- |  |  | ---- | -------- |  |  |  | -------- | 
|                                                                          |  | As of December 31,                    |         
|                                                                          |  | 2012                                  |          |  | 2011 |  |          | 2010 |  |  | 2009     |  |  | 2008 |         
|                                                                          |  | (in millions of Pesos, except ratios) |         
|Total Loans (1)                                                           |  |                                       | 44,302.5 |  |      |  | 32,165.0 |      |  |  | 22,372.2 |  |  |      | 14,263.9 |  |  |  | 12,247.3 | 
|                                                                          |  |                                       |          |  |      |  |          |      |  |  |          |  |  |      |          |  |  |  |          | 
|Non-Accrual Loans (2)                                                     |  |                                       |          |  |      |  |          |      |  |  |          |  |  |      |          |  |  |  |          | 
|With Preferred Guarantees                                                 |  |                                       | 12.6     |  |      |  | 17.2     |      |  |  | 27.9     |  |  |      | 33.7     |  |  |  | 42.0     | 
|With Other Guarantees                                                     |  |                                       | 28.9     |  |      |  | 12.8     |      |  |  | 37.4     |  |  |      | 97.9     |  |  |  | 10.3     | 
|Without Guarantees                                                        |  |                                       | 1,453.3  |  |      |  | 814.7    |      |  |  | 689.6    |  |  |      | 548.1    |  |  |  | 375.6    | 
|                                                                          |  |                                       |          |  |      |  |          |      |  |  |          |  |  |      |          |  |  |  |          | 
|Total Non-Accrual Loans (2)                                               |  |                                       | 1,494.8  |  |      |  | 844.7    |      |  |  | 754.9    |  |  |      | 679.7    |  |  |  | 427.9    | 
|                                                                          |  |                                       |          |  |      |  |          |      |  |  |          |  |  |      |          |  |  |  |          | 
|Past Due Loan Portfolio                                                   |  |                                       |          |  |      |  |          |      |  |  |          |  |  |      |          |  |  |  |          | 
|Non-Financial Public Sector                                               |  |                                       |         |  |      |  |         |      |  |  |         |  |  |      |         |  |  |  |         | 
|Local Financial Sector                                                    |  |                                       |         |  |      |  |         |      |  |  |         |  |  |      |         |  |  |  |         | 
|Non-Financial Private Sector and Residents Abroad                         |  |                                       |          |  |      |  |          |      |  |  |          |  |  |      |          |  |  |  |          | 
|Advances                                                                  |  |                                       | 96.0     |  |      |  | 65.1     |      |  |  | 94.3     |  |  |      | 64.4     |  |  |  | 25.9     | 
|Promissory Notes                                                          |  |                                       | 54.2     |  |      |  | 35.4     |      |  |  | 53.1     |  |  |      | 90.5     |  |  |  | 24.5     | 
|Mortgage Loans                                                            |  |                                       | 9.0      |  |      |  | 10.6     |      |  |  | 16.0     |  |  |      | 16.8     |  |  |  | 24.9     | 
|Pledge Loans                                                              |  |                                       | 1.3      |  |      |  | 3.4      |      |  |  | 6.8      |  |  |      | 2.7      |  |  |  | 1.1      | 
|Personal Loans                                                            |  |                                       | 188.3    |  |      |  | 115.6    |      |  |  | 131.2    |  |  |      | 69.8     |  |  |  | 45.7     | 
|Credit-Card Loans                                                         |  |                                       | 739.4    |  |      |  | 340.0    |      |  |  | 237.8    |  |  |      | 285.9    |  |  |  | 215.0    | 
|Placements with Correspondent Banks                                       |  |                                       |         |  |      |  |         |      |  |  |         |  |  |      |         |  |  |  |         | 
|Other Loans                                                               |  |                                       | 34.7     |  |      |  | 15.8     |      |  |  | 36.7     |  |  |      | 34.0     |  |  |  | 14.9     | 
|                                                                          |  |                                       |          |  |      |  |          |      |  |  |          |  |  |      |          |  |  |  |          | 
|Total Past Due Loans                                                      |  |                                       | 1,122.9  |  |      |  | 585.9    |      |  |  | 575.9    |  |  |      | 564.1    |  |  |  | 352.0    | 
|                                                                          |  |                                       |          |  |      |  |          |      |  |  |          |  |  |      |          |  |  |  |          | 
|Past Due Loans                                                            |  |                                       |          |  |      |  |          |      |  |  |          |  |  |      |          |  |  |  |          | 
|With Preferred Guarantees                                                 |  |                                       | 9.6      |  |      |  | 11.2     |      |  |  | 19.1     |  |  |      | 19.8     |  |  |  | 26.0     | 
|With Other Guarantees                                                     |  |                                       | 25.2     |  |      |  | 10.8     |      |  |  | 35.1     |  |  |      | 66.9     |  |  |  | 9.0      | 
|Without Guarantees                                                        |  |                                       | 1,088.1  |  |      |  | 563.9    |      |  |  | 521.7    |  |  |      | 477.4    |  |  |  | 317.0    | 
|                                                                          |  |                                       |          |  |      |  |          |      |  |  |          |  |  |      |          |  |  |  |          | 
|Total Past Due Loans                                                      |  |                                       | 1,122.9  |  |      |  | 585.9    |      |  |  | 575.9    |  |  |      | 564.1    |  |  |  | 352.0    | 
|                                                                          |  |                                       |          |  |      |  |          |      |  |  |          |  |  |      |          |  |  |  |          | 
|Allowance for Loan Losses                                                 |  |                                       | 1,731.9  |  |      |  | 1,284.0  |      |  |  | 1,038.5  |  |  |      | 806.4    |  |  |  | 526.8    | 
|                                                                          |  |                                       |          |  |      |  |          |      |  |  |          |  |  |      |          |  |  |  |          | 
|Ratios (%)                                                                |  |                                       |          |  |      |  |          |      |  |  |          |  |  |      |          |  |  |  |          | 
|As a % of Total Loans:                                                    |  |                                       |          |  |      |  |          |      |  |  |          |  |  |      |          |  |  |  |          | 
|Total Past Due Loans                                                     |  |                                       | 2.53     |  |      |  | 1.82     |      |  |  | 2.57     |  |  |      | 3.95     |  |  |  | 2.87     | 
|Past Due Loans with Preferred Guarantees                                 |  |                                       | 0.02     |  |      |  | 0.03     |      |  |  | 0.09     |  |  |      | 0.14     |  |  |  | 0.21     | 
|Past Due Loans with Other Guarantees                                     |  |                                       | 0.06     |  |      |  | 0.04     |      |  |  | 0.16     |  |  |      | 0.47     |  |  |  | 0.07     | 
|Past Due Unsecured Amounts                                               |  |                                       | 2.45     |  |      |  | 1.75     |      |  |  | 2.32     |  |  |      | 3.34     |  |  |  | 2.59     | 
|Non-Accrual Loans(2)                                                     |  |                                       | 3.37     |  |      |  | 2.63     |      |  |  | 3.37     |  |  |      | 4.77     |  |  |  | 3.49     | 
|Non-Accrual Loans(2)(Excluding Interbank Loans)                          |  |                                       | 3.40     |  |      |  | 2.64     |      |  |  | 3.42     |  |  |      | 4.93     |  |  |  | 3.60     | 
|Non-Accrual Loans(2)as a Percentage of Loans to the
Private Sector        |  |                                       | 3.37     |  |      |  | 2.63     |      |  |  | 3.37     |  |  |      | 4.77     |  |  |  | 3.95     | 
|Allowance for Loan Losses as a % of:                                      |  |                                       |          |  |      |  |          |      |  |  |          |  |  |      |          |  |  |  |          | 
|Total Loans                                                              |  |                                       | 3.91     |  |      |  | 3.99     |      |  |  | 4.64     |  |  |      | 5.65     |  |  |  | 4.30     | 
|Total Loans Excluding Interbank Loans                                    |  |                                       | 3.94     |  |      |  | 4.02     |      |  |  | 4.70     |  |  |      | 5.84     |  |  |  | 4.44     | 
|Total Non-Accrual Loans(2)                                               |  |                                       | 115.86   |  |      |  | 152.01   |      |  |  | 137.57   |  |  |      | 118.64   |  |  |  | 123.11   | 
|Non-Accrual Loans with Guarantees as a Percentage
of Non-Accrual Loans(2) |  |                                       | 2.78     |  |      |  | 3.55     |      |  |  | 8.65     |  |  |      | 19.36    |  |  |  | 12.22    | 
|Non-Accrual Loans as a Percentage of Total Past Due
Loans                 |  |                                       | 133.12   |  |      |  | 144.17   |      |  |  | 131.08   |  |  |      | 120.49   |  |  |  | 121.56   | 
|                                                                          |  |                                       |          |  |      |  |          |      |  |  |          |  |  |      |          |  |  |  |          | 



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##### Table of Contents

|(1) | Before the allowance for loan losses.
|--- | -------------------------------------

|(2) | Non-Accrual loans are defined as those loans in the categories of: (a) Consumer portfolio: Medium Risk, High Risk,
Uncollectible, and Uncollectible Due to Technical Reasons, and (b) Commercial portfolio: With problems, High Risk of Insolvency, Uncollectible, and Uncollectible Due to Technical
Reasons.
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

At the end of the fiscal year ended December 31, 2012, our non-accrual loans to the
private sector ratio was 3.37%, representing an increase from the 2.63% recorded at the end of the fiscal year ended December 31, 2011, mainly due to seasoning of the consumer portfolio.

At the end of the fiscal year ended December 31, 2011, our non-accrual loans to the private sector ratio was 2.63%, representing a
decrease from the 3.37% recorded at the end of the fiscal year ended December 31, 2010, mainly due to effective credit recovery management and the growth in the total portfolio of Banco Galicia and its subsidiaries.

Banco Galicia has entered into certain debt renegotiation agreements with customers. Banco Galicia has eliminated any differences between
the principal and accrued interest due under the original loan and the new loan amount through a charge against the allowance for loan losses. Loans under such agreements are included within past due and accruing loans, which amounted to Ps.99.4
million, Ps.137.3 million and Ps.123.5 million as of December 31, 2012, 2011 and 2010, respectively.

For the past three
fiscal years, Banco Galicias coverage of non-accrual loans with allowances for loan losses has exceeded 100%.

Under
Argentine Central Bank rules, we are required to cease the accrual of interest or to establish provisions equal to 100% of the interest accrued on all loans pertaining to the non-accrual loan portfolio, that is, all loans to borrowers in the
categories of:



| |  |  | in the consumer portfolio: Medium Risk, High Risk, Uncollectible and Uncollectible Due to Technical
Reasons.
| | - |  | --------------------------------------------------------------------------------------------------------------------



| |  |  | in the commercial portfolio: With Problems, High Risk of Insolvency, Uncollectible and Uncollectible Due to
Technical Reasons.
| | - |  | --------------------------------------------------------------------------------------------------------------------------------------

The table below shows the interest income that would have been recorded on
non-accrual loans on which the accrual of interest was discontinued and the recoveries of interest on loans classified as non-accrual on which the accrual of interest had been discontinued:



|                                                                                                                     |  |                        |      |  |      |  |      |      |  |  |      |  |  |      |      |  |  |  |      | 
|-------------------------------------------------------------------------------------------------------------------- |  | ---------------------- | ---- |  | ---- |  | ---- | ---- |  |  | ---- |  |  | ---- | ---- |  |  |  | ---- | 
|                                                                                                                     |  | As of December 31,     |     
|                                                                                                                     |  | 2012                   |      |  | 2011 |  |      | 2010 |  |  | 2009 |  |  | 2008 |     
|                                                                                                                     |  | (in millions of Pesos) |     
|Interest Income that Would Have Been Recorded
on Non-Accrual Loans on which the Accrual of
Interest was Discontinued |  |                        | 85.7 |  |      |  | 53.2 |      |  |  | 56.0 |  |  |      | 52.0 |  |  |  | 35.4 | 
|Recoveries of Interest on Loans Classified as Non-Accrual on which the Accrual of Interest had been Discontinued(1)  |  |                        | 4.3  |  |      |  | 2.7  |      |  |  | 2.8  |  |  |      | 2.6  |  |  |  | 1.8  | 
|                                                                                                                     |  |                        |      |  |      |  |      |      |  |  |      |  |  |      |      |  |  |  |      | 



|(1) | Recorded under Miscellaneous Income.
|--- | --------------------------------------



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##### Table of Contents

Loan Loss Experience

The following table presents an analysis of our allowance for loan losses and of our credit losses as of and for the periods indicated. Certain loans are charged off directly to income statement (such
charge offs are immaterial amounts charged to income before any allowances for loan losses are recorded) therefore, are not reflected in the allowance.



|                                                              |  |                                       |          |   |      |  |          |      |  |  |          |   |  |      |          |   |  |  |          |  
|------------------------------------------------------------- |  | ------------------------------------- | -------- | - | ---- |  | -------- | ---- |  |  | -------- | - |  | ---- | -------- | - |  |  | -------- | -
|                                                              |  | Fiscal Year Ended                     |         
|                                                              |  | December 31,                          |         
|                                                              |  | 2012                                  |          |   | 2011 |  |          | 2010 |  |  | 2009     |   |  | 2008 |         
|                                                              |  | (in millions of Pesos, except ratios) |         
|Total Loans, Average (1)                                      |  |                                       | 35,212.6 |   |      |  | 26,218.7 |      |  |  | 16,800.8 |   |  |      | 11,481.9 |   |  |  | 12,077.3 |  
|                                                              |  |                                       |          |   |      |  |          |      |  |  |          |   |  |      |          |   |  |  |          |  
|Allowance for Loan Losses at Beginning of Period (2)          |  |                                       | 1,284.0  |   |      |  | 1,038.5  |      |  |  | 806.4    |   |  |      | 526.8    |   |  |  | 428.6    |  
|Changes in the Allowance for Loan Losses During the Period(2) |  |                                       |          |   |      |  |          |      |  |  |          |   |  |      |          |   |  |  |          |  
|Provisions Charged to Income                                  |  |                                       | 1,294.7  |   |      |  | 820.1    |      |  |  | 523.6    |   |  |      | 625.9    |   |  |  | 384.6    |  
|Prior Allowances Reversed                                     |  |                                       | (11.6    | ) |      |  | (22.1    | )    |  |  |         |   |  |      | (5.4     | ) |  |  | (6.5     | )
|Charge-Offs (A)                                               |  |                                       | (835.2   | ) |      |  | (552.5   | )    |  |  | (487.3   | ) |  |      | (354.5   | ) |  |  | (289.2   | )
|Inflation and Foreign Exchange Effect and Other Adjustments   |  |                                       |         |   |      |  |         |      |  |  | 195.8    |   |  |      | 13.6     |   |  |  | 9.3      |  
|                                                              |  |                                       |          |   |      |  |          |      |  |  |          |   |  |      |          |   |  |  |          |  
|Allowance for Loan Losses at End of Period                    |  |                                       | 1,731.9  |   |      |  | 1,284.0  |      |  |  | 1,038.5  |   |  |      | 806.4    |   |  |  | 526.8    |  
|                                                              |  |                                       |          |   |      |  |          |      |  |  |          |   |  |      |          |   |  |  |          |  
|Charge to the Income Statement during the Period              |  |                                       |          |   |      |  |          |      |  |  |          |   |  |      |          |   |  |  |          |  
|Provisions Charged to Income(2)                               |  |                                       | 1,294.7  |   |      |  | 820.1    |      |  |  | 523.6    |   |  |      | 625.9    |   |  |  | 384.6    |  
|Direct Charge-Offs, Net of Recoveries (B)                     |  |                                       | (132.1   | ) |      |  | (162.4   | )    |  |  | (88.6    | ) |  |      | (27.9    | ) |  |  | (68.4    | )
|Recoveries of Provisions                                      |  |                                       | (60.4    | ) |      |  | (22.1    | )    |  |  | 0.0      |   |  |      | (5.4     | ) |  |  | (6.5     | )
|                                                              |  |                                       |          |   |      |  |          |      |  |  |          |   |  |      |          |   |  |  |          |  
|Net Charge (Benefit) to the Income Statement                  |  |                                       | 1,102.2  |   |      |  | 635.6    |      |  |  | 435.0    |   |  |      | 592.6    |   |  |  | 309.7    |  
|                                                              |  |                                       |          |   |      |  |          |      |  |  |          |   |  |      |          |   |  |  |          |  
|Ratios (%)                                                    |  |                                       |          |   |      |  |          |      |  |  |          |   |  |      |          |   |  |  |          |  
|Charge-Offs Net of Recoveries (A+B) to Average Loans(4)       |  |                                       | 2.00     |   |      |  | 1.49     |      |  |  | 2.37     |   |  |      | 2.84     |   |  |  | 1.83     |  
|Net Charge to the Income Statement to Average Loans(4)        |  |                                       | 3.13     |   |      |  | 2.42     |      |  |  | 2.59     |   |  |      | 5.16     |   |  |  | 2.56     |  
|                                                              |  |                                       |          |   |      |  |          |      |  |  |          |   |  |      |          |   |  |  |          |  



|(1) | Before the allowance for loan losses.
|--- | -------------------------------------

|(2) | Includes quotation differences for Galicia Uruguay and Cayman Branch.
|--- | ---------------------------------------------------------------------

|(3) | Charge-offs plus direct charge-offs minus bad debts recovered.
|--- | --------------------------------------------------------------

The increase in allowance for loan losses in fiscal year 2012 is mainly attributable to the increase of the individuals loan portfolio and to the worsening of certain macroeconomic variables.

Allocation of the Allowance for Loan Losses

The following table presents the allocation of our allowance for loan losses among the various loan categories and
shows such allowances as a percentage of our total loan portfolio before deducting the allowance for loan losses, in each case for the periods indicated. The table also shows each loan category as a percentage of our total loan portfolio before
deducting the allowance for loan losses at the dates indicated.



|                                                  |  |                                            |         |  |           |  |      |               |  |  |        |  |  |           |         |  |               |  |      |        |  |  |           |  |  |               |         |  |  |  |      |  |  |  |        | 
|------------------------------------------------- |  | ------------------------------------------ | ------- |  | --------- |  | ---- | ------------- |  |  | ------ |  |  | --------- | ------- |  | ------------- |  | ---- | ------ |  |  | --------- |  |  | ------------- | ------- |  |  |  | ---- |  |  |  | ------ | 
|                                                  |  | As of December 31,                         |        
|                                                  |  | 2012                                       |         |  | 2011      |  |      | 2010          | 
|                                                  |  | Amount                                     |         |  | % ofLoans |  |      | LoanCategory% |  |  | Amount |  |  | % ofLoans |         |  | LoanCategory% |  |      | Amount |  |  | % ofLoans |  |  | LoanCategory% |        
|                                                  |  | (in millions of Pesos, except percentages) |        
|Non-Financial Public Sector                       |  |                                            |        |  |           |  |     |               |  |  |       |  |  |           |        |  |               |  |     |        |  |  |          |  |  |               |        |  |  |  |     |  |  |  | 0.01   | 
|Local Financial Sector                            |  |                                            |        |  |           |  |     |               |  |  | 0.80   |  |  |           |        |  |               |  |     |        |  |  | 1.01      |  |  |               |        |  |  |  |     |  |  |  | 0.36   | 
|Non-Financial Private Sector and
Residents Abroad |  |                                            |         |  |           |  |      |               |  |  |        |  |  |           |         |  |               |  |      |        |  |  |           |  |  |               |         |  |  |  |      |  |  |  |        | 
|Advances                                          |  |                                            | 67.7    |  |           |  | 0.15 |               |  |  | 6.99   |  |  |           | 48.9    |  |               |  | 0.15 |        |  |  | 7.16      |  |  |               | 55.1    |  |  |  | 0.25 |  |  |  | 4.38   | 
|Promissory Notes                                  |  |                                            | 40.9    |  |           |  | 0.09 |               |  |  | 23.61  |  |  |           | 35.5    |  |               |  | 0.11 |        |  |  | 19.94     |  |  |               | 43.3    |  |  |  | 0.19 |  |  |  | 20.27  | 
|Mortgage Loans                                    |  |                                            | 4.5     |  |           |  | 0.01 |               |  |  | 2.62   |  |  |           | 6.2     |  |               |  | 0.02 |        |  |  | 2.98      |  |  |               | 10.6    |  |  |  | 0.05 |  |  |  | 4.25   | 
|Pledge Loans                                      |  |                                            | 1.5     |  |           |  | 0.01 |               |  |  | 0.70   |  |  |           | 1.4     |  |               |  | 0.01 |        |  |  | 0.63      |  |  |               | 2.6     |  |  |  | 0.01 |  |  |  | 0.53   | 
|Personal Loans                                    |  |                                            | 190.3   |  |           |  | 0.43 |               |  |  | 16.44  |  |  |           | 128.1   |  |               |  | 0.40 |        |  |  | 17.99     |  |  |               | 139.2   |  |  |  | 0.62 |  |  |  | 18.30  | 
|Credit-Card Loans                                 |  |                                            | 460.7   |  |           |  | 1.04 |               |  |  | 43.52  |  |  |           | 231.6   |  |               |  | 0.72 |        |  |  | 41.64     |  |  |               | 166.8   |  |  |  | 0.75 |  |  |  | 40.77  | 
|Placements in Correspondent Banks                 |  |                                            |        |  |           |  |     |               |  |  | 0.63   |  |  |           |        |  |               |  |     |        |  |  | 0.21      |  |  |               |        |  |  |  |     |  |  |  | 0.96   | 
|Other                                             |  |                                            | 14.7    |  |           |  | 0.03 |               |  |  | 4.69   |  |  |           | 9.1     |  |               |  | 0.03 |        |  |  | 8.44      |  |  |               | 16.9    |  |  |  | 0.08 |  |  |  | 10.17  | 
|Unallocated(1)                                    |  |                                            | 951.6   |  |           |  | 2.15 |               |  |  |       |  |  |           | 823.2   |  |               |  | 2.55 |        |  |  | 0.00      |  |  |               | 604.0   |  |  |  | 2.69 |  |  |  |       | 
|                                                  |  |                                            |         |  |           |  |      |               |  |  |        |  |  |           |         |  |               |  |      |        |  |  |           |  |  |               |         |  |  |  |      |  |  |  |        | 
|Total                                             |  |                                            | 1,731.9 |  |           |  | 3.91 |               |  |  | 100.00 |  |  |           | 1,284.0 |  |               |  | 3.99 |        |  |  | 100.00    |  |  |               | 1,038.5 |  |  |  | 4.64 |  |  |  | 100.00 | 
|                                                  |  |                                            |         |  |           |  |      |               |  |  |        |  |  |           |         |  |               |  |      |        |  |  |           |  |  |               |         |  |  |  |      |  |  |  |        | 



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##### Table of Contents

|                                                  |  |                                            |       |  |            |  |      |                 |  |  |        |  |  |            |       |  |                 |  |      |  |  |  |        | 
|------------------------------------------------- |  | ------------------------------------------ | ----- |  | ---------- |  | ---- | --------------- |  |  | ------ |  |  | ---------- | ----- |  | --------------- |  | ---- |  |  |  | ------ | 
|                                                  |  | As of December 31,                         |      
|                                                  |  | 2009                                       |       |  | 2008       | 
|                                                  |  | Amount                                     |       |  | % of Loans |  |      | Loan Category % |  |  | Amount |  |  | % of Loans |       |  | Loan Category % | 
|                                                  |  | (in millions of Pesos, except percentages) |      
|Non-Financial Public Sector                       |  |                                            |      |  |            |  |     |                 |  |  | 0.04   |  |  |            |      |  |                 |  |     |  |  |  | 10.77  | 
|Local Financial Sector                            |  |                                            |      |  |            |  |     |                 |  |  | 0.18   |  |  |            |      |  |                 |  |     |  |  |  | 1.21   | 
|Non-Financial Private Sector and
Residents Abroad |  |                                            |       |  |            |  |      |                 |  |  |        |  |  |            |       |  |                 |  |      |  |  |  |        | 
|Advances                                          |  |                                            | 31.7  |  |            |  | 0.22 |                 |  |  | 4.42   |  |  |            | 14.5  |  |                 |  | 0.12 |  |  |  | 4.85   | 
|Promissory Notes                                  |  |                                            | 80.3  |  |            |  | 0.56 |                 |  |  | 22.47  |  |  |            | 34.9  |  |                 |  | 0.28 |  |  |  | 17.28  | 
|Mortgage Loans                                    |  |                                            | 11.8  |  |            |  | 0.08 |                 |  |  | 6.76   |  |  |            | 21.9  |  |                 |  | 0.18 |  |  |  | 8.38   | 
|Pledge Loans                                      |  |                                            | 1.5   |  |            |  | 0.01 |                 |  |  | 0.45   |  |  |            | 0.5   |  |                 |  |     |  |  |  | 0.66   | 
|Personal Loans                                    |  |                                            | 63.9  |  |            |  | 0.45 |                 |  |  | 12.09  |  |  |            | 37.8  |  |                 |  | 0.31 |  |  |  | 9.94   | 
|Credit-Card Loans                                 |  |                                            | 168.3 |  |            |  | 1.18 |                 |  |  | 39.90  |  |  |            | 111.4 |  |                 |  | 0.91 |  |  |  | 35.75  | 
|Placements in Correspondent Banks                 |  |                                            |      |  |            |  |     |                 |  |  | 3.09   |  |  |            |      |  |                 |  |     |  |  |  | 2.73   | 
|Other                                             |  |                                            | 16.0  |  |            |  | 0.11 |                 |  |  | 10.60  |  |  |            | 7.4   |  |                 |  | 0.06 |  |  |  | 8.43   | 
|Unallocated(1)                                    |  |                                            | 432.9 |  |            |  | 3.04 |                 |  |  |       |  |  |            | 298.4 |  |                 |  | 2.44 |  |  |  |       | 
|                                                  |  |                                            |       |  |            |  |      |                 |  |  |        |  |  |            |       |  |                 |  |      |  |  |  |        | 
|Total                                             |  |                                            | 806.4 |  |            |  | 5.65 |                 |  |  | 100.00 |  |  |            | 526.8 |  |                 |  | 4.30 |  |  |  | 100.00 | 
|                                                  |  |                                            |       |  |            |  |      |                 |  |  |        |  |  |            |       |  |                 |  |      |  |  |  |        | 



|(1) | The unallocated reserve consists of the allowances established on the portfolio classified in the normal situation category and includes additional
reserves in excess of Argentine Central Bank minimum requirements.
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Charge-Offs

The following table sets forth the allocation of the main charge-offs made by Banco Galicia, the Regional Credit Card Companies and CFA
during the years ended December 31, 2012, 2011 and 2010.



|                               |  |                        |       |  |      |  |       |      |  |  |       | 
|------------------------------ |  | ---------------------- | ----- |  | ---- |  | ----- | ---- |  |  | ----- | 
|                               |  | Fiscal Year Ended      |      
|                               |  | December 31,           |      
|                               |  | 2012                   |       |  | 2011 |  |       | 2010 | 
|                               |  | (in millions of Pesos) |      
|Charge-offs by Type            |  |                        |       | 
|Advances                       |  |                        | 50.5  |  |      |  | 35.4  |      |  |  | 18.5  | 
|Promissory Notes               |  |                        | 70.6  |  |      |  | 50.2  |      |  |  | 82.5  | 
|Mortgage Loans                 |  |                        | 2.6   |  |      |  | 3.4   |      |  |  | 1.5   | 
|Pledge Loans                   |  |                        | 2.3   |  |      |  | 2.5   |      |  |  | 0.9   | 
|Personal Loans                 |  |                        | 275.4 |  |      |  | 182.1 |      |  |  | 106.8 | 
|Credit-Card Loans              |  |                        |       |  |      |  |       |      |  |  |       | 
|Banco Galicia                  |  |                        | 160.4 |  |      |  | 92.3  |      |  |  | 52.4  | 
|Regional Credit Card Companies |  |                        | 228.7 |  |      |  | 147.2 |      |  |  | 217.9 | 
|Other Loans                    |  |                        | 44.7  |  |      |  | 39.4  |      |  |  | 6.8   | 
|                               |  |                        |       |  |      |  |       |      |  |  |       | 
|Total(1)                       |  |                        | 835.2 |  |      |  | 552.5 |      |  |  | a.    | 
|                               |  |                        |       |  |      |  |       |      |  |  |       | 



|(1) | Do not include the amounts directly charged off to the income statement.
|--- | ------------------------------------------------------------------------

During fiscal year 2012, Ps.835.2 million was charged off against allowance for loan losses, including the Regional Credit Card Companies and CFAs portfolios. The increased amount as compared
to the prior year was attributable to the seasoning of the individuals loan portfolio, which represented more than 75% of charge-offs.

During fiscal year 2011, Ps.552.5 million was charged off against allowance for loan losses in connection with loans to individuals, including the Regional Credit Card Companies and CFAs
portfolios, and the increased amount as compared to the prior year was attributable to the seasoning of the individuals loan portfolio.

Foreign Outstandings

Cross-border or foreign outstandings for a particular country are defined as the sum of all claims against third parties domiciled in that country and comprise loans (including accrued interest),
acceptances, interest-bearing deposits with other banks, other interest-bearing investments and any other monetary assets that are denominated in



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Dollars or other non-local currency. The following were our foreign outstandings as of the dates indicated representing 1.00% or more of our total assets:



|                                      |  |                        |       |  |      |  |       |      |  |  |       | 
|------------------------------------- |  | ---------------------- | ----- |  | ---- |  | ----- | ---- |  |  | ----- | 
|                                      |  | Fiscal Year Ended      |      
|                                      |  | December 31,           |      
|Country                               |  | 2012                   |       |  | 2011 |  |       | 2010 | 
|                                      |  | (in millions of Pesos) |      
|United Kingdom                        |  |                        |       |  |      |  |       |      |  |  |       | 
|Demand Deposits                       |  |                        | 4.0   |  |      |  | 2.0   |      |  |  | 1.4   | 
|Forward Purchases of Bonar 2015 Bonds |  |                        |      |  |      |  | 633.9 |      |  |  | 544.8 | 
|Other                                 |  |                        |      |  |      |  |      |      |  |  | 0.1   | 
|                                      |  |                        |       |  |      |  |       |      |  |  |       | 
|Total                                 |  |                        | 4.0   |  |      |  | 635.9 |      |  |  | 546.3 | 
|                                      |  |                        |       |  |      |  |       |      |  |  |       | 
|United States                         |  |                        |       |  |      |  |       |      |  |  |       | 
|Demand Deposits                       |  |                        | 122.0 |  |      |  | 90.7  |      |  |  | 191.5 | 
|Overnight Placements                  |  |                        | 277.5 |  |      |  | 66.0  |      |  |  | 215.3 | 
|Other                                 |  |                        | 30.0  |  |      |  | 72.3  |      |  |  | 44.4  | 
|                                      |  |                        |       |  |      |  |       |      |  |  |       | 
|Total                                 |  |                        | 429.5 |  |      |  | 229.0 |      |  |  | 451.2 | 
|                                      |  |                        |       |  |      |  |       |      |  |  |       | 
|Germany                               |  |                        |       |  |      |  |       |      |  |  |       | 
|Demand Deposits                       |  |                        | 11.4  |  |      |  | 1.8   |      |  |  | 0.3   | 
|Forward Purchases of Boden 2012 Bonds |  |                        |      |  |      |  |      |      |  |  |      | 
|Other                                 |  |                        | 0.4   |  |      |  |      |      |  |  | 1.3   | 
|                                      |  |                        |       |  |      |  |       |      |  |  |       | 
|Total                                 |  |                        | 11.8  |  |      |  | 1.8   |      |  |  | 1.6   | 
|                                      |  |                        |       |  |      |  |       |      |  |  |       | 

As of December 31, 2012, we had the following foreign outstandings:



| |  |  | Ps.4.0 million with United Kingdom financial institutions, corresponding to demand deposits.
| | - |  | --------------------------------------------------------------------------------------------



| |  |  | Ps.429.5 million (0.7% of our total assets) representing liquid placements with United States financial institutions, of which Ps.122.0 million
corresponded to demand deposits and Ps.277.5 million represented overnight placements.
| | - |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | Ps.11.8 million with German financial institutions, mainly corresponding to demand deposits.
| | - |  | --------------------------------------------------------------------------------------------

Deposits

The
following table sets out the composition of our deposits as of December 31, 2012, 2011 and 2010. Our deposits represent deposits with Banco Galicia and CFA.



|                                                                 |  |                        |          |  |      |  |          |      |  |  |          | 
|---------------------------------------------------------------- |  | ---------------------- | -------- |  | ---- |  | -------- | ---- |  |  | -------- | 
|                                                                 |  | As of December 31,     |         
|                                                                 |  | 2012                   |          |  | 2011 |  |          | 2010 | 
|                                                                 |  | (in millions of Pesos) |         
|Checking Accounts and Other Demand Deposits                      |  |                        | 9,916.3  |  |      |  | 7,203.5  |      |  |  | 5,565.7  | 
|Savings Accounts                                                 |  |                        | 9,478.2  |  |      |  | 8,010.8  |      |  |  | 6,362.0  | 
|Time Deposits                                                    |  |                        | 19,694.2 |  |      |  | 14,150.8 |      |  |  | 9,724.9  | 
|Other Deposits(1)                                                |  |                        | 576.3    |  |      |  | 534.3    |      |  |  | 463.2    | 
|Plus: Accrued Interest, Quotation Differences and CER Adjustment |  |                        | 280.3    |  |      |  | 235.7    |      |  |  | 107.0    | 
|                                                                 |  |                        |          |  |      |  |          |      |  |  |          | 
|Total Deposits                                                   |  |                        | 39,945.2 |  |      |  | 30,135.1 |      |  |  | 22,222.8 | 
|                                                                 |  |                        |          |  |      |  |          |      |  |  |          | 



|(1) | Includes among other, deposits originated by Decree No. 616/05, Reprogrammed Deposits under judicial proceedings and other demand deposits.
|--- | -------------------------------------------------------------------------------------------------------------------------------------------

In 2012, our consolidated deposits increased 32.6% mainly as a result of a Ps.4,180.2 million increase in
deposits in checking and savings accounts and a Ps.5,543.4 million increase in time deposits. As in prior years, these increases were mainly due to deposits received by Banco Galicia.

In 2011, our consolidated deposits increased 35.6% mainly as a result of a Ps.3,286.6 million increase in deposits in checking and
savings accounts and a Ps.4,425.9 million increase in time deposits. As in prior years, these increases were mainly due to deposits received by Banco Galicia.



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In 2010, our consolidated deposits increased 30.4% mainly as a result of a Ps.3,213.9
million increase in deposits in checking and savings accounts and a Ps.1,770.2 million increase in time deposits. It is worth mentioning that on June 30, 2010, the assets and liabilities of CFA were consolidated on a line-by-line basis due to
the acquisition of such companies.

For more information, see Item 5.A. Operating Results-Funding.

The following table provides a breakdown of our consolidated deposits as of December 31, 2012, by contractual term and
currency of denomination.



|                                            |  |                                            |            |  |                    |  |       |        |  |  |            |  |  |        |       |   |       |  |            |  |  |  |       |  
|------------------------------------------- |  | ------------------------------------------ | ---------- |  | ------------------ |  | ----- | ------ |  |  | ---------- |  |  | ------ | ----- | - | ----- |  | ---------- |  |  |  | ----- | -
|                                            |  | Peso-Denominated                           |            |  | Dollar-Denominated |  |       | Total  | 
|                                            |  |                                            |            |  | % of               |  |       |        |  |  | % of       |  |  |        |       |   | % of  | 
|                                            |  | Amount                                     |            |  | Total              |  |       | Amount |  |  | Total      |  |  | Amount |       |   | Total | 
|                                            |  | (in millions of Pesos, except percentages) |           
|Checking Accounts and Demand Deposits       |  |                                            | Ps.9,916.3 |  |                    |  | 27.1  | %      |  |  |           |  |  |        |      | % |       |  | Ps.9,916.3 |  |  |  | 25.0  | %
|Savings Accounts                            |  |                                            | 7,941.6    |  |                    |  | 21.7  |        |  |  | Ps.1,536.5 |  |  |        | 49.1  |   |       |  | 9,478.1    |  |  |  | 23.9  |  
|Time Deposits                               |  |                                            | 18,231.3   |  |                    |  | 49.9  |        |  |  | 1,462.9    |  |  |        | 46.8  |   |       |  | 19,694.2   |  |  |  | 49.7  |  
|Maturing Within 30 Days                     |  |                                            | 3,508.1    |  |                    |  | 9.6   |        |  |  | 335.7      |  |  |        | 10.7  |   |       |  | 3,843.8    |  |  |  | 9.7   |  
|Maturing After 31 Days but Within 59 Days   |  |                                            | 7,789.0    |  |                    |  | 21.3  |        |  |  | 250.5      |  |  |        | 8.0   |   |       |  | 8,039.5    |  |  |  | 20.3  |  
|Maturing After 60 Days but Within 89 Days   |  |                                            | 3,021.3    |  |                    |  | 8.3   |        |  |  | 214.3      |  |  |        | 6.9   |   |       |  | 3,235.6    |  |  |  | 8.2   |  
|Maturing After 90 Days but Within 179 Days  |  |                                            | 2,447.6    |  |                    |  | 6.7   |        |  |  | 357.2      |  |  |        | 11.4  |   |       |  | 2,804.8    |  |  |  | 7.1   |  
|Maturing After 180 Days but Within 365 Days |  |                                            | 949.0      |  |                    |  | 2.6   |        |  |  | 237.6      |  |  |        | 7.6   |   |       |  | 1,186.6    |  |  |  | 3.0   |  
|Maturing After 365 Days                     |  |                                            | 516.3      |  |                    |  | 1.4   |        |  |  | 67.6       |  |  |        | 2.2   |   |       |  | 583.9      |  |  |  | 1.4   |  
|Other Deposits                              |  |                                            | 447.0      |  |                    |  | 1.3   |        |  |  | 129.3      |  |  |        | 4.1   |   |       |  | 576.3      |  |  |  | 1.4   |  
|Maturing Within 30 Days                     |  |                                            | 274.0      |  |                    |  | 0.8   |        |  |  | 102.3      |  |  |        | 3.3   |   |       |  | 376.3      |  |  |  | 1.0   |  
|Maturing After 31 Days but Within 59 Days   |  |                                            |           |  |                    |  |      |        |  |  |           |  |  |        |      |   |       |  |           |  |  |  |      |  
|Maturing After 60 Days but Within 89 Days   |  |                                            |           |  |                    |  |      |        |  |  |           |  |  |        |      |   |       |  |           |  |  |  |      |  
|Maturing After 90 Days but Within 179 Days  |  |                                            |           |  |                    |  |      |        |  |  |           |  |  |        |      |   |       |  |           |  |  |  |      |  
|Maturing After 180 Days but Within 365 Days |  |                                            | 166.5      |  |                    |  | 0.5   |        |  |  |           |  |  |        |      |   |       |  | 166.5      |  |  |  | 0.3   |  
|Maturing After 365 Days                     |  |                                            | 6.5        |  |                    |  |      |        |  |  | 27.0       |  |  |        | 0.8   |   |       |  | 33,5       |  |  |  | 0.1   |  
|                                            |  |                                            |            |  |                    |  |       |        |  |  |            |  |  |        |       |   |       |  |            |  |  |  |       |  
|Total Deposits (1)                          |  |                                            | 36,536.2   |  |                    |  | 100.0 | %      |  |  | 3,128.7    |  |  |        | 100.0 | % |       |  | 39,664.9   |  |  |  | 100.0 | %
|                                            |  |                                            |            |  |                    |  |       |        |  |  |            |  |  |        |       |   |       |  |            |  |  |  |       |  



|(1) | Only principal. Excludes the CER adjustment
|--- | -------------------------------------------

The categories with the highest concentration of maturities per their original term are those within the segments within 30 Days and after 31 days but within 59 days (Pesos and
Dollars), which accounted for 30.0% of the total and corresponded mainly to Peso-denominated time deposits. The rest of the terms have a homogeneous participation. As of December 31, 2012, the average original term of non-adjusted
Peso-denominated time deposits was approximately 66 days and for Dollar-denominated time deposits the original term was 100 days. Dollar-denominated deposits, for Ps.3,128.7 million (only principal), represented 7.9% of total deposits.

The following table provides information about the maturity of our outstanding time deposits exceeding Ps.100,000, as of
December 31, 2012.



|                                   |  |                          |          | 
|---------------------------------- |  | ------------------------ | -------- | 
|                                   |  | Deposits over Ps.100,000 |         
|                                   |  | (in millions of Pesos)   |         
|Time Deposits                      |  |                          |          | 
|Within 30 Days                     |  |                          | 2,526.6  | 
|After 31 Days but Within 59 Days   |  |                          | 6,517.5  | 
|After 60 Days but Within 89 Days   |  |                          | 2,521.9  | 
|After 90 Days but Within 179 Days  |  |                          | 1,893.3  | 
|After 180 Days but Within 365 Days |  |                          | 933.7    | 
|After 365 Days                     |  |                          | 216.5    | 
|                                   |  |                          |          | 
|Total Time Deposits                |  |                          | 14,609.5 | 
|                                   |  |                          |          | 
|Total Deposits (1)                 |  |                          | 14,609.5 | 
|                                   |  |                          |          | 



|(1) | Only principal.
|--- | ---------------



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Return on Equity and Assets

The following table presents certain selected financial information and ratios for the periods indicated.



|                                                                                      |  |                                            |          |  |      |  |          |      |  |  |          | 
|------------------------------------------------------------------------------------- |  | ------------------------------------------ | -------- |  | ---- |  | -------- | ---- |  |  | -------- | 
|                                                                                      |  | Fiscal Year Ended                          |         
|                                                                                      |  | December 31,                               |         
|                                                                                      |  | 2012                                       |          |  | 2011 |  |          | 2010 | 
|                                                                                      |  | (in millions of Pesos, except percentages) |         
|Net Income / (Loss)                                                                   |  |                                            | 1,336.2  |  |      |  | 1,106.9  |      |  |  | 408.9    | 
|Average Total Assets                                                                  |  |                                            | 54,416.4 |  |      |  | 41,635.7 |      |  |  | 29,118.4 | 
|Average Shareholders Equity                                                          |  |                                            | 4,160.4  |  |      |  | 2,960.8  |      |  |  | 2,195.0  | 
|Shareholders Equity at End of the Period                                             |  |                                            | 4,870.1  |  |      |  | 3,551.6  |      |  |  | 2,469.5  | 
|Net Income as a Percentage of:                                                        |  |                                            |          |  |      |  |          |      |  |  |          | 
|Average Total Assets                                                                  |  |                                            | 2.80     |  |      |  | 3.07     |      |  |  | 1.76     | 
|Average Shareholders Equity                                                          |  |                                            | 32.12    |  |      |  | 37.39    |      |  |  | 18.63    | 
|Declared Cash Dividends                                                               |  |                                            | 24.35    |  |      |  | 17.75    |      |  |  | 24.83    | 
|Dividend Payout Ratio                                                                 |  |                                            | 1.82     |  |      |  | 1.60     |      |  |  | 6.07     | 
|Average Shareholders Equity as a Percentage of Average Total Assets                  |  |                                            | 7.65     |  |      |  | 7.11     |      |  |  | 7.54     | 
|Shareholders Equity at the End of the Period as a Percentage of
Average Total Assets |  |                                            | 8.95     |  |      |  | 8.53     |      |  |  | 8.48     | 
|                                                                                      |  |                                            |          |  |      |  |          |      |  |  |          | 

Short-term Borrowings

Our short-term borrowings include all of our borrowings (including repurchase agreement transactions, debt securities and notes) with a contractual maturity of less than one year, owed to foreign or
domestic financial institutions or holders of notes.



|                                       |  |                        |       |  |      |  |         |      |  |  |         | 
|-------------------------------------- |  | ---------------------- | ----- |  | ---- |  | ------- | ---- |  |  | ------- | 
|                                       |  | As of December 31,     |      
|                                       |  | 2012                   |       |  | 2011 |  |         | 2010 | 
|                                       |  | (in millions of Pesos) |      
|Short-Term Borrowings                  |  |                        |       |  |      |  |         |      |  |  |         | 
|Argentine Central Bank                 |  |                        | 0.9   |  |      |  | 0.7     |      |  |  | 0.7     | 
|Other Banks and International Entities |  |                        |       |  |      |  |         |      |  |  |         | 
|Credit Lines from Domestic Banks       |  |                        | 419.0 |  |      |  | 216.0   |      |  |  | 155.4   | 
|Credit Lines from Foreign Banks        |  |                        | 198.3 |  |      |  | 1,142.3 |      |  |  | 409.0   | 
|Repurchases with Domestic Banks        |  |                        |      |  |      |  |        |      |  |  | 359.1   | 
|Notes                                  |  |                        | 311.8 |  |      |  | 227.4   |      |  |  | 155.4   | 
|                                       |  |                        |       |  |      |  |         |      |  |  |         | 
|Total                                  |  |                        | 930.1 |  |      |  | 1,586.4 |      |  |  | 1,079.6 | 
|                                       |  |                        |       |  |      |  |         |      |  |  |         | 

As of the end of fiscal year 2012, our short-term borrowings consisted mainly of credit lines from
domestic banks.

Banco Galicia also borrows funds under different credit arrangements from local and foreign banks and
international lending agencies as follows:



|                                            |  |                        |       |  |      |  |         |      |  |  |       | 
|------------------------------------------- |  | ---------------------- | ----- |  | ---- |  | ------- | ---- |  |  | ----- | 
|                                            |  | As of December 31,     |      
|                                            |  | 2012                   |       |  | 2011 |  |         | 2010 | 
|                                            |  | (in millions of Pesos) |      
|Banks and International Entities            |  |                        |       |  |      |  |         |      |  |  |       | 
|Contractual Short-term Liabilities          |  |                        |       |  |      |  |         |      |  |  |       | 
|Other Lines from Foreign Banks              |  |                        | 198.3 |  |      |  | 1,142.3 |      |  |  | 409.0 | 
|Total Short-term Liabilities                |  |                        | 198.3 |  |      |  | 1,142.3 |      |  |  | 409.0 | 
|                                            |  |                        |       |  |      |  |         |      |  |  |       | 
|Total Banks and International Entities      |  |                        | 198.3 |  |      |  | 1,142.3 |      |  |  | 409.0 | 
|                                            |  |                        |       |  |      |  |         |      |  |  |       | 
|Domestic and Financial Institutions         |  |                        |       |  |      |  |         |      |  |  |       | 
|Contractual Short-term Liabilities:         |  |                        |       |  |      |  |         |      |  |  |       | 
|Other Lines from Credit from Domestic Banks |  |                        |      |  |      |  | 216.0   |      |  |  | 155.4 | 
|Total Short-term Liabilities                |  |                        | 419.0 |  |      |  | 216.0   |      |  |  | 155.4 | 
|                                            |  |                        |       |  |      |  |         |      |  |  |       | 
|Total Domestic and Financial Institutions   |  |                        | 419.0 |  |      |  | 216.0   |      |  |  | 155.4 | 
|                                            |  |                        |       |  |      |  |         |      |  |  |       | 
|Total                                       |  |                        | 617.3 |  |      |  | 1,358.3 |      |  |  | 564.4 | 
|                                            |  |                        |       |  |      |  |         |      |  |  |       | 



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The outstanding amounts and the terms corresponding to the outstanding notes as of the dates
indicated below are as follows:



|                                                                                         |  |                    |      |  |                      |  |                   |      |  |  |       |  |  |      |       |  |  |  |       | 
|---------------------------------------------------------------------------------------- |  | ------------------ | ---- |  | -------------------- |  | ----------------- | ---- |  |  | ----- |  |  | ---- | ----- |  |  |  | ----- | 
|                                                                                         |  | As of December 31, |     
|                                                                                         |  | Maturity           |      |  | Annual 
InterestRate |  |                   | 2012 |  |  | 2011  |  |  | 2010 |      
|(in millions of Pesos)                                                                   |  |                    |      |  |                      |  |                   |      |  |  |       |  |  |      |       |  |  |  |       | 
|Notes(*)                                                                                 |  |                    |      |  |                      |  |                   |      |  |  |       |  |  |      |       |  |  |  |       | 
|Tarjeta Naranja Class XVIII Series I
(Quarterly interest, principal payable at maturity) |  |                    | 2013 |  |                      |  | 17.70             | %    |  |  | 46.3  |  |  |      |      |  |  |  |      | 
|Tarjeta Naranja Class XIX Series I
(Quarterly interest, principal payable at maturity)   |  |                    | 2013 |  |                      |  | 19.00             | %    |  |  | 52.6  |  |  |      |      |  |  |  |      | 
|Tarjetas Cuyanas Class VIII Series I
(Quarterly interest, principal payable at maturity) |  |                    | 2013 |  |                      |  | 17.75             | %    |  |  | 49.6  |  |  |      |      |  |  |  |      | 
|Tarjetas Cuyanas Class IX Series I
(Quarterly interest, principal payable at maturity)   |  |                    | 2013 |  |                      |  | 19.25             | %    |  |  | 33.4  |  |  |      |      |  |  |  |      | 
|CFA Class VI Series I
(Quarterly interest, principal payable at maturity)                |  |                    | 2013 |  |                      |  | 15.50             | %    |  |  | 81.2  |  |  |      |      |  |  |  |      | 
|CFA Class VII Series I
(Quarterly interest, principal payable at maturity)               |  |                    | 2013 |  |                      |  | 17.90             | %    |  |  | 48.8  |  |  |      |      |  |  |  |      | 
|Tarjeta Naranja Class XIV Series I
(Quarterly interest, principal payable at maturity)   |  |                    | 2012 |  |                      |  | 13.50             | %    |  |  |      |  |  |      | 20.0  |  |  |  |      | 
|Tarjeta Naranja Class XV
(Quarterly interest, principal payable at maturity)             |  |                    | 2012 |  |                      |  | Badlar + 375 b.p. |      |  |  |      |  |  |      | 61.6  |  |  |  |      | 
|Tarjetas Cuyanas Class IV
(Quarterly interest, principal payable at maturity)            |  |                    | 2012 |  |                      |  | Badlar + 285 b.p. |      |  |  |      |  |  |      | 48.3  |  |  |  |      | 
|Tarjetas Cuyanas Class V Series I
(Quarterly interest, principal payable at maturity)    |  |                    | 2012 |  |                      |  | 14.00             | %    |  |  |      |  |  |      | 12.8  |  |  |  |      | 
|CFA Class V Series I
(Quarterly interest, principal payable at maturity)                 |  |                    | 2012 |  |                      |  | Badlar + 325 b.p. |      |  |  |      |  |  |      | 84.6  |  |  |  |      | 
|Tarjeta Naranja Class X
(Quarterly interest, principal payable at maturity)              |  |                    | 2011 |  |                      |  | Badlar + 275 b.p. |      |  |  |      |  |  |      |      |  |  |  | 48.2  | 
|Tarjeta Naranja Class XI
(Quarterly interest, principal payable at maturity)             |  |                    | 2011 |  |                      |  | Badlar + 295 b.p. |      |  |  |      |  |  |      |      |  |  |  | 40.9  | 
|Tarjetas Cuyanas Series I
(Quarterly interest, principal payable at maturity)            |  |                    | 2011 |  |                      |  | Badlar + 300 b.p. |      |  |  |      |  |  |      |      |  |  |  | 28.8  | 
|Tarjetas Cuyanas Class II
(Quarterly interest, principal payable at maturity)            |  |                    | 2011 |  |                      |  | 13.50             | %    |  |  |      |  |  |      |      |  |  |  | 37.5  | 
|                                                                                         |  |                    |      |  |                      |  |                   |      |  |  |       |  |  |      |       |  |  |  |       | 
|Total                                                                                    |  |                    |      |  |                      |  |                   |      |  |  | 311.9 |  |  |      | 227.4 |  |  |  | 155.4 | 
|                                                                                         |  |                    |      |  |                      |  |                   |      |  |  |       |  |  |      |       |  |  |  |       | 



|(*) | Only principal.
|--- | ---------------

The
following table sets forth the items listed below for our significant short-term borrowings for the fiscal years ended December 31, 2012, 2011 and 2010:



| |  |  | the weighted-average interest rate at year-end,
| | - |  | -----------------------------------------------



| |  |  | the maximum balance recorded at the monthly closing dates of the periods,
| | - |  | -------------------------------------------------------------------------



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| |  |  | the average balances for each period calculated on a daily basis, and
| | - |  | ---------------------------------------------------------------------



| |  |  | the weighted-average interest rate for each period.
| | - |  | ---------------------------------------------------



|                                                      |  |                    |                                            |   |      |  |            |      |  |  |          |  
|----------------------------------------------------- |  | ------------------ | ------------------------------------------ | - | ---- |  | ---------- | ---- |  |  | -------- | -
|                                                      |  | As of December 31, |                                           
|                                                      |  | 2012               |                                            |   | 2011 |  |            | 2010 | 
|                                                      |  |                    | (in millions of Pesos, except percentages) |  
|Argentine Central Bank                                |  |                    |                                            |   |      |  |            |      |  |  |          |  
|Weighted-average Interest Rate at End of Period       |  |                    |                                           | % |      |  | 19.8       | %    |  |  | 16.1     | %
|Maximum Balance Recorded at the Monthly Closing Dates |  |                    | Ps.1.4                                     |   |      |  | Ps.2.5     |      |  |  | Ps.1.9   |  
|Average Balances for Each Period                      |  |                    | Ps.0.6                                     |   |      |  | Ps.0.8     |      |  |  | Ps.0.7   |  
|Weighted-average Interest Rate for the Period         |  |                    |                                           | % |      |  |           | %    |  |  |         | %
|Credit Lines from Domestic Banks                      |  |                    |                                            |   |      |  |            |      |  |  |          |  
|Weighted-average Interest Rate at End of Period       |  |                    | 19.4                                       | % |      |  | 19.8       | %    |  |  | 16.1     | %
|Maximum Balance Recorded at the Monthly Closing Dates |  |                    | Ps.419.0                                   |   |      |  | Ps.271.9   |      |  |  | Ps.343.0 |  
|Average Balances for Each Period                      |  |                    | Ps.325.6                                   |   |      |  | Ps.218.0   |      |  |  | Ps.150.7 |  
|Weighted-average Interest Rate for the Period         |  |                    | 16.0                                       | % |      |  | 16.8       | %    |  |  | 11.0     | %
|Credit Lines from Foreign Banks                       |  |                    |                                            |   |      |  |            |      |  |  |          |  
|Weighted-average Interest Rate at End of Period       |  |                    | 3.8                                        | % |      |  | 1.5        | %    |  |  | 1.4      | %
|Maximum Balance Recorded at the Monthly Closing Dates |  |                    | Ps.1,155.1                                 |   |      |  | Ps.1,142.3 |      |  |  | Ps.409.0 |  
|Average Balances for Each Period                      |  |                    | Ps.906.3                                   |   |      |  | Ps.595.5   |      |  |  | Ps.266.8 |  
|Weighted-average Interest Rate for the Period         |  |                    | 2.6                                        | % |      |  | 1.3        | %    |  |  | 1.9      | %
|Repurchases with Domestic Banks                       |  |                    |                                            |   |      |  |            |      |  |  |          |  
|Weighted-average Interest Rate at End of Period       |  |                    | 11.0                                       | % |      |  |           | %    |  |  | 10.4     | %
|Maximum Balance Recorded at the Monthly Closing Dates |  |                    | Ps.427.9                                   |   |      |  | Ps.139.4   |      |  |  | Ps.359.1 |  
|Average Balances for Each Period                      |  |                    | Ps.173.2                                   |   |      |  | Ps.54.8    |      |  |  | Ps.39.3  |  
|Weighted-average Interest Rate for the Period         |  |                    | 9.6                                        | % |      |  | 10.4       | %    |  |  | 9.8      | %
|Notes                                                 |  |                    |                                            |   |      |  |            |      |  |  |          |  
|Weighted-average Interest Rate at End of Period       |  |                    | 17.6                                       | % |      |  | 22.0       | %    |  |  | 13.6     | %
|Maximum Balance Recorded at the Monthly Closing Dates |  |                    | Ps.387.5                                   |   |      |  | Ps.227.4   |      |  |  | Ps.176.8 |  
|Average Balances for Each Period                      |  |                    | Ps.304.1                                   |   |      |  | Ps.161.9   |      |  |  | Ps.69.3  |  
|Weighted-average Interest Rate for the Period         |  |                    | 16.8                                       | % |      |  | 16.8       | %    |  |  | 9.0      | %
|                                                      |  |                    |                                            |   |      |  |            |      |  |  |          |  

Regulatory Capital

Grupo Financiero Galicia

Grupo Financiero Galicias capital adequacy
is not under the supervision of the Argentine Central Bank. Grupo Financiero Galicia has to comply with the minimum capital requirement established by the Corporations Law. On October 8, 2012, through Decree 1331/12, such amount was
determined to be Ps.100,000.

Banco Galicia

Banco Galicia is subject to the capital adequacy rules of the Argentine Central Bank. Through its Communiqués A 3959 and A 3986 dated as of June 2 and June 25,
2003, respectively, the Argentine Central Bank established regulations regarding minimum capital requirements effective as from January 1, 2004.

The capital adequacy regulations are based on the Basel Committee methodology, are similar to the previous regulations and establish the minimum capital a financial institution is required to maintain in
order to cover the various risks inherent to its business activity and endemic to its assets. Such risks include: credit risk, generated both by exposure to the private sector and to the public sector; market risk, generated by positions in
securities, foreign-currency and CER; and interest-rate risk, generated by mismatches between assets and liabilities in terms of interest-rate repricing. The minimum capital requirement imposed by the regulations is 8% of risk-weighted assets, for
exposure to both the private sector and the public sector, with such requirement decreasing depending on the existence of certain guarantees in the case of private-sector assets and for certain liquid assets.

Additionally, as of February 1, 2012, the Argentine Central Bank established an additional capital requirement for operational risk
coverage, equal to 15% of the annual average of financial income and net income from services corresponding to the last 36 months before the calculation date, excluding certain items that are considered extraordinary or not closely related to such
risk. Further, the regulation established a gradual schedule for compliance equal to 0% of the requirement from February through March, 50% from April through July, 75% from August through November and 100% from December 2012.



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Minimum capital requirements must be met by the Bank, both on an individual basis and on a
consolidated basis with its significant subsidiaries.

In the table below, Banco Galicias information on regulatory
capital and compliance with minimum capital requirements regulations is consolidated with Galicia Uruguay (in liquidation), CFA and the companies indirectly controlled by Banco Galicia through Tarjetas Regionales.

The table below shows information on Banco Galicias consolidated computable regulatory capital, or RPC or adjusted
shareholders equity and minimum capital requirements as of the dates indicated.



|                                                                                                            |  |                                            |          |   |      |  |         |      |  |  |         |  
|----------------------------------------------------------------------------------------------------------- |  | ------------------------------------------ | -------- | - | ---- |  | ------- | ---- |  |  | ------- | -
|                                                                                                            |  | As of December 31,                         |         
|                                                                                                            |  | 2012                                       |          |   | 2011 |  |         | 2010 | 
|                                                                                                            |  | (in millions of Pesos, except percentages) |         
|Shareholders Equity                                                                                        |  |                                            | 4,903.9  |   |      |  | 3,602.8 |      |  |  | 2,595.7 |  
|                                                                                                            |  |                                            |          |   |      |  |         |      |  |  |         |  
|Argentine Central Bank Minimum Capital Requirements(1)                                                      |  |                                            |          |   |      |  |         |      |  |  |         |  
|Allocated to Financial Assets                                                                               |  |                                            | 3,122.5  |   |      |  | 2,504.2 |      |  |  | 1,618.4 |  
|Allocated to Fixed Assets, Intangible and Unquoted Equity Investments                                       |  |                                            | 256.3    |   |      |  | 208.7   |      |  |  | 165.2   |  
|Allocated to Market Risk                                                                                    |  |                                            | 15.7     |   |      |  | 41.0    |      |  |  | 5.8     |  
|Allocated to Interest-Rate Risk                                                                             |  |                                            | 46.6     |   |      |  | 10.1    |      |  |  | 70.1    |  
|Lending to the Non-Financial Public Sector                                                                  |  |                                            | 107.0    |   |      |  | 96.5    |      |  |  | 147.6   |  
|Operational Risk                                                                                            |  |                                            | 717.3    |   |      |  |        |      |  |  |        |  
|                                                                                                            |  |                                            |          |   |      |  |         |      |  |  |         |  
|Total (A)                                                                                                   |  |                                            | 4,265.4  |   |      |  | 2,860.5 |      |  |  | 2,007.1 |  
|                                                                                                            |  |                                            |          |   |      |  |         |      |  |  |         |  
|Computable Regulatory Capital Calculated Under Argentine Banking GAAP                                       |  |                                            |          |   |      |  |         |      |  |  |         |  
|Core Capital                                                                                                |  |                                            | 4,027.5  |   |      |  | 2,827.3 |      |  |  | 2,192.4 |  
|Supplemental Capital                                                                                        |  |                                            | 2,355.9  |   |      |  | 1,976.0 |      |  |  | 1,333.3 |  
|Deductions                                                                                                  |  |                                            |          |   |      |  |         |      |  |  |         |  
|Investments in Financial Entities                                                                           |  |                                            | (2.4     | ) |      |  | (53.1   | )    |  |  | (2.0    | )
|Organization Expenses                                                                                       |  |                                            | (1,034.8 | ) |      |  | (643.7  | )    |  |  | (394.6  | )
|Goodwill Recorded from June 30, 1997                                                                        |  |                                            |         |   |      |  |        |      |  |  | (11.5   | )
|Negative Goodwill CFA                                                                                       |  |                                            | 247.8    |   |      |  | 343.8   |      |  |  | 467.2   |  
|Real Estate Properties for Banco Galicias Own Use and
Miscellaneous, for which No Title Deed has been Made |  |                                            | (2.3     | ) |      |  | (3.5    | )    |  |  | (2.6    | )
|Other                                                                                                       |  |                                            | (6.1     | ) |      |  | (23.7   | )    |  |  | (8.2    | )
|                                                                                                            |  |                                            |          |   |      |  |         |      |  |  |         |  
|Total                                                                                                       |  |                                            | (797.8   | ) |      |  | (380.2  | )    |  |  | 48.3    |  
|                                                                                                            |  |                                            |          |   |      |  |         |      |  |  |         |  
|Additional Capital  Market Variation                                                                       |  |                                            | 24.8     |   |      |  | (7.0    | )    |  |  | 19.9    |  
|                                                                                                            |  |                                            |          |   |      |  |         |      |  |  |         |  
|Total (B)                                                                                                   |  |                                            | 5,610.4  |   |      |  | 4,416.1 |      |  |  | 3,593.9 |  
|                                                                                                            |  |                                            |          |   |      |  |         |      |  |  |         |  
|Excess Capital                                                                                              |  |                                            |          |   |      |  |         |      |  |  |         |  
|Excess Over Required Capital (B)-(A)                                                                        |  |                                            | 1,345.0  |   |      |  | 1,555.6 |      |  |  | 1,586.8 |  
|Excess Over Required Capital as a % of Required Capital                                                     |  |                                            | 31.53    |   |      |  | 54.38   |      |  |  | 79.06   |  
|                                                                                                            |  |                                            |          |   |      |  |         |      |  |  |         |  
|Total Capital Ratio                                                                                         |  |                                            | 13.02    |   |      |  | 12.63   |      |  |  | 15.19   |  
|                                                                                                            |  |                                            |          |   |      |  |         |      |  |  |         |  



|(1) | In accordance with Argentine Central Bank rules applicable at each date.
|--- | ------------------------------------------------------------------------

As of December 31, 2012, Banco Galicias computable capital amounted to Ps.5,610.4 million, exceeding the minimum capital requirement by Ps.1,345.0 million pursuant to the regulations provided
for by the Argentine Central Bank effective at such date. This excess was Ps 210.6 million lower than the excess recorded as of December 31, 2011.

The Ps.1,404.9 million increase in the minimum capital requirement, as compared to December 31, 2011, was mainly attributable to an increased requirement of Ps.618.3 million related to private sector
financing due to the growth of this portfolios balances and the new operational risk requirement, which amounted to Ps.717.3 million as of December 31, 2012.

The Ps.1,194.3 million increase in computable capital, as compared to December 31, 2011, was primarily a result of: (i) an increase of Ps.1,200.2 million in core capital, mostly for the result
recorded in the previous fiscal



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year and (ii) an increase of Ps.379.9 million in supplemental capital for the increase in the balance of the subordinated debt due to the increase in the U. S. Dollar exchange rate and the
results of operations for the fiscal year. This growth was mitigated by increased deductions in the amount of Ps.417.6 million, primarily due to an increase in organization and development expenses resulting from the significant investment in IT
developments, among others.

Regional Credit Card Companies

Since the Regional Credit Card Companies are not financial institutions, their capital adequacy is not regulated by the Argentine Central Bank. The Regional Credit Card Companies have to comply with the
minimum capital requirement established by the Corporations Law, which was required to be Ps.100,000. However, as noted above, Banco Galicia has to comply with the Argentine Central Banks capital adequacy rules on a consolidated basis,
which includes the Regional Credit Card Companies.

Compañía Financiera Argentina

Since CFA is a financial institution, its capital adequacy is subject to rules of the Argentine Central Bank, the same as Banco Galicia.
In addition, as noted above, Banco Galicia has to comply with the Argentine Central Banks capital adequacy rules on a consolidated basis, which includes CFA.

Minimum Capital Requirements of Insurance Companies

The insurance
companies controlled by Sudamericana must meet the minimum capital requirements set by General Resolution No. 31,134 of the National Insurance Superintendency. This resolution requires insurance companies to maintain a minimum capital level
equivalent to the highest of the amounts calculated as follows:



|(a) | By line of insurance: this method establishes a fixed amount by line of insurance. For life insurance companies, it is Ps.4 million, increasing to Ps.5 million for
companies that offer pension-linked life insurance. For providers of retirement insurance that do not offer pension-linked annuities, the requirement is Ps.3 million (increasing to Ps.5 million for companies that offer pension-linked annuities). For
companies that offer property insurance that includes damage coverage (excluding those related to vehicles) the requirement is Ps.1.5 million (increasing to Ps.8 million for companies that offer all property and casualty products).
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(b) | By premiums and additional fees: to use this method, the company must calculate the sum of the premiums written and additional fees earned in the last 12 months. Based
on the total, the company must calculate 16%. Finally, it must adjust the total by the ratio of net paid claims to gross paid claims for the last 36 months. This ratio must be at least 50%.
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(c) | By claims: to use this method, the company must calculate the sum of gross claims paid during the 36 months prior to the end of the period under
analysis. To that amount, it must add the difference between the balance of unpaid claims as of the end of the period under analysis and the balance of unpaid claims as of the 36thmonth prior to the end of the period under analysis. The resulting figure must be divided by three. Then the company
must calculate 23%. The resulting figure must be adjusted by the ratio of net paid claims to gross paid claims for the last 36 months. This ratio must be at least 50%.
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(d) | For life insurance companies that offer policies with an investment component, the figures obtained in b) and c) must be increased by an amount equal to 4% of the
technical reserves adjusted by the ratio of net technical reserves to gross technical reserves (at least 85%), plus 0.3% of at-risk capital adjusted by the ratio of retained at-risk capital to total at-risk capital (at least 50%).
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

The minimum required capital must then be compared to computable capital, defined as shareholders equity
less non-computable assets. Non-computable assets consist mainly of deferred charges, pending capital contributions, the proposal for profits distribution and excess investments in authorized instruments.

As of December 31, 2012, the computable capital of the companies controlled by Sudamericana exceeded the minimum requirement of
Ps.142.5 million by Ps.25.7 million.



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Sudamericana also holds Galicia Broker Asesores de Seguros S.A., a company dedicated to
brokerage in different lines of insurance that is regulated by the guidelines of the Corporations Law, which provided for a minimum capital requirement of Ps.0.012 million.

Government Regulation

General

All companies operating in Argentina must be registered with the Argentine Public Registry of Commerce whose regulations are applicable to
all companies in Argentina but may be superseded by other regulatory entities rules, depending on the matter, such as the Argentine National Securities Commission (the CNV) or the Argentine Central Bank. All companies operating in
Argentina are regulated by the Corporations Law.

In their capacity as companies listed in Argentina, Grupo Financiero
Galicia and Banco Galicia must comply with the disclosure, reporting, governance and other rules applicable to such companies issued by the markets in which they are listed and their regulators, including Law No. 17,811, as amended, Law
No. 20,643 and Decrees No. 659/74 and No. 2,220/80, as well as Decree No. 677/01 otherwise known as the Decree for Transparency in the Public Offering (Régimen de la Transparencia de la Oferta
Pública). In their capacity as public issuers of securities these companies are subject to the above-mentioned rules. As Grupo Financiero Galicia has publicly listed ADSs in the United States, it is also subject to the reporting
requirements of the Securities and Exchange Act of 1934 of the United States (the Exchange Act) for foreign private issuers and to the provisions applicable to foreign private issuers under the Sarbanes Oxley Act. See Item 9.
The Offer and Listing-Market Regulations.

Our operating subsidiaries are also subject to the following laws: Law
No. 25,156 (the Competition Defense Law, Ley de Defensa de la Competencia), Law No. 22,820 (Fair Business Practice Law, Ley de Lealtad Comercial) and the Consumer Protection Law.

As a financial services holding company, we do not have a specific institution that regulates our activities. Our banking and insurance
subsidiaries are regulated by different regulatory entities. In the case of Banco Galicia, the Argentine Central Bank is the main regulatory and supervising entity.

The banking industry is highly regulated in Argentina. Banking activities in Argentina are regulated by the Financial Institutions Law, which places the supervision and control of the Argentine
banking system in the hands of the Argentine Central Bank. The Argentine Central Bank regulates all aspects of financial activity. See -Argentine Banking Regulation below.

Banco Galicia and our insurance subsidiaries are subject to Law No. 25,246, which was passed on April 13, 2000, as amended,
which provides for an anti-money laundering framework in Argentina, including Law No. 26,268, which amends the latter to include within the scope of criminal activities those associated with terrorism and its financing.

Sudamericanas insurance subsidiaries are regulated by the National Insurance Superintendency and Laws
No. 17,418 and No. 20,091. Galicia Broker Asesores de Seguros S.A. is regulated by the National Insurance Superintendency, through Law No. 22,400.

The activity of the Regional Credit Card Companies and the credit card activities of Banco Galicia are regulated by Law No. 25,065, as amended (the Credit Cards Law). Both the Argentine
Central Bank and the Secretariat of Domestic Trade have issued regulations to, among other things, enforce public disclosure of companies pricing (fees and interest rates) in order to assure consumer awareness of such pricing. See
-Credit Cards Regulation.

Net Investment and GV Mandataria are regulated by the Corporations Law, as
previously noted, and are not regulated by any specific regulatory agency. Galicia Warrants is regulated by Law No. 9,643.

On January 6, 2002, the Argentine Congress enacted Law No. 25,561, or the Public Emergency Law, which together with various
decrees and Argentine Central Bank rules, provided for the principal measures in order to deal with the 2001 and 2002 crisis, including Asymmetric Pesification, among others. The period of effectiveness of the Public Emergency Law was extended again
until December 31, 2013.



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Galval is located in Uruguay and is regulated by the local legal framework according to the
following detail: Corporations Law No. 16,060, legal framework related to exchange markets issued by the Banco Central del Uruguay, Law No. 15,921 -Zona Franca and Law No. 17,835 -Anti-money laundering.

On January 2013, the CNV issued Law No. 26,831 (the Capital Markets Law), replacing Law No.17,811 and Decree
No. 677/01, with the aim of regulating the capital market under the supervision of the CNV and broadening the CNVs powers. Additionally, the law intends to enhance the growth of local markets, to develop new and simplified negotiating
systems and to create new regulation standards for the Argentine stock exchange, markets and other intervenient agents.

Foreign
Exchange Market

In late 2001 and early 2002, restrictions were imposed on access to the Argentine foreign exchange
market and on capital movements, which were tightened by the middle of 2002. The Public Emergency Law granted the executive branch of the Argentine government the power to regulate the local foreign exchange market.

Since its creation this regime was subject to various modifications. Only the principal features currently in force are detailed below.

On June 9, 2005, the executive branch of the Argentine government issued Decree No. 616/05, which established
certain major amendments to the rules for capital movements into and from Argentina:



| | (a) | Foreign exchange flows into and from the local foreign exchange market and all resident new debt transactions that may imply future foreign exchange payments to
nonresidents must be registered with the Argentine Central Bank.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | All new debt of the private sector with non-residents must be for a minimum term of 365 days, except for international trade financing and primary issuances of debt
securities, if such securities public offering and listing on self-regulated markets in Argentina has been duly authorized.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | All inflows of foreign exchange resulting from such indebtedness, with the exceptions mentioned in the previous item and those regulated by the Argentine Central Bank
which are detailed below, and all inflows of foreign exchange by non-residents, excluding direct foreign investments and certain portfolio investments (subscriptions of primary issuances of debt and equity securities, which public offering and
listing in self-regulated markets in Argentina has been duly authorized, and government securities acquired in the secondary market), must be kept in Argentina for a term of at least 365 days and will be subject to a 30% deposit requirement.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (d) | Such deposit requirement will be held in a local financial institution as an unremunerated, no-transferable Dollar-denominated time deposit maturing in at least 365
days; such funds will not be available as a guarantee for any kind of debt and, upon the deposit maturity date, such funds will become available within the country and, therefore, will be subject to the applicable restrictions on foreign exchange
transfers abroad.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (e) | The 30% deposit is not required for, among other things, inflows of foreign currency resulting from:
| | --- | ----------------------------------------------------------------------------------------------------



| | (i) | loans in foreign currency granted to residents by local financial institutions;
| | --- | -------------------------------------------------------------------------------



| | (ii) | direct investment contributions in Argentina as capital contributions to local institutions, when the contributor owns, previously or as a result of such contributions
10% or more of the companys capital or votes, subject to the compliance with certain requirements;
| | ---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (iii) | sales of ownership interests in local entities to direct investors, subject to the filing of certain documentation;
| | ----- | -------------------------------------------------------------------------------------------------------------------



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| | (iv) | to be applied to real estate acquisitions;
| | ---- | ------------------------------------------



| | (v) | an indebtedness with multilateral and bilateral credit agencies either directly or through their related agencies, in so far as such funds pertain to transactions
conducted in full compliance with their purposes; however, when such inflows are related to the integration (or acquisition) of securities issued by financial trusts, it is necessary to comply with other requirements to avoid the 30 % deposit;
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (vi) | other foreign indebtedness of the local non-financial private sector, with an average life of no less than two years (including principal and interest), the proceeds of
which will be applied to the acquisition of non-financial investments (as defined by the Argentine Central Bank);
| | ---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (vii) | other foreign indebtedness with no resident creditor of the financial sector and of the private, non-financial sector, to extent the proceeds from the foreign exchange
settlement are simultaneously applied, net of taxes an expenses to (i) the acquisition of foreign currency to repay external debts service and/or (ii) the formation of long-term off-shore assets;
| | ----- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (viii) | that will be utilized within 10 business days from their liquidation in the local foreign exchange market for purposes listed as current transactions within the
international accounts (as defined by the Argentine Central Bank), among others, within such purposes are the payment by non-Argentine residents of certain local taxes; or
| | ------ | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (ix) | resulting from the sale of foreign assets of residents in order to subscribe to primary issuances of public debt issued by the Argentine government; and
| | ---- | --------------------------------------------------------------------------------------------------------------------------------------------------------



| | (f) | The proceeds of sales of foreign assets brought into the country by residents (capital repatriation) will be subject to the 30% deposit requirement noted in
(c) above, which will apply to any amounts exceeding US$2.0 million per month if certain other operative requirements are met.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

The Argentine Ministry of Economy is entitled to modify the percentages and terms detailed above, when a change in the macroeconomic situation so requires. It is also entitled to modify the rest of the
requirements established by Decree No. 616/05, and/or establish new ones, and/or increase the types of foreign currency inflows included. The Argentine Central Bank is entitled to regulate and control compliance with the regime established by
Decree No. 616/05, and to enforce the applicable penalties.

In addition to Decree No. 616/05, the Argentine
Ministry of Economy issued Resolution No. 637/05, dated November 16, 2005, which established that, the restrictions established in such Decree are also applicable to all inflows of funds to the local foreign exchange market for the
subscription of primary issuances of debt securities or certificates of participation by financial trusts, if such restrictions were applicable to capital inflows to be used to acquire any of the trusts assets. The corresponding criminal
regime will be applicable in the case that any of these rules are violated.

In addition, currently, access to the local
foreign exchange market by non-residents (both individuals and entities) to transfer funds abroad is permitted:



| | (a) | With no limit in the case of: (i) proceeds from the principal amortization of government debt securities and guarantee loans in local currency;
(ii) recoveries from local bankruptcies; (iii) proceeds from the sale of direct investments (as it is defined by the Argentine Central Bank) in the non-financial private sector in Argentina if they were made in foreign currency that
entered the local foreign exchange market no less than 365 days before (additionally, and in connection with the investments made as from October 28, 2011, the inflow of the investment to the local foreign exchange market must be supported);
and (iv) certain other specific cases.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | With a US$500,000 monthly limit in the case of the aggregate proceeds of the sale of portfolio investments made with foreign currency that entered the local foreign
exchange market no less than 365 days before.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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As of July 5, 2012, the Argentine Central Bank suspended the applicability of Rule
5,236, Section 4.2. Such rule provided for the only foreign exchange channel that allowed Argentine individuals and companies to complete exchange purchases, to make real estate investments abroad, to make contributions pertaining to direct
investment or portfolio investments abroad or buy foreign currency bills or traveler checks to be held in Argentina. We cannot determine until when such suspension will be in force.

Access to the foreign exchange local market for the transfer of profits and dividends abroad is permitted when corresponding to audited
and final balance sheets.

Pursuant to Decree No. 260/02, all foreign exchange transactions in Argentina must be executed
only through the mercado libre y único de cambios (free and single foreign exchange market) on which the Argentine Central Bank buys and sells currency.

Compensation to Financial Institutions

For the Asymmetric Pesification and its
Consequences

Decree No. 214/02 provided for compensation to financial institutions, for:



| |  |  | the losses caused by the mandatory conversion into Pesos of certain liabilities at the Ps.1.4 per US$1.0 exchange rate, which exchange rate was greater
than the Ps.1.0 per US$1.0 exchange rate established for the conversion into Pesos of certain Dollar-denominated assets. This was to be achieved through the delivery of a Peso-denominated Compensatory Bond issued by the Argentine government.
| | - |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | the currency mismatch left on financial institutions balance sheets after the compulsory pesification of certain of their assets and liabilities
after the conversion of the Peso-denominated Compensatory Bond into a Dollar-denominated Compensatory Bond. This would be achieved by the purchase by financial institutions of a Dollar-denominated Hedge Bond. For such purpose, the Argentine
government established the issuance of a Dollar-denominated bond bearing Libor and maturing in 2012 (Boden 2012 Bonds).
| | - |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Among others, Decree No. 905/02 established the methodology for calculating the compensation to be received by financial institutions. We recorded the compensation for the amounts we had determined
according to the regulations. The Argentine Central Bank had to confirm the amounts after a review.

In March 2005, we agreed
to receive US$2,178.0 million of face value of Boden 2012 Bonds, comprised of US$906.3 million of face value of Boden 2012 Bonds corresponding to the Compensatory Bond (fully delivered to us in November 2005) and US$1,271.7 million of face value of
Boden 2012 Bonds corresponding to the Hedge Bond (fully delivered to us in April 2007).

For Differences Related to Amparo Claims

As a result of the provisions of Decree No. 1,570/01, the Public Emergency Law, Decree No. 214/02 and concurrent
regulations, and as a result of the restrictions on cash withdrawals and of the issuance of measures that established the pesification and restructuring of foreign-currency deposits, since December 2001, a significant number of claims have been
filed against the Argentine government and/or financial institutions, formally challenging the emergency regulations and requesting prompt payment of deposits in their original currency. Most lower and upper courts have declared the emergency
regulations unconstitutional.

Through Communiqué A 3916, dated April 3, 2003, the Argentine Central
Bank allowed for the recording of an intangible asset on account of the difference between the amount paid by financial institutions pursuant to legal actions, and the amount resulting from the conversion into Pesos of the balance of the Dollar
deposits reimbursed, at the exchange rate of 1.4 Pesos per Dollar (adjusted by the CER plus accrued interest as of the payment date). In addition, it established that the corresponding amount must be amortized in 60 monthly equal and consecutive
installments beginning in April 2003.

On November 17, 2005, through Communiqué A 4439, the Argentine
Central Bank established that, beginning in December 2005, financial institutions having provided, as from that date, new commercial loans with



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an average life of more than two years could defer the losses related to the amortization of amparo claims. The maximum deferrable amount was 10% of a financial institutions RPC or
50% of the new commercial loans. Likewise, financial institutions were not able to reduce the remainder of their commercial loan portfolio. This methodology was applied until December 2008, when the balances recorded as of that date began to be
amortized in up to 36 monthly equal and consecutive installments.

With respect to judicial deposits that have been subject to
pesification, the Argentine Central Bank established that, beginning in July 2007, financial institutions must establish a provision in an amount equal to the difference that results from comparing such deposits balances at each months
end, considered in their original currency, and the corresponding Peso balances actually recorded on the books. Such provision, established as of December 31, 2012 and charged to income, amounted to Ps.2.3 million.

During fiscal year 2010, Banco Galicia amortized the total remaining balance of the deferred losses from amparo claims for
Ps.281.0 million.

Banco Galicia has complied with Argentine Central Bank regulations concerning the amortization of amparo
claims. However, Banco Galicia reserves the right to make claims in view of the negative effect on its financial condition caused by compliance with court orders, in excess of the provisions of the above-mentioned regulations. On
December 30, 2003, Banco Galicia formally requested of the executive branch of the Government, with a copy of such request sent to the Argentine Ministry of Economy and to the Argentine Central Bank, the payment of due compensation for the
losses incurred in connection with Asymmetric Pesification.

Argentine Banking Regulation

The following is a summary of certain matters relating to the Argentine banking system, including provisions of Argentine law and
regulations applicable to financial institutions in Argentina. This summary is not intended to constitute a complete analysis of all laws and regulations applicable to financial institutions in Argentina.

General

Since
1977, banking activities in Argentina have been regulated by the Financial Institutions Law, which places the supervision and control of the Argentine banking system in the hands of the autonomous Argentine Central Bank. The Argentine Central Bank
enforces the Financial Institutions Law and grants authorization to banks to operate in Argentina. The Financial Institutions Law confers numerous powers to the Argentine Central Bank, including the ability to grant and revoke bank licenses,
authorize the establishment of branches of Argentine banks outside of Argentina, approve bank mergers, capital increases and certain transfers of stock, set minimum capital, liquidity and solvency requirements and lending limits, grant certain
credit facilities to financial institutions in cases of temporary liquidity problems and promulgate other regulations that further the intent of the Financial Institutions Law. The Argentine Central Bank has vested the Superintendency with most of
the Argentine Central Banks supervisory powers. In this section, unless otherwise stated, references to the Argentine Central Bank should be understood to be references to the Argentine Central Bank acting through the Superintendency. The
Financial Institutions Law grants to the Argentine Central Bank broad access to the accounting systems, books, correspondence, and other documents belonging to banking institutions. The Argentine Central Bank regulates the supply of credit and
monitors the liquidity of, and generally supervises the operation of, the Argentine banking system.

Current regulations
equally regulate Argentine and foreign owned banks.

Principal Regulatory Changes since 2002

On January 6, 2002, the Argentine government enacted the Emergency Law (Ley de Emergencia) to address the 2001-2002 economic
crisis. The principal measures taken by the Argentine government during 2002, both through the enactment of the Emergency Law and a series of decrees and other regulations, include the following: (i) the ratification of the suspension of
payments on most of the public debt, with the exception of debts owed to multilateral lending agencies; (ii) the repeal of sections of the Convertibility Law (Ley de Convertibilidad)



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that established, since 1991, a 1 to 1 parity between the Peso and the Dollar, the devaluation of the Peso, and the establishment of an exchange rate fluctuation regime, which resulted in an
increase in the value of the Peso against the Dollar of around 240% during 2002; (iii) the amplification of exchange controls and restrictions on transfers abroad; (iv) the ratification and extension of the restrictions on cash withdrawals
from bank deposits that were established in December 2001 (the corralito), and later lifted in December 2002; (v) Asymmetric Pesification, the specific details of which are as follows: (a) the Dollar-denominated debts of
individuals and companies with financial institutions were converted into debt denominated in Pesos at an exchange rate of Ps.1.00 per US$1.00 (1:1), (b) Dollar-denominated public sector debt to the financial sector were converted into
Peso-denominated debt instruments at an exchange rate of Ps.1.40 per US$1.00 (1.40:1), and (c) the Dollar-denominated bank deposits were converted into Peso-denominated bank deposits at an exchange rate of Ps.1.40 per US$1.00 (1.40:1), while
foreign regulated public sector debt held by banks and companies remained Dollar-denominated; (vi) the modification of the return on assets and cost of liabilities pesified at the rate of Ps.1.40 per US$1.00 through the establishment of maximum
and minimum interest rates and capital adjustments in accordance with retail price or wage change indices; (vii) the extension of the maturities of Peso-denominated time deposits and deposits originally denominated in Dollars, above a certain
amount, which established a payment schedule with maturities in 2003 or 2005, depending on whether the deposits were originally made in Pesos or Dollars (the corralón); (viii) the voluntary exchange of corralito
or corralóndeposits for Argentine government bonds (through Decree No. 739/03, dated April 1, 2003, the corralón was eliminated); (ix) the amendment of the charter of the Argentine Central Bank (see
-General above); and (x) the compensation to financial institutions, through bonds issued by the Argentine government for the losses caused by Asymmetric Pesification. The executive branch of the Argentine government and the
Argentine Central Bank have provided a set of rules for determining the amount of compensation for losses related to Asymmetric Pesification, although certain financial entities claim that the compensation established by such rules is not adequate
to cover the losses that they have experienced.

The Argentine Congress recently extended the validity of the Emergency Law
until December 31, 2013.

Supervision

As the regulator of the Argentine financial system, the Argentine Central Bank requires financial institutions to submit information on a daily, monthly, quarterly, semiannual and annual basis. These
reports, which include balance sheets and income statements, information relating to reserve funds, use of deposits, portfolio quality (including details on debtors and any established loan loss provisions) and other pertinent information, allow the
Argentine Central Bank to monitor financial institutions financial condition and business practices.

The Argentine
Central Bank periodically carries out formal inspections of all banking institutions for the purpose of monitoring compliance by banks with legal and regulatory requirements. If the Argentine Central Bank rules are breached, it may impose various
sanctions depending on the gravity of the violation. These sanctions range from calling attention to the infraction, to the imposition of fines or even the revocation of the financial institutions operating license. Moreover, non-compliance
with certain rules may result in the obligatory presentation to the Argentine Central Bank of specific adequacy or regularization plans. The Argentine Central Bank must approve these plans in order for the financial institution to remain
operational.

Financial institutions operating in Argentina have been subject to the supervision of the Argentine Central Bank
on a consolidated basis since 1994. Information set out in -Limitations on Types of Business, -Capital Adequacy Requirements, -Lending Limits, and -Loan Classification System and Loan Loss Provisions
below, relating to a banks loan portfolio, is calculated on a consolidated basis. However, regulations relating to a banks deposits are not based on consolidated information, but on such banks deposits in Argentina (for example,
liquidity requirements and contributions to the deposit insurance system).

Examination by the Argentine Central Bank

The Argentine Central Bank began to rate financial institutions based on the CAMEL quality rating system in 1994. Each letter
of the CAMEL system corresponds to an area of the operations of each bank being rated, with: C standing for capital, A for assets, M for management, E for earnings, and L for liquidity.
Each factor is evaluated and rated on a scale from 1 to 5, with 1 being the highest rating an entity can receive. The Argentine Central Bank modified the supervision system in September of 2000. The objective and basic



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methodology of the new system, referred to as CAMELBIG, do not differ substantially from the CAMEL system. The components were redefined in order to evaluate business risks separately
from management risks. The components used to rate the business risks are: capital, assets, market, earnings, liquidity and business. The components to rate management risks are: internal control and the quality of management. By combining the
individual factors that are under evaluation, a combined index can be populated that represents the final rating for the financial institution.

After temporarily halting such examinations as a result of the 2001-2002 economic crisis, the Argentine Central Bank resumed the examination process, which continues to be in effect today. In Banco
Galicias case, the first examination after the 2001-2002 economic crisis was based on the information as of June 30, 2005. New examinations have been conducted, the last one of which was based on information as of September 30, 2010.

Minimum Capital Requirements

Banco Galicia, as a commercial bank, must maintain capital equal to or greater than the value calculated by comparing the minimum capital requirements applicable to a bank with similar characteristics and
the capital requirement amounts related to credit risk, market risk, interest rate risk and operational risk.

Commercial
banks headquartered in the Autonomous City of Buenos Aires must maintain minimum capital requirements in the amount of Ps.26,000,000. The minimum capital requirements related to credit or counterparty risk, which are calculated using a formula
created by the Argentine Central Bank, aim to estimate the minimum capital required to counteract the risk associated with counterparties to the assets under review. The minimum capital requirements related to interest rate risk aim to counteract
the risk associated with mismatches between lending and deposit rates earned on assets and liabilities held by Banco Galicia. The minimum capital requirements related to market risk not only aim to counteract the risk associated with the
counterparty to each asset, but the change in its market price. Finally, the minimum capital requirements related to operational risk aim to counteract the risk associated with losses resulting from inadequate or failed internal processes and
systems, human error, or from certain external events.

Legal Reserve

The Argentine Central Bank requires that every year banks allocate to a legal reserve 20% of their net profits. Such reserve may only be
used during periods of bank losses and after using up every allowance and other reserves. Distribution of dividends will not be allowed if the legal reserve has been impaired. See Item 8. Financial Information-Dividend Policy and
Dividends.

Limitations on Types of Business

In accordance with the provisions of the Financial Institutions Law, commercial banks are authorized to carry out all those activities and operations which are not strictly prohibited by law or by the
Argentine Central Bank regulations. Permitted activities include the capacity to: grant and receive loans; receive deposits from the general public in local and foreign currency; secure its customers debts; acquire, place and trade with shares
and debt securities in the Argentine over-the-counter market, subject to the prior approval of the CNV; carry out operations in foreign currencies; act as trustee; and issue credit cards.

Financial institutions are not allowed to own commercial, industrial, agricultural or any other type of company, unless they are
authorized by the Argentine Central Bank. Pursuant to the rules of the Argentine Central Bank, a commercial banks total equity investments (including interest in local mutual funds) may not exceed 50% of the banks adjusted
shareholders equity or its RPC. Also, the following investments may not exceed 15%, in the aggregate, of the banks adjusted shareholders equity: (i) shares not listed on stock exchanges except for (a) shares in companies
providing services supplementary to the ones offered by the bank, and (b) certain equity interests requiring the provision of utility services, if applicable and (ii) listed shares and participation certificates in mutual funds not
included for the purposes of determining capital requirements associated with market risk.

In order to carry out the
calculation of limits described above, it is not necessary to deduct the capital stock allocated to foreign branches from a bank shareholders equity.



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Pursuant to the Argentine Central Banks regulations, financial institutions are not
allowed to engage directly in insurance activities or hold more than a 12.5% interest (or more than a specific percentage of the financial institutions adjusted shareholders equity) in the outstanding capital of a company which does not
provide services supplementary to those offered by financial institutions. The Argentine Central Bank determines which services are complementary to those provided by financial institutions; it has been determined that such services include those
offered in connection with stock brokerage, the issuance of credit, debit or similar cards, financial intermediation in leasing and factoring transactions.

As regards non-banking financial institutions (such as CFA), they are not allowed to provide certain services and activities, such as checking accounts, foreign trade transactions, etc.

Computable Regulatory Capital

Pursuant to the Argentine Central Banks regulations, a banks RPC is calculated as: (a) the minimum core capital (Tier 1 capital) which includes: (i) capital contributions, capital
adjustments, reserves, irrevocable capital contributions pending capitalization, unassigned unaudited results of past fiscal years, (ii) 100% of the results of the past fiscal year (plus or minus depending on whether they are positive or
negative) registered on the latest audited quarterly financial statement in the event the yearly financials are not audited, (iii) 100% of the results of the current fiscal year (plus or minus depending on whether they are positive or negative)
registered at the close of the latest quarterly financial statement once it is audited, (iv) 50% of the net income and 100% of the losses from the latest available audited quarterly or yearly statements, (v) breakdowns not included in
financial statements or the corresponding auditors report (made according to the Minimum Standard of External Audit established by the Argentine Central Bank), plus the share premium arising from the above mentioned instruments as certain
requirements are met, minus certain deductible items, including (i) securities deposited with custodians that are not registered, (ii) securities issued by foreign countries with ratings under the Argentine governments rating and the
instrument does not have a regular quotation in stock markets for relevant values, (iii) demand securities in correspondent bank accounts with foreign financial institutions with ratings below investment grade and (iv) unregistered
ownership over real property, goodwill, incorporation and development expenses and other intangibles and provisioning deficiencies as determined by the Superintendency; plus (b) the supplementary capital (Tier 2 capital), which includes
(i) securities issued by the financial institution and share premiums resulting therefrom as certain requirements are met and (ii) the provisions required by the Argentine Central Bank for loan losses on portfolio customers in normal
situation and covered with preferred A guarantees (without exceeding 1.25% of risk-weighted assets for credit), minus certain deductible concepts.

Capital Adequacy Requirements

See -Selected Statistical
Information-Regulatory Capital.

Capitalization of Debt Instruments

Through Communiqué A 5282, dated February 15, 2012, the Argentine Central Bank modified Item 8.3
Capital Contributions of Chapter VI. Minimum Capital of Financial Institutions- Section 8. Computable Equity of its LISOL rule. According to such Communiqué, capital contributions made for the purposes of all
regulations related to capital, capital calculations and capital increases must be completed in cash. Subject to the prior authorization by the Superintendency, the following instruments are allowed as capital contributions: (i) securities
issued by the Argentine government, (ii) debt instruments issued by the Argentine Central Bank, and (iii) a financial institutions deposits and other liabilities resulting from financial brokerage, including subordinated obligations.
In the case of clauses (i) and (ii), the contributions must be recorded at market value. It is understood that an instrument has a market value when it has regular quotations in stock markets and regulated local and foreign markets. In the case
of clause (iii), contributions must be recorded at market value, as defined in the previous sentence or, in the case of financial institutions that publicly offer their stock, at the price determined by the regulatory authority.

Profit Distribution

See Item 8. Financial Information-Dividend Policy and Dividends.



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Legal Reserve Requirements for Liquidity Purposes

The minimum cash requirements that banks are required to carry are established as a percentage of the balances of the
different types of bank deposits and, for time deposits, the percentage varies with the remaining maturity. The deposit amount minus the minimum cash requirement is such deposits lending capacity.

The Argentine Central Bank modifies from time to time the percentages of the minimum cash requirements depending on monetary policy
considerations. Compliance with the minimum cash requirements must be accomplished with certain assets (see below), in the same currency as the deposit that triggers such requirement. Compliance with the minimum cash requirements is determined in
averages, for monthly periods. Through Communiqué A 3486, dated March 22, 2002, and Communiqué A 3528, dated March 25, 2002, the Argentine Central Bank established that foreign currency denominated
deposits lending capacity must only be applied to Dollar-denominated international trade financing, interbank loans and Lebac, and that any such lending capacity not applied to the aforementioned purposes will constitute a greater cash minimum
requirement in Pesos, for the same amount. Subsequently, other purposes were added, allowing for the financing of activities that do not directly generate cash flows in foreign currency, such as the granting of loans to finance the importing of
capital goods to be used to increase the production for the local market.

Pursuant to Communiqué A 4449,
dated December 2, 2005, the Argentine Central Bank established that, effective December 2005, the minimum cash requirement in Pesos is to be applied over the monthly average of the daily balances of the obligations comprised, except for the
period from December to February of the following year, for which the quarterly average was used.

At the end of fiscal year
2012, the percentages of minimum cash requirements applicable in accordance with Argentine Central Bank rules, were as follows:



| |  |  | Demand deposits:
| | - |  | ----------------



| |  |  | Peso-denominated checking accounts and savings accounts: 15%.
| | - |  | -------------------------------------------------------------



| |  |  | Dollar-denominated savings accounts: 30%.
| | - |  | -----------------------------------------



| |  |  | Time deposits (by remaining maturity):
| | - |  | --------------------------------------



| |  |  | Peso-denominated: up to 29 days: 14%; from 30 to 59 days: 11%; from 60 to 89 days: 7%; from 90 to 179 days: 2%; from 180 to 365 days: 1%; and more than
365 days: 0%.
| | - |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | Dollar-denominated: up to 29 days: 35%; from 30 to 59 days: 28%; from 60 to 89 days: 20%; from 90 to 179 days: 10%; from 180 to 365 days: 6%; and more
than 365 days: 0%.
| | - |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------

The assets computable for compliance with this requirement are the technical cash, which
includes cash (bills and coins in vaults, in ATMs and branches, and in transportation and in armored truck companies, the balances of the Peso- and Dollar-denominated accounts at the Argentine Central Bank and that of the escrow accounts held at the
Argentine Central Bank for the benefit of clearing houses.

As of December 31, 2012, Banco Galicia was in compliance with
its legal reserve requirements, and has continued to be up to the date of this annual report.

Lending Limits

The total equity stake and credit, including collateral, a bank is allowed to grant to a customer at any time is based on the banks
adjusted shareholders equity as of the last day of the immediately preceding month and on the customers shareholders equity.

In accordance with the Argentine Central Banks regulations, a commercial bank shall not lend or provide credit (financial assistance) in favor of, nor hold shares in the capital stock of
only one unrelated customer (together with its affiliates) for amounts higher than 15% of the banks adjusted shareholders equity or 100% of the customers shareholders equity. Nevertheless, a bank may provide additional
financial assistance to such customer up to a sum equivalent to 10% of the banks adjusted shareholders equity, if the additional financial assistance is secured by certain liquid assets, including government or private debt securities.



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The total amount of financial assistance a bank is authorized to provide to a borrower and
its affiliates is also limited based on the borrowers shareholders equity. The total amount of financial assistance granted to a borrower and its affiliates shall not be higher than, in the aggregate, 100% of such borrowers
shareholders equity, although such limit may be increased an additional 200% of the borrowers shareholders equity if the sum does not exceed 2.5% of the banks adjusted shareholders equity.

Since October 1, 1995, the Argentine Central Bank has required that the granting of any kind of loans exceeding 2.5% of a
banks adjusted shareholders equity be approved by the branchs manager, the regional manager, the senior administrative officer of the credit division, the general manager and the credit committee, if any, and it must also have the
approval by the board of directors, management board or another similar board.

With regards to the assistance to
non-financial public sector, Communiqué A 3911, dated March 28, 2003, established certain limits, effective as from April 1, 2003. These limits do not include the banks current exposure as of March 31, 2003 or
bonds received as compensation pursuant to Decree No 905/02 or to be received pursuant to other rules, nor the extension of amortization payments. The same treatment is given to bonds issued pursuant to the conditions established by Decree 1,735/04
(through which the debt exchange offer was made official), received as part of the Argentine debt restructuring, in exchange for preexisting eligible securities as of March 31, 2003. Global exposure to the public sector (national, provincial
and municipal public sector) shall not be higher than 75% of an institutions adjusted shareholders equity. Additionally, Section 12 of the aforementioned Communiqué establishes that, since January 2006, the average financial
assistance to non-financial public sector, in the aggregate, shall not be higher than 40% of the banks total assets as of the end of the previous month. Later, through Communiqué A 4546, this limit was reduced to 35%, to be
effective as from July 1, 2007 to present.

The Argentine Central Bank also regulates the level of total financial
exposure (defined as financial assistance or credit plus equity participations) of bank to a related party (defined as a banks affiliates and related individuals). For purposes of these limits, affiliate means any
entity over which a bank, directly or indirectly, has control, is controlled by, or is under common control with, or any entity over which a bank has, directly or indirectly, significant influence with respect to such entitys corporate
decisions. Related individuals mean a banks directors, senior management, syndics and such persons direct relatives.

The Argentine Central Bank limits the level of total financial exposure that a bank can have outstanding to related parties, depending on the rating granted to each bank by the Superintendency. Banks
rated 4 or 5 are forbidden to extend financial assistance to related parties. For banks ranked between 1 and 3, the financial assistance without guarantees to related parties cannot exceed, together with any equity participation held by the bank in
its affiliates, 5% of such banks RPC. The bank may increase its financing to such related parties up to an amount equal to 10% of such banks RPC if the financial assistance is secured.

However, a bank may grant additional financial assistance to such related parties up to the following limits:



| |  |  | Financial institutions rated 1, 2 or 3, subject to consolidation with the lender or the borrower:
| | - |  | -------------------------------------------------------------------------------------------------



| | - | If the affiliate is a financial institution rated 1, the amount of total financial exposure can reach 100% of a banks RPC, and 50% for additional financial
assistance.
| | - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | - | If the receiving affiliate financial institution is rated 2, the amount of total financial exposure can reach 20% and an additional 105% can be included.
| | - | ---------------------------------------------------------------------------------------------------------------------------------------------------------



| | - | If the affiliate is a financial institution rated 3, the amount of total financial exposure can reach 10%, and additional financial assistance can reach 40%.
| | - | -------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | Financial institutions not subject to consolidation with the lender or the borrower: 10%
| | - |  | ----------------------------------------------------------------------------------------



| |  |  | Domestic companies with complementary services associated with brokerage of shares, financial brokerage in leasing and factoring operations, and
temporary acquisition of shares in companies to facilitate their development in order to sell such shares afterwards.
| | - |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | - | Controlling company rated 1: General assistance: 100%
| | - | -----------------------------------------------------



| | - | Controlling company rated 2: General assistance 10% / Additional assistance 90%
| | - | -------------------------------------------------------------------------------



| |  |  | Domestic companies with complementary services related to the issuance of credit cards, debit cards or other cards:
| | - |  | -------------------------------------------------------------------------------------------------------------------



| | - | Controlling company rated 1: General assistance: 100% / Additional assistance 50%
| | - | ---------------------------------------------------------------------------------



| | - | Controlling company rated 2: General assistance 20% / Additional assistance 105%
| | - | --------------------------------------------------------------------------------



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| | - | Controlling company rated 3: General assistance 10% / Additional assistance 40%
| | - | -------------------------------------------------------------------------------



| |  |  | Domestic companies with complementary services, not subject to consolidation with the lender or the borrower : 10%
| | - |  | ------------------------------------------------------------------------------------------------------------------



| |  |  | Foreign financial entities:
| | - |  | ---------------------------



| | - | Investment grade: 10%
| | - | ---------------------



| | - | No Investment grade: Unsecured 5%; Secured10%
| | - | ---------------------------------------------

In addition, the aggregate amount of a banks total financial exposure to its related parties, plus non-exempt financial assistance may not exceed 20% of such banks RPC.

Notwithstanding the limitations described above, financial assistance is also limited in order to prevent risk concentration. To that
end, a banks aggregate amount of non-exempt total financial exposure (including equity interests) independently of whether customers qualify as such banks related parties or not, in the case in which such exposure exceeds 10% of such
banks RPC, may not exceed three times the banks RPC excluding total financial exposure to domestic financial institutions, or five times the banks RPC, including such exposure.

For a second floor financial institution (i.e. a financial institution which only provides financial products to other banks and not to
the public) the latter limit is 10 times the banks RPC.

Banco Galicia has historically complied with such rules.

Loan Classification System and Loan Loss Provisions

For a description of the Argentine Central Banks loan classification system and the Argentine Central Banks minimum loan loss provisions requirements, see -Selected Statistical
Information-Main Argentine Central Banks Rules on Loan Classification and Loan Loss Provisions.

Valuation of Public Sector
Assets

Since March 1, 2011, the Argentine Central Bank amended the valuation criterion applicable to holdings of
public sector debt according to the probable allocation of the assets:



| | (a) | Fair value: the difference between the corresponding market price of the debt instruments (market value or present value), and the net book value of the offset account;
it is applicable to debt instruments included in the list of volatilities or present values published by the Argentine Central Bank.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | Cost plus yield: the debt instruments not included in the list mentioned in a) above, are registered at incorporation value increased on an exponential basis according
to their internal rate of return.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Foreign Currency Position

Through Communiqué A 4350, dated May 12, 2005, the Argentine Central Bank suspended, effective May 1, 2005,
the limit on the positive Global Foreign Currency Net Position (defined as assets and liabilities from financial brokerage and securities denominated in foreign currencies) established at the lowest of 30% of a banks RPC or a banks
liquid shareholders equity as of the end of the previous month. Although, at that moment the Argentine Central Bank kept the limit on the negative foreign currency net position at 30% of a banks RPC, through Communiqué
A 4577, issued on September 28, 2006, and effective January 1, 2007, it established that this position should not exceed 15% of the RPC of the preceding month. Subsequently, through Communiqué A 4598, dated
November 17, 2006, the Argentine Central Bank allowed, in certain cases, the limit to increase by 15%. Communiqué A 4577 also clarified that participation certificates or debt securities issued by financial trusts and credit
rights on ordinary trusts, in the corresponding proportion, should be calculated when the trusts underlying assets are denominated in foreign currency.



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Deposit Insurance System

In 1995, Law No. 24,485 and Decree No. 540/95, as amended, created a deposit insurance system for bank
deposits and delegated to the Argentine Central Bank the organization and start-up of the deposit insurance system. The deposit insurance system was implemented through the creation of a fund named Fondo de Garantía de los Depósitos(FGD), which is administered by Seguros de Depósitos S.A. (Sedesa). The shareholders of Sedesa are the Argentine government, through the Argentine Central Bank, which holds at least one share, and a trust
constituted by the financial institutions which participate in the fund. The Argentine Central Bank establishes the extent of participation by each institution in proportion to the resources contributed by each such institution to the FGD. Banks
must contribute to the FGD on a monthly basis in an amount that is currently equal to 0.015% of the monthly average of daily balances of a financial institutions deposits (both Pesos and foreign currency denominated). The deposit insurance
system covers all Peso and foreign currency deposits held in demand deposit accounts, savings accounts and time deposits. The Argentine Central Bank may modify, at any time, and with general scope, the amount of the mandatory deposit guarantee
insurance. As from January 2011, the Argentine Central Bank decided to increase the limit of the deposit insurance to Ps.120,000.

Decree No. 1,292/96, enhanced Sedesas functions to allow it to provide equity capital or make loans to Argentine financial institutions experiencing difficulties and to institutions that buy
such financial institutions or their deposits. As a result of such decree, Sedesa has the flexibility to intervene in the restructuring of a financial institution experiencing difficulties prior to bankruptcy.

Priority Rights of Depositors

According to Section 49 (e) of the Financial Institutions Law, in the event of a judicial liquidation or the bankruptcy of a financial entity, the holders of deposits in Pesos and foreign
currency benefit from a general priority right to obtain repayment of their deposits up to the amount set forth below, with priority over all other creditors, with the exception of the following: (i) credits secured by a mortgage or pledge,
(ii) rediscounts and overdrafts granted to financial entities by the Argentine Central Bank, according to Section 17 subsections (b), (c) and (f) of the Argentine Central Bank Charter, (iii) credits granted by the Banking
Liquidity Fund created by Decree No. 32 of December 26, 2001, secured by a mortgage and pledge and (iv) certain labor credits, including accrued interest until their total cancellation.

The holders of the following deposits are entitled to the general preferential right established by the Financial Institutions Law
in the following order:



| |  |  | deposits of individuals or entities up to Ps.50,000 or the equivalent thereof in foreign currency, with only one person per deposit being able to use
this preference. For the determination of this preference, all deposits of the same person registered by the entity shall be computed;
| | - |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | deposits in excess of Ps.50,000 or the equivalent thereof in foreign currency, referred to above;
| | - |  | -------------------------------------------------------------------------------------------------



| |  |  | liabilities originated on commercial credit lines granted to the financial entity, which are directly related with international trade.
| | - |  | ---------------------------------------------------------------------------------------------------------------------------------------

According to the Financial Institutions Law, the preferences set forth in previous paragraphs (i) and
(ii) above, are not applicable to deposits held by persons who are affiliates of the financial entity, either directly or indirectly as determined by the Argentine Central Bank.

In addition, under Section 53 of the Financial Institutions Law, the Argentine Central Bank has an absolute priority over all other
creditors of the entity except as provided by the Financial Institutions Law.

Financial Institutions with Economic Difficulties

The Financial Institutions Law establishes that financial institutions, including commercial banks such as Banco
Galicia, which evidence a deficiency in their cash reserves, have not complied with certain required technical standards, including minimum capital requirements, or whose solvency or liquidity is deemed to be impaired by the Argentine Central Bank
must submit a restructuring plan to the Argentine Central Bank. Such restructuring plan must be presented to the Argentine Central Bank on the date specified by the Argentine Central Bank, which should not be later than 30 calendar days from the
date on which the request is made by the Argentine Central Bank. In order to facilitate the implementation of a restructuring plan, the Argentine Central Bank is authorized to provide a temporary exemption from compliance with technical regulations
and/or the payment of charges and fines that arise from such non-compliance.



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The Argentine Central Bank may also, in relation to a restructuring plan presented by a
financial institution, require such financial institution to provide guarantees or limit the distribution of profits, and appoint a supervisor, to oversee such financial institutions management, with the power to veto decisions taken by the
financial institutions corporate authorities.

In addition, the Argentine Central Banks charter authorizes the
Superintendency, subject only to the prior approval of the president of the Argentine Central Bank, to suspend for up to 30 days, in whole or in part, the operations of a financial institution if its liquidity or solvency have been adversely
affected. Notice of this decision must be given to the board of directors of the Argentine Central Bank. If at the end of such suspension period the Superintendency considers it is necessary to renew it, it can only be authorized by the board of
directors of the Argentine Central Bank, for an additional period not to exceed 90 days. During the suspension period: (i) there is an automatic stay of claims, enforcement actions and precautionary measures; (ii) any commitment increasing
the financial institutions liabilities is void, and (iii) acceleration of indebtedness and interest accrual is suspended.

If, in the judgment of the Argentine Central Bank, a financial institution is in a situation which, under the Financial Institutions Law, would authorize the Argentine Central Bank to revoke the
financial institutions license to operate as such, the Argentine Central Bank may, prior to considering such revocation, order a variety of measures, including (1) taking steps to reduce, increase or sell the financial institutions
capital; (2) revoking the approval granted to the shareholders of the financial institution to own an interest therein, giving a term for the transfer of such shares; (3) excluding and transferring assets and liabilities;
(4) constituting trusts with part or all the financial institutions assets; (5) granting of temporary exemptions to comply with technical regulations and/or pay charges and fines arising from such defective compliance; or
(6) appointing a bankruptcy trustee and removing statutory authorities.

Furthermore, any actions authorized,
commissioned or decided by the Argentine Central Bank under Section 35 bis of the Financial Institutions Law, involving the transfer of assets and liabilities, or complementing it, or necessary to execute the restructuring of a financial
institution, as well as those related to the reduction, increase and sale of equity, are not subject to any court authorization and cannot be deemed inefficient in respect of the creditors of the financial institution which was the owner of the
excluded assets, even though its insolvency preceded any of such actions.

Dissolution and Liquidation of Financial Institutions

The Argentine Central Bank must be notified of any decision to dissolve a financial institution pursuant to the
Financial Institutions Law. The Argentine Central Bank, in turn, must then notify a court of competent jurisdiction which will determine who will liquidate the entity (the corporate authorities or an appointed, independent liquidator). This
determination is based on whether or not sufficient assurances exist regarding the ability of such corporate authorities to carry out the liquidation properly.

Pursuant to the Financial Institutions Law, the Argentine Central Bank no longer acts as liquidator of financial institutions. However, when a restructuring plan has failed or is not considered viable,
local and regulatory violations exist, or substantial changes have occurred in the financial institutions condition since the original authorization was granted, the Argentine Central Bank may decide to revoke the license of the financial
institution to operate as such. In this case, the law allows judicial or extrajudicial liquidation as in the case of voluntary liquidation described in the preceding paragraph.

The bankruptcy of a financial institution cannot be adjudicated until the license is revoked by the Argentine Central Bank. No creditor,
with the exception of the Argentine Central Bank, may request the bankruptcy of the former financial institution before 60 days have elapsed since the revocation of its license.

Credit Cards Regulation

The Credit Cards Law
establishes the general framework for credit card activities. Among other regulations, this law:



| |  |  | sets a 3% cap on the rate a credit card company can charge merchants for processing customer card holders transactions with such merchants,
calculated as a percentage of the customers purchases. With respect to debit cards, the cap is set at 1.5% and the amounts relating to the customers purchases should be processed in a maximum of 3 business days;
| | - |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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| |  |  | establishes that credit card companies must provide the Argentine Central Bank with the information on their loan portfolio that such entity requires;
and
| | - |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | sets a cap on the interest rate a credit card company can charge a card holder, which cannot exceed by more than 25% the average interest rate charged
by the issuer on personal loans and, for non-bank issuers, it cannot exceed by more than 25% the financial systems average interest rate on personal loans (published by the Argentine Central Bank).
| | - |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Both the Argentine Central Bank and the National Undersecretary of Industry and Trade have issued regulations, among others, to enforce
public disclosure of companies pricing (fees and interest rates) to ensure consumer awareness of such pricing.

Concealment and Laundering of Assets of a Criminal Origin

Law No. 25,246 (as amended in July 2011 by Law
No. 26,683) incorporates money laundering as a crime under the Argentine Criminal Code. Additionally, with the goal of preventing money laundering, the UIF was created under the jurisdiction of the Argentine Ministry of Justice, Security and
Human Rights. The main consequence of such modification is that money laundering is now classified as a separate offense.

The
new legislation removes which did not participate from the previous crime figure, thus now penalizing self-laundering. Also, it eliminates the need for the goods to originate from a crime, as it is now sufficient that goods
emanate from a criminal offense.

The new standard falls under Article 303 of the Argentine Penal Code in the chapter titled
Crimes against economic and financial order.

The minimum and maximum of the criminal scale will be doubled when
(i) the foregoing acts were crimes that are particularly serious, meaning those crimes with a punishment that is greater than three years of imprisonment; (ii) the perpetrator committed the crime for profit; and (iii) the perpetrator
regularly performs concealment activities. The criminal scale will only be increased once, even when more than one of the above-mentioned acts occurs. In such a case the court may take into consideration the multiple acts when individualizing the
punishment.

In addition, the regulations establish that: (i) within the framework of a review of reported suspicious
activity, the person that is required by the UIF to provide information may not withhold it claiming such information is a banking, stock market or professional secret nor because it is legally or contractually confidential; (ii) if after
having completed its analysis of the reported activity, the UIF has found sufficient elements to suspect that the activity is a money laundering operation pursuant to the law, then the UIF shall notify the Public Ministry in order to determine if a
criminal prosecution should begin; and (iii) those persons who have acted for their spouse, any relative that is related by blood up to the fourth degree or by marriage up to the second degree or a close friend or a person to whom they owe
special gratitude, shall be exempted from criminal responsibility.

Notwithstanding the foregoing, pursuant to the Argentine
Criminal Code, the exemption shall not be effective in the following cases: (i) with respect to a person who secures or helps the perpetrator of or a participant in a crime to secure the product or profit of the crime; (ii) with respect to
a perpetrator that committed the crime for profit; (iii) with respect to a perpetrator that regularly performs concealment activities; or (iv) with respect to a person that converts, transfers, administers, sells, encumbers or uses money
or any other asset derived from any crime in which he was not involved, with the possible result of giving those original or secondary assets the appearance of having a legal origin and as long as their value is greater than Ps.50,000, whether
through a single act or through a series of related events.

The law lists the parties that are obligated to report to the
UIF; which include, among others: financial institutions, agents and stock companies, insurance companies, notary publics and those registered professionals



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whose activities are governed by the Consejo de Profesionales de Ciencias Económica (Economic Sciences Professional Council), companies that receive donations or capital
contribution for over Ps.50.000 and companies that organize and regulate professional sport events.

Banco Galicia formed the
Committee for the Control and Prevention of Money Laundering, the name of which was changed in 2005 to the Committee for the Control and Prevention of Money Laundering and Funding of Terrorist Activities, which is responsible
for establishing and maintaining the general guidelines for Banco Galicias strategy to control and prevent money laundering and the financing of terrorism. For more information, see Item 6. Directors, Senior Management and
Employees-Functions of the Board of Directors of Banco Galicia. In addition, a unit specializing in this area was created, the Anti-Money Laundering Unit, which is responsible for the execution of the policies passed by the committee and for
the monitoring of control systems and procedures in order to ensure that they are adequate. CFA also has a Committee for the Control and Prevention of Money Laundering.

The guide for unusual or suspicious transactions within the scope of the financial and foreign exchange system (passed by Resolution No. 121/2011 of the UIF) establishes the obligation to
report, among others, the following investment related transactions: (i) investments related to purchases of government or corporate securities given in custody to the financial institution if such securities value appears to be
inappropriate due to the type of business of the client; (ii) deposits or back to back loan transactions with branches, subsidiaries or affiliates of the bank in places known to be tax havens or countries or territories
considered by the Financial Action Task Force as non-cooperative, (iii) client requests for investment management services (whether in foreign currency, shares or trusts) where the source of the funds is not clear or is not consistent with its
business; (iv) significant and unusual movements in custodial accounts; (v) frequent use by infrequent clients of special investment accounts whose owner is the financial entity; and (vi) regular securities transactions, through
purchases and sales on the same day and for identical volumes and nominal values, taking advantage of quotation differences, when such transactions are not consistent with the clients profile and regular activity. Such reporting obligation
generally consists of performing due diligence in order to get to know the client and to understand the corresponding transaction and also, if applicable, to report any irregular or suspicious activity to the UIF, pursuant to the terms and
conditions established by the regulation applicable to such obligated party.

Law No. 26,734 enacted on December 22,
2011, incorporated terrorism financing and the financing of terrorism as an aggravating circumstance to all criminal conduct in the Argentine Criminal Code.

Such law punishes any individual who either directly or indirectly collects or provides goods or money with the intention of being used, or knowing that they will be used, in whole or in part (i) to
finance committing a crime with the purpose established in Section 41.5, (ii) for an organization who commits or attempts to commit crimes with the purpose established in Section 41.5 and (iii) for a person who commits or
attempts to commit or participates in any way with committing crimes with the purpose established in Section 41.5.

The
new legislation also punishes terrorism as an aggravating factor in other punishable crimes when any such offense was committed in order to terrorize the population.

Item 4.A. Unresolved Staff Comments

None.

Item 5. Operating and Financial Review and Prospects

Item 5.A. Operating Results

The following discussion and analysis is intended to help you understand and assess the significant changes and trends
in our historical results of operations and the factors affecting our resources. You should read this section in conjunction with our audited consolidated financial statements and their related notes included elsewhere in this annual report.



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Overview

In the last three years, in order to increase our recurrent earnings generation capacity, we have undertaken to expand the volume of our
business with the private sector.

We have increased our customer base and our fee based and financial intermediation
activities with the private sector, strengthening our position as a leading domestic private-sector financial institution. In addition, our total deposits and loan origination increased, both at the level of Banco Galicia and at the level of the
Regional Credit Card Companies, and since June 2010 also at the level of CFA.

We have increased our regulatory capital
through the purchase of CFA and through internal origination. The increase in our overall level of activity, which led to the above-mentioned increase in the volume of our fee based business and financial intermediation with the private sector, has
had a positive impact on our net financial income and on our net income from services. Loan loss provisions increased due to the deterioration of individuals loan portfolios, due to the incorporation of CFAs loan portfolio since June
2010 and also due to the worsening of the economic condition.

During this period, we expanded our distribution network, with
a related increase in personnel and a greater use of resources in general, as well as expenses for advertising and publicity. In addition, the administrative expenses reflect an inflationary environment and the adjustment of salaries that has taken
place.

In spite of the slowdown in the Argentine economy during 2012, Banco Galicia managed to expand its business with the
private sector and to improve its income generation, while strengthening its financial condition, the coverage of its credit risks in a scenario of deterioration of asset quality.

In summary, in recent years, our operating profitability was positively impacted by the growth of our business with the private sector,
both the financial intermediation and fee-based businesses, in a still low credit risk environment, but within a context of growing inflation. The current fiscal year will be more challenging as the world economy is still weak and there exist
certain domestic problems such as a growing fiscal deficit and high levels of inflation, which could negatively impact the Argentine economy.

The Argentine Economy

While a high degree of uncertainty affected international markets during the first half of 2012, particularly with respect to a possible exit of Greece from the European Union and the persistence of
fiscal and economic problems throughout Europe, the actions carried out by central banks worldwide, particularly during the second half of the year, managed to reverse the negative market trends and reduce the previous levels of increased
volatility.

Specifically, the European Central Bank stated it was willing and able to redeem the sovereign debt of troubled
countries in the European Union. In September 2012, the U.S. Federal Reserve initiated its third attempt to stimulate growth pursuant to a non-traditional monetary stimulus, which, in turn, increased investors appetite for risk. As a result,
several main stock exchanges demonstrated strong recovery during the second half of 2012, while commodities demonstrated a positive trend and a general emerging reduction of risk was noted.

In connection with the high levels of volatility, the developed economies remained stagnant, particularly in Europe, while emerging
economies generally demonstrated a slowdown in their rate of expansion. Specifically, the Brazilian economy, which significantly impacts Argentinas economy, demonstrated a significant slowdown, growing by 1% in 2012, as compared to 2.7% in
2011 and 7.5% in 2010.

As a result, the prices of Argentinas major exports began to recover by mid-2012, driven not
only by a weak dollar and a better market environment, but also by reduced crop yields in the U.S. As such, Argentinas major exports experienced an average overall increase of 8.8%, according to the Commodity Index, with a drop of 1.8% in the
first half of 2012 that was offset by a recovery of 20.1% in the second half of 2012. Financial assets were subject to volatility in the international markets and to additional uncertainty caused by increased regulations in the foreign exchange
market, amendments to the Capital Market Law, the YPF nationalization and the various statuses of the legal proceedings (still unresolved) between the holders of defaulted debt and Argentina.



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It is estimated that activity decreased by 0.3% in 2012, which implied a significant decline
as compared to the 5.8% growth noted in 2011. This decrease took place primarily during the second half of 2012, when there was a 2.7% drop with respect to the prior quarter, as compared to an average growth of 1.0% for the remaining 2012 quarters.

With respect to supply, the financial intermediation sector showed the best performance, with a 17.4% annual increase,
followed by electricity, gas and water (+3.0%). On the other hand, the manufacturing industry showed a decrease higher than the general average, falling by 1.9% due to the slowdown of the domestic economy and the Brazilian economy (the most
important purchaser in some sectors, such as the automotive sector). The drop of this activity was only beaten by construction (-2.2%) and the agricultural sector (-6.4%). The latter suffered the strong crop reduction of around 20%, as a result of
the drought in the 2011/2012 time period.

The Industrial Production Index prepared by Fundación de Investigaciones
Económicas Latinoamericanas (FIEL) posted a 1.7% annual accumulated decrease in 2012. The sectors that decreased the most were the iron and steel industry, with a total decrease of 8.5% and the automotive sector, with a decrease of 8.4%,
whereas fuel was the sector that increased the most during this period (+3.0%).

The unemployment rate increased from 6.7% of
the economically active population for the fourth quarter of 2011 to 6.9% for the same quarter of 2012, thus reflecting the impact of the economic activity level on the labor market.

In the monetary area, the main monetary aggregates increased during the 2012 fiscal year, above the overall nominal economic growth. By
the end of the 2012 fiscal year, the monetary base of the Argentine government recorded a 39.0% annual expansion. The Ps.84,430 million growth was mainly due to an increase in financing provided to the National Treasury and the intervention in the
foreign exchange market, which amounted to Ps.47,495 million and Ps.41,086 million, respectively. In fiscal year 2012, Lebac and Nobac transactions led to a decrease of Ps.3,300 million through the issuance of such instruments. This trend was as
well reflected in the performance of the private-sector M2 (money in circulation and deposits in savings and checking accounts that belong to the private sector), which grew 37.2% as compared to 2011. On the other hand, total M2 (including deposits
from public sector) grew 40.1% as compared to 28.9% in 2011.

Interest rates decreased in the beginning of 2012 as a result of
the restrictions on access to the foreign exchange market, which gave rise to increased liquidity in the financial system. During the second half of 2012, however, such liquidity began to decrease, with the resumption of credit growth causing
interest rates to increase moderately.

The reference exchange rate established by the Argentine Central Bank increased from
Ps.4.303 to Ps.4.917 per Dollar between December 30, 2011 and December 31, 2012 (equivalent to a 14.3% depreciation); while the average exchange rate increased from Ps.4.131 per Dollar in 2011 to Ps.4.550 per Dollar in 2012.

The inflation rate recorded for 2012 was 10.8%, as measured by the CPI published by INDEC, which is higher than the 9.5% inflation rate
recorded in 2011. In turn, the WPI increased 13.1%. According to private estimates, consumer prices increased approximately 24.0% during 2012.

In the fiscal area, tax revenues as of November 30, 2012, including social security grew 26.4% as compared to a 30.0% increase in the same period of 2011. This decreased expansion was a result of the
overall decrease in economic activity, as well as the lower contributions received from taxes on exports. On the other hand, primary expenditures (with information as of November) increased by 29.0% on an annual basis in 2012 and slowed down clearly
as from the second quarter of the year, demonstrating a 23.8% year over year growth between July and October 2012. Therefore, as of November 30, 2012, the Argentine public sector achieved a primary surplus of Ps.6,672 million, equivalent to
0.3% of the GDP, showing a decline against the 0.7% recorded in the same period of 2011. After interest payment for Ps.29,087 million, the financial deficit amounted to Ps.22,415 million, equivalent to 1.0% of GDP.

According to the Banks estimates and based on preliminary year end information, the balance of payments on current account is
projected to reach a surplus amounting to US$2,100 million in 2012. In terms of GDP, this would amount to a significant improvement from a 0.05% deficit in 2011 to a 0.43% surplus in 2012. The balance of trade posted a US$12,690 million surplus over
the year, above the US$2,675 million posted in 2011.



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Exports decreased by 3%, as compared to 2011, due to a 5% drop in year over year export
volumes, partially mitigated by a 2% rise in prices. This decline in the amount exported represents a strong slowdown, as compared to the 6% increase noted in 2011 and the 18% noted in 2010. Such decline is largely a result of lower crop yields,
mainly of soy, due to the drought and the slowdown of the Brazilian economy, which affected industrial goods. Although declines were noted in the exported value of all industries, commodities performed the best because they were the only industry
where the amounts exported (+1%) increased. However, the 5% drop in prices implied a 3% decrease in the exported value of such products.

On the other hand, imports decreased by 7% in 2012, as a result of a decline in the volume of goods imported, as compared to the 31% increase in imports in 2011. Imports of intermediate goods represented
29% and decreased by 8% as compared to 2011, followed, in order of importance, by capital goods, which represented 18% and decreased by 13% as compared to 2011.

The non-financial private sectors capital account (as per estimates made by the single free exchange market) posted a net foreign currency outflow of US$1,281 million during the first nine months of
2012, demonstrating a strong recovery against the US$6,697 million outflow in the first nine months of 2011. As of December 31, 2012, the Argentine Central Banks international reserves amounted to US$43,290 million, US$3,086 million lower
than those as of December 31, 2011.

The Argentine Financial System

Financial intermediation continued to develop strongly in 2012. The loans-to-private-sector to GDP ratio, an indicator of the financial
system depth, increased from 15.6% in 2011 to 16.6% in 2012.

Total loans to the private sector in the financial system grew
30.8% in 2012, reaching Ps.375,225 million. The category of loans that experienced the most growth were consumer credit lines, comprised of loans through credit cards and personal loans, which increased 33.7% as compared to 2011, reaching Ps.136,791
million as of December 31, 2012. Short-term commercial loans, which include overdrafts and promissory notes, grew 23.5% as compared to 2011, amounting to Ps.111,017 million as of December 31, 2012. Loans secured by a pledge increased 35.5%
as compared to 2011, amounting to Ps.22,694 million as of December 31, 2012, whereas mortgage loans increased 28.1% as compared to 2011, amounting to Ps.36,157 million as of December 31, 2012. In turn, loans to the public sector accounted
for 9.7% of total assets as of December 2012, decreasing 1 percentage point (p.p). year over year.

The financial
systems total deposits increased 28.7% as compared to 2011, amounting to Ps.588,310 million as of December 31, 2012. Deposits from the non-financial private sector increased 30.3% as compared to 2011, amounting to Ps.422,455 million as of
December 31, 2012, whereas deposits from the public sector amounted to Ps.162,604 million as of December 31, 2012, representing a 25.4% increase as compared to 2011. Within deposits from the private sector, transactional deposits grew
26.4% as compared to 2011, reaching Ps.219,245 million as of December 31, 2012, while time deposits increased 35.9% as compared to 2011, amounting to Ps.187,539 million as of December 31, 2012.

The average interest rate paid by private banks in December 2012 for deposits up to 59 days was 14.95%, decreasing 239 b.p. as compared
to December 2011. This large variation was a result of the high interest rate in in the last two months of 2011. On an annual basis, interest rates showed an overall increase in 2012 as compared to 2011 of 124 b.p.

The evolution described above correlated to lending rates. In December 2012, the rate applicable to overdrafts was 21.79%, 499 b.p. lower
than the rate recorded in December 2011; however, the annual average rose to 21.72% (+144 b.p.). Similarly, the promissory notes rate decreased by 315 b.p. as of December 2012, reaching 18.95% and amounting to an 18.81% average during the year (+222
b.p.).

With respect to liquidity, liquidity levels of financial institutions increased in relation to total deposits; such
rate rose from an average of 24.7% in December 2011 to 26.9% in December 2012.



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The Argentine financial systems net worth increased by Ps.20,783 million in 2012,
which represents a 29.6% improvement over 2011. The Argentine financial systems profitability was equivalent to 2.9% of total assets, while return on shareholders equity was 25.8%, 0.5 p.p. higher than the level recorded the previous
year. Income from interest and services amounted to 5.7% and 4.2% of total assets, respectively. In turn, administrative expenses increased from 6.7% to 7.0% of total assets, while provisions for loan losses increased from 0.7% to 0.9% of total
assets, thus reflecting the slowdown of the Argentine economy. In line with this, the non-accrual loan portfolio to the non-financial private sector increased from 1.4% in December 2011 to 1.7% in the same month of 2012. Within the framework of
prudent policies, the coverage of the private-sector non-accrual loan portfolio with allowances increased recently, reaching historically high levels, such as 172% in November 2011. In 2012, financial institutions reduced their coverage, which stood
at 141% at the end of December.

As of December 31, 2012, there were 81 financial institutions in operation in Argentina,
including banks and non-banking institutions. Out of these 81, 65 were banks, 53 of which were private-sector banks (concentrating 53.3% of total deposits in the financial system). Of these 53, 33 were domestic banks, one of which was a cooperative
bank (which represented 26.8% of total deposits, similar when compared to the end of 2011) and 20 were foreign-owned banks (which represented 26.5% of total deposits, 1.6% lower when compared to the end of 2011). There were 12 government-owned banks
as of December 31, 2012 (which represented 46.3% of total deposits), and 16 non-banking financial institutions, with only a 0.4% share of total deposits.

The concentration of the financial system, measured by the deposit-market share of the ten leading banks, reached 77.7% as of December 31, 2012. This percentage was similar to the one recorded by the
end of 2011.

Based on information as of December 2012, the Argentine financial systems banks employed a total of
104,375 people (63.5% of which were employed by the private sector), representing a 1.6% increase throughout 2012.

The Argentine Insurance Industry

The insurance industry continued to grow in 2012. Production amounted to Ps.68,300 million, 29.7% higher than the level recorded for 2011. Out of the total insurance production, 80% related to property
insurance, 18% related to life and personal insurance and 2% related to retirement insurance. Within the 80% corresponding to property insurance, the automotive insurance segment comprised the most significant portion with 44% of property insurance,
followed by the workers compensation segment with 32%.

Within the life insurance business, the group life insurance
represented 66% of the segment, followed by individual life insurance, representing 15%, and personal accident insurance, representing 14%.

Inflation

Historically, inflation in Argentina has played a significant role in influencing, often negatively, the economic conditions in Argentina and, in turn, the operations and financial results of companies
operating in Argentina, such as Grupo Financiero Galicia.

The chart below presents a comparison of inflation rates published
by INDEC, measured by the WPI and the CPI, for the fiscal years 2012, 2011 and 2010. In addition, the chart below presents the evolution of the CER index, published by the Argentine Central Bank, used to adjust the principal of certain of our assets
and liabilities, for the periods indicated.



|                     |  |                                            |       |  |      |  |       |      |  |  |       | 
|-------------------- |  | ------------------------------------------ | ----- |  | ---- |  | ----- | ---- |  |  | ----- | 
|                     |  | For the 12-month period ended December 31, |      
|(in percentages)     |  | 2012                                       |       |  | 2011 |  |       | 2010 | 
|Price Indices(1) (2) |  |                                            |       |  |      |  |       |      |  |  |       | 
|WPI                  |  |                                            | 13.13 |  |      |  | 12.67 |      |  |  | 14.56 | 
|CPI                  |  |                                            | 10.84 |  |      |  | 9.51  |      |  |  | 10.92 | 
|Adjustment Indices   |  |                                            |       |  |      |  |       |      |  |  |       | 
|CER                  |  |                                            | 10.55 |  |      |  | 9.54  |      |  |  | 11.04 | 



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|(1) | Data for December of each year as compared to December of the immediately preceding year. Source: INDEC/the Argentine Central Bank.
|--- | -----------------------------------------------------------------------------------------------------------------------------------

|(2) | The accuracy of the measurements of INDEC is in doubt, and the actual CPI and WPI could be substantially higher than those indicated by INDEC. For example, according
to private sector estimates, the CPI approximately increased by 23% (rather than 10.9%) in 2010, 21% (rather than 9.5%) in 2011 and 24% (rather than 10.8%) in 2012.
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

In the first three months of 2013, the WPI increased 3.05% and the CPI increased 2.37%. Over the same period, the CER increased 2.78%.

Currency Composition of Our Balance Sheet

The following table sets forth our assets and liabilities denominated in foreign currency, in Pesos and adjustable by the CER, at the
dates indicated.



|                                                     |  |                        |          |  |      |  |          |      |  |  |          | 
|---------------------------------------------------- |  | ---------------------- | -------- |  | ---- |  | -------- | ---- |  |  | -------- | 
|                                                     |  | As of December 31,     |         
|                                                     |  | 2012                   |          |  | 2011 |  |          | 2010 | 
|                                                     |  | (In millions of Pesos) |         
|Assets                                               |  |                        |          |  |      |  |          |      |  |  |          | 
|In Pesos, Unadjusted                                 |  |                        | 55,493.8 |  |      |  | 42,860.0 |      |  |  | 28,319.4 | 
|In Pesos, Adjusted by the CER                        |  |                        | 717.0    |  |      |  | 579.3    |      |  |  | 610.8    | 
|In Foreign Currency(1)                               |  |                        | 7,247.4  |  |      |  | 7,753.7  |      |  |  | 6,777.9  | 
|                                                     |  |                        |          |  |      |  |          |      |  |  |          | 
|Total Assets                                         |  |                        | 63,458.2 |  |      |  | 51,193.0 |      |  |  | 35,708.1 | 
|                                                     |  |                        |          |  |      |  |          |      |  |  |          | 
|Liabilities and Shareholders Equity                 |  |                        |          |  |      |  |          |      |  |  |          | 
|In Pesos, Unadjusted, Including Shareholders Equity |  |                        | 55,081.5 |  |      |  | 39,973.7 |      |  |  | 28,059.5 | 
|In Pesos, Adjusted by the CER                        |  |                        | 8.2      |  |      |  | 8.8      |      |  |  | 13.6     | 
|In Foreign Currency(1)                               |  |                        | 8,368.5  |  |      |  | 11,210.5 |      |  |  | 7,635.0  | 
|                                                     |  |                        |          |  |      |  |          |      |  |  |          | 
|Total Liabilities and Shareholders Equity           |  |                        | 63,458.2 |  |      |  | 51,193.0 |      |  |  | 35,708.1 | 
|                                                     |  |                        |          |  |      |  |          |      |  |  |          | 



|(1) | If adjusted to reflect forward sales and purchases of foreign exchange made by Grupo Financiero Galicia and recorded off-balance sheet, assets amounted to
Ps.10,988.5 million and liabilities to Ps.10,139.9 million.
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Funding of our long position in CER-adjusted
assets through Peso-denominated liabilities bearing a market interest rate (and no principal adjustment linked to inflation) exposes us to differential fluctuations in the inflation rate and in market interest rates, with a significant increase in
market interest rates vis-à-vis the inflation rate (which is reflected in the CER variation) having a negative impact on our net financial income.

Two other currencies have been defined apart from the Argentine Peso: assets and liabilities adjusted by CER and foreign currency. Banco Galicias policy in force establishes limits in terms of
maximum net asset positions (assets denominated in a currency which are higher than the liabilities denominated in such currency) and net liability positions (assets denominated in a currency which are lower than the
liabilities denominated in such currency) for mismatches in Pesos adjusted by CER and in foreign currency, as a proportion of Banco Galicias RPC, on a consolidated basis.

An adequate balance between assets and liabilities denominated in foreign currency characterizes management strategy for this risk
factor, in which management seeks to achieve full coverage of long-term asset-liability mismatches and allows a short-term mismatch management margin that contributes to the possibility of improving certain market situations. Short- and long-term
goals are attained by appropriately managing assets and liabilities and by using the financial products available in our market, particularly dollar futures both in institutionalized markets (MAE and ROFEX) and in forward transactions
performed with customers.

Transactions in foreign currency futures (Dollar futures) are subject to limits that take into
consideration the particular characteristics of each trading environment.



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Results of Operations for the Fiscal Years Ended December 31,
2012, December 31, 2011 and December 31, 2010

We discuss below our results of operations for the fiscal
year ended December 31, 2012 as compared with our results of operations for the fiscal year ended December 31, 2011, and our results of operations for the fiscal year ended December 31, 2011 as compared with our results of operations
for the fiscal year ended December 31, 2010.

Net Income/Loss



|                                                    |  |                                            |         |   |              |  |         |      |  |  |           |   |  |           |         |   |  |  |         |  
|--------------------------------------------------- |  | ------------------------------------------ | ------- | - | ------------ |  | ------- | ---- |  |  | --------- | - |  | --------- | ------- | - |  |  | ------- | -
|                                                    |  | Fiscal Year Ended                          |         |   | Change       | 
|                                                    |  | December 31,                               |         |   | December 31, | 
|                                                    |  | 2012                                       |         |   | 2011         |  |         | 2010 |  |  | 2012/2011 |   |  | 2011/2010 |        
|                                                    |  | (in millions of Pesos, except percentages) |        
|Consolidated Income Statement                       |  |                                            |         |   |              |  |         |      |  |  |           |   |  |           |         |   |  |  |         |  
|Financial Income                                    |  |                                            | 9,129.0 |   |              |  | 6,017.7 |      |  |  | 3,614.9   |   |  |           | 3,111.3 |   |  |  | 2,402.8 |  
|Financial Expenses                                  |  |                                            | 3,940.6 |   |              |  | 2,274.2 |      |  |  | 1,412.7   |   |  |           | 1,666.4 |   |  |  | 861.5   |  
|Net financial Income                                |  |                                            | 5,188.4 |   |              |  | 3,743.5 |      |  |  | 2,202.2   |   |  |           | 1,444.9 |   |  |  | 1,541.3 |  
|Provision for Losses on Loans and Other Receivables |  |                                            | 1,347.3 |   |              |  | 843.4   |      |  |  | 551.5     |   |  |           | 503.9   |   |  |  | 291.9   |  
|Net income from Services                            |  |                                            | 3,200.0 |   |              |  | 2,451.7 |      |  |  | 1,781.9   |   |  |           | 748.3   |   |  |  | 669.8   |  
|Income from Insurance Activities                    |  |                                            | 651.9   |   |              |  | 457.4   |      |  |  | 255.6     |   |  |           | 194.5   |   |  |  | 201.8   |  
|Administrative Expenses                             |  |                                            | 5,773.6 |   |              |  | 4,205.2 |      |  |  | 2,845.3   |   |  |           | 1,568.4 |   |  |  | 1,359.9 |  
|Minority Interest                                   |  |                                            | (186.4  | ) |              |  | (171.0  | )    |  |  | (104.3    | ) |  |           | (15.4   | ) |  |  | (66.7   | )
|Income / (Loss) from Equity Investments             |  |                                            | 117.4   |   |              |  | 132.7   |      |  |  | 62.1      |   |  |           | (15.3   | ) |  |  | 70.6    |  
|Miscellaneous Income / (Loss), Net                  |  |                                            | 275.1   |   |              |  | 295.1   |      |  |  | (133.6    | ) |  |           | (20.0   | ) |  |  | 428.7   |  
|Income Tax                                          |  |                                            | (789.3  | ) |              |  | (753.9  | )    |  |  | (258.2    | ) |  |           | (35.4   | ) |  |  | (495.7  | )
|                                                    |  |                                            |         |   |              |  |         |      |  |  |           |   |  |           |         |   |  |  |         |  
|Net income / (Loss)                                 |  |                                            | 1,336.2 |   |              |  | 1,106.9 |      |  |  | 408.9     |   |  |           | 229.3   |   |  |  | 698.0   |  
|                                                    |  |                                            |         |   |              |  |         |      |  |  |           |   |  |           |         |   |  |  |         |  
|Return on Average Assets(1)                         |  |                                            | 2.8     |   |              |  | 3.1     |      |  |  | 1.8       |   |  |           | (0.3    | ) |  |  | 1.3     |  
|Return on Average Shareholders Equity              |  |                                            | 32.1    |   |              |  | 37.4    |      |  |  | 18.6      |   |  |           | (5.3    | ) |  |  | 18.8    |  
|                                                    |  |                                            |         |   |              |  |         |      |  |  |           |   |  |           |         |   |  |  |         |  



|(1) | For the calculation of the return on average assets, profits or losses corresponding to minority interests are excluded from net income.
|--- | ----------------------------------------------------------------------------------------------------------------------------------------

Net income for the fiscal year ended December 31, 2012 was Ps.1,336.2 million, as compared to
Ps.1,106.9 million for the fiscal year ended December 31, 2011 and Ps.408.9 million for the fiscal year ended December 31, 2010.

Net earnings per share for the fiscal year ended December 31, 2012 were Ps.1.076, as compared to Ps.0.892 for the fiscal year ended December 31, 2011 and Ps.0.329 for the fiscal year ended
December 31, 2010. The return on average assets and the return on average shareholders equity for the fiscal year ended December 31, 2012 were 2.76% and 32.12%, respectively, as compared to 3.07% and 37.39%, respectively, for the
fiscal year ended December 31, 2011 and to 1.76% and 18.63%, respectively, for fiscal year 2010.

Fiscal Year 2012 Compared to Fiscal
Year 2011

Net income for the fiscal year ended December 31, 2012 was Ps.1,336.2 million, as compared to Ps.1,106.9
million for the fiscal year ended December 31, 2011, representing a Ps.229.3 million increase, or 20.7%. Such increase was primarily attributable to:



| |  |  | a Ps.3,111.3 million increase in financial income, from Ps.6,017.7 million to Ps.9,129.0 million,
| | - |  | -------------------------------------------------------------------------------------------------



| |  |  | a Ps.748.3 million increase in net income from services, from Ps.2,451.7 million to Ps.3,200.0 million, and
| | - |  | -----------------------------------------------------------------------------------------------------------



| |  |  | a Ps.194.5 million increase in income from insurance activities, from Ps.457.4 million to Ps.651.9 million.
| | - |  | -----------------------------------------------------------------------------------------------------------

Such changes were partially offset by:



| |  |  | a Ps.1,666.4 million increase in financial expenses, from Ps.2,274.2 million to Ps.3,940.6 million,
| | - |  | ---------------------------------------------------------------------------------------------------



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##### Table of Contents

| |  |  | a Ps.503.9 million increase in provision for loan losses and other receivables, from Ps.843.4 million to Ps.1,347.3 million, and
| | - |  | --------------------------------------------------------------------------------------------------------------------------------



| |  |  | a Ps.1,568.4 million increase in administrative expenses from Ps.4,205.2 million to Ps.5,773.6 million.
| | - |  | -------------------------------------------------------------------------------------------------------

The increase in income as compared to fiscal year 2011 was the result of a significant increase in the volume of financial intermediation
with the private sector, which led to an increase in net operating income (net financial income plus net income from services) which more than offset the increases recorded in administrative expenses and in provisions for loan losses.

Fiscal Year 2011 Compared to Fiscal Year 2010

Net income for the fiscal year ended December 31, 2011 was Ps.1,106.9 million, as compared to Ps.408.9 million for the fiscal year ended December 31, 2010, representing a Ps.698.0 million or
170.7% increase. Such increase was primarily attributable to:



| |  |  | a Ps.2,402.8 million increase in financial income, from Ps.3,614.9 million to Ps.6,017.7 million,
| | - |  | -------------------------------------------------------------------------------------------------



| |  |  | a Ps.669.8 million increase in net income from services, from Ps.1,781.9 million to Ps.2,451.7 million,
| | - |  | -------------------------------------------------------------------------------------------------------



| |  |  | a Ps.201.8 million increase in income from insurance activities, from Ps.255.6 million to Ps.457.4 million,
| | - |  | -----------------------------------------------------------------------------------------------------------



| |  |  | a Ps.70.6 million increase in income from equity investments, from Ps.62.1 million to Ps.132.7 million, and
| | - |  | -----------------------------------------------------------------------------------------------------------



| |  |  | a Ps.428.7 million increase in miscellaneous income net, from a Ps.133.6 million net loss to a Ps.295.1 million net profit.
| | - |  | ---------------------------------------------------------------------------------------------------------------------------

Such changes were partially offset by:



| |  |  | a Ps.861.5 million increase in financial expenses, from Ps.1,412.7 million to Ps.2,274.2 million,
| | - |  | -------------------------------------------------------------------------------------------------



| |  |  | a Ps.291.9 million increase in provision for loan losses and other receivables, from Ps.551.5 million to Ps.843.4 million,
| | - |  | --------------------------------------------------------------------------------------------------------------------------



| |  |  | a Ps.1,359.9 million increase in administrative expenses from Ps.2,845.3 million to Ps.4,205.2 million, and
| | - |  | -----------------------------------------------------------------------------------------------------------



| |  |  | an increase in income tax of Ps.495.7 million, from Ps.258.2 million to Ps.753.9 million.
| | - |  | -----------------------------------------------------------------------------------------

The increase in income as compared to fiscal year 2010 was the result of a significant increase in the volume of financial intermediation
with the private sector, coupled with an improved efficiency ratio, as a consequence of higher growth in net operating income than in administrative expenses. In addition, net income for fiscal year 2011 included Ps.247.5 million (net of
consolidation and elimination adjustments) corresponding to CFAs income, as well as Ps.118.7 million for the amortization of the negative goodwill from the acquisition of such company. For the same reason, fiscal year 2010, recorded profits
for Ps.89.4 million and Ps.51.7 million, respectively, since CFAs income was included into Banco Galicias balance sheet as from the third quarter of 2010.

Financial Income

Our financial income was composed of the
following:



|                                                                                                                    |  |                        |         |  |      |  |         |      |  |  |         | 
|------------------------------------------------------------------------------------------------------------------- |  | ---------------------- | ------- |  | ---- |  | ------- | ---- |  |  | ------- | 
|                                                                                                                    |  | Fiscal Year Ended      |        
|                                                                                                                    |  | December 31,           |        
|                                                                                                                    |  | 2012                   |         |  | 2011 |  |         | 2010 | 
|                                                                                                                    |  | (in millions of Pesos) |        
|Income on Loans and Other Receivables Resulting from Financial Brokerage and Premiums Earned on Reverse
Repurchases |  |                        | 8,010.0 |  |      |  | 5,160.2 |      |  |  | 3,061.3 | 
|Income from Government and Corporate Securities, Net                                                                |  |                        | 961.7   |  |      |  | 753.0   |      |  |  | 407.9   | 
|CER Adjustment                                                                                                      |  |                        | 0.9     |  |      |  | 2.0     |      |  |  | 5.3     | 
|Other(1)                                                                                                            |  |                        | 156.4   |  |      |  | 102.5   |      |  |  | 140.4   | 
|                                                                                                                    |  |                        |         |  |      |  |         |      |  |  |         | 
|Total                                                                                                               |  |                        | 9,129.0 |  |      |  | 6,017.7 |      |  |  | 3,614.9 | 
|                                                                                                                    |  |                        |         |  |      |  |         |      |  |  |         | 
|                                                                                                                    |  |                        |         |  |      |  |         |      |  |  |         | 



|(1) | Reflects income from receivables from financial leases, differences in the quotation of gold and foreign currency, as well as premiums on forward sales of foreign
currency and CER adjustment.
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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##### Table of Contents

The following table shows our yields on interest-earning assets and cost of funds:



|                                        |  |                                      |          |  |      |  |       |         |  |  |          |  |  |         |       |  |      |  |          |  |  |  |       | 
|--------------------------------------- |  | ------------------------------------ | -------- |  | ---- |  | ----- | ------- |  |  | -------- |  |  | ------- | ----- |  | ---- |  | -------- |  |  |  | ----- | 
|                                        |  | As of December 31,                   |         
|                                        |  | 2012                                 |          |  | 2011 |  |       | 2010    | 
|                                        |  | Average                              |          |  |      |  |       | Average |  |  |          |  |  | Average |       |  |      | 
|                                        |  | Balance                              |          |  | Rate |  |       | Balance |  |  | Rate     |  |  | Balance |       |  | Rate | 
|                                        |  | (in millions of Pesos, except rates) |         
|Interest-Earning Assets                 |  |                                      | 42,836.6 |  |      |  | 21.31 |         |  |  | 31,941.3 |  |  |         | 19.05 |  |      |  | 21,983.3 |  |  |  | 16.35 | 
|                                        |  |                                      |          |  |      |  |       |         |  |  |          |  |  |         |       |  |      |  |          |  |  |  |       | 
|Government Securities                   |  |                                      | 5,248.1  |  |      |  | 13.28 |         |  |  | 3,785.9  |  |  |         | 17.25 |  |      |  | 3,344.1  |  |  |  | 11.56 | 
|Loans                                   |  |                                      | 35,196.9 |  |      |  | 22.85 |         |  |  | 26,218.7 |  |  |         | 19.91 |  |      |  | 16,800.8 |  |  |  | 18.56 | 
|Other                                   |  |                                      | 2,391.6  |  |      |  | 16.17 |         |  |  | 1,936.7  |  |  |         | 10.97 |  |      |  | 1,838.4  |  |  |  | 4.85  | 
|                                        |  |                                      |          |  |      |  |       |         |  |  |          |  |  |         |       |  |      |  |          |  |  |  |       | 
|Interest-Bearing Liabilities            |  |                                      | 30,922.0 |  |      |  | 9.93  |         |  |  | 23,328.9 |  |  |         | 7.92  |  |      |  | 16,662.5 |  |  |  | 6.56  | 
|                                        |  |                                      |          |  |      |  |       |         |  |  |          |  |  |         |       |  |      |  |          |  |  |  |       | 
|Checking Accounts                       |  |                                      | 1.5      |  |      |  |      |         |  |  | 3.3      |  |  |         |      |  |      |  | 508.1    |  |  |  | 1.08  | 
|Savings Accounts                        |  |                                      | 6,669.2  |  |      |  | 0.16  |         |  |  | 5,825.7  |  |  |         | 0.18  |  |      |  | 4,016.2  |  |  |  | 0.19  | 
|Time Deposits                           |  |                                      | 16,710.5 |  |      |  | 13.38 |         |  |  | 11,970.2 |  |  |         | 10.84 |  |      |  | 8,554.3  |  |  |  | 8.81  | 
|Debt Securities                         |  |                                      | 4,750.7  |  |      |  | 11.51 |         |  |  | 3,390.8  |  |  |         | 10.42 |  |      |  | 2,276.1  |  |  |  | 10.04 | 
|Other Interest-bearing Liabilities      |  |                                      | 2,790.1  |  |      |  | 9.90  |         |  |  | 2,138.9  |  |  |         | 8.75  |  |      |  | 1,307.8  |  |  |  | 7.50  | 
|                                        |  |                                      |          |  |      |  |       |         |  |  |          |  |  |         |       |  |      |  |          |  |  |  |       | 
|Spread and Net Yield                    |  |                                      |          |  |      |  |       |         |  |  |          |  |  |         |       |  |      |  |          |  |  |  |       | 
|Interest Spread, Nominal Basis(1)       |  |                                      |          |  |      |  | 11.38 |         |  |  |          |  |  |         | 11.13 |  |      |  |          |  |  |  | 9.79  | 
|Net Yield on Interest-earning Assets(2) |  |                                      |          |  |      |  | 14.14 |         |  |  |          |  |  |         | 13.27 |  |      |  |          |  |  |  | 11.38 | 
|Financial Margin(3)                     |  |                                      |          |  |      |  | 12.11 |         |  |  |          |  |  |         | 11.72 |  |      |  |          |  |  |  | 10.02 | 
|                                        |  |                                      |          |  |      |  |       |         |  |  |          |  |  |         |       |  |      |  |          |  |  |  |       | 



|(1) | Reflects the difference between the average nominal interest rate on interest-earning assets and the average nominal interest rate on interest-bearing liabilities.
Interest rates include the CER adjustment.
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(2) | Net interest earned divided by average interest-earning assets. Interest rates include the CER adjustment.
|--- | ----------------------------------------------------------------------------------------------------------

|(3) | Represents net financial income, divided by average interest-earning assets.
|--- | ----------------------------------------------------------------------------

Fiscal Year 2012 Compared to Fiscal Year 2011

Financial income for the
fiscal year ended December 31, 2012 was Ps.9,129.0 million, as compared to Ps.6,017.7 million for the fiscal year ended December 31, 2011, representing a 51.7% increase. Such increase was the result of a higher average volume of
interest-earning assets, together with a higher average yield.

The average yield on interest-earning assets for the fiscal
year ended December 31, 2012 was 21.31%, as compared to 19.05% for the fiscal year ended December 31, 2011, a 226 b.p. increase primarily as a result of a high average interest rate earned on loans, offset by a lower average yield on
government securities.

The average of interest-earning assets for the fiscal year ended December 31, 2012 was
Ps.42,836.6 million as compared to Ps.31,941.3 million for the fiscal year ended December 31, 2011, representing a 34.1% increase, which was primarily attributable to the 34.2% increase in the size of the average loan portfolio.

According to Argentine Central Bank information, as of December 31, 2012, Banco Galicias estimated market share of loans to
the private sector, excluding loans granted by the Regional Credit Card Companies, was 9.05%, as compared to 8.63% as of December 31, 2011, a 42 b.p. increase.

The average interest rate on total loans was 22.85% for the fiscal year ended December 31, 2012, as compared to 19.91% for the fiscal year ended December 31, 2011, representing an increase of
294 b.p. Such increase was primarily attributable to a 204 b.p. increase in the average interest rate earned on Peso-denominated loans to the private sector, which was 24.87% for fiscal year ended December 31, 2012, as compared to 22.83% for
the fiscal year ended December 31, 2011. The average interest rate earned on foreign currency denominated loans to the private sector for the fiscal year ended December 31, 2012 was 5.39%, as compared to 3.73% for the fiscal year ended
December 31, 2011, representing a 167 b.p. increase. The average position in government securities for the fiscal year ended December 31, 2012 was Ps.5,248.1 million, as compared to Ps.3,785.9 million for the fiscal year ended
December 31, 2011, representing an increase of 38.6%. This was primarily attributable to a Ps.1,372.6 million increase in the average position on Peso-denominated government bonds, due to an increase in the average position of securities issued
by the Argentine Central Bank (Lebac and Nobac). The average position in Dollar-denominated government bonds recorded an increase of Ps.89.6 million during the fiscal year ended December 31, 2012.



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##### Table of Contents

The average yield on government securities for the fiscal year ended December 31, 2012
was13.28%, as compared to 17.25% for the fiscal year ended December 31, 2011, a 397 b.p. decrease. The average interest rate on government securities denominated in Pesos for the fiscal year ended December 31, 2012 was 13.48%, as compared
to 17.26% for the fiscal year ended December 31, 2011, a 378 b.p. decrease, mainly due to the lower average rate accrued on Lebac and Nobac, as well as on Bonar 2015 Bonds.

The average Other Interest-Earning Assets for the fiscal year ended December 31, 2012 was Ps.2,391.6million, as compared
to Ps.1,936.7 million for the fiscal year ended December 31, 2011, representing an increase of Ps.454.9 million, or 23.5%, mainly attributable to the higher average balance of reverse repurchase agreement transactions. The average rate on
Other Interest-Earning Assets for the fiscal year ended December 31, 2012 was 16.17%, as compared to 10.97% for the fiscal year ended December 31, 2011, a 520 b.p. increase. Such increase was attributable to the variation in
the average rate of other Peso-denominated assets as such rate increased to 16.92% for the fiscal year ended December 31, 2012 from 12.37% for the fiscal year ended December 31, 2011, predominantly as a result of financial trust
transactions. The foreign currency average rate increased to 2.76% from 1.93% for the same periods.

The following table
indicates our market share in the segments listed below:



|                                                            |  |                   |      |  |      |  |      |      |  |  |      | 
|----------------------------------------------------------- |  | ----------------- | ---- |  | ---- |  | ---- | ---- |  |  | ---- | 
|                                                            |  | Fiscal Year Ended |     
|                                                            |  | December 31,      |     
|(in percentages)                                            |  | 2012              |      |  | 2011 |  |      | 2010 | 
|Total Deposits                                              |  |                   | 6.77 |  |      |  | 6.62 |      |  |  | 5.94 | 
|Private-Sector Deposits                                     |  |                   |      |  |      |  |      |      |  |  |      | 
|Total                                                       |  |                   | 9.12 |  |      |  | 8.78 |      |  |  | 8.35 | 
|Deposits in Checking and Savings Accounts and Time Deposits |  |                   | 9.40 |  |      |  | 9.06 |      |  |  | 8.60 | 
|                                                            |  |                   |      |  |      |  |      |      |  |  |      | 
|Total Loans                                                 |  |                   | 8.20 |  |      |  | 7.77 |      |  |  | 7.98 | 
|Private-Sector Loans                                        |  |                   | 9.05 |  |      |  | 8.63 |      |  |  | 8.99 | 
|                                                            |  |                   |      |  |      |  |      |      |  |  |      | 

Exclusively Banco Galicia within the Argentine market, based on daily information on deposits and loans prepared by
the Argentine Central Bank. End-of-month balances are used. Deposits and loans include only principal. The Regional Credit Card Companies data is not included.

Fiscal Year 2011 Compared to Fiscal Year 2010

Financial income for the
fiscal year ended December 31, 2011 was Ps.6,017.7 million, as compared to Ps.3,614.9 million for the fiscal year ended December 31, 2010, a 66.5% increase. Such increase was the result of a higher average volume of interest-earning
assets, together with a higher average yield.

The average yield on interest-earning assets for the fiscal year ended
December 31, 2011 was 19.05%, as compared to 16.35% for the fiscal year ended December 31, 2010, a 270 b.p. increase as a result of a high average rate of all its components.

The average of interest-earning assets for the fiscal year ended December 31, 2011 was Ps.31,941.3 million as compared to
Ps.21,983.3 million for the fiscal year ended December 31, 2010, a 45.3% increase, which was primarily attributable to the 56.1% increase in the average loan portfolio.

As of December 31, 2011, Banco Galicias estimated market share of loans to the private sector, excluding loans granted by the Regional Credit Card Companies, was 8.64% as of December 31,
2011, as compared to 8.99% as of December 31, 2010, a 35 b.p. decrease.

The average interest rate on total loans,
including the CER adjustment, was 19.91% for the fiscal year ended December 31, 2011, as compared to 18.56% for the fiscal year ended December 31, 2010, an increase of 135 b.p. Such increase was primarily attributable to a 167 b.p.
increase in the average interest rate on Peso-denominated loans to the private sector, which was 22.83% for fiscal year ended December 31, 2011, as compared to 21.16% for the fiscal year ended December 31, 2010, a 167 b.p. increase, while
the average interest rate on foreign currency denominated loans to the private sector for the fiscal year ended December 31, 2011 was 3.73%, as compared to 4.45% for the fiscal year ended December 31, 2010, a 72 b.p. decrease. The average
position in government securities for the fiscal year ended December 31, 2011 was Ps.3,785.9 million, as compared to Ps.3,344.1 million for



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the fiscal year ended December 31, 2010, an increase of 13.2%. This was primarily attributable to a Ps.1,010.9 million increase in the average position on Peso-denominated government bonds,
which increase was partially offset by the significant decrease in the average position in Dollar-denominated government bonds to Ps.4.4 million for the fiscal year ended December 31, 2011, as compared to Ps.573.5 million for the fiscal year
ended December 31, 2010.

The average yield on government securities for the fiscal year ended December 31, 2011 was
17.25%, as compared to 11.56% for the fiscal year ended December 31, 2010, a 569 b.p. increase. This increase was primarily a consequence that in fiscal year 2010 the average rate was highly influenced by the negative average rate of on
government securities denominated in Dollars (-31.56%), mainly due to an allowance for impairment of value for Boden 2012 Bonds portfolio, equivalent to the difference between its book value and its estimated reasonable realizable value, which were
finally sold by Banco Galicia during fiscal year 2010. The average interest rate on government securities denominated in Pesos for the fiscal year ended December 31, 2011 was 17.26%, as compared to 20.49% for the fiscal year ended
December 31, 2010, a 323 b.p. decrease.

The average Other Interest-Earning Assets for the fiscal year ended
December 31, 2011 were Ps.1,936.7 million, as compared to Ps.1,838.4 million for the fiscal year ended December 31, 2010, an increase of Ps.98.3 million, or 5.3%. The average rate on Other Interest-Earning Assets for the fiscal
year ended December 31, 2011 was 10.97%, as compared to 4.85% for the fiscal year ended December 31, 2010, a 612 b.p. increase. Such increase was attributable to the variation in the average rate of other Peso-denominated assets as such
rate increased to 12.37% for the fiscal year ended December 31, 2011 from 5.43% for the fiscal year ended December 31, 2010 whereas the foreign currency average rate only increased to 1.93% from 1.46% for the same periods.

Financial Expenses

Our financial expenses were composed of the following:



|                        |  |                        |         |  |      |  |         |      |  |  |         | 
|----------------------- |  | ---------------------- | ------- |  | ---- |  | ------- | ---- |  |  | ------- | 
|                        |  | Fiscal Year Ended      |        
|                        |  | December 31,           |        
|                        |  | 2012                   |         |  | 2011 |  |         | 2010 | 
|                        |  | (in millions of Pesos) |        
|Interest on Deposits    |  |                        | 2,244.8 |  |      |  | 1,305.7 |      |  |  | 765.5   | 
|Notes                   |  |                        | 546.9   |  |      |  | 353.2   |      |  |  | 230.8   | 
|Contributions and Taxes |  |                        | 629.9   |  |      |  | 412.3   |      |  |  | 268.6   | 
|Other(1)                |  |                        | 519.0   |  |      |  | 203.0   |      |  |  | 147.8   | 
|                        |  |                        |         |  |      |  |         |      |  |  |         | 
|Total                   |  |                        | 3,940.6 |  |      |  | 2,274.2 |      |  |  | 1,412.7 | 
|                        |  |                        |         |  |      |  |         |      |  |  |         | 
|                        |  |                        |         |  |      |  |         |      |  |  |         | 



|(1) | Includes interest accrued on liabilities resulting from financial brokerage with international banks and credit entities, premiums payable on repurchase agreement
transactions, CER adjustment and, during fiscal year 2012, results from foreign-exchange differences.
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Fiscal Year 2012
Compared to Fiscal Year 2011

The financial expenses for the fiscal year ended December 31, 2012 were Ps.3,940.6
million, as compared to Ps.2,274.2 million for the fiscal year ended December 31, 2011, a 73.3% increase. Such increase was mainly attributable to a 32.5% increase in the average balance of interest-bearing liabilities combined with a 201 b.p.
increase in the average cost thereof.

The average interest-bearing liabilities for the fiscal year ended December 31,
2012 were Ps.30,992.0 million, as compared to Ps.23,328.9 million for the fiscal year ended December 31, 2011. Such increase was mainly attributable to the Ps.5,582 million increase in total interest-bearing deposits, which increased from
Ps.17,799.2 million to Ps.23,381.2 million, a Ps.1,359.9 million increase in the average balance of debt securities, from Ps.3,390.8 million to Ps.4,750.7 million, and an increase of Ps.651.2 million in the average balance of Other
Interest-Bearing Liabilities, from Ps.2,138.9 million to Ps.2,790.1 million.

With respect to the total average
interest-bearing deposits for the fiscal year ended December 31, 2012, Ps.2,861.1 million were Dollar-denominated deposits and Ps.20,520.1 million were Peso-denominated deposits, as compared to Ps.3,716.8 million and Ps.14,082.4 million,
respectively, for the fiscal year ended December 31, 2011.



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Average Peso-denominated deposits in saving accounts increased 37.3% and time deposits increased 48.9%. Dollar-denominated deposits decreased during the period, as well as in the financial system
as a whole. Average deposits in Dollars fell 23.0% during fiscal year 2012, with deposits in savings accounts decreasing 32.9% and time deposits decreasing by 12.7%.

Considering Argentine Central Bank information, considering only deposits from the private sector in checking and savings accounts and time deposits, Banco Galicias estimated Argentine deposit
market share was 9.40% for the fiscal year ended December 31, 2012, as compared to 9.06% for the fiscal year ended December 31, 2011, a 34 b.p. increase.

The average rate on interest-bearing deposits for the fiscal year ended December 31, 2012 was 9.61%, as compared to 7.35% for the fiscal year ended December 31, 2011, a 226 b.p. increase.
Peso-denominated deposits for the fiscal year ended December 31, 2012 accrued at a 10.88% average interest rate, as compared to 9.21% for the fiscal year ended December 31, 2011, a 167 b.p. increase. The rate of Dollar-denominated deposits
for the fiscal year ended December 31, 2012 was 0.50%, as compared to 0.30% for the fiscal year ended December 31, 2011, a 20 b.p. increase.

The average balance of debt securities for the fiscal year ended December 31, 2012 was Ps.4,750.7 million, as compared to Ps.3,390.8 million for the fiscal year ended December 31, 2011, a 40.1%
increase. This increase was mainly attributable to the issuance of notes by Tarjeta Naranja, Tarjetas Cuyanas and CFA, and to the variation in the quotation of the Dollar during the period.

The average interest rate for debt securities for the fiscal year ended December 31, 2012 was 11.51%, as compared to 10.42% for the
fiscal year ended December 31, 2011, a 109 b.p. increase.

The average balance of Other Interest-Bearing
Liabilities for the fiscal year ended December 31, 2012 was Ps.2,790.1 million, with an average rate of 9.90%, as compared to Ps.2,138.9 million for the fiscal year ended December 31, 2011, with an average rate of 8.74%, a 30.4%
increase in the average balance and a 115 b.p. increase in the average rate, respectively. This item includes mainly Peso and Dollar-denominated debt with international banks and credit entities, and Peso and Dollar-denominated obligations in
connection with repurchase agreement transactions for government securities. The Ps.651.2 million increase in the average balance was mainly attributable to the higher average balance of transactions with banks and international entities.

The financial expenses for the fiscal year ended December 31, 2012 included a Ps.189.2 million loss from fluctuations in
foreign currency exchange rates. These financial expenses were composed of a Ps.159.6 million gain from foreign exchange brokerage activities and a Ps.348.8 million loss from the valuation of the net position in foreign currency. For the fiscal year
ended December 31, 2011 the result from fluctuations in the foreign currency exchange was positive and is disclosed under the item Other in the Financial Income table above.

Fiscal Year 2011 Compared to Fiscal Year 2010

The financial expenses for
the fiscal year ended December 31, 2011 were Ps.2,274.2 million, as compared to Ps.1,412.6 million for the fiscal year ended December 31, 2010, a 61.0% increase. Such increase was mainly attributable to a 40.0% increase in the average
balance of interest-bearing liabilities combined with a 136 b.p. increase in the average cost thereof.

The average
interest-bearing liabilities for the fiscal year ended December 31, 2011 were Ps.23,328.9 million, as compared to Ps.16,662.5 million for the fiscal year ended December 31, 2010, a 40.0% increase. Such increase was mainly attributable to
the Ps.4,720.6 million increase in total interest-bearing deposits, which increased from Ps.13,078.6 million to Ps.17,799.2 million, a Ps.1,114.7 million increase in the average balance of debt securities, from Ps.2,276.1 million to Ps.3,390.8
million, and an increase of Ps.831.0 million in the average balance of Other Interest-Bearing Liabilities, from Ps.1,307.1 million to Ps.2,138.1 million.

The increase in the average balance of interest-bearing deposits was mainly attributable to an increase in Banco Galicias deposits in savings accounts and time deposits. The decrease in the average
balance of interest-bearing checking accounts was due to the elimination of such accounts as from May 2010, pursuant to the Argentine Central Banks regulations. Average transactional interest-bearing deposits increased 28.8%, while time
deposits grew 39.9%.



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Regarding the total average interest-bearing deposits for the fiscal year ended
December 31, 2011, Ps.3,716.8 million were Dollar-denominated deposits and Ps.14,082.4 million were Peso-denominated deposits, as compared to Ps.2,949.2 million and Ps.10,129.4 million, respectively, for the fiscal year ended December 31,
2010.

Considering only deposits from the private sector in checking and savings accounts and time deposits, Banco
Galicias estimated deposit market share in the Argentine financial system was 9.06% for the fiscal year ended December 31, 2011, as compared to 8.60% for the fiscal year ended December 31, 2010, a 46 b.p. increase.

The average rate on interest-bearing deposits for the fiscal year ended December 31, 2011 was 7.35%, as compared to 5.86% for the
fiscal year ended December 31, 2010, a 149 b.p. increase. Peso-denominated deposits for the fiscal year ended December 31, 2011 accrued at a 9.21% average interest rate, as compared to 7.45% for the fiscal year ended December 31,
2010, a 176 b.p. increase. The rate of Dollar-denominated deposits for the fiscal year ended December 31, 2011 was 0.30%, as compared to 0.40% for the fiscal year ended December 31, 2010, a 10 b.p. decrease.

The average balance of debt securities for the fiscal year ended December 31, 2011 was Ps.3,390.8 million, as compared to Ps.2,276.1
million for the fiscal year ended December 31, 2010, a 49.0% increase. This increase was mainly attributable to the issuance of an aggregate principal amount of US$300 million of notes by Banco Galicia on May 4, 2011, and by Tarjeta
Naranja on January 28, 2011 for US$200 million.

The average interest rate for debt securities for the fiscal year ended
December 31, 2011 was 10.42%, as compared to 10.04% for the fiscal year ended December 31, 2010, a 38 b.p. increase.

The average balance of Other Interest-Bearing Liabilities for the fiscal year ended December 31, 2011 was Ps.2,138.1
million, with an average rate of 8.75%, as compared to Ps.1,307.1 million for the fiscal year ended December 31, 2010, with an average rate of 7.50%, a 63.6% increase in average balance and a 125 b.p. increase in average rate, respectively.
This item includes mainly Peso and Dollar-denominated debt with international banks and credit entities, and Peso and Dollar-denominated obligations in connection with repurchase agreement transactions of government securities. The Ps.831.0 million
increase in the average balance was mainly attributable to the higher average balance of transactions with banks and international entities.

The average rate increase was related to transactions in Pesos, since the average rate increased 284 b.p., from 14.92% for the fiscal year ended December 31, 2010 to 17.76% for the fiscal year ended
December 31, 2011, while the average rate in Dollars remained at similar levels in both fiscal years.

The financial
expenses for the fiscal year ended December 31, 2011 included a Ps.4.1 million loss from fluctuations in foreign currency exchange rates. These financial expenses were composed of a Ps.138.4 million gain from foreign exchange brokerage
activities and a Ps.142.5 million loss from the valuation of the net position in foreign currency. For the fiscal year ended December 31, 2010 the result from fluctuations in foreign currency exchange was positive. See Financial Income
 Fiscal Year 2010 Compared to Fiscal Year 2009 above. In addition, financial expenses for fiscal year 2010 included a Ps.48.6 million loss from the result of forward transactions in foreign currency.

Net Financial Income

Fiscal
Year 2012 compared to Fiscal Year 2011

Net financial income for the fiscal year ended December 31, 2012 was
Ps.5,188.4 million, with a corresponding financial margin of 12.11%, as compared to Ps.3,743.5million for the fiscal year ended December 31, 2011 with a corresponding financial margin of 11.72%, a Ps.1,444.9 million increase and a 39 b.p.
increase, respectively.

The increase in net financial income for the fiscal year ended December 31, 2012 was mainly
attributable to a significant increase in the volume of activity with the private sector, partially offset by the lower spread related to Peso-denominated transactions, which decreased to 11.31% for fiscal year 2012 from 11.56% for fiscal year ended
December 31, 2011.



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Fiscal Year 2011 compared to Fiscal Year 2010

Net financial income for the fiscal year ended December 31, 2011 was Ps.3,743.5 million (including Ps.658.1 million from CFA), with a
corresponding financial margin of 11.72%, as compared to Ps.2,202.2 million for the fiscal year ended December 31, 2010 (including Ps.282.2 million from CFA), with a corresponding financial margin of 10.02%, a Ps.1,541.3 million increase and a
170 b.p. increase, respectively.

The increase in net financial income for the fiscal year ended December 31, 2011 was
mainly attributable to a significant increase in the volume of activity with the private sector, a higher average spread and the increase recorded in non interest-bearing liabilities.

Provision for Losses on Loans and Other Receivables

Fiscal Year 2012 compared to
Fiscal Year 2011

Provisions for losses on loans and other receivables for the fiscal year ended December 31, 2012
were Ps.1,347.3 million, as compared to Ps.843.4 million for the fiscal year ended December 31, 2011, a Ps.503.9 million increase due to an increase in the size of the individuals portfolio. The non-accrual loan portfolio as a percentage of
total loans increased from 2.63% at the end of fiscal year 2011 to 3.37% at the end of fiscal year 2012, primarily as a result of the worsening of the macroeconomic variables related to the consumer loan portfolio. During 2012, Banco Galicia
established allowances for loan losses for Ps.1,343.5 million.

The coverage of the non-accrual portfolio with allowances
decreased from 152.01% at fiscal year-end 2011 to 115.86% at fiscal year-end 2012.

Direct charges, net of recoveries,
represented a gain of Ps.132.1 million. Charge-offs against allowances for loan losses were Ps.835.2 million.

Fiscal Year 2011 compared to
Fiscal Year 2010

Provisions for losses on loans and other receivables for the fiscal year ended December 31, 2011
were Ps.843.4 million, as compared to Ps.551.5 million for the fiscal year ended December 31, 2010, a Ps.291.9 million increase. The non-accrual loan portfolio as a percentage of total loans decreased from 3.37% at the end of fiscal year 2010
to 2.63% at the end of fiscal year 2011, due to the credit recovery management and the increase in the total portfolio. During 2011, Banco Galicia established allowances for loan losses for Ps.820.1 million.

The coverage of the non-accrual portfolio with allowances increased from 137.57% as of the fiscal year ended December 31, 2010 to
152.01% as of the fiscal year ended December 31, 2011.

Direct charges, net of recoveries, represented a gain of Ps.162.4
million. Charge-offs against allowances for loan losses amounted to Ps.552.5 million.



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Net Income from Services

Our net income from services consisted of:



|                                              |  |                        |         |  |                  |  |         |      |  |  |           |  |  |           |      |  |  |  |       |  
|--------------------------------------------- |  | ---------------------- | ------- |  | ---------------- |  | ------- | ---- |  |  | --------- |  |  | --------- | ---- |  |  |  | ----- | -
|                                              |  | Fiscal Year Ended      |         |  | % Change         | 
|                                              |  | December 31,           |         |  | December 31,     | 
|                                              |  | 2012                   |         |  | 2011             |  |         | 2010 |  |  | 2012/2011 |  |  | 2011/2010 |     
|                                              |  | (in millions of Pesos) |         |  | (in percentages) | 
|Income From                                   |  |                        |         |  |                  |  |         |      |  |  |           |  |  |           |      |  |  |  |       |  
|Credit and Debit Cards                        |  |                        | 3,036.8 |  |                  |  | 2,235.9 |      |  |  | 1,576.6   |  |  |           | 35.8 |  |  |  | 41.8  |  
|CFA                                           |  |                        | 104.3   |  |                  |  | 70.4    |      |  |  | 32.9      |  |  |           | 48.2 |  |  |  | 114.0 |  
|Deposit Accounts                              |  |                        | 652.0   |  |                  |  | 475.4   |      |  |  | 349.0     |  |  |           | 37.1 |  |  |  | 36.2  |  
|Cash Management                               |  |                        | 38.7    |  |                  |  | 30.7    |      |  |  | 24.7      |  |  |           | 26.1 |  |  |  | 24.3  |  
|Safe Deposit Box                              |  |                        | 98.7    |  |                  |  | 72.3    |      |  |  | 51.2      |  |  |           | 36.5 |  |  |  | 41.2  |  
|Services for Shipments                        |  |                        | 26.2    |  |                  |  | 22.5    |      |  |  | 18.1      |  |  |           | 16.4 |  |  |  | 24.3  |  
|Financial Fees                                |  |                        | 70.2    |  |                  |  | 54.9    |      |  |  | 56.7      |  |  |           | 27.9 |  |  |  | (3.2  | )
|Credit-related Fees                           |  |                        | 233.5   |  |                  |  | 224.9   |      |  |  | 150.7     |  |  |           | 3.8  |  |  |  | 49.2  |  
|Check Collection                              |  |                        | 79.1    |  |                  |  | 65.5    |      |  |  | 44.9      |  |  |           | 20.8 |  |  |  | 45.9  |  
|Collection Services (Taxes and Utility Bills) |  |                        | 64.5    |  |                  |  | 52.2    |      |  |  | 36.9      |  |  |           | 23.6 |  |  |  | 41.5  |  
|International Trade                           |  |                        | 98.8    |  |                  |  | 87.9    |      |  |  | 67.2      |  |  |           | 12.4 |  |  |  | 30.8  |  
|Other (1)                                     |  |                        | 151.1   |  |                  |  | 127.7   |      |  |  | 106.0     |  |  |           | 18.3 |  |  |  | 20.5  |  
|                                              |  |                        |         |  |                  |  |         |      |  |  |           |  |  |           |      |  |  |  |       |  
|Total Income                                  |  |                        | 4,653.9 |  |                  |  | 3,520.3 |      |  |  | 2,514.9   |  |  |           | 32.2 |  |  |  | 40.0  |  
|                                              |  |                        |         |  |                  |  |         |      |  |  |           |  |  |           |      |  |  |  |       |  
|Total Expenses                                |  |                        | 1,453.9 |  |                  |  | 1,068.6 |      |  |  | 733.0     |  |  |           | 36.1 |  |  |  | 45.8  |  
|                                              |  |                        |         |  |                  |  |         |      |  |  |           |  |  |           |      |  |  |  |       |  
|Net Income from Services                      |  |                        | 3,200.0 |  |                  |  | 2,451.7 |      |  |  | 1,781.9   |  |  |           | 30.5 |  |  |  | 37.6  |  
|                                              |  |                        |         |  |                  |  |         |      |  |  |           |  |  |           |      |  |  |  |       |  



|(1) | Includes, among others, fees from investment banking activities, asset management, assets under custody and guarantees granted.
|--- | -------------------------------------------------------------------------------------------------------------------------------

Fiscal Year 2012 Compared to Fiscal Year 2011

Net income from services for the fiscal year ended December 31, 2012 was Ps.3,200.0 million, as compared to Ps.2,451.7 million for the fiscal year ended December 31, 2011, a 30.5% increase. The
Banks strategic positioning in the different segments, the significant growth in the business volume, mainly in connection with credit and debit cards, and the rise in prices, in line with the dynamics of the market, account for the increases
in all items noted in the chart above.

Banco Galicias income from credit and debit card transactions, on an individual
basis, for the fiscal year ended December 31, 2012 was Ps.1,223.9 million, as compared to Ps.897.3 million for the fiscal year ended December 31, 2011, a 36.4% increase. Such increase was mainly attributable not only to the greater number
of credit cards managed, but also to the greater average amount of purchases made with each card during the year. The total number of cards managed by Banco Galicia excluding those issued by the Regional Credit Card Companies and CFA, for the fiscal
year ended December 31, 2012 was 2.2 million, as compared to 1.9 million for the fiscal year ended December 31, 2011, a 15.6% increase.

Income from services corresponding to the Regional Credit Card Companies for the fiscal year ended December 31, 2012 was Ps.1,812.9 million, as compared to Ps.1,338.6 million for the fiscal year
ended December 31, 2011, a 35.4% increase. Such increase was mainly attributable to an increase in the amount of purchases made during the fiscal year together with a greater number of issued credit cards. These Regional Credit Card Companies
had issued 7.5 million credit cards as of December 31, 2012, as compared to 6.5 million credit cards as of December 31, 2010, a 15.2% increase.

Significant growth levels were achieved by Banco Galicia for the fiscal year ended December 31, 2012, particularly in the amount of fees collected in connection with deposit accounts (37.1%), safe
deposit boxes (36.5%), financial fees (27.9%), cash management (26.1%), collection services (23.6%) and check collection (20.8%), as compared to the fiscal year ended December 31, 2011.

Total deposit accounts for the fiscal year ended December 31, 2012 were 2.4 million, as compared to 2.2 million for the
fiscal year ended December 31, 2011, representing a 10.3% increase.

Expenses from services for the fiscal year ended
December 31, 2012 were Ps.1,453.9 million, as compared to Ps.1,068.6 million for the fiscal year ended December 31, 2011, representing a 36.1% increase. Such increase was mainly attributable to an increase in the number and frequency of
promotions related to credit cards.



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Fiscal Year 2011 Compared to Fiscal Year 2010

Net income from services for the fiscal year ended December 31, 2011 was Ps.2,451.7 million, as compared to Ps.1,781.9 million for
the fiscal year ended December 31, 2010, a 37.6% increase. Almost all items under net income from services recorded an increase, which was mainly attributable to the increase in the volume of transactions together with an increase in the price
of certain services, in line with general financial market trends.

Banco Galicias income from credit and debit card
transactions, on an individual basis, for the fiscal year ended December 31, 2011 was Ps.897.3 million, as compared to Ps.664.7 million for the fiscal year ended December 31, 2010, a 35.0% increase. Such increase was mainly attributable
not only to the greater number of credit cards issued, but also to the greater average amount of purchases made with each card during the year. The total number of cards managed by Banco Galicia excluding those issued by the Regional Credit Card
Companies and CFA, for the fiscal year ended December 31, 2011 was 1.9 million, as compared to 1.6 million for the fiscal year ended December 31, 2010, a 23.6% increase.

Income from services corresponding to the Regional Credit Card Companies for the fiscal year ended December 31, 2011 was Ps.1,454.1
million, as compared to Ps.979.6 million for the fiscal year ended December 31, 2010, a 48.4% increase. Such increase was mainly attributable to an increase in the amount of purchases made during the fiscal year together with a greater number
of issued credit cards. These Regional Credit Card Companies had issued 6.5 million credit cards as of December 31, 2011, as compared to 5.3 million credit cards as of December 31, 2010, a 19.7% increase.

Total deposit accounts for the fiscal year ended December 31, 2011 were 2.2 million, as compared to 2.0 million for the
fiscal year ended December 31, 2010, a 12.3% increase.

Significant growth levels were achieved by Banco Galicia for the
fiscal year ended December 31, 2011, particularly credit-related fees (49.2%), check collection (45.9%), collection services (41.5%), deposit accounts (36.2%) and international trade (30.8%) as compared to the fiscal year ended
December 31, 2010.

Expenses from services for the fiscal year ended December 31, 2011 were Ps.1,068.6 million, as
compared to Ps.733.0 million for the fiscal year ended December 31, 2010, a 45.8% increase. Such increase was mainly attributable to an increase in the number and frequency of promotions related to credit cards.

The following table sets forth the number of credit cards outstanding as of the dates indicated:



|                                                |  |                                                  |              |  |               |  |           |      |  |  |           |  |  |           |        |   |  |  |        |  
|----------------------------------------------- |  | ------------------------------------------------ | ------------ |  | ------------- |  | --------- | ---- |  |  | --------- |  |  | --------- | ------ | - |  |  | ------ | -
|                                                |  | December 31,                                     |              |  | % Change      | 
|                                                |  |                                                  | December 31, | 
|Credit Cards                                    |  | 2012                                             |              |  | 2011          |  |           | 2010 |  |  | 2012/2011 |  |  | 2011/2010 |       
|                                                |  | (number of credit cards, except otherwise noted) |              |  | (percentages) | 
|Visa                                            |  |                                                  | 1,495,934    |  |               |  | 1,317,402 |      |  |  | 1,102,730 |  |  |           | 13.55  |   |  |  | 19.47  |  
|Gold                                          |  |                                                  | 342,678      |  |               |  | 300,536   |      |  |  | 292,400   |  |  |           | 14.02  |   |  |  | 2.78   |  
|International                                   |  |                                                  | 772,946      |  |               |  | 642,828   |      |  |  | 504,687   |  |  |           | 20.24  |   |  |  | 27.37  |  
|Domestic                                        |  |                                                  | 117,562      |  |               |  | 162,515   |      |  |  | 164,120   |  |  |           | (27.66 | ) |  |  | (0.98  | )
|Business                                      |  |                                                  | 58,011       |  |               |  | 46,211    |      |  |  | 36,878    |  |  |           | 25.54  |   |  |  | 25.31  |  
|Corporate                                     |  |                                                  | 2,971        |  |               |  | 2,421     |      |  |  | 1,718     |  |  |           | 22.72  |   |  |  | 40.92  |  
|Platinum                                      |  |                                                  | 201,766      |  |               |  | 162,891   |      |  |  | 102,927   |  |  |           | 23.87  |   |  |  | 58.26  |  
|Galicia Rural                                   |  |                                                  | 12,472       |  |               |  | 10,619    |      |  |  | 8,716     |  |  |           | 17.45  |   |  |  | 21.83  |  
|American Express                                |  |                                                  | 644,710      |  |               |  | 524,560   |      |  |  | 392,247   |  |  |           | 22.90  |   |  |  | 33.73  |  
|Gold                                          |  |                                                  | 211,297      |  |               |  | 183,472   |      |  |  | 168,899   |  |  |           | 15.17  |   |  |  | 8.63   |  
|International                                   |  |                                                  | 282,744      |  |               |  | 228,966   |      |  |  | 153,526   |  |  |           | 23.49  |   |  |  | 49.14  |  
|Platinum                                        |  |                                                  | 150,669      |  |               |  | 112,122   |      |  |  | 69,822    |  |  |           | 34.38  |   |  |  | 60.58  |  
|MasterCard                                      |  |                                                  | 100,288      |  |               |  | 96,644    |      |  |  | 72,738    |  |  |           | 3.77   |   |  |  | 32.87  |  
|Gold                                          |  |                                                  | 30,592       |  |               |  | 26,918    |      |  |  | 24,613    |  |  |           | 13.65  |   |  |  | 9.36   |  
|MasterCard                                      |  |                                                  | 69,058       |  |               |  | 68,951    |      |  |  | 47,186    |  |  |           | 0.16   |   |  |  | 46.13  |  
|Argencard                                       |  |                                                  | 638          |  |               |  | 775       |      |  |  | 939       |  |  |           | (17.68 | ) |  |  | (17.47 | )
|Regional Credit Card Companies                  |  |                                                  | 7,494,721    |  |               |  | 6,504,825 |      |  |  | 5,432,841 |  |  |           | 15.22  |   |  |  | 19.73  |  
|Local Brands(1)                                 |  |                                                  | 4,242,386    |  |               |  | 3,879,919 |      |  |  | 3,364,988 |  |  |           | 9.34   |   |  |  | 15.30  |  
|Visa                                            |  |                                                  | 2,741,907    |  |               |  | 2,172,228 |      |  |  | 1,726,281 |  |  |           | 26.23  |   |  |  | 25.83  |  
|MasterCard                                      |  |                                                  | 478,173      |  |               |  | 422,266   |      |  |  | 317,759   |  |  |           | 13.24  |   |  |  | 32.89  |  
|American Express                                |  |                                                  | 32,255       |  |               |  | 30,412    |      |  |  | 23,813    |  |  |           | 6.06   |   |  |  | 27.71  |  
|CFA                                             |  |                                                  | 88,987       |  |               |  | 64,989    |      |  |  | 53,369    |  |  |           | 36.93  |   |  |  | 21.77  |  
|Visa                                            |  |                                                  | 79,488       |  |               |  | 53,761    |      |  |  | 38,834    |  |  |           | 47.85  |   |  |  | 38.44  |  
|MasterCard                                      |  |                                                  | 9,499        |  |               |  | 11,228    |      |  |  | 14,535    |  |  |           | (15.40 | ) |  |  | (22.75 | )
|                                                |  |                                                  |              |  |               |  |           |      |  |  |           |  |  |           |        |   |  |  |        |  
|Total                                           |  |                                                  | 9,837,112    |  |               |  | 8,519,039 |      |  |  | 7,062,641 |  |  |           | 15.47  |   |  |  | 20.62  |  
|                                                |  |                                                  |              |  |               |  |           |      |  |  |           |  |  |           |        |   |  |  |        |  
|Total Amount of Purchases(in millions of Pesos) |  |                                                  | Ps.52,804    |  |               |  | Ps.38,207 |      |  |  | Ps.26,950 |  |  |           | 38.21  |   |  |  | 41.77  |  
|                                                |  |                                                  |              |  |               |  |           |      |  |  |           |  |  |           |        |   |  |  |        |  



|(1) | It corresponds to Tarjeta Naranja, Tarjetas Cuyanas, Tarjetas del Mar and La Anónima.
|--- | -------------------------------------------------------------------------------------



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##### Table of Contents

Administrative Expenses

The following table sets forth the components of our administrative expenses:



|                                                                   |  |                        |         |  |                  |  |         |      |  |  |           |  |  |           |      |  |  |  |      | 
|------------------------------------------------------------------ |  | ---------------------- | ------- |  | ---------------- |  | ------- | ---- |  |  | --------- |  |  | --------- | ---- |  |  |  | ---- | 
|                                                                   |  | Fiscal Year Ended      |         |  | % Change         | 
|                                                                   |  | December 31,           |         |  | December 31,     | 
|                                                                   |  | 2012                   |         |  | 2011             |  |         | 2010 |  |  | 2012/2011 |  |  | 2011/2010 |     
|                                                                   |  | (in millions of Pesos) |         |  | (in percentages) | 
|Salaries and Social Security Contributions                         |  |                        | 2,784.7 |  |                  |  | 2,008.2 |      |  |  | 1,382.2   |  |  |           | 38.7 |  |  |  | 45.3 | 
|Property-related Expenses                                          |  |                        | 280.8   |  |                  |  | 218.7   |      |  |  | 162.5     |  |  |           | 28.4 |  |  |  | 34.6 | 
|Personnel Services                                                 |  |                        | 158.1   |  |                  |  | 124.2   |      |  |  | 89.3      |  |  |           | 27.3 |  |  |  | 39.1 | 
|Advertising and Publicity                                          |  |                        | 359.3   |  |                  |  | 280.5   |      |  |  | 189.6     |  |  |           | 28.1 |  |  |  | 47.9 | 
|Amount Accrued in Relation to Directors and Syndics Compensation |  |                        | 49.9    |  |                  |  | 38.2    |      |  |  | 37.2      |  |  |           | 30.6 |  |  |  | 2.7  | 
|Electricity and Communications                                     |  |                        | 191.7   |  |                  |  | 135.6   |      |  |  | 106.4     |  |  |           | 41.4 |  |  |  | 27.4 | 
|Taxes                                                              |  |                        | 435.7   |  |                  |  | 298.6   |      |  |  | 190.7     |  |  |           | 45.9 |  |  |  | 56.6 | 
|Other                                                              |  |                        | 1,513.4 |  |                  |  | 1,101.2 |      |  |  | 687.4     |  |  |           | 37.4 |  |  |  | 60.2 | 
|                                                                   |  |                        |         |  |                  |  |         |      |  |  |           |  |  |           |      |  |  |  |      | 
|Total                                                              |  |                        | 5,773.6 |  |                  |  | 4,205.2 |      |  |  | 2,845.3   |  |  |           | 37.3 |  |  |  | 47.8 | 
|                                                                   |  |                        |         |  |                  |  |         |      |  |  |           |  |  |           |      |  |  |  |      | 

Fiscal Year 2012 Compared to Fiscal Year 2011

Administrative expenses for the fiscal year ended December 31, 2012 were Ps.5,773.6 million, as compared to Ps.4,205.2 million for
the fiscal year ended December 31, 2011, a 37.3% increase.

Salaries, social security contributions and expenses related
to personnel services for the fiscal year ended December 31, 2012 were Ps.2,942.8 million, as compared to Ps.2,154.1 million for the fiscal year ended December 31, 2011, a 36.6% increase. Such increase was mainly attributable to the salary
increase agreement with the unions and the 6.1% increase in the number of employees.

The remaining administrative expenses
for the fiscal year ended December 31, 2012 were Ps.2,830.8 million, as compared to Ps.2,051.1million for the fiscal year ended December 31, 2011, a 38.0% increase. Such increase was mainly attributable to a higher level of activity, to
the geographic expansion of Banco Galicia and the Regional Credit Card Companies, the rise in utility rates and the increases in amounts payable pursuant to agreements with different service providers, the main component of which is labor.

Fiscal Year 2011 Compared to Fiscal Year 2010

Administrative expenses for the fiscal year ended December 31, 2011 were Ps.4,205.2 million, as compared to Ps.2,845.3 million for the fiscal year ended December 31, 2010, a 47.8% increase.

Salaries, social security contributions and expenses related to personnel services for the fiscal year ended
December 31, 2011 were Ps.2,154.1 million, as compared to Ps.1,497.3 million for the fiscal year ended December 31, 2010, a 43.9% increase. Such increase was mainly attributable to the salary increase agreement with the unions in force
since January 2011 and the 6.6% increase in the number of employees.



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##### Table of Contents

The remaining administrative expenses for the fiscal year ended December 31, 2011 were
Ps.2,051.1 million, as compared to Ps.1,348.0 million for the fiscal year ended December 31, 2010, a 52.2% increase. Such increase was mainly attributable to a higher level of activity, to the geographic expansion of Banco Galicia and the
Regional Credit Card Companies and to increased inflation during such period.

Income from Insurance Activities

Fiscal Year 2012 Compared to Fiscal Year 2011

Income from insurance activities amounted to Ps.651.9 million in fiscal year 2012, 42.5% higher than the Ps.457.4 million income recorded in fiscal year 2011, mainly as a consequence of a significant
increase in the volume of premiums issued on all the insurance products sold.

Fiscal Year 2011 Compared to Fiscal Year 2010

Income from insurance activities amounted to Ps.457.4 million in fiscal year 2011, 79% higher than the Ps.255.6 million
income recorded in fiscal year 2010, mainly as a consequence of a significant increase in the volume of premiums issued on all the insurance products sold.

Income/(Loss) from Equity Investments

Fiscal Year 2012 compared to Fiscal Year
2011

Income from equity investments for the fiscal year ended December 31, 2012 was Ps.117.4 million, as compared to
Ps.132.7 million for the fiscal year ended December 31, 2011. The decrease of Ps.15.3 million was mainly attributable to a lower amortization of CFAs negative goodwill, as fiscal year 2011 included the accelerated amortization of Ps.16.4
million recorded by Tarjetas Regionales as a result of the sale of its equity investment in CFA to Banco Galicia and Grupo Financiero Galicia. This decline in income for equity investments was partially offset by the collection of higher dividends
from VISA Argentina S.A.

Fiscal Year 2011 compared to Fiscal Year 2010

Income from equity investments for the fiscal year ended December 31, 2011 was Ps.132.7 million, as compared to Ps.62.1 million for
the fiscal year ended December 31, 2010, a Ps.70.6 million increase. Such increase was mainly attributable to the Ps.118.7 million amortization of the negative goodwill stemming from the acquisition of CFA and Cobranzas y Servicios for the
fiscal year ended December 31, 2011, as compared to 51.7 million for the fiscal year ended December 31, 2010, a Ps.67.0 million increase. The variation is the result of the fact that CFA was only included on Banco Galicias
balance sheet for the second half of 2010.

Miscellaneous Income/(Loss), Net

Fiscal Year 2012 compared to Fiscal Year 2011

Miscellaneous net income for the fiscal year ended December 31, 2012 was Ps.275.1 million, as compared to Ps.295.1 million for the fiscal year ended December 31, 2011, a Ps.20.0 million
decrease.

The result for the 2012 fiscal year was mainly attributable to profits from loans recovered and punitive interest
for a total amount of Ps.317.2 million, and adjustments and interest for miscellaneous receivables amounting to Ps.52.5 million, mainly from profits on security margins of repurchase agreement transactions. Such profits were partially offset by the
establishment of net allowances for Ps.80.9 million.

During fiscal year 2011, adjustments and interest were recorded for
miscellaneous receivables, and for loans recovered and punitive interest in the amounts of Ps.66.1 million and Ps.269.3 million, respectively. These profits were lessened by the establishment of net allowances which amounted to Ps.43.1 million.



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##### Table of Contents

Fiscal Year 2011 compared to Fiscal Year 2010

Miscellaneous net income for the fiscal year ended December 31, 2011 was Ps.295.1 million, as compared to a Ps.133.6 million loss for
the fiscal year ended December 31, 2010, a Ps.428.7 million increase. The net income for the 2011 fiscal year was mainly attributable to profits from loans recovered and punitive interests, in a total amount of Ps.269.3 million, which were
partially offset by the establishment of net allowances in the amount of Ps.43.1 million.

Income Tax

Fiscal Year 2012 compared to Fiscal Year 2011

The income tax charge for the fiscal year ended December 31, 2012 was Ps.789.3 million, as compared to Ps.753.9 million for the fiscal year ended December 31, 2011, a Ps.35.4 million increase.

The effective income tax rate for fiscal year 2012 was 37.1% lower than the 40.5% recorded in 2011.

Fiscal Year 2011 compared to Fiscal Year 2010

The income tax charge for the fiscal year ended December 31, 2011 was Ps.753.9 million, as compared to Ps.258.2 million for the fiscal year ended December 31, 2010, a Ps.495.7 million increase.
Such increase was mainly attributable to the fact that during 2011 Banco Galicia used the entirety of its tax loss carryforward with taxable income and, consequently, began to accrue the income tax charge, which for the fiscal year ended
December 31, 2011 amounted to Ps.325.7 million.

U.S. GAAP and Argentine Banking GAAP Reconciliation

General

We prepare our financial statements in accordance with Argentine Banking GAAP. The more significant differences between Argentine Banking GAAP and U.S. GAAP relate to the determination of the allowance
for loan losses, the carrying value of certain government securities and receivables for government securities, the accounting of Banco Galicias foreign debt restructuring, goodwill, securitization and recognition of deferred income taxes. For
more detail on differences in accounting treatment between Argentine Banking GAAP and U.S. GAAP as of December 31, 2012, see Note 35 to our consolidated financial statements.

Allowances for Loan Losses

With respect to the determination of the
allowance for loan losses, we follow the rules of the Argentine Central Bank. Under these rules, reserves are based on minimum reserve requirements established by the Argentine Central Bank. U.S. GAAP requires that an impaired loan be generally
valued at the present value of expected future cash flows discounted at the loans effective rate or at the fair value of the collateral if the loan is collateral dependent. For the purposes of analyzing our loan loss reserve under U.S. GAAP,
we divide our loan portfolio into performing and non-performing commercial and consumer loans.

The following table shows the
allowance for loan losses for the periods indicated under Argentine Banking GAAP and U.S. GAAP and the corresponding shareholders equity adjustment under U.S. GAAP:



|                                             |  |                        |         |  |                  |  |         |                  |  |  |       |    
|-------------------------------------------- |  | ---------------------- | ------- |  | ---------------- |  | ------- | ---------------- |  |  | ----- | ---
|                                             |  | December 31,2012       |         |  | December 31,2011 |  |         | December 31,2010 | 
|                                             |  | (in millions of Pesos) |        
|Argentine Banking GAAP                       |  |                        | 1,761.4 |  |                  |  | 1,300.6 |                  |  |  | 870.2 | (1)
|U.S. GAAP                                    |  |                        |         |  |                  |  |         |                  |  |  |       |    
|ASC 310                                      |  |                        |         |  |                  |  |         |                  |  |  |       |    
|Allowance for Loan Losses                    |  |                        | 70.6    |  |                  |  | 40.5    |                  |  |  | 61.6  |    
|ASC 450                                      |  |                        | 1,660.5 |  |                  |  | 1,239.0 |                  |  |  | 743.1 |    
|                                             |  |                        |         |  |                  |  |         |                  |  |  |       |    
|U.S. GAAP Shareholders Equity Adjustment(2) |  |                        | 30.3    |  |                  |  | 21.1    |                  |  |  | 65.5  |    
|                                             |  |                        |         |  |                  |  |         |                  |  |  |       |    



|(1) | The balance does not include Ps.185,381 of CFA allowances for loan losses as of the acquisition date.
|--- | -----------------------------------------------------------------------------------------------------

|(2) | Including qualitative and quantitative adjustments.
|--- | ---------------------------------------------------



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ASC 310 Analysis

The non-performing commercial loan portfolio is comprised of loans falling into the following classifications of the Argentine Central Bank:



| |  |  | With Problems
| | - |  | ---------------



| |  |  | High Risk of Insolvency
| | - |  | -------------------------



| |  |  | Uncollectible
| | - |  | ---------------

The following table shows our loan loss reserve under ASC 310 for our non-performing commercial loan portfolio as of the dates indicated.



|                                                     |  |                        |      |  |                  |  |      |                  |  |  |      | 
|---------------------------------------------------- |  | ---------------------- | ---- |  | ---------------- |  | ---- | ---------------- |  |  | ---- | 
|                                                     |  | December 31,2012       |      |  | December 31,2011 |  |      | December 31,2010 | 
|                                                     |  | (in millions of Pesos) |     
|Loan Loss Reserve Under U.S. GAAP  ASC 310 Analysis |  |                        | 70.6 |  |                  |  | 40.5 |                  |  |  | 61.6 | 

For such non-performing commercial loans, we applied the procedures required by ASC 310. For loans that
were not collateral dependent, the expected future cash flows to be received from the loans were discounted using the interest rate at each balance sheet date for variable loans. Loans that were collateral dependent, and for which there was an
expectation that the loan balance would be recovered via the exercise of collateral, were valued using the fair value of the collateral. In addition, in order to assess the fair value of collateral, we discounted collateral valuations due to the
extended period of time that it can take to foreclose on assets in Argentina.

ASC 450 Analysis

To calculate the allowance required for smaller-balance impaired loans and unimpaired loans, we perform an analysis of historical losses
from our consumer and performing commercial loan portfolios in order to estimate losses for U.S. GAAP purposes resulting from loan losses that had been incurred in such loan portfolios at the balance sheet date but which had not been individually
identified.

Loss estimates are analyzed by loan type and thus for homogeneous groups of clients. Such historical ratios are
updated to incorporate the most recent data reflecting current economic conditions, industry performance trends, geographic or obligor concentrations within each portfolio segment, and any other pertinent information that may affect the estimation
of the allowance for loan losses. Many factors can affect Banco Galicias estimates of allowance for loan losses, including volatility of default probability, migrations and estimated loss severity.

We estimate that, on average, it takes a period of up to one year between the trigger of an impairment event and identification of a loan
as being a probable loss for consumer and performing commercial loans.

The increase in the allowances recorded under ASC 450
is mostly due to a higher volume of credit card and personal loans granted during 2012 and 2011 and the worsening of macroeconomic factors. The table below shows our loan loss reserve under ASC 450 for consumer and performing commercial loans as of
the dates indicated.



|                                                     |  |                        |         |  |                  |  |         |                  |  |  |       | 
|---------------------------------------------------- |  | ---------------------- | ------- |  | ---------------- |  | ------- | ---------------- |  |  | ----- | 
|                                                     |  | December 31,2012       |         |  | December 31,2011 |  |         | December 31,2010 | 
|                                                     |  | (in millions of Pesos) |        
|Loan Loss Reserve Under U.S. GAAP  ASC 450 Analysis |  |                        | 1,660.5 |  |                  |  | 1,239.0 |                  |  |  | 743.1 | 

In addition to assessing the reasonableness of the loan loss reserve as described above, Grupo Financiero
Galicia makes an overall determination of the adequacy of each periods reserve based on such ratios as:



| |  |  | Loan loss reserves as a percentage of non-accrual loans,
| | - |  | --------------------------------------------------------



| |  |  | Loan loss reserves as a percentage of total amounts past due, and
| | - |  | -----------------------------------------------------------------



| |  |  | Loan loss reserves as a percentage of past-due unsecured amounts.
| | - |  | -----------------------------------------------------------------



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The table below shows the above-mentioned ratios as of the dates indicated.



|                                                                 |  |                  |        |   |                  |  |        |                  |  |  |        |  
|---------------------------------------------------------------- |  | ---------------- | ------ | - | ---------------- |  | ------ | ---------------- |  |  | ------ | -
|                                                                 |  | December 31,2012 |        |   | December 31,2011 |  |        | December 31,2010 | 
|Loan Loss Reserves as a Percentage of Non-accrual Loans          |  |                  | 143.90 | % |                  |  | 202.23 | %                |  |  | 163.37 | %
|Loan Loss Reserves as a Percentage of Total Amounts Past Due     |  |                  | 87.80  | % |                  |  | 121.00 | %                |  |  | 116.04 | %
|Loan Loss Reserves as a Percentage of Past-due Unsecured Amounts |  |                  | 159.09 | % |                  |  | 226.90 | %                |  |  | 189.79 | %

The allowance for loan losses has increased approximately 35% during 2012 under U.S. GAAP. This variation
is due to an increase in the portfolio of loans to the private sector and to the qualitative approach reflecting current economic conditions, industry performance trends, geographic or obligor concentrations, within each portfolio segment required
for smaller-balance impaired and unimpaired.

Carrying Value of Certain Government Securities and Receivables for Government Securities

As of December 31, 2012, our holding of Bonar 2015 Bonds have been recorded at their acquisition cost increased
according to the accrual of their internal rate of return under Argentine Banking GAAP.

Under U.S. GAAP, the Bonar 2015 Bonds
were considered as available for sale securities and recorded at fair value with the unrealized gains or losses recognized as a charge or credit to equity through other comprehensive income.

Under U.S. GAAP, all of these assets are carried at fair value as fully explained in Note 35 to our financial statements and -U.S.
GAAPCritical Accounting Policies.

As of December 31, 2010 under Argentine Banking GAAP, our holdings of
Boden 2012 Bonds, Bonar 2015 Bonds, securities issued by the Argentine Central Bank and Discount Bonds in Pesos were recorded in accordance with Argentine Central Bank valuation rules for public-sector assets. During 2010, Boden 2012 Bonds
corresponding to the Compensatory Bond or Hedge Bond received and Discount Bonds in Pesos were sold. Therefore, the 2010 U.S. GAAP net income reconciliation includes the reversal of the 2009 shareholders equity adjustment previously recorded
through other comprehensive income that are being realized and reversed through the income statement. Under U.S. GAAP, our holdings of Bonar 2015 Bonds and securities issued by the Argentine Central Bank were considered available for sale and
carried at fair value.

The table below shows the book value, market value and amortized cost of Bonar 2015 Bonds as of
December 31, 2012 and 2011, respectively.



|                       |  |                      |       |  |                               |  |       |             |  |  |                       |  |  |                               |       |  |                      |  |    |                               |  |  |             |  |  |                       |       |  |                               |  |       |  |  |  |       |  |  |  |      | 
|---------------------- |  | -------------------- | ----- |  | ----------------------------- |  | ----- | ----------- |  |  | --------------------- |  |  | ----------------------------- | ----- |  | -------------------- |  | -- | ----------------------------- |  |  | ----------- |  |  | --------------------- | ----- |  | ----------------------------- |  | ----- |  |  |  | ----- |  |  |  | ---- | 
|                       |  | December 31, 2012    |       |  | December 31, 2011             | 
|(In millions of Pesos) |  | AmortizedCost USGAAP |       |  | BookValueArgentineBankingGAAP |  |       | MarketValue |  |  | Unrealized(Loss)/Gain |  |  | ShareholdersEquityAdjustment |       |  | AmortizedCost USGAAP |  |    | BookValueArgentineBankingGAAP |  |  | MarketValue |  |  | Unrealized(Loss)/Gain |       |  | ShareholdersEquityAdjustment | 
|Bonar 2015 Bonds       |  |                      | 409.9 |  |                               |  | 558.0 |             |  |  | 601.0                 |  |  |                               | 191.1 |  |                      |  | 43 |                               |  |  | 555.1       |  |  |                       | 779.7 |  |                               |  | 849.2 |  |  |  | 294.1 |  |  |  | 69.5 | 

Foreign Debt Restructuring

On May 18, 2004, we completed the restructuring of Banco Galicias foreign debt. As a result of this restructuring, we recorded a Ps.142.5 million gain under Argentine Banking GAAP.

For U.S. GAAP purposes, the restructuring is accounted for in each of two steps. The first step of the restructuring required the holders
of our debt to exchange its old debt for new debt in two tranches. Pursuant to Determining Whether a Debtors Modification or Exchange of Debt Instruments is within the scope of ASC 470 (ASC 820), we did not receive any concession
from the holders of the debt and therefore, the first step of the restructuring was not considered a trouble debt restructuring. Pursuant to Debtors Accounting for a Modification or Exchange of Debt Instruments ASC 470-50, the first step
of the restructuring was accounted for as a modification of the old debt and therefore we did not recognize any gain or loss. The second step of the restructuring offers the



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holders of our debt issued in the first step explained above the option to exchange it for new securities including cash, Boden 2012 Bonds and our equity shares. Pursuant to U.S. GAAP, this
second step of the restructuring was accounted for in accordance with Accounting by Debtors and Creditors for Trouble Debt Restructurings ASC 310-40, as a partial settlement of the debt through the transfer of certain assets and equity
at its fair value. After deducting the considerations used to repay the debt, ASC 310-40 requires the comparison of the future cash outflows of the restructured debt and the carrying of the debt at the restructuring date.

Gain on troubled debt restructuring is only recognized when the remaining carrying value of the debt at the date of the restructuring
exceeds the total future cash payments of the restructured debt reduced by the fair value of the assets and equity given as payment of the debt. Since the total future cash outflows of the restructured debt exceeds the carrying value of the old
debt, no gain on restructuring was recorded under U.S. GAAP.

As a result, under U.S. GAAP, the carrying amount of the
restructured debt is greater than the amount recorded under Argentine Banking GAAP. Therefore, under U.S. GAAP, a new effective interest rate was determined to reflect the present value of the future cash payments of the restructured debt.

Furthermore, under U.S. GAAP, expenses incurred in a trouble debt restructuring are expensed as incurred. Expenses related to
the issuance of equity were deducted directly from the shareholders equity.

In 2009 and 2010, we repurchased part of
the debt maturing in 2010 and 2014. In addition, notes were repaid in advance. For U.S. GAAP purposes, these transactions were considered as an extinguishment of debt. Therefore, the U.S. GAAP adjustment recorded in previous years related to the
debt extinguished was reversed in 2010 and 2009 respectively, generating a gain of approximately Ps.34.5 million and Ps.20.5 million included in 2010 and 2009 U.S. GAAP net income reconciliation. During 2012 and 2011, we have not repurchased any of
our debt instruments.

Shareholders Equity adjustments between Argentine Banking GAAP and U.S. GAAP as of
December 31, 2012 and December 31, 2011, amounted to Ps.(25.0) and Ps.(42.6), respectively.

Securitizations

The following table summarizes the adjustment for U.S. GAAP purposes related to securitization transactions as of
December 31, 2012 and 2011:



|                           |  |                                |       |  |                                      |  |       |                                        |  |  |                                |   |  |                                      |       |  |                                        |  |       |  |  |  |       |  
|-------------------------- |  | ------------------------------ | ----- |  | ------------------------------------ |  | ----- | -------------------------------------- |  |  | ------------------------------ | - |  | ------------------------------------ | ----- |  | -------------------------------------- |  | ----- |  |  |  | ----- | -
|                           |  | 2012                           |       |  | As of
December 31,2011               | 
|                           |  | (In millions of Pesos)         |      
|                           |  | Book ValueArgentineBankingGAAP |       |  | Fair Value Book valueunder U.S.GAAP |  |       | U.S. GAAPShareholdersEquityAdjustment |  |  | Book ValueArgentineBankingGAAP |   |  | Fair Value Book valueunder U.S.GAAP |       |  | U.S. GAAPShareholdersEquityAdjustment | 
|Galtrust I(1)              |  |                                | 674.0 |  |                                      |  | 674.0 |                                        |  |  |                               |   |  |                                      | 538.8 |  |                                        |  | 538.8 |  |  |  |      |  
|Financial Trust Galicia(2) |  |                                | 136.7 |  |                                      |  | 75.7  |                                        |  |  | (61.0                          | ) |  |                                      | 121.5 |  |                                        |  | 22.0  |  |  |  | (99.5 | )
|                           |  |                                |       |  |                                      |  |       |                                        |  |  |                                |   |  |                                      |       |  |                                        |  |       |  |  |  |       |  
|Total                      |  |                                | 810.7 |  |                                      |  | 749.7 |                                        |  |  | (61.0                          | ) |  |                                      | 660.3 |  |                                        |  | 560.8 |  |  |  | (99.5 | )
|                           |  |                                |       |  |                                      |  |       |                                        |  |  |                                |   |  |                                      |       |  |                                        |  |       |  |  |  |       |  

(1) Financial Trust Galtrust I

The financial trust Galtrust I was created in October 2000 in connection with the securitization of provincial loans for a
total amount of Ps.1,102 million. The securitized loans were from the portfolio of loans granted to provincial governments, guaranteed by the federal tax revenues shared with the provincial governments.

During 2002, the portfolio of loans and the related retained interest payments in Galtrust I were subject to the pesification. As a
result, the retained interest in the trust was converted into Pesos at an exchange rate of Ps.1.40 to US$1.00 and the interest rate for their debt securities changed to CER plus 10%. During 2003, Galtrust I had swapped its provincial loans for Bogar
Bonds.



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Under Argentine Banking GAAP, this transaction was accounted for as sales and the debt
securities and certificates retained by Banco Galicia are accounted for at cost plus accrued interest for the debt securities, and the equity method is used to account for the residual interest in the trust.

The retained interest in the trust was recorded under Argentine Central Bank rules in the Other Receivables from Financial
Brokerage, and its balance as of December 31, 2012 and 2011, was Ps.674.0 million and Ps.538.8 million, respectively.

As of December 31, 2012 and 2011, under Argentine Banking GAAP, we recorded certain reserves to adjust the equity method used to account for the residual interest in the trust, at its fair value.

The fair value of these securities was determined on the balance sheet date, based on an internal valuation technique
estimating future cash flows for this certificate of participation, discount at a present value with a rate comparable with internal rates of return of other CER adjusted bonds. Such fair value constituted the new cost basis for this investment.

In accordance with ASC 810, the Group was deemed to be the primary beneficiary of this trust and, therefore, the Bank
reconsolidated the assets and liabilities of the mentioned trust. Upon consolidation, the Bogar Bonds were classified as available-for-sale securities and measured at fair value with changes recorded in other comprehensive income. As the fair value
of the residual interest in the trust recorded pursuant to Argentine Central Bank rules was determined based on the fair value of the Bogar Bonds, recorded as an asset in the trust, there is no difference in the measurement of the net assets held
and recorded under Argentine Central Bank rules as compared to under U.S. GAAP. The only difference between both standards is that under U.S. GAAP, changes in the fair value of the Bogar Bonds are recorded in other comprehensive income, while under
Argentine Banking GAAP, changes are recorded in the consolidated income statement.

(2) Financial Trust Galicia

Under this trust, Argentine government promissory notes in Pesos at 2% due 2014 for Ps.108.0 million were transferred and a certificate
of participation and debt securities were received in exchange. Those Argentine government promissory notes were previously received in exchange of national secured loans held by us.

For Argentine Banking GAAP purposes, the debt securities and certificates retained by Banco Galicia are accounted for at cost plus
accrued interest for the debt securities, and the equity method is used to account for the residual interest in the trust. The cost of these securities was determined based on the book value of the promissory notes transferred.

This transfer was not considered a true sale for U.S. GAAP purposes, and therefore, it was recorded as a secured borrowing
according to ASC 860. Therefore, we recognized in our consolidated balance sheet the promissory notes transferred to the financial trust.

Under U.S. GAAP, the promissory notes were classified as loans recorded at amortized cost with the corresponding loan loss reserve, as applicable. The U.S. GAAP adjustment is related to the difference
between the cost basis used under both standards. For Argentine Banking GAAP, the cost was determined based on the carrying value of national secured loans previously hold and exchange for the promissory notes, while under U.S. GAAP, the cost was
determined based on the fair value of each national secured loans transferred in exchange of the promissory notes received.

Additional
information required by U.S. GAAP

The table below presents the aggregated assets and liabilities of the financial
trusts which have been consolidated for U.S. GAAP purposes:



|                              |  |                    |                    |  |      |  |                    | 
|----------------------------- |  | ------------------ | ------------------ |  | ---- |  | ------------------ | 
|                              |  | As of December 31, |                   
|(In millions of Pesos)        |  | 2012               |                    |  | 2011 | 
|Cash and Due from Banks       |  |                    | Ps.           11.8 |  |      |  | Ps.           11.2 | 
|Government Securities         |  |                    | 988.0              |  |      |  | 961.0              | 
|Other Assets                  |  |                    | 4.8                |  |      |  | 0.1                | 
|                              |  |                    |                    |  |      |  |                    | 
|Total Assets                  |  |                    | Ps.      1,004.6   |  |      |  | Ps.         972.3  | 
|                              |  |                    |                    |  |      |  |                    | 
|Debt Securities               |  |                    | Ps.204.4           |  |      |  | Ps.324.3           | 
|Certificates of Participation |  |                    | 800.0              |  |      |  | 647.8              | 
|Other Liabilities             |  |                    | 0.2                |  |      |  | 0.2                | 
|                              |  |                    |                    |  |      |  |                    | 
|Total Liabilities             |  |                    | Ps.      1,004.6   |  |      |  | Ps.         972.3  | 
|                              |  |                    |                    |  |      |  |                    | 



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Our maximum loss exposure, which amounted to Ps.1,004.6 million and Ps.972.3 million as of
December 31, 2012 and 2011, respectively, is based on the unlikely events that all of the assets in the VIEs become worthless and incorporates potential losses associated with assets recorded on our balance sheet.

Other transfers of financial assets accounted for as sales under U.S. GAAP

As of December 31, 2010 certain financial trusts created in connection with the transfer of financial assets considered sales under
ASC 860 for U.S. GAAP purposes had been liquidated. Therefore, the 2010 U.S. GAAP net income reconciliation includes the reverse of the previous years adjustments.

As of December 31, 2011 and 2012 there are no financial trusts accounted for as sales under U.S. GAAP.

Negative Goodwill  Compañía Financiera Argentina and subsidiaries

The Argentine Central Banks board of directors, through Resolution No.124 dated June 7, 2010, authorized Banco Galicia to purchase 95% of the shares belonging to the following companies: CFA,
Cobranzas y Servicios S.A. and Procesadora Regional S.A. (former Universal Processing Center S.A.). Furthermore, through the above-mentioned resolution the Argentine Central Bank authorized the subsidiary Tarjetas Regionales to purchase the
remaining 5% of the shares belonging to such companies.

The total purchase price paid amounted to Ps.328.3 million for CFA,
Ps.0.8 million for Cobranzas y Servicios S.A. and Ps.4.8 million for Procesadora Regional S.A. (former Universal Processing Center S.A.).

Pursuant to Argentine Central Bank rules, and due to the difference between the acquisition cost and the estimated fair value of assets and liabilities acquired as of June 30, 2010, a negative
goodwill amounting to Ps.500.6 million was recorded by CFA and a negative goodwill of Ps.16.8 million was recorded by Cobranzas y Servicios S.A., both of which were recorded under the line item Liabilities-Provisions. With regard to Procesadora
Regional S.A. (former Universal Processing Center S.A.), a goodwill amounting to Ps.4.0 million was recorded under Intangible Assets  Goodwill. The negative goodwill is subsequently charged to Income on a straight-line basis during 60 months.

Under U.S. GAAP, ASC 805 requires the acquisition of controlling interest of CFA, Cobranzas y Servicios S.A. and Procesadora
Regional S.A. (former Universal Processing Center S.A.) to be accounted for as a business combination applying the purchase method, recognizing all net assets acquired at their fair value.

Considering that the net assets acquired were originally recorded at their estimated fair value under Argentine Banking GAAP, no
adjustments for U.S. GAAP purposes were recorded in this regard. However, the negative goodwill recorded as a liability and being amortized over a 60 months period under Argentine Banking GAAP, has been fully recognized as a gain in the consolidated
statement of income for U.S. GAAP purposes under the caption Miscellaneous Income.

In addition, the amortization of negative
goodwill recorded under Argentine Banking GAAP has been reversed for U.S. GAAP purposes.



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As of December 31, 2012 and 2011 we had a balance of Ps.247.8 million and Ps.346.9
million, respectively, related to the negative goodwill.

Income Tax

Argentine Central Bank regulations do not require the recognition of deferred tax assets and liabilities and, therefore, income taxes for
Banco Galicia are recognized on the basis of amounts due in accordance with Argentine tax regulations. However, we and our non-bank subsidiaries apply the deferred income tax method.

For the purposes of U.S. GAAP reporting, we applied ASC 740-10 Accounting for Income Taxes. Under this method, income tax is
recognized based on the assets and liabilities method whereby deferred tax assets and liabilities are established for temporary differences between the financial reporting and tax basis of our assets and liabilities. Deferred tax assets are
recognized if it is more likely than not those assets will be realized.

According to the taxable income projections, Grupo
Financiero Galicia estimates that is more likely than not that it will recover the temporary differences and the presumed minimum income tax with future taxable income and the presumed minimum income tax will be utilized. Therefore, no valuation
allowance was provided against presumed minimum income tax and temporary differences.

Accounting for Uncertainty in
Income Taxes, ASC 740-10 was issued in July 2006 and interprets FASB Statement of Financial Accounting Standards ASC 740-10. ASC 740-10 became effective for us on January 1, 2007 and prescribes a comprehensive model for the recognition,
measurement, financial statement presentation and disclosure of uncertain tax positions taken or expected to be taken in a tax return. ASC 740-10 provides guidance on derecognition, classification, interest and penalties, accounting in interim
periods, disclosure and transition.

We classify income tax-related interest and penalties as income taxes in the financial
statements. The adoption of this pronouncement had no effect on our overall financial position or results of operations.

Summary

As a result of the above and other differences, our net income and shareholders equity under Argentine Banking
GAAP and U.S. GAAP for the periods indicated were as follows:



|                 |  |                        |         |  |                                |  |         |                      |  |  |          |  |  |  |         | 
|---------------- |  | ---------------------- | ------- |  | ------------------------------ |  | ------- | -------------------- |  |  | -------- |  |  |  | ------- | 
|                 |  | Net Income (Loss)      |         |  | Shareholders Equity (Deficit) | 
|                 |  | ArgentineBankingGAAP   |         |  | U.S.GAAP                       |  |         | ArgentineBankingGAAP |  |  | U.S.GAAP | 
|                 |  | (in millions of Pesos) |        
|Fiscal Year 2012 |  |                        | 1,336.2 |  |                                |  | 1,309.6 |                      |  |  | 4,870.1  |  |  |  | 5,107.9 | 
|Fiscal Year 2011 |  |                        | 1,106.9 |  |                                |  | 866.7   |                      |  |  | 3,551.6  |  |  |  | 3,876.1 | 
|Fiscal Year 2010 |  |                        | 408.9   |  |                                |  | 2,293.6 |                      |  |  | 2,469.5  |  |  |  | 2,997.1 | 

The significant differences that result between shareholders equity under U.S. GAAP and
shareholders equity under Argentine Banking GAAP primarily reflect that:



| |  |  | Under U.S. GAAP, Bonar 2015 Bonds are reflected at market values, with changes from market values at the time of exchange being recognized as other
comprehensive income. With the improvement in the Argentine economy, market values have increased, with a favorable influence on our financial position.
| | - |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | Under U.S. GAAP, ASC 850-40 defines three stages for the costs of computer software developed or obtained for internal use: the preliminary project
stage, the application development stage and the post-implementation operation stage. Under U.S. GAAP, only second stage costs should be capitalized. Under Argentine Banking GAAP, the Bank capitalized costs relating to all three of the stages of
software development.
| | - |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | The difference between the consideration transferred for the acquisition of Compañía Financiera Argentina S.A. and Cobranzas y Servicios
S.A. and the fair value of the assets acquired and liabilities assumed was recognized as a gain in earnings on the acquisition date. Instead, under Argentine Banking GAAP, such difference was recorded in the line item Liabilities-Provisions.
Pursuant to the Argentine Central Bank regulations, negative goodwill must be charged to Income with regard to the causes that have originated it, not to exceed a 60-month straight-line method amortization.
| | - |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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| |  |  | The recognition of the Deferred Income Taxes differs under Argentine Banking GAAP as compared to U.S. GAAP. Under Argentine Banking GAAP banking
companies are not allowed to record Deferred Income Tax, as such Grupo Galicia and its non-banking subsidiaries have recognized a deferred tax asset for local purposes. As such, the U.S. GAAP adjustment includes: (a) Deferred Income Taxes for
banking companies not recorded for local purposes and; (b) tax effects on the USGAAP adjustments including in the reconciliation.
| | - |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | The significant differences that result between net income under U.S. GAAP and net income under Argentine Banking GAAP primarily reflect that under
U.S. GAAP the difference between the consideration transferred for the acquisition of CFA and Cobranzas y Servicios S.A. and the fair value of the assets acquired and liabilities assumed was recognized as a gain in earnings on the acquisition date.
Instead, under Argentine Banking GAAP, the negative goodwill is charged to Income on a straight-line basis during 60 months.
| | - |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Results by Segments

The presentation of our segment disclosures for the years ended December 31, 2012, 2011 and 2010 corresponds with our internal reporting structure, considering the banking business as one single
segment that is evaluated regularly by our management in deciding how to allocate resources and in assessing the performance of our business.

We measure the performance of each of our business segments primarily in terms of Net income, in accordance with the regulatory reporting requirements of the Argentine Central Bank. Net income
and other information by segment are based on Argentine Banking GAAP and are consistent with the presentation of our consolidated financial statements.

Our disclosure segments are as follows:



| |  |  | Banking: our banking business segment represents Banco Galicia consolidated line by line with Galicia Uruguay, Galicia Cayman and its subsidiaries and
the results of other small banking-related subsidiaries.
| | - |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | Regional Credit Cards: our regional credit cards business segment represents the accounts of Tarjetas Regionales consolidated with its subsidiaries.
| | - |  | ----------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | CFA: the CFA business segment primarily extends unsecured personal loans to low and middle-income segments of the Argentine population.
| | - |  | ---------------------------------------------------------------------------------------------------------------------------------------



| |  |  | Insurance: our insurance business segment represents the accounts of Sudamericana and its subsidiaries.
| | - |  | -------------------------------------------------------------------------------------------------------



| |  |  | Other Grupo Galicia Businesses: this segment includes the results of Net Investment and Galicia Warrants. Fiscal years 2010 and 2011 also include the
results of GV Mandataria (in liquidation) and Galval.
| | - |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Our results by segments are shown in Note 31 to our
audited consolidated financial statements. Below is a discussion of our results of operations by segments for the years ended December 31, 2012, December 31, 2011 and December 31, 2010.

Banking

The
table below shows the results of our banking business segment.



|                                                           |  |                                 |          |   |      |  |          |      |  |  |          |  
|---------------------------------------------------------- |  | ------------------------------- | -------- | - | ---- |  | -------- | ---- |  |  | -------- | -
|                                                           |  | For the year ended December 31, |         
|In millions of Pesos, except percentages                   |  | 2012                            |          |   | 2011 |  |          | 2010 | 
|Net Financial Income                                       |  |                                 | 3,188.4  |   |      |  | 2,362.5  |      |  |  | 1,428.0  |  
|Net Income from Services                                   |  |                                 | 1,477.2  |   |      |  | 1,095.5  |      |  |  | 880.6    |  
|                                                           |  |                                 |          |   |      |  |          |      |  |  |          |  
|Net Operating Revenue                                      |  |                                 | 4,665.6  |   |      |  | 3,458.0  |      |  |  | 2,308.6  |  
|                                                           |  |                                 |          |   |      |  |          |      |  |  |          |  
|Provisions for Loan Losses                                 |  |                                 | 593.3    |   |      |  | 494.1    |      |  |  | 307.2    |  
|Administrative Expenses                                    |  |                                 | 3,094.6  |   |      |  | 2,302.4  |      |  |  | 1,693.1  |  
|                                                           |  |                                 |          |   |      |  |          |      |  |  |          |  
|Net Operating Income                                       |  |                                 | 977.7    |   |      |  | 661.5    |      |  |  | 308.3    |  
|                                                           |  |                                 |          |   |      |  |          |      |  |  |          |  
|Income from Equity Investments                             |  |                                 |          |   |      |  |          |      |  |  |          |  
|Tarjetas Regionales SA                                     |  |                                 | 434.8    |   |      |  | 347.0    |      |  |  | 270.5    |  
|Compañía Financiera Argentina S.A.(*)                      |  |                                 | 307.6    |   |      |  | 315.0    |      |  |  | 133.3    |  
|Sudamericana                                               |  |                                 | 14.4     |   |      |  | 11.3     |      |  |  | 4.0      |  
|Others                                                     |  |                                 | (60.0    | ) |      |  | 17.7     |      |  |  | 13.7     |  
|                                                           |  |                                 |          |   |      |  |          |      |  |  |          |  
|Income from Equity Investments                             |  |                                 | 696.9    |   |      |  | 691.0    |      |  |  | 421.5    |  
|                                                           |  |                                 |          |   |      |  |          |      |  |  |          |  
|Other Income (Loss)                                        |  |                                 | (31.4    | ) |      |  | 80.5     |      |  |  | (260.6   | )
|                                                           |  |                                 |          |   |      |  |          |      |  |  |          |  
|Pre-tax Income                                             |  |                                 | 1,643.2  |   |      |  | 1,433.0  |      |  |  | 469.1    |  
|                                                           |  |                                 |          |   |      |  |          |      |  |  |          |  
|Income Tax Provision                                       |  |                                 | 342.0    |   |      |  | 325.7    |      |  |  |         |  
|                                                           |  |                                 |          |   |      |  |          |      |  |  |          |  
|Net Income                                                 |  |                                 | 1,301.2  |   |      |  | 1,107.3  |      |  |  | 469.1    |  
|                                                           |  |                                 |          |   |      |  |          |      |  |  |          |  
|Net Income as a % of Grupo Financiero Galicias Net Income |  |                                 | 97       | % |      |  | 100      | %    |  |  | 115      | %
|Average Loans                                              |  |                                 | 25,871.8 |   |      |  | 19,608.3 |      |  |  | 12,818.6 |  
|Average Deposits                                           |  |                                 | 32,220.4 |   |      |  | 25,146.8 |      |  |  | 18,112.0 |  
|                                                           |  |                                 |          |   |      |  |          |      |  |  |          |  



|(*) | Includes amortization of negative goodwill.
|--- | -------------------------------------------



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This segment recorded Ps.1,301.2 million net income for the fiscal year ended
December 31, 2012, a Ps.193.9 million increase as compared to Ps.1,107.3 million for the fiscal year ended December 31, 2011, which in turn was Ps.638.2 million more than the Ps.469.1 million for the fiscal year ended December 31,
2010.

The increase in net income for the fiscal year ended December 31, 2012 as compared to fiscal year 2011 was
primarily due to the significant increase in the volume of financial intermediation with the private sector. This was mainly the consequence of an increase of Ps.1,207.6 million in net operating revenues, an increase of Ps.792.2 million in
administrative expenses, a Ps.111.9 million decrease in other income and an increase of Ps.99.2 million in provisions for loan losses.

The increase in net income for the fiscal year ended December 31, 2011 was partially attributable to a significant increase in the volume of financial intermediation with the private sector and to an
improved efficiency ratio, as the increase in net operating income was higher than the increase in administrative expenses, in each case as compared to the fiscal year ended December 31, 2010. In addition, net income for the fiscal year 2011
also included Ps.215.9 million which corresponded to CFAs income, as compared to Ps.83.6 million of CFAs income for the fiscal year ended December 31, 2010, as well as Ps.99.1 million corresponding to the amortization of the
negative goodwill from the acquisition of such company, as compared to Ps.49.6 million for the fiscal year ended December 31, 2010, in each case due to the fact that CFAs income was included into Banco Galicias balance sheet on
July 1, 2010.

Net financial income for fiscal year ended December 31, 2012 amounted to Ps.3,188.4 million, as
compared to Ps.2,362.5 million for the fiscal year ended December 31, 2011, a 35.0% increase, which was in turn 65.4% higher than the Ps.1,428.0 million for the fiscal year ended December 31, 2010. In both cases the increases were the
consequence of a significant increase in the volume of financial intermediation with the private sector, which in 2012 was partially offset by the drop in the spread related to Peso-denominated transactions

Net income from services was Ps.1,477.2 million for the fiscal year ended December 31, 2012, as compared to Ps.1,095.5 million for
the fiscal year ended December 31, 2011, a 34.8% increase, which was in turn 24.4% higher than the Ps.880.6 million for the fiscal year ended December 31, 2010. These increases can be mainly attributed to the Banks strategic
positioning in the different segments in which it operates, the significant growth in the business volume and the rise in prices, in line with the dynamics of the market.

Provisions for loan losses and other receivables were Ps.593.3 million for the fiscal year ended December 31, 2012 as compared to Ps.494.1 million for the fiscal year ended December 31, 2011, an
increase of Ps.99.2 million, mainly due to the seasoning of the consumers portfolio. In turn, provisions for loan losses and other receivables for the fiscal year ended December 31, 2011, were Ps.186.9 million higher than the Ps.307.2
million recorded in fiscal year ended December 31, 2010, as a consequence of the increase in the size of the loan portfolio and in the amount of provisioning for the non-accrual loan portfolio with allowances for loan losses.

Administrative expenses were Ps.3,094.6 million for the fiscal year ended December 31, 2012, as compared to Ps.2,302.4 million for
the fiscal year ended December 31, 2011, a 34.4% increase. In turn, administrative



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expenses for the fiscal year ended December 31, 2011, were 36.0% higher as compared to Ps.1,693.1 million for the fiscal year ended December 31, 2010. These increases were mainly
attributable to higher personnel expenses and other administrative expenses. In fiscal year 2012, as compared to fiscal year 2011, the increase in personnel expenses (salaries, Argentine social security contributions and expenses related to
personnel services) was mainly due to the salary increase agreed upon with unions and to the 3.8% increase in staff, while the increase in other administrative expenses was mainly attributable to the geographic expansion the branch network, the rise
in utility rates and the increases in amounts due to agreements with the different service providers, the main component of which is labor. For the fiscal year ended December 31, 2011, the increases in personnel expenses, as compared to the
previous fiscal year, were mainly attributable to the salary increase agreed upon with the union and an increase in Banco Galicias staff, which increased 6.5%. In addition, the increase in other administrative expenses was mainly attributable
to the higher level of activity, the geographic expansion of Banco Galicia and the higher inflation rate during that period.

Income from equity investments was Ps.696.9 million for the fiscal year ended December 31, 2012, as compared to Ps.691.0 million and
Ps.421.5 million for the fiscal years ended December 31, 2011 and 2010, respectively. Income from equity investments for the fiscal year ended December 31, 2012 was mainly attributable to profits from Banco Galicias interest in
Tarjetas Regionales and in CFA, of Ps.342.4 million and Ps.304.2 million (including Ps.99.1 million from the amortization of the negative goodwill stemming from the acquisition of CFA and Cobranzas y Servicios), respectively. The increase recorded
in the fiscal year ended December 31, 2011 was mainly attributable to: (i) the higher net income from CFA which was Ps.215.9 million for the fiscal year ended December 31, 2011 as compared to Ps.83.6 million for the fiscal year ended
December 31, 2010, and (ii) the amortization of the negative goodwill stemming from the acquisition of CFA and Cobranzas y Servicios since these profits amounted to Ps.49.6 million in the fiscal year ended December 31, 2010, while
they amounted to Ps.99.1 million in the fiscal year ended December 31, 2011. The variation was due to the fact that CFA was only included on Banco Galicias balance sheet for the second half of 2010 and because of the increase that
resulted from Banco Galicias Ps.76.6 million equity investment in Tarjetas Regionales. The increase in income from equity investments for the fiscal year ended December 31, 2010 was mainly attributable to: (i) the incorporation in
the third quarter of 2010 of the results of operations of CFA (net of results from transactions not involving third parties) into those of Banco Galicia, which during the second half of the fiscal year ended December 31, 2010 amounted to
Ps.83.6 million, and the accrual of negative goodwill generated by the purchase of CFA in the amount of Ps.49.6 million, and (ii) the income that resulted from Banco Galicias equity investment in Tarjetas Regionales of Ps.270.5 million.

Other net loss for the fiscal year ended December 31, 2012 was Ps.31.4 million, as compared to a Ps.80.5 million income
for the fiscal year ended December 31, 2011 and net losses of Ps.260.6 million for the fiscal year ended December 31, 2010. Other net loss for the fiscal year 2012 was mainly attributable to net other provisions recorded, for Ps.146.4
million, partially offset by profits from loans recovered and punitive interest, of Ps.74.3 million and Ps.29.9 million, respectively. The gain for the fiscal year ended December 31, 2011 was mainly attributable to the financial income from
margin requirements in connection with repurchase agreement transactions totaling Ps.52.2 million. The loss for the fiscal year ended December 31, 2010 was mainly attributable to the amortization of the total amount of deferred losses from
amparo claims of Ps.281.0 million.

The income tax charge during the fiscal year ended December 31, 2012 was Ps.342.0
million. For fiscal year 2011 was Ps.325.7 million. There was no income tax charge for fiscal year 2010, since Banco Galicia started to accrue such charge in fiscal year 2011.



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##### Table of Contents

Regional Credit Cards

The table below shows the results of our regional credit cards business segment.



|                                                           |  |                                 |         |   |      |  |         |      |  |  |         |  
|---------------------------------------------------------- |  | ------------------------------- | ------- | - | ---- |  | ------- | ---- |  |  | ------- | -
|                                                           |  | For the year ended December 31, |        
|In millions of Pesos, except percentages                   |  | 2012                            |         |   | 2011 |  |         | 2010 | 
|Net Financial Income                                       |  |                                 | 1,169.2 |   |      |  | 701.6   |      |  |  | 503.4   |  
|Net Income from Services                                   |  |                                 | 2,052.8 |   |      |  | 1,571.1 |      |  |  | 1,040.1 |  
|                                                           |  |                                 |         |   |      |  |         |      |  |  |         |  
|Net Operating Revenue                                      |  |                                 | 3,222.0 |   |      |  | 2,272.7 |      |  |  | 1,543.5 |  
|                                                           |  |                                 |         |   |      |  |         |      |  |  |         |  
|Provisions for Loan Losses                                 |  |                                 | 580.1   |   |      |  | 270.4   |      |  |  | 199.5   |  
|Administrative Expenses                                    |  |                                 | 2,014.1 |   |      |  | 1,402.1 |      |  |  | 905.0   |  
|                                                           |  |                                 |         |   |      |  |         |      |  |  |         |  
|Net Operating Income                                       |  |                                 | 627.8   |   |      |  | 600.2   |      |  |  | 439.0   |  
|                                                           |  |                                 |         |   |      |  |         |      |  |  |         |  
|Other Income (Loss)                                        |  |                                 | 167.7   |   |      |  | 141.2   |      |  |  | 101.7   |  
|Minority Interests                                         |  |                                 | (9.8    | ) |      |  | (106.4  | )    |  |  | (78.4   | )
|                                                           |  |                                 |         |   |      |  |         |      |  |  |         |  
|Pre-tax Income                                             |  |                                 | 785.7   |   |      |  | 635.0   |      |  |  | 462.3   |  
|                                                           |  |                                 |         |   |      |  |         |      |  |  |         |  
|Income Tax Provision                                       |  |                                 | 351.0   |   |      |  | 287.9   |      |  |  | 191.8   |  
|                                                           |  |                                 |         |   |      |  |         |      |  |  |         |  
|Net Income                                                 |  |                                 | 434.7   |   |      |  | 347.1   |      |  |  | 270.5   |  
|                                                           |  |                                 |         |   |      |  |         |      |  |  |         |  
|Net Income as a % of Grupo Financiero Galicias Net Income |  |                                 | 33      | % |      |  | 31      | %    |  |  | 66      | %
|Average Loans                                              |  |                                 | 7,300.5 |   |      |  | 5,087.5 |      |  |  | 3,341.8 |  
|                                                           |  |                                 |         |   |      |  |         |      |  |  |         |  

During fiscal year 2011, with the purpose of achieving a better corporate structure, Banco Galicia and
its subsidiaries initiated a series of changes in its organizational structure, which were completed during 2012. This reorganization was carried out between companies under common control. Therefore, this reorganization did not have any impact on
the financial conditions and results of Banco Galicia. It is worth mentioning that on July 1, 2010, 5% of the results of operations of CFA were consolidated with those of the Regional Credit Card Companies along with the accrual of negative
goodwill generated by the acquisition of CFA.

In fiscal year 2012, the business segment of the Regional Credit Card Companies
recorded net income of Ps.434.8 million, as compared to Ps.347.1 million for the fiscal year ended December 31, 2011, representing a Ps.87.7 million or 25.3% increase.

The increase in income corresponding to the Regional Credit Card Companies for the fiscal year ended December 31, 2012 was mainly attributable to an increase in net operating revenues of Ps.949.4
million. This increase was partially offset by increases of Ps.612.0 million in administrative expenses, Ps.309.7 million in loan loss provisions and Ps.63.1 million in income tax.

The net operating revenues for fiscal year 2012 amounted to Ps.3,222.0 million, a 41.8% increase as compared to the Ps.2,272.7 million
for fiscal year 2011, as a consequence of increases of Ps.467.6 million in net financial income and Ps.481.7 million in net income from services. The increase in net operating income was due to a higher average amount of purchases and financing, and
to the increase in the number of transactions.

In the 2012 fiscal year provisions for loan losses of Ps.580.1 million were
recorded, Ps.309.7 million higher than in the previous fiscal year, mainly as a result of an increase in the size of the loan portfolio and to higher levels of past due loans in line with the economy in general.

Administrative expenses for the fiscal year 2012 amounted to Ps.2,014.1, a 43.6% increase from fiscal year 2011, mainly due to the salary
increase agreed upon with unions, an increase in staff, a higher level of economic activity, the geographic expansion of the branch network and the higher inflation rate during that period.

The income tax charge during the fiscal year 2012 was Ps.351.0 million, Ps.63.1 million higher than in fiscal year 2011.

The Regional Credit Card Companies experienced growth in the following key indicators during the fiscal year ended December 31,
2012, as compared to the fiscal year ended December 31, 2011:



| |  |  | average statements issued: 14.4% growth, reaching an annual average of 2.6 million customers;
| | - |  | ---------------------------------------------------------------------------------------------



| |  |  | increase in retail sales: 40.9%, from Ps.18,248 million to Ps.25,707 million;
| | - |  | -----------------------------------------------------------------------------



| |  |  | increase in loan portfolio: 43.3%, amounting to Ps.11,291 million;
| | - |  | ------------------------------------------------------------------



| |  |  | increase in the number of purchase transactions: 18.7%, reaching Ps.119 million; and
| | - |  | ------------------------------------------------------------------------------------



| |  |  | increase in the size of the distribution network: 5%, reaching a total of 254 service centers.
| | - |  | ----------------------------------------------------------------------------------------------

The Regional Credit Card Companies employed 5,901 employees as of December 31, 2012, which represents a 6.2% increase as compared to
the number of employees as of December 31, 2011.



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##### Table of Contents

In fiscal years 2012 and 2011, other net income amounted to Ps.167.7 million and Ps.141.2
million, respectively, with increases of 18.8% and 38.8%, respectively, mainly as a result of an increase in loans recovered in each such fiscal year.

The net income for the fiscal year ended December 31, 2011 was Ps.76.6 million or 28.3% higher than the Ps.270.5 million recorded in fiscal year ended December 31, 2010.

During fiscal year 2011, with the purpose of achieving a better corporate structure, Banco Galicia and its subsidiaries have made a
series of changes in its organizational structure. This reorganization was carried out between companies under common control. Therefore, this reorganization did not have any impact on the financial conditions and results as of the fiscal year ended
December 31, 2011. It is worth mentioning that on July 1, 2010, 5% of the results of operations of CFA were consolidated with those of the Regional Credit Card Companies along with the accrual of negative goodwill generated by the
acquisition of CFA.

The increase in income corresponding to the Regional Credit Card Companies for the fiscal year ended
December 31, 2011 was mainly attributable to an increase in net operating revenues of Ps.729.2 million. This increase was partially offset by increases of Ps.497.1 million in administrative expenses, Ps.96.1 million in income tax provision and
Ps.70.9 million in loan loss provisions. During the fiscal year ended December 31, 2010 the increase in income was mainly attributable to an increase in net operating revenue of Ps.431.0 million, a decrease in loan loss provisions of Ps.51.3
million and an increase in other income of Ps.46.8 million. This increase was partially offset by higher administrative expenses of Ps.283.1 million and a higher income tax provision of Ps.62.7 million.

The Regional Credit Card Companies experienced growth in the following key indicators during the fiscal year ended December 31,
2011, as compared to the fiscal year ended December 31, 2010:



| |  |  | average statements issued: 13.4% growth, reaching an annual average of 2.3 million customers;
| | - |  | ---------------------------------------------------------------------------------------------



| |  |  | increase in retail sales: 41.2%, from Ps13,110 million to Ps.18,512 million;
| | - |  | ----------------------------------------------------------------------------



| |  |  | increase in loan portfolio: 47.2%, amounting to Ps.6,564 million;
| | - |  | -----------------------------------------------------------------



| |  |  | increase in the number of purchase transactions: 14.2%, reaching 101.7 million; and
| | - |  | -----------------------------------------------------------------------------------



| |  |  | increase in the size of the distribution network: 10%, reaching a total of 241 service centers.
| | - |  | -----------------------------------------------------------------------------------------------

The Regional Credit Card Companies employed 5,554 employees as of December 31, 2011, which represents an 18.5% increase over the
number of employees as of December 31, 2010.

The increase in the Regional Credit Card Companies provisions for
loan losses from Ps.199.5 million for the fiscal year ended December 31, 2010 to Ps.270.4 million for the fiscal year ended December 31, 2011 was mainly related to the significant growth recorded in their financing portfolio together with
an increase in the coverage. During fiscal year ended December 31, 2011 the Regional Credit Card Companies maintained low default rates. The decrease in the Regional Credit Card Companies provisions for loan losses from Ps.250.8 million
for the fiscal year ended December 31, 2009 to Ps.199.5 million for the fiscal year ended December 31, 2010 was mainly attributable to the improvements in the credit card sector (due to the application of higher creditworthiness standards
to potential customers) and increased rates of collection (due to technological and organizational advances), in the context of a more favorable economic environment.

The increases in administrative expenses in fiscal years ended December 31, 2011 and 2010 were mainly attributable to the increased level of activity among the Regional Credit Card Companies,
increased inflation and geographical expansion.



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##### Table of Contents

CFA

The table below sets forth the results of operations of CFAs business segment:



|                                                           |  |                                 |         |   |      |  |         |         |  |  |       |  
|---------------------------------------------------------- |  | ------------------------------- | ------- | - | ---- |  | ------- | ------- |  |  | ----- | -
|                                                           |  | For the year ended December 31, |        
|In millions of Pesos, except percentages                   |  | 2012                            |         |   | 2011 |  |         | 2010(*) | 
|Net Financial Income                                       |  |                                 | 792.6   |   |      |  | 655.5   |         |  |  | 282.0 |  
|Net Income from Services                                   |  |                                 | 80.0    |   |      |  | 36.0    |         |  |  | 25.9  |  
|                                                           |  |                                 |         |   |      |  |         |         |  |  |       |  
|Net Operating Revenue                                      |  |                                 | 872.6   |   |      |  | 691.5   |         |  |  | 307.9 |  
|                                                           |  |                                 |         |   |      |  |         |         |  |  |       |  
|Provisions for Loan Losses                                 |  |                                 | 173.9   |   |      |  | 78.9    |         |  |  | 44.8  |  
|Administrative Expenses                                    |  |                                 | 524.9   |   |      |  | 373.5   |         |  |  | 159.2 |  
|                                                           |  |                                 |         |   |      |  |         |         |  |  |       |  
|Net Operating Income                                       |  |                                 | 173.8   |   |      |  | 239.1   |         |  |  | 103.9 |  
|                                                           |  |                                 |         |   |      |  |         |         |  |  |       |  
|Other Income (Loss)                                        |  |                                 | 136.2   |   |      |  | 94.5    |         |  |  | 37.5  |  
|Pre-tax Income                                             |  |                                 | 310.0   |   |      |  | 333.6   |         |  |  | 141.4 |  
|                                                           |  |                                 |         |   |      |  |         |         |  |  |       |  
|Income Tax Provision                                       |  |                                 | 94.0    |   |      |  | 111.1   |         |  |  | 51.2  |  
|                                                           |  |                                 |         |   |      |  |         |         |  |  |       |  
|Net Income                                                 |  |                                 | 216.0   |   |      |  | 222.5   |         |  |  | 90.2  |  
|                                                           |  |                                 |         |   |      |  |         |         |  |  |       |  
|Net Income as a % of Grupo Financiero Galicias Net Income |  |                                 | 16      | % |      |  | 20      | %       |  |  | 22    | %
|Average Loans                                              |  |                                 | 2,040.3 |   |      |  | 1,523.0 |         |  |  | 640.4 |  
|Average Deposits                                           |  |                                 | 699.4   |   |      |  | 289.4   |         |  |  | 116.5 |  
|                                                           |  |                                 |         |   |      |  |         |         |  |  |       |  



|(*) | Results of operations correspond to the second half of the fiscal year ended December 31, 2010, subsequent to Banco Galicias acquisition of CFA.
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------

CFA is a leading non-bank financial institution that engages in retail lending and focuses on the area of
unsecured personal loans within Argentina. Its customers are characterized by a limited relationship with traditional banks and a desire for quick and easy access to credit. CFAs customers usually belong to the lower and middle-class sectors
of the Argentine economy. Efectivo Sí, the leading brand of CFA, has an especially strong presence in Greater Buenos Aires.

CFAs net income for the fiscal year ended December 31, 2012 amounted to Ps.216.0 million, Ps.6.5 million lower than for the fiscal year ended December 31, 2011.

Net financial income for fiscal year 2012 amounted to Ps.792.6 million, a Ps.137.1 million increase as compared to fiscal year 2011, due
to the growth of the loan portfolio, with a stable yield during such periods. This increase was offset by a higher cost of funding, higher average liabilities and a higher interest rate due to market conditions.

Net income from services reached Ps.80.0 million in fiscal year 2012, a Ps.44.0 million increase as compared to fiscal year 2011, due to
higher fees related to loans.

Provisions for loan losses for the fiscal year ended December 31, 2012 amounted to
Ps.173.9 million, increasing Ps.95.0 million compared to the fiscal year ended December 31, 2011, as a result of the changes in the past due loan portfolio.

Administrative expenses for the fiscal year ended December 31, 2012 amounted to Ps.524.9 million, an increase of Ps.151.4 million as compared to fiscal year 2011, mainly as a result of an increase in
personnel expenses of Ps.65.0 million as a result of salary agreements with unions and a 10% increase in the number of personnel.

For fiscal year 2012, other net income amounted to Ps.136.2 million, an increase of 44.1% as compared to fiscal year 2011 and mainly reflected loans recovered.

As regards the information for fiscal years 2011 and 2010, the significant growth in the net income was due the fact that CFA was
incorporated to the income statement of Banco Galicia on July 1, 2010.

CFAs net income for the fiscal year ended
December 31, 2011 amounted to Ps 222.5 million, as a result of net operating revenues of Ps.691.5 million and other income of Ps.94.5 million. These results were partially offset by: (i) administrative expenses in the amount of
Ps.373.5 million; (ii) loan loss provisions in the amount of Ps.78.9 million; and (iii) an income tax provision in the amount of Ps.111.1 million.

Net income for the second half of 2010 amounted to Ps.90.2 million, as a result of net operating revenues of Ps.307.9 million and other income of Ps.37.5 million. These results were partially offset by
losses arising from: (i) administrative expenses in the amount of Ps.159.2 million; (ii) loan loss provisions in the amount of Ps.44.8 million; and (iii) income tax provision in the amount of Ps.51.2 million.



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##### Table of Contents

Insurance

The table below shows the results of our insurance business segment.



|                                                           |  |                    |       |   |                     |  |       |      |  |  |       |  
|---------------------------------------------------------- |  | ------------------ | ----- | - | ------------------- |  | ----- | ---- |  |  | ----- | -
|                                                           |  | As of December 31, |       |   | As of September 30, | 
|In millions of Pesos, except percentages                   |  | 2012               |       |   | 2011                |  |       | 2010 | 
|Net Financial Income                                       |  |                    | 54.2  |   |                     |  | 47.5  |      |  |  | 28.7  |  
|                                                           |  |                    |       |   |                     |  |       |      |  |  |       |  
|Net Operating Revenue                                      |  |                    | 54.2  |   |                     |  | 47.5  |      |  |  | 28.7  |  
|                                                           |  |                    |       |   |                     |  |       |      |  |  |       |  
|Administrative Expenses                                    |  |                    | 131.8 |   |                     |  | 103.2 |      |  |  | 56.2  |  
|                                                           |  |                    |       |   |                     |  |       |      |  |  |       |  
|Net Operating Income                                       |  |                    | (77.6 | ) |                     |  | (55.7 | )    |  |  | (27.5 | )
|                                                           |  |                    |       |   |                     |  |       |      |  |  |       |  
|Other Income (Loss)                                        |  |                    | 257.1 |   |                     |  | 199.0 |      |  |  | 75.1  |  
|                                                           |  |                    |       |   |                     |  |       |      |  |  |       |  
|Pre-tax Income                                             |  |                    | 179.5 |   |                     |  | 143.3 |      |  |  | 47.6  |  
|                                                           |  |                    |       |   |                     |  |       |      |  |  |       |  
|Income Tax Provision                                       |  |                    | 63.8  |   |                     |  | 50.3  |      |  |  | 16.3  |  
|                                                           |  |                    |       |   |                     |  |       |      |  |  |       |  
|Net Income                                                 |  |                    | 115.7 |   |                     |  | 93.0  |      |  |  | 31.3  |  
|                                                           |  |                    |       |   |                     |  |       |      |  |  |       |  
|Net Income as a % of Grupo Financiero Galicias Net Income |  |                    | 9     | % |                     |  | 8     | %    |  |  | 8     | %
|                                                           |  |                    |       |   |                     |  |       |      |  |  |       |  

The accounting rules of the Argentine Central Bank establish that the accounts of non-homogeneous
activities must be included under Other Income/Loss, therefore the income statement of Sudamericana was reclassified and that is why, in the table above, its main accounts (earned premiums, claims, acquisition costs, etc.) are included
in such item. The results of this segment mainly represent the results of Galicia Seguros.

Net income for fiscal year 2012
amounted to Ps.115.7 million, Ps.22.7 million higher than in fiscal year 2011. This significant increase responds to the increase of premiums earned, which were mainly the result of Galicia Seguros performance through group life insurance,
home insurance and accidental, death and dismemberment insurance sold through Banco Galicia and the Regional Credit Card Companies.

The administrative expenses grew following the increase in acquisition costs, and correspond mainly to the increase of expenses related to the issuance of policies, the salary increases and increases in
other expenses within an inflationary context.

It is important to note that during the three years described herein the
claims ratio have remained at the same or similar levels.

As of December 31, 2012, the insurance segment had
approximately 6.4 million insured under all their lines of business.

Other Grupo Galicia Businesses

This segment includes the results of Net Investment and Galicia Warrants. As of December 31, 2011 and 2010, it also included the
results of Galval and GV Mandataria.

In fiscal year 2012, this segment recorded a Ps.7.8 million profit, predominantly from
Galicia Warrants, as Net Investment recorded a Ps.0.01 million loss.

In fiscal year 2011, the segment recorded a Ps.0.7
million net loss. GV Mandataria recorded Ps.0.7 million losses primarily attributable to a change in the cost structure of the company. Galval recorded Ps.4.6 million losses due to the fact that income from services was lower than administrative and
commercial expenses. These results were partially offset by a Ps.4.6 million net income from Galicia Warrants.

In fiscal year
2010, our other businesses recorded a Ps.2.0 million net loss, attributable to the net loss of Galval and Net Investment, in the amounts of Ps.4.0 million and Ps.0.1 million, respectively, partially offset by Ps.2.0 million and Ps.0.1 million
attributable to Galicia Warrantss and GV Mandatarias net income, respectively.



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##### Table of Contents

Consolidated Assets

The structure and main components of our consolidated assets as of the dates indicated were as follows:



|                                    |  |                                            |          |  |      |  |       |         |  |  |          |  |  |         |       |  |   |  |          |  |  |  |       | 
|----------------------------------- |  | ------------------------------------------ | -------- |  | ---- |  | ----- | ------- |  |  | -------- |  |  | ------- | ----- |  | - |  | -------- |  |  |  | ----- | 
|                                    |  | For the year ended December 31,            |         
|                                    |  | 2012                                       |          |  | 2011 |  |       | 2010    | 
|                                    |  | Amounts                                    |          |  | %    |  |       | Amounts |  |  | %        |  |  | Amounts |       |  | % | 
|                                    |  | (in millions of Pesos, except percentages) |         
|Cash and Due from Banks             |  |                                            | 8,345.0  |  |      |  | 13.2  |         |  |  | 6,418.9  |  |  |         | 12.5  |  |   |  | 5,645.6  |  |  |  | 15.8  | 
|Government and Corporate Securities |  |                                            | 3,627.1  |  |      |  | 5.7   |         |  |  | 5,230.9  |  |  |         | 10.2  |  |   |  | 2,278.0  |  |  |  | 6.4   | 
|Loans                               |  |                                            | 42,593.0 |  |      |  | 67.1  |         |  |  | 30,904.5 |  |  |         | 60.4  |  |   |  | 21,353.8 |  |  |  | 59.8  | 
|Other Assets                        |  |                                            | 8,893.2  |  |      |  | 14.0  |         |  |  | 8,638.7  |  |  |         | 16.9  |  |   |  | 6,430.7  |  |  |  | 18.0  | 
|                                    |  |                                            |          |  |      |  |       |         |  |  |          |  |  |         |       |  |   |  |          |  |  |  |       | 
|Total                               |  |                                            | 63,458.3 |  |      |  | 100.0 |         |  |  | 51,193.0 |  |  |         | 100.0 |  |   |  | 35,708.1 |  |  |  | 100.0 | 
|                                    |  |                                            |          |  |      |  |       |         |  |  |          |  |  |         |       |  |   |  |          |  |  |  |       | 

Of our Ps.63,458.3 million total assets as of December 31, 2012, Ps.62,771.3 million, or 98.9%,
corresponded to Banco Galicia on a consolidated basis. The remaining Ps.563.2 million, or 1.1%, were primarily attributable to Sudamericana Holding on a consolidated basis. The composition of our assets demonstrates an increase in the amounts of the
Loans and Cash and Due from Banks line items and the decrease of Government and Corporate Securities and Other Assets line items.

The line item Cash and Due from Banks included cash for Ps.2,561.0 million, balances held at the Argentine Central Bank for
Ps.5,613.6 million and balances held in correspondent banks for Ps.170.4 million. The balance held at the Argentine Central Bank is used for meeting the minimum cash requirements set by the Argentine Central Bank.

Our holdings of government and corporate securities as of December 31, 2012 amounted to Ps.3,627.1 million. Our holdings of
government and corporate securities are shown in more detail in Item 4. Information on the Company-Selected Statistical Information-Government and Corporate Securities.

Our total net loans amounted to Ps.42,593.0 million as of December 31, 2012, of which Ps. 42,570.6 million corresponded to
Banco Galicia (including the Regional Credit Card Companies portfolios) and the remaining amount to secured loans held by Sudamericana. For more information on Banco Galicias and CFAs loan portfolio, see Item 4.
Information on the Company-Selected Statistical Information-Loan Portfolio.

The Other Assets line
item mainly includes the following items recorded in our balance sheet under Other Receivables Resulting from Financial Brokerage, unless otherwise noted:



| |  |  | Ps.2,461.3 million recorded under Bank Premises and Equipment, Miscellaneous Assets and Intangible Assets.
| | - |  | ----------------------------------------------------------------------------------------------------------------



| |  |  | Ps.888.0 million corresponding to miscellaneous receivables.
| | - |  | ------------------------------------------------------------



| |  |  | Ps.848.3 million corresponding to Receivables from Financial Leases.
| | - |  | ----------------------------------------------------------------------



| |  |  | Ps.756.0 million corresponding to participation certificates in, and debt securities of, different financial trusts, created by Banco Galicia or by
third parties.
| | - |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | Ps.674.0 million corresponding to our holdings of debt securities and participation certificates issued by the Galtrust I Financial Trust, resulting
from the securitization of loans to the provincial public sector in late 2000.
| | - |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | Ps.608.3 million corresponding to balances at the Argentine Central Bank as guarantees in favor of clearing houses.
| | - |  | -------------------------------------------------------------------------------------------------------------------



| |  |  | Ps.474.8 million of forward purchases of Lebac in connection with repurchase agreements transactions (including the corresponding security margins
recorded as Miscellaneous Receivables in the balance sheet).
| | - |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | Ps.403.4 million corresponding to debt securities.
| | - |  | --------------------------------------------------



| |  |  | Ps.309.9 million corresponding to other financing.
| | - |  | --------------------------------------------------



| |  |  | Ps.119.5 million corresponding to holdings of the participation certificate in, and debt securities of, the special fund jointly formed by Banco
Galicia and other private-sector banks in order to facilitate the recovery of the assets of former Almafuerte Bank.
| | - |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | Ps.76.1 million corresponding to equity investments.
| | - |  | ----------------------------------------------------



| |  |  | Ps.38.5 million corresponding to repurchase agreement transactions.
| | - |  | -------------------------------------------------------------------



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The Other Assets line item increased 34.3% for the fiscal year 2011 as compared
to fiscal year 2010, mainly as a result of: (i) Ps.1,322.5 million corresponding to an increase in reverse repurchase agreement transactions and (ii) Ps.437.0 million corresponding to an increase in Bank Premises and Equipment,
Miscellaneous Assets and Intangible Assets.

Exposure to the Argentine Public Sector

The following table shows our total net exposure to the Argentine public sector as of December 31, 2012, 2011 and
2010. This exposure mainly consisted of exposure of Banco Galicia.



|                                                     |  |                                 |         |  |      |  |         |      |  |  |         | 
|---------------------------------------------------- |  | ------------------------------- | ------- |  | ---- |  | ------- | ---- |  |  | ------- | 
|                                                     |  | For the year ended December 31, |        
|                                                     |  | 2012                            |         |  | 2011 |  |         | 2010 | 
|                                                     |  | (in millions of Pesos)          |        
|Net Position in Government Securities                |  |                                 | 3,995.8 |  |      |  | 4,397.0 |      |  |  | 3,111.7 | 
|                                                     |  |                                 |         |  |      |  |         |      |  |  |         | 
|Trading and Investment Accounts                      |  |                                 | 3,437.8 |  |      |  | 3,617.3 |      |  |  | 2,469.6 | 
|Bonar 2015 Bonds                                     |  |                                 | 558.0   |  |      |  | 779.7   |      |  |  | 642.1   | 
|                                                     |  |                                 |         |  |      |  |         |      |  |  |         | 
|Loans                                                |  |                                 | 25.7    |  |      |  | 24.6    |      |  |  | 24.6    | 
|                                                     |  |                                 |         |  |      |  |         |      |  |  |         | 
|Other Receivables Resulting from Financial Brokerage |  |                                 | 1,000.7 |  |      |  | 855.5   |      |  |  | 808.2   | 
|                                                     |  |                                 |         |  |      |  |         |      |  |  |         | 
|Trusts Certificates of Participation and Securities |  |                                 | 997.1   |  |      |  | 853.0   |      |  |  | 807.0   | 
|Other                                                |  |                                 | 3.6     |  |      |  | 2.5     |      |  |  | 1.2     | 
|                                                     |  |                                 |         |  |      |  |         |      |  |  |         | 
|Total Assets (1)                                     |  |                                 | 5,022.2 |  |      |  | 5,277.1 |      |  |  | 3,944.5 | 
|                                                     |  |                                 |         |  |      |  |         |      |  |  |         | 



|(1) | Does not include deposits with the Argentine Central Bank, which constitute one of the items by which Banco Galicia complies with the Argentine Central Banks
minimum cash requirements.
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

As of December 31, 2012, our total exposure to the public sector amounted
to Ps.5,022.2 million. Excluding Banco Galicias holding of debt securities issued by the Argentine Central Bank (Ps.3,251.6 million, Ps.3,536.7 million, Ps.2,393.0 million, for fiscal years 2012, 2011 and 2010, respectively), net exposure to
the non-financial public sector increased by Ps.30.2 million as compared to 2011 and by Ps.219.1 million as compared to 2010.

Funding

Banco Galicias and the Regional Credit Card Companies and CFAs lending activities are our
main asset-generating businesses. Accordingly, most of our borrowing and liquidity needs are associated with these activities. We also have liquidity needs at the level of our holding company, which are discussed in Item 5. Operating and
Financial Review and Prospects-Item 5.B. Liquidity and Capital Resources-Liquidity-Holding Company on an Individual Basis. Our objective is to maintain cost-effective and well diversified funding to support current and future asset
growth in our businesses. For this, we rely on diverse sources of funding. The use and availability of funding sources depends on market conditions, both local and foreign, and prevailing interest rates. Market conditions in Argentina include a
structurally limited availability of domestic long-term funding.

Our funding activities and liquidity planning are integrated
into our asset and liability management and our financial risks management and policies. The liquidity policy of Banco Galicia is described in Item 5. Operating and Financial Review and Prospects-Item 5.B. Liquidity and Capital
Resources-Banco Galicias Liquidity Management and our other financial risk policies, including interest rate, currency and market risks are described in Item 11. Quantitative and Qualitative Disclosures about Market
Risk. Our funding sources are discussed below.

Traditionally, our primary source of funding has been Banco
Galicias deposit taking activity. Although Banco Galicia has access to Argentine Central Bank financing, management does not view this as a primary source of funding in line with our overall strategies discussed herein.

Other important sources of funding have traditionally included issuing Dollar-denominated medium and long-term debt securities issued in
foreign capital markets and borrowing from international banks and multilateral credit agencies. After the restructuring of its foreign debt in May 2004 and until the US$300.0 million bond issuance in May 2011, Banco Galicia had not relied on the
issuance of new debt securities, and entered into three long term



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loan agreements with the IFC in 2005, 2007 and 2010 for US$130.0 million, with the purpose of funding long-term loans to small and medium-sized companies. In addition, Banco Galicia entered into
a long-term loan agreement with the FMO on December 17, 2010 for US$20.0 million and a long-term loan agreement with the IDB on February 15, 2011 for US$30.0 million. In December 2011, Proparco granted Banco Galicia a US$30 million loan,
with a 6 year term, for the financing of investment projects of small and medium-sized companies mainly active in the agribusiness and export sectors.

Selling government securities under repurchase agreement transactions has been another recurrent source of funding for Banco Galicia. In 2012, the repurchase transactions of government securities
decreased Ps.24.0 million (principal and interest) and in 2011 decreased Ps.344.8 million (principal and interest). Within its liquidity policy, Banco Galicia considers its unencumbered liquid government securities holdings as part of its available
excess liquidity. See Item 5. Operating and Financial Review and Prospects-Item 5.B. Liquidity and Capital Resources-Banco Galicias Liquidity Management.

The Regional Credit Card Companies fund their business through the issuance of notes in the local and international capital markets,
borrowing from local financial institutions and debt with merchants generated in the ordinary course of business of any credit card issuing company. In 2012, the Regional Credit Card Companies issued notes in an amount equal to Ps.950.0 million and
received loans for Ps.867.0 million.

CFA funds its business through the issuance of debt securities in the local market,
borrowing from financial institutions and time deposits from institutional investors (insurance companies and mutual funds).

Below is a breakdown of our funding as of the dates indicated:



|                                              |  |                                            |          |  |      |  |       |         |  |  |          |  |  |         |       |  |   |  |          |  |  |  |       | 
|--------------------------------------------- |  | ------------------------------------------ | -------- |  | ---- |  | ----- | ------- |  |  | -------- |  |  | ------- | ----- |  | - |  | -------- |  |  |  | ----- | 
|                                              |  | For the year ended December 31,            |         
|                                              |  | 2012                                       |          |  | 2011 |  |       | 2010    | 
|                                              |  | Amounts                                    |          |  | %    |  |       | Amounts |  |  | %        |  |  | Amounts |       |  | % | 
|                                              |  | (in millions of Pesos, except percentages) |         
|Deposits                                      |  |                                            | 39,945.2 |  |      |  | 62.9  |         |  |  | 30,135.1 |  |  |         | 58.9  |  |   |  | 22,222.8 |  |  |  | 62.2  | 
|Checking Accounts and Other Demand Deposits   |  |                                            | 9,916.3  |  |      |  | 15.6  |         |  |  | 7,203.5  |  |  |         | 14.1  |  |   |  | 5,565.7  |  |  |  | 15.6  | 
|Savings Accounts                              |  |                                            | 9,478.2  |  |      |  | 14.9  |         |  |  | 8,010.8  |  |  |         | 15.6  |  |   |  | 6,362.0  |  |  |  | 17.8  | 
|Time Deposits                                 |  |                                            | 19,694.2 |  |      |  | 31.0  |         |  |  | 14,150.8 |  |  |         | 27.6  |  |   |  | 9,724.9  |  |  |  | 27.2  | 
|Other Deposits                                |  |                                            | 576.3    |  |      |  | 0.9   |         |  |  | 534.3    |  |  |         | 1.0   |  |   |  | 463.2    |  |  |  | 1.3   | 
|Interest Payable and Differences in quotation |  |                                            | 280.3    |  |      |  | 0.4   |         |  |  | 235.7    |  |  |         | 0.5   |  |   |  | 107.0    |  |  |  | 0.3   | 
|                                              |  |                                            |          |  |      |  |       |         |  |  |          |  |  |         |       |  |   |  |          |  |  |  |       | 
|Debt with Financial Institutions (1)          |  |                                            | 2,108.3  |  |      |  | 3.3   |         |  |  | 2,737.2  |  |  |         | 5.3   |  |   |  | 2,114.5  |  |  |  | 5.9   | 
|Domestic Financial Institutions               |  |                                            | 1,134.6  |  |      |  | 1.8   |         |  |  | 855.5    |  |  |         | 1.7   |  |   |  | 668.3    |  |  |  | 1.9   | 
|International Banks and Credit Agencies       |  |                                            | 545.8    |  |      |  | 0.9   |         |  |  | 1,429.7  |  |  |         | 2.8   |  |   |  | 649.5    |  |  |  | 1.8   | 
|Repurchases                                   |  |                                            | 427.9    |  |      |  | 0.7   |         |  |  | 452.0    |  |  |         | 0.9   |  |   |  | 796.7    |  |  |  | 2.2   | 
|                                              |  |                                            |          |  |      |  |       |         |  |  |          |  |  |         |       |  |   |  |          |  |  |  |       | 
|Notes (Unsubordinated and Subordinated)(1)    |  |                                            | 5,467.2  |  |      |  | 8.6   |         |  |  | 4,229.7  |  |  |         | 8.3   |  |   |  | 2,041.7  |  |  |  | 5.7   | 
|                                              |  |                                            |          |  |      |  |       |         |  |  |          |  |  |         |       |  |   |  |          |  |  |  |       | 
|Other obligations                             |  |                                            | 11,067.5 |  |      |  | 17.4  |         |  |  | 10,539.4 |  |  |         | 20.6  |  |   |  | 6,859.6  |  |  |  | 19.2  | 
|                                              |  |                                            |          |  |      |  |       |         |  |  |          |  |  |         |       |  |   |  |          |  |  |  |       | 
|Shareholders Equity                          |  |                                            | 4,870.1  |  |      |  | 7.7   |         |  |  | 3,551.6  |  |  |         | 6.9   |  |   |  | 2,469.5  |  |  |  | 6.9   | 
|                                              |  |                                            |          |  |      |  |       |         |  |  |          |  |  |         |       |  |   |  |          |  |  |  |       | 
|Total Funding                                 |  |                                            | 63,458.3 |  |      |  | 100.0 |         |  |  | 51,193.0 |  |  |         | 100.0 |  |   |  | 35,708.1 |  |  |  | 100.0 | 
|                                              |  |                                            |          |  |      |  |       |         |  |  |          |  |  |         |       |  |   |  |          |  |  |  |       | 



|(1) | Includes accrued interest, quotation differences, and CER adjustment where applicable.
|--- | --------------------------------------------------------------------------------------

As of December 31, 2012, deposits represented 62.9% of our funding, up from 58.9% as of December 31, 2011 and from 62.2% as of
December 31, 2010. Our deposit base increased 32.6% in 2012 and 35.6% in 2011. During the 2012 fiscal year, the Ps.9,810.1 million increase in deposits was due to the increase in transactional deposits (deposits in checking and savings
accounts) and time deposits. The increase registered during 2011 was also the result of an increase in transactional deposits and time deposits. For more information on deposits, see Item 4. Information on the Company-Selected Statistical
Information-Deposits.

As of December 31, 2012, credit lines from international banks and credit agencies
representing Dollar-denominated debt subject to foreign law amounted to Ps.545.8 million. Of this total, Ps.198.3 million corresponded to trade loans; Ps.222.2 million corresponded to an IFC loan granted to Banco Galicia in 2005, which increased at



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the end of 2010 with the signing of a new agreement; and Ps 98.3 million corresponded to a long-term loan agreement with the FMO. The decrease of Ps.883.9 million as compared to
December 31, 2011 was mainly as a result of a decrease in trade loans.

As of December 31, 2011, credit lines from
international banks and credit agencies representing Dollar-denominated debt subject to foreign law amounted to Ps.1,429.7 million. Of this total, Ps.1,119.3 million corresponded to trade loans and Ps.256.9 million corresponded to an IFC loan
granted to Banco Galicia in 2005 which increased at the end of 2010 with the signing of a new agreement. The increase from Ps.649.5 million as of December 31, 2010 was mainly due to the increase in trade loans.

Our debt securities outstanding amounted to Ps.5,467.2 million (principal and interest) as of December 31, 2012, as compared to
Ps.4,229.7million as of December 31, 2011, and Ps.2,041.7 million as of December 31, 2010. Of our debt securities outstanding at the end of fiscal year 2012, Ps.3,806.9 million (only principal) corresponded to Dollar-denominated debt
subject to foreign law and Ps.1,490.5 million (only principal) corresponded to Peso-denominated debt.

As of December 31,
2012, the breakdown of our Dollar-denominated debt was as follows:



| |  |  | Ps.1,464.2 million of 2018 notes maturing in 2018 issued by Banco Galicia.
| | - |  | --------------------------------------------------------------------------



| |  |  | Ps.1,126.0 million of 2019 notes maturing in 2019 issued in 2004 and corresponding to new debt of Banco Galicia resulting from the foreign debt
restructuring completed in May of such year.
| | - |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | Ps.973.0 million of Class XIII notes maturing in 2017 issued by Tarjeta Naranja.
| | - |  | --------------------------------------------------------------------------------



| |  |  | Ps.132.1 million of Class II Series III notes maturing in 2013 issued by Grupo Financiero Galicia.
| | - |  | --------------------------------------------------------------------------------------------------



| |  |  | Ps.36.3 million of Class VI Series II notes maturing in 2013 issued by Tarjetas Cuyanas.
| | - |  | ----------------------------------------------------------------------------------------



| |  |  | Ps.68.7 million of Class XVI Series II notes maturing in 2013 issued by Tarjeta Naranja.
| | - |  | ----------------------------------------------------------------------------------------



| |  |  | Ps.6.6 million of past due foreign debt included in Banco Galicias 2004 debt restructuring, the holders of which did not participate in such
restructuring.
| | - |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------

As of December 31, 2012, the breakdown of our Pesos-denominated debt was as follows:



| |  |  | Ps.164.2 million and Ps.34.6 million of Class XVII Series I and Series II notes maturing in 2013 issued by Tarjeta Naranja.
| | - |  | ---------------------------------------------------------------------------------------------------------------------------



| |  |  | Ps.111.1 million of Class VII Series II notes maturing in 2014 and Ps.48.8 million of Class VII Series I notes maturing in 2013 issued by CFA.
| | - |  | ----------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | Ps.70.2 million of Class VI Series II notes maturing in 2014 and Ps.81.2 million of Class VI Series I notes maturing in 2013 issued by CFA.
| | - |  | -------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | Ps.98.6 million and Ps.49.6 million of Class VIII Series II and I notes maturing in 2014 and 2013, respectively, issued by Tarjetas Cuyanas.
| | - |  | --------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | Ps.102.6 million and Ps. 33.4 million of Class IX Series II and I notes maturing in 2014 and 2013, respectively, issued by Tarjetas Cuyanas.
| | - |  | --------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | Ps.111.3 million of Class XIX Series II notes maturing in 2014 issued by Tarjeta Naranja.
| | - |  | -----------------------------------------------------------------------------------------



| |  |  | Ps.100.6 million of Class IV notes maturing in 2013 issued by CFA.
| | - |  | ------------------------------------------------------------------



| |  |  | Ps.100.2 million of Class XVIII Series II notes maturing in 2014 issued by Tarjeta Naranja.
| | - |  | -------------------------------------------------------------------------------------------



| |  |  | Ps.77.7 million of Class V Series II notes maturing in 2013 issued by Tarjetas Cuyanas.
| | - |  | ---------------------------------------------------------------------------------------



| |  |  | Ps.76.1 million of Class III notes maturing in 2014 issued by Grupo Financiero Galicia.
| | - |  | ---------------------------------------------------------------------------------------



| |  |  | Ps.61.7 million of Class V Series II notes maturing in 2013 issued by CFA.
| | - |  | --------------------------------------------------------------------------



| |  |  | Ps.52.6 million of Class XIX Series I notes maturing in 2013 issued by Tarjeta Naranja.
| | - |  | ---------------------------------------------------------------------------------------



| |  |  | Ps.46.3 million of Series XVIII Series I notes maturing in 2013 issued by Tarjeta Naranja.
| | - |  | ------------------------------------------------------------------------------------------



| |  |  | Ps.43.6 million of Class VII Series II notes maturing in 2013 issued by Tarjetas Cuyanas.
| | - |  | -----------------------------------------------------------------------------------------



| |  |  | Ps.26.1 million of Class XIV Series II notes maturing in 2013 issued by Tarjeta Naranja.
| | - |  | ----------------------------------------------------------------------------------------

The increase in our debt securities outstanding as of December 31, 2012 as compared to December 31, 2011 was mainly a result
of: i) the issuance by Tarjeta Naranja of its senior notes for an aggregate principal amount of Ps.423.8 million. ii) the issuance by Tarjeta Cuyanas of its senior notes for an aggregate principal amount of Ps.222.3 million and iii) the issuance by
CFA of its senior notes for an aggregate principal amount of Ps.183.6 million.



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The increase in our debt securities outstanding as of December 31, 2011 as compared to
December 31, 2010 was mainly a result of: i) the issuance by Banco Galicia of its senior notes due in 2018 for an aggregate principal amount of US$300.0 million and ii) the issuance by Tarjeta Naranja of its Class XIII senior notes due in 2017
for an aggregate principal amount of US$200.0 million.

For more information see -Contractual Obligations below.

The category other obligations includes Ps.5,715.9 million of debt with merchants in connection with credit-card
transactions of Banco Galicia and the regional credit card companies, Ps.1,773.6 million in miscellaneous liabilities, Ps.761.8 million in connection with collections on account of third parties and Ps.468.2 million related to allowances
for other contingencies.

Ratings

The following are our ratings as of the date of this annual report:



|                                             |  |                  |  |                 |  |                           |  |               
|-------------------------------------------- |  | ---------------- |  | --------------- |  | ------------------------- |  | --------------
|LOCAL RATINGS                               
|                                             |  | Standard &Poors |  | Fitch Argentina |  | EvaluadoraLatinoamericana |  | Moodys       
|Grupo Financiero Galicia S.A.                |  |                  |  |                 |  |                           |  |               
|Rating of Shares                             |  | 1                |  |                 |  |                           |  |               
|Short-/Medium Term Debt(1)                   |  |                  |  |                 |  | AA-                       |  |               
|Banco de Galicia y Buenos Aires S.A.         |  |                  |  |                 |  |                           |  |               
|Counterparty Rating                          |  | raA              |  |                 |  |                           |  |               
|Long-Term Debt(2) (3)                        |  | raA              |  |                 |  | AA-                       |  | A2.ar         
|Subordinated Debt(2) (4)                     |  | raA-             |  |                 |  | A+                        |  | Ba1.ar        
|Deposits (Long Term / Short Term)            |  | raA / raA-1      |  |                 |  |                           |  |               
|Deposits (Local Currency / Foreign Currency) |  |                  |  |                 |  |                           |  | Aa3.ar /Ba1.ar
|Trustee                                      |  |                  |  |                 |  |                           |  | TQ1(-).ar     
|Tarjeta Naranja S.A.                         |  |                  |  |                 |  |                           |  |               
|Medium-/Long-Term Debt(2) (5)                |  |                  |  | AA(arg)         |  |                           |  |               
|Short-Term Debt(2) (6)                       |  |                  |  | A1+(arg)        |  |                           |  |               
|Tarjetas Cuyanas S.A.                        |  |                  |  |                 |  |                           |  |               
|Long-Term Debt(2) (7)                        |  |                  |  | AA-(arg)        |  |                           |  |               
|Short-Term Debt(2) (8)                       |  |                  |  | A1(arg)         |  |                           |  |               
|CFA S.A.                                     |  |                  |  |                 |  |                           |  |               
|Long-Term Debt(9)                            |  |                  |  | AA(arg)         |  |                           |  | Aa3.ar        
|Short-Term Debt(10)                          |  |                  |  | A1+(arg)        |  |                           |  | Aa3.ar        
|Deposits (Local Currency / Foreign Currency) |  |                  |  |                 |  |                           |  | Aa3.ar /Ba1.ar
|INTERNATIONAL RATINGS                        |  |                  |  |                 |  |                           |  |               
|Banco de Galicia y Buenos Aires S.A.         |  |                  |  |                 |  |                           |  |               
|Long-Term Debt(2) (3)                        |  | B-               |  |                 |  |                           |  | B3            
|Tarjeta Naranja S.A.                         |  |                  |  |                 |  |                           |  |               
|Medium-/Long-Term Debt(2) (11)               |  |                  |  | B-              |  |                           |  |               



|(1) | Class II Series III and Class III notes.
|--- | ----------------------------------------

|(2) | See -Contractual Obligations.
|--- | -------------------------------

|(3) | Class I notes due in 2018.
|--- | --------------------------

|(4) | Subordinated notes due in 2019.
|--- | -------------------------------

|(5) | Class XIII, Class XIV Series II, Class XVI Series II, Class XVII Series I and II, Class XVIII Series II and Class XIX Series II notes.
|--- | --------------------------------------------------------------------------------------------------------------------------------------

|(6) | Class XIII Series I and Class XIX Series I notes.
|--- | -------------------------------------------------

|(7) | Class V Series II, Class VI Series II, Class VII Series II, Class VIII Series II and Class IX Series II notes.
|--- | --------------------------------------------------------------------------------------------------------------

|(8) | Class VIII Series I and Class IX Series I notes.
|--- | ------------------------------------------------

|(9) | Class IV Series II, Class V Series II, Class VI Series II and Class VII Series II notes.
|--- | ----------------------------------------------------------------------------------------

|(10) | Class VI Series I and Class VII Series I notes.
|---- | -----------------------------------------------

|(11) | Class XIII notes.
|---- | -----------------



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Debt Programs

On March 9, 2009, Grupo Financiero Galicias shareholders, during the ordinary shareholders meeting, and the Board of Directors created a global short-, medium- and long-term notes
program, for a maximum outstanding amount of US$60 million. This program was authorized pursuant to Resolution No. 16,113 of April 29, 2009 of the CNV. On March 16, 2009 and on April 24, 2009, the Board of Directors approved the
terms and conditions of the issuance of the Class I, Series I and Series II notes.

Within the program, on June 4, 2009
Grupo Financiero Galicia issued two series of bonds for a total amount of US$45 million, with the following characteristics: (i) US$34.4 million of non-interest bearing Class I, Series I notes, due on May 30, 2010, this bond was issued at
a price of 92.68/100 and with a yield of 8%; and (ii) US$10.6 million of 12.5% Class I, Series II notes, due on May 25, 2011, this bond was issued at a price of 103.48/100 with a yield of 10.5%. Interest on the notes described in
(ii) was paid semiannually.

During fiscal year 2010, Grupo Financiero Galicia repaid, upon maturity, its Class I, Series
I notes, for US$34.4 million and made an offer of notes for a face value of US$45 million. The subscription period ended on June 4, 2010; notes were fully subscribed and Grupo Financiero Galicia decided not to issue Series I, which was planned
to be issued at a discount.

On June 8, 2010 Grupo Financiero Galicia issued two series of bonds in the aggregate
principal amount of US$45 million, with the following characteristics: (i) US$18.1 million of 8% Class II, Series II notes, due in 2012, issued at a price of 101.8/100, with a yield of 7% and (ii) US$26.9 million of 9% Class II, Series III
notes due in 2013, issued at a price of 101.3/100, with a yield of 8.5%. Interest is payable semi-annually.

During 2011,
Grupo Financiero Galicia repaid, upon maturity, Class I, Series II notes in the principal aggregate amount of US$10.6 million.

At the extraordinary shareholders meeting held in August 2012, the shareholders decided to ratify the decision made at the ordinary
and extraordinary shareholders meeting held in April 2010 with regard to the approval of the US$40 million increase in the amount of Grupo Financiero Galicias global note program. Therefore, once approved by the CNV, the amount will be
for up to US$100 million or its equivalent in other currencies.

On May 29, 2012, Grupo Financiero Galicia fully repaid
its Class II, Series II notes, in the aggregate principal amount of US$18.1 million. On August 28, 2012, Grupo Financiero Galicia issued Class III notes, for a face value amount of Ps.78.1 million, with a variable interest rate equal to the
Benchmark Rate (BADLAR) plus 3.59% and with a maturity date of February 28, 2014. The aggregate principal amount of such notes will be repaid upon maturity. As of December 31, 2012, debt for a principal amount outstanding of Ps.210.2
million had been issued under Grupo Financiero Galicias debt program.

Banco Galicia has a program outstanding for the
issuance and re-issuance of non-convertible notes, subordinated or non-subordinated, adjustable or non-adjustable, secured or unsecured, with a term from 30 days to up to the current permitted maximum (30 years), for a maximum outstanding face value
during the period of such program of up to US$342.5 million. This program was approved by the CNV on November 4, 2005 and the extension of the program was approved by the CNV pursuant to Resolution No. 16,454, dated November 11, 2010.
The term of the program is for five years commencing on the date of approval of the extension by the CNV. On May 4, 2011 Banco Galicia issued 8.75% Class I notes due 2018 in the aggregate principal amount of US$300.0 million under this program.
These notes are subject to a number of significant covenants, which are subject to important qualifications and exceptions, that, among other things, restrict the ability of (i) Banco Galicia and certain of its subsidiaries to directly or
indirectly, create, incur, assume or suffer to exist liens upon its present or future assets to secure any indebtedness and (ii) Banco Galicia to merge, consolidate or amalgamate with or into, or convey or transfer or lease all or substantially
all of its properties and assets, whether in one transaction or a series of related transactions.

Tarjeta Naranja has a
program outstanding for the issuance and re-issuance of non-convertible notes, subordinated or non-subordinated, adjustable or non-adjustable, secured or unsecured, with a term from 30 days to up to the current permitted maximum (30 years), for a
maximum outstanding face value during the period of such program of up to US$650.0 million. The program was approved by the CNV on May 23, 2012. As of December 31, 2012, debt for a principal amount outstanding of US$323.8 million had been
issued under the program. Tarjeta



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Naranjas program contains certain restrictions on liens, subject to the provisions established in the applicable pricing supplement with respect to each class and/or series of notes, so
long as any note issued under such program remains outstanding. Certain notes issued under Tarjeta Naranjas program are subject to covenants that limit the ability of Tarjeta Naranja and certain of its subsidiaries, subject to important
qualifications and exceptions, to pay dividends on its capital stock or redeem, repurchase or retire its capital stock or subordinated indebtedness, make certain restricted payments, and consolidate, merge or transfer assets, among others.

Tarjetas Cuyanas has a program outstanding with the same characteristics, for a maximum outstanding face value during the
period of such program of up to US$120.0 million. The CNV approved the program on May 2, 2007 and approved the increase of its maximum outstanding face value to up to US$120.0 million on April 6, 2010. As of December 31, 2012, debt
for a principal amount outstanding of US$92.5 million had been issued under this program.

CFA has a program outstanding for
the issuance of ordinary short, medium or long term, secured or unsecured, subordinated or non-subordinated notes, for a maximum outstanding face value during the period of such program of up to Ps.200.0 million. The CNV approved this program on
August 3, 2006, and approved an increase of its maximum outstanding face value to up to Ps.500.0 million on March 19, 2008.

On January 27, 2011 the CNV approved an extension of the program and the increase of its maximum outstanding face value to up to US$250.0 million. On May 17, 2012 CFA issued debt in the
aggregate principal amount of Ps.153.4 million, on September 26, 2012 CFA issued debt in the aggregate principal amount of Ps.161.9 million under its program. As of December 31, 2012, debt for a principal amount outstanding of Ps.481.3
million had been issued under CFAs debt program.

Contractual Obligations

The table below identifies the principal amounts of our main on balance-sheet contractual obligations, their currency of denomination,
remaining maturity and interest rate and the breakdown of payments due, as of December 31, 2012.



|                                          |  |          |  |                     |  |       |          |  |                 |  |          |             |  |  |             |  |  |             |       |  |  |  |         | 
|----------------------------------------- |  | -------- |  | ------------------- |  | ----- | -------- |  | --------------- |  | -------- | ----------- |  |  | ----------- |  |  | ----------- | ----- |  |  |  | ------- | 
|                                          |  | Maturity |  | AnnualInterest Rate |  | Total |          |  | Less than1 Year |  |          | 1 to 3Years |  |  | 3 to 5Years |  |  | Over 5Years |      
|Grupo Financiero Galicia                  |  |          |  |                     |  |       |          |  |                 |  |          |             |  |  |             |  |  |             |       |  |  |  |         | 
|Bonds                                     |  |          |  |                     |  |       |          |  |                 |  |          |             |  |  |             |  |  |             |       |  |  |  |         | 
|Notes Class III Due 2014 (Pesos)          |  | 2014     |  | Badlar + 359 b.p.   |  |       | 81.0     |  |                 |  | 4.9      |             |  |  | 76.1        |  |  |             |      |  |  |  |        | 
|Notes Class II Series III Due 2013 (US$)  |  | 2013     |  | 9.00%               |  |       | 133.3    |  |                 |  | 133.3    |             |  |  |             |  |  |             |      |  |  |  |        | 
|                                          |  |          |  |                     |  |       |          |  |                 |  |          |             |  |  |             |  |  |             |       |  |  |  |         | 
|Banco Galicia                             |  |          |  |                     |  |       |          |  |                 |  |          |             |  |  |             |  |  |             |       |  |  |  |         | 
|Deposits                                  |  |          |  |                     |  |       |          |  |                 |  |          |             |  |  |             |  |  |             |       |  |  |  |         | 
|Time Deposits (Pesos/US$)                 |  | Various  |  | Various             |  |       | 20,168.1 |  |                 |  | 19,912.9 |             |  |  | 253.2       |  |  |             | 2.0   |  |  |  |        | 
|Bonds                                     |  |          |  |                     |  |       |          |  |                 |  |          |             |  |  |             |  |  |             |       |  |  |  |         | 
|Fixed Rate Due 2018 (US$)(4)              |  | 2018     |  | 8.75%               |  |       | 1,484.6  |  |                 |  | 20.4     |             |  |  |            |  |  |             |      |  |  |  | 1,464.2 | 
|2019 Notes (US$)(1) (2)                   |  | 2019     |  | 11.00%              |  |       | 1,188.0  |  |                 |  |         |             |  |  |            |  |  |             |      |  |  |  | 1,188.0 | 
|9% Notes Due 2003 (US$)(3)                |  | 2003     |  | 9.00%               |  |       | 13.2     |  |                 |  | 13.2     |             |  |  |            |  |  |             |      |  |  |  |        | 
|Loans                                     |  |          |  |                     |  |       |          |  |                 |  |          |             |  |  |             |  |  |             |       |  |  |  |         | 
|Floating Rate Loans Due 2019 (US$)(1) (5) |  | 2019     |  | Libor + 578 b.p.    |  |       | 11.9     |  |                 |  |         |             |  |  |            |  |  |             |      |  |  |  | 11.9    | 
|FMO Financial Loans (US$)                 |  | Various  |  | Libor + 550 b.p.    |  |       | 100.3    |  |                 |  | 31.5     |             |  |  | 39.3        |  |  |             | 29.5  |  |  |  |        | 
|PROPARCO Financial Loans (US$)            |  | Various  |  | Libor + 400 b.p.    |  |       | 10.0     |  |                 |  | 1.2      |             |  |  | 3.9         |  |  |             | 3.9   |  |  |  | 1.0     | 
|IFC Financial Loans (US$)                 |  | Various  |  | Libor + 350 b.p.    |  |       | 222.6    |  |                 |  | 114.7    |             |  |  | 107.9       |  |  |             |      |  |  |  |        | 
|Other Financial Loans (US$)(6)            |  | Various  |  | Various             |  |       | 201.3    |  |                 |  | 201.3    |             |  |  |            |  |  |             |      |  |  |  |        | 
|IDB Financial Loans (Pesos)               |  | Various  |  | Various             |  |       | 28.8     |  |                 |  | 8.7      |             |  |  | 12.1        |  |  |             | 7.6   |  |  |  | 0.4     | 
|Fontar Financial Loans (Pesos)            |  | Various  |  | Various             |  |       | 24.9     |  |                 |  | 9.2      |             |  |  | 10.6        |  |  |             | 4.7   |  |  |  | 0.4     | 
|BICE Financial Loans (Pesos)              |  | Various  |  | Various             |  |       | 38.9     |  |                 |  | 10.8     |             |  |  | 20.3        |  |  |             | 5.1   |  |  |  | 2.7     | 
|BICE Financial Loans (US$)                |  | Various  |  | Various             |  |       | 38.2     |  |                 |  | 13.3     |             |  |  | 21.2        |  |  |             | 3.7   |  |  |  |        | 
|Short-term Intrebank Loans (Pesos)        |  | 2013     |  | 9.8%                |  |       | 82.0     |  |                 |  | 82.0     |             |  |  |            |  |  |             |      |  |  |  |        | 
|Repurchases (US$)(7)                      |  | 2013     |  | Various             |  |       | 427.9    |  |                 |  | 427.9    |             |  |  |            |  |  |             |      |  |  |  |        | 
|                                          |  |          |  |                     |  |       |          |  |                 |  |          |             |  |  |             |  |  |             |       |  |  |  |         | 
|Tarjetas Regionales                       |  |          |  |                     |  |       |          |  |                 |  |          |             |  |  |             |  |  |             |       |  |  |  |         | 
|Financial Loans with Local Banks (Pesos)  |  | Various  |  | Various             |  |       | 684.8    |  |                 |  | 630.8    |             |  |  | 54.0        |  |  |             |      |  |  |  |        | 
|Notes (Pesos/US$)                         |  | Various  |  | Various             |  |       | 2,085.4  |  |                 |  | 688.6    |             |  |  | 740.8       |  |  |             | 656.0 |  |  |  |        | 
|                                          |  |          |  |                     |  |       |          |  |                 |  |          |             |  |  |             |  |  |             |       |  |  |  |         | 
|CFA                                       |  |          |  |                     |  |       |          |  |                 |  |          |             |  |  |             |  |  |             |       |  |  |  |         | 
|Local Financing (Pesos)                   |  | Various  |  | Various             |  |       | 277.8    |  |                 |  | 257.8    |             |  |  | 20.0        |  |  |             |      |  |  |  |        | 
|Notes (Pesos)                             |  | Various  |  | Various             |  |       | 481.6    |  |                 |  | 458.2    |             |  |  | 23.4        |  |  |             |      |  |  |  |        | 
|                                          |  |          |  |                     |  |       |          |  |                 |  |          |             |  |  |             |  |  |             |       |  |  |  |         | 
|Total                                     |  |          |  |                     |  |       | 27,784.6 |  |                 |  | 23,020.7 |             |  |  | 1,382.8     |  |  |             | 712.5 |  |  |  | 2,668.6 | 
|                                          |  |          |  |                     |  |       |          |  |                 |  |          |             |  |  |             |  |  |             |       |  |  |  |         | 



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Principal and interest. Includes the CER adjustment, where applicable.

|(1) | Issued in 2004 as part of the restructuring of the foreign debt of Banco Galicias Head Office and its Cayman Branch.
|--- | ---------------------------------------------------------------------------------------------------------------------

|(2) | Subordinated Notes Due 2019: Interest paid in cash: 6% per annum from January 1, 2004 until (but not including) January 1, 2014, payable semiannually,
on January 1 and July 1 of each year, beginning on July 1, 2004. Unless the notes are previously redeemed, the annual interest rate will increase to 11% per annum from that date until (but not including) January 1, 2019.
Interest paid in additional subordinated notes due 2019: 5% per annum from January 1, 2004, to be paid on January 1, 2014 and January 1, 2019. Principal amortizes in full on January 1, 2019, unless the notes are previously
redeemed at par plus accrued but unpaid interest, in whole or in part, at Banco Galicias option, at any time, in accordance with the terms of the agreements governing such notes.
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(3) | The balance represents debt not tendered by its holders to the exchange offered by Banco Galicia to restructure its foreign debt, which was completed in May 2004.
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(4) | Interest payable in cash semiannually, fixed rate of 8.75%. Principal in full on May 4, 2018.
|--- | ---------------------------------------------------------------------------------------------

|(5) | Interest payable in cash: Libor+78 b.p., per annum from January 1, 2004, until (but not including) January 1, 2014, payable semiannually, on January 1
and July 1 of each year, beginning on July 1, 2004. Unless the loans are previously redeemed, the annual interest rate will increase to Libor+578 b.p. per annum from that date until (but not including) January 1, 2019. Also pays
interest in additional subordinated loans, due 2019: 5% per annum from January 1, 2004, to be paid on January 1, 2014 and January 1, 2019. Principal amortizes in full on January 1, 2019 unless the loans are previously
redeemed at part plus accrued interest and additional amounts, if any, in whole or in part at Banco Galicias option, in accordance with the terms of the agreements governing such loans.
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(6) | Borrowings to finance international trade operations to Bank customers.
|--- | -----------------------------------------------------------------------

|(7) | Includes premiums.
|--- | ------------------

Off- Balance
Sheet Contractual Obligations

Operating Leases

As of December 31, 2012, we also had off-balance sheet contractual obligations arising from the leasing of certain properties used as a part of our distribution network. The estimated future lease
payments in connection with these properties are as follows:



|               |  |                        |          | 
|-------------- |  | ---------------------- | -------- | 
|               |  | (In millions of Pesos) |         
|2013           |  |                        | 114.26   | 
|2014           |  |                        | 137.11   | 
|2015           |  |                        | 165.73   | 
|2016           |  |                        | 196.94   | 
|2017           |  |                        | 217.78   | 
|2018 and After |  |                        | 490.79   | 
|               |  |                        |          | 
|Total          |  |                        | 1,322.62 | 
|               |  |                        |          | 

Other

As a shareholder of Aguas Cordobesas S.A., Banco Galicia is a guarantor with respect to compliance with certain obligations arising from the concession contract signed by Aguas Cordobesas S.A. In
addition, Banco Galicia and the other shareholders committed, in certain circumstances, to provide financial support to the company if it was unable to fulfill the commitments it had undertaken with various international financial institutions.

Banco Galicia, as a shareholder and proportionally to its 10.833% interest, is jointly responsible, to the Province of
Córdoba, for contractual obligations under the concession contract for its entire term. Should any of the other shareholders fail to comply with the commitments arising from their joint responsibility, the province may force Banco Galicia to
assume the unfulfilled commitment, but only in proportion and to the extent of the interest held by Banco Galicia. See Note 3 to our consolidated financial statements.

Off-Balance Sheet Arrangements

Our off-balance
sheet risk mainly arises from Banco Galicias activities.

In the normal course of its business, Banco Galicia is a party
to financial instruments with off-balance sheet risk which are entered into in order to meet the financing needs of its customers. These instruments expose us to credit risk in addition to the amounts recognized on our consolidated balance sheets.
These financial instruments include commitments to extend credit, standby letters of credit, guarantees granted and acceptances.



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Commitments to Extend Credit, Stand-By Letters of Credit and Guarantees Granted

Commitments to extend credit are agreements to lend to a customer at a future date, subject to meeting certain contractual terms.
Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since many of the commitments are expected to expire without being drawn upon, total commitment amounts do not necessarily represent
actual future cash requirements. We evaluate each customers creditworthiness on a case-by-case basis.

We use the same
credit policies in making commitments, conditional obligations and guarantees as we do for granting loans. In the opinion of management, our outstanding commitments and guarantees do not represent unusual credit risk.

Standby letters of credit and guarantees granted are conditional commitments issued by Banco Galicia to guarantee the performance of a
customer to a third party. Guarantees granted are surety guarantees in connection with transactions between two parties. Acceptances are conditional commitments for foreign trade transactions.

Our exposure to credit loss in the event of non-performance by the other party to the financial instrument for commitments to extend
credit, standby letters of credit, guarantees granted and acceptances is represented by the contractual notional amount of those investments.

Our credit exposure related to these items as of December 31, 2012, is summarized below:



|                             |  |                        |         | 
|---------------------------- |  | ---------------------- | ------- | 
|                             |  | December 31,           |        
|                             |  | 2012                   |        
|                             |  | (in millions of Pesos) |        
|Commitments to Extend Credit |  |                        | 3,732.3 | 
|Standby Letters of Credit    |  |                        | 671.2   | 
|Guarantees Granted           |  |                        | 345.6   | 
|Acceptances                  |  |                        | 88.5    | 
|                             |  |                        |         | 

In addition to the above commitments, as of December 31, 2012, purchase limits available for
credit-card holders amounted to Ps.53,251.4 million.

As of December 31, 2012, main fees related to the above-mentioned
commitments were Ps.11.5 million corresponding to standby letters of credit, Ps.9.8 million from guarantees provided and Ps.2.9 million from commitments to extend credit.

The credit risk involved in issuing letters of credit and granting guarantees is essentially the same as that involved in extending loan facilities to customers. In order to grant guarantees to our
customers, we may require counter guarantees. As of December 31, 2012, these counter guarantees, classified by type, were as follows:



|                             |  |                        |      | 
|---------------------------- |  | ---------------------- | ---- | 
|                             |  | December 31,           |     
|                             |  | 2011                   |     
|                             |  | (in millions of Pesos) |     
|Preferred Counter Guarantees |  |                        | 16.8 | 
|Other Counter Guarantees     |  |                        | 76.9 | 
|                             |  |                        |      | 

For more detailed information about off-balance sheet financial instruments, see Note 25 to our audited
consolidated financial statements.

Other

We account for checks drawn on us and other financial institutions, as well as other items in the process of collection, such as notes, bills and miscellaneous items, in memorandum accounts until the
related item clears or is accepted. In managements opinion, the risk of loss on these clearing transactions is not significant. The amounts of clearing items in process as of December 31, 2012, were as follows:



|                                     |  |                        |         | 
|------------------------------------ |  | ---------------------- | ------- | 
|                                     |  | December 31, 2012      |        
|                                     |  | (in millions of Pesos) |        
|Checks Drawn on Banco Galicia        |  |                        | 984.2   | 
|Checks Drawn on Other Banks          |  |                        | 1,154.8 | 
|Bills and Other Items for Collection |  |                        | 6,527.9 | 
|                                     |  |                        |         | 



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With respect to fiduciary risk, we act as trustee of trust agreements to guarantee
obligations arising from various contracts between the parties. As of December 31, 2012, the trust funds amounted to Ps.5,192.3 million.

In addition, we hold securities in custody, which as of December 31, 2012 amounted to Ps.16,640.5 million.

For more detailed information about off-balance sheet financial instruments, see Note 25 to our audited consolidated financial statements.

Critical Accounting Policies

We believe that
the following are our critical accounting policies under Argentine Banking GAAP, as they are important to the portrayal of our financial condition and results of operations and require our most difficult, subjective and complex judgment and the need
to make estimates about the effect of matters that are inherently uncertain.

Allowance for Loan Losses

Our allowance for loan losses including the allowance for loan losses of Banco Galicia and CFA is maintained in accordance with Argentine
Central Bank rules. Under such rules, a minimum allowance for loan losses is calculated primarily based upon the classification of Banco Galicias commercial loan borrowers and upon delinquency aging (or the number of days the loan is past due)
for individual loan borrowers of both Banco Galicia and CFA and for Banco Galicias commercial loans of less than Ps.750,000. Although we are required to follow the methodology and guidelines for determining the minimum loan loss allowance as
set forth by the Argentine Central Bank, we are allowed to establish additional allowances for loan losses. The determination of the allowance for loan losses requires a significant degree of judgment. The credit cards companies follow the IFRS
guidelines to record the allowances for loan losses, which include the minimum requirements of Argentine Central Bank rules.

For commercial loans, we are required to classify all of our commercial loan borrowers. In order to perform the classification, we must
consider the management and operating history of the borrower, the present and projected financial situation of the borrower, the borrowers payment history and ability to service the debt, the capability of the borrowers internal
information and control systems and the risk in the sector in which the borrower operates. We apply the minimum loss percentages required by the Argentine Central Bank to our commercial loan borrowers based on the loan classification and the nature
of the collateral, or guarantee in respect of the loan. In addition, based on the overall risk of the portfolio, we consider whether or not additional loan loss reserves in excess of the minimum required are warranted.

For our consumer loan portfolio, including the loan portfolios of Banco Galicia, the Regional Credit Card Companies and CFA, we classify
loans based upon delinquency aging, consistent with the requirements of the Argentine Central Bank. Minimum loss percentages required by the Argentine Central Bank are also applied to the totals in each loan classification.

Other Receivables Resulting from Financial Brokerage and Miscellaneous Receivables

We carry other receivables resulting from financial brokerage and miscellaneous receivables net of allowances for uncollectible amounts.
Our judgment regarding the ultimate collectability is performed on an account-by-account basis and considers our assessment of the borrowers ability to pay based on factors such as the borrowers financial condition, past payment history,
guarantees and past-due status.



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Goodwill

Goodwill is carried at cost less accumulated amortization. The carrying amount of goodwill is analyzed for impairment based on estimates of future undiscounted cash flows generated by the business
acquired. The estimate of future cash flows requires complex management judgment.

Pursuant to the Argentine Central Bank
regulations, the negative goodwill has to be charged to Income with regard to the causes that have originated it, not to exceed a 60-month straight-line method amortization.

U.S. GAAP - Critical Accounting Policies

Additional information in connection with critical accounting policies for U.S. GAAP purposes is described as follows.

Allowance for Loan Losses

Under U.S. GAAP, Banco Galicia considers loans to be impaired when it is probable that all amounts of principal and interest will not be collected according to the contractual terms of the loan agreement.
The allowance for significant impaired loans are assessed based on the present value of estimated future cash flows discounted at the current effective loan rate or the fair value of the collateral in the case where the loan is considered
collateral-dependent. An allowance for impaired loans is provided when discounted future cash flows or collateral fair value is lower than book value.

In addition, if necessary, a specific allowance for loan losses is established for individual loans, based on regular reviews of individual loans, recent loss experience, credit scores, the risk
characteristics of the various classifications of loans and other factors directly influencing the potential collectability and affecting the quality of the loan portfolio.

To calculate the allowance required for smaller-balance impaired loans and unimpaired loans, we perform an analysis of historical losses from our consumer and performing commercial loan portfolios in
order to estimate losses for U.S. GAAP purposes resulting from loan losses that had been incurred in such loan portfolios at the balance sheet date but which had not been individually identified. Loss estimates are analyzed by loan type and thus for
homogeneous groups of clients. Such historical ratios are updated to incorporate the most recent data reflecting current economic conditions, industry performance trends, geographic or obligor concentrations within each portfolio segment, and any
other pertinent information that may affect the estimation of the allowance for loan losses.

We estimate that, on average, it
takes a period of up to one year between the trigger of an impairment event and identification of a loan as being a probable loss for consumer and performing commercial loans.

Many factors can affect Banco Galicias estimates of allowance for loan losses, including volatility of default probability, migrations and estimated loss severity.

A ten percent decrease in the expected cash flows of significant impaired loans individually analyzed, could result in an additional
impairment of approximately Ps.7.1 million.

A ten percent increase in the historical loss ratios for loans collectively
analyzed could result in an additional impairment of approximately Ps.166.5 million.

These sensitivity analyses do not
represent managements expectations of the deterioration in risk ratings or the increases in loss rates but are provided as hypothetical scenarios to assess the sensitivity of the allowance for loan and lease losses to changes in key inputs. We
believe the risk ratings and loss severities currently in use are appropriate and represent managements expectations about the credit risk inherent in its loan portfolio.

Determining the allowance for loan losses requires significant management judgments and estimates including, among others, identifying
impaired loans, determining customers ability to pay and estimating the fair value of underlying collateral or the expected future cash flows to be received. Actual events are likely to differ from the estimates and assumptions used in
determining the allowance for loan losses.



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Fair Value Estimates

A portion of our assets is carried at fair value, including trading and available-for-sale securities, retained interests in assets transferred to financial trusts, futures and forwards transactions.

ASC 820-10 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an
orderly transaction between market participants at the measurement date. ASC 820-10, among other things, requires Grupo Financiero Galicia to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair
value.

In addition, ASC 825-10 provides an option to elect fair value as an alternative measurement for selected financial
assets, financial liabilities, unrecognized firm commitments and written loan commitments not previously recorded at fair value. Under ASC 825-10, fair value is used for both the initial and subsequent measurement of the designated assets,
liabilities and commitments, with the changes on fair value recognized in net income. As a result of ASC 825-10 analysis, Grupo Financiero Galicia has not elected to apply fair value accounting for any of its financial instruments not previously
carried at fair value.

Fair Value Hierarchy

ASC 820-10 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

ASC 820-10 establishes a three-level valuation hierarchy for disclosure of fair value measurements. The valuation hierarchy
is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. The three levels are defined as follows:



| |  |  | Level 1: inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.
| | - |  | ----------------------------------------------------------------------------------------------------------------------------------



| |  |  | Level 2: inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable
for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability.
| | - |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Inputs include the following:



| | (a) | Quoted prices for similar assets or liabilities in active markets;
| | --- | ------------------------------------------------------------------



| | (b) | Quoted prices for identical or similar assets or liabilities in non-active markets;
| | --- | -----------------------------------------------------------------------------------



| | (c) | Pricing models whose inputs are observable for substantially the full term of the asset or liability; and
| | --- | ---------------------------------------------------------------------------------------------------------



| | (d) | Pricing models whose inputs are derived principally from or corroborated by observable market data through correlation or other means.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------



| |  |  | Level 3: inputs to the valuation methodology are unobservable and significant to the fair value measurement.
| | - |  | ------------------------------------------------------------------------------------------------------------

A financial instruments categorization within the valuation hierarchy is based upon the lowest level of input that is significant to
the fair value measurement.

Determination of Fair Value

Fair value is based upon quoted market prices, where available. If listed prices or quotes are not available, fair value is based upon internally developed models that use primarily market-based or
independently-sourced market parameters, including interest rate yield curves, option volatilities and currency rates. Valuation adjustments may be made to ensure that financial instruments are recorded at fair value. These adjustments include
amounts to reflect counterparty credit quality, Banco Galicias creditworthiness, liquidity and unobservable parameters that are applied consistently over time.

Grupo Financiero Galicia believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies, or assumptions, to determine the fair value of
certain financial instruments could result in a different estimate of fair value at the reporting date.



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Impairment of Assets Other Than Loans

Certain assets, such as goodwill and equity investments are subject to an impairment review. Asset impairment charges require considerable
judgment and are recorded when market value declines below the carrying value, for declines other-than-temporary, or where the cost of the asset is deemed to not be recoverable.

Goodwill impairment exists when the fair value of the reporting unit to which the goodwill is allocated is not enough to cover the book
value of its assets and liabilities and the goodwill. The fair value of the reporting units is estimated using discounted cash flow techniques. The sustained value of the majority of the goodwill is supported ultimately by revenue from our banking
and credit-card businesses. A decline in earnings as a result of a lack of growth, or our inability to deliver cost-effective services over sustained periods, could lead to a perceived impairment of goodwill, which would be evaluated and, if
necessary, recorded as a write-down in our consolidated income statement. On an annual basis, or as circumstances dictate, management reviews goodwill and evaluates events or other developments that may indicate impairment in the carrying amount.
The evaluation methodology for potential impairment is inherently complex and involves significant management judgment in the use of estimates and assumptions. These estimates involve many assumptions, including the expected results of the reporting
unit, an assumed discount rate and an assumed growth rate for the reporting unit.

As of December 31, 2012 and 2011, no
impairment was recorded.

The fair value of equity investments is determined using discounted cash flow techniques. This
technique involves complex management judgment in terms of estimating the future cash flows of the companies and in defining the applicable interest rate to discount those cash flows.

Deferred Tax Asset Valuation Allowance

Deferred tax assets and
liabilities are recorded for the estimated future tax effects of temporary differences between the carrying amounts of assets and liabilities recorded for accounting and tax reporting purposes and for the future tax effects of net operating loss
carryforwards. Recognition of those deferred tax assets is subject to managements judgment based on available evidence that realization is more likely than not and they are reduced, if necessary, by a valuation reserve. Managements
judgment on the likelihood that deferred tax assets can be realized is subjective and involves estimates and assumptions about matters that are inherently uncertain. This judgment involves estimating future taxable income and the timing at which the
temporary differences between book and taxable income will be reversed. Underlying estimates and assumptions can change over time, influencing our overall tax positions, as a result of unanticipated events or circumstances.

According to taxable income projections, Grupo Financiero Galicia believes that is more likely than not that it will recover the
temporary differences and the presumed minimum income tax. Therefore, no valuation allowance was provided against presumed minimum income tax and temporary differences.

Securitizations

Under U.S. GAAP, prior to January 1, 2010,
Grupo Financiero Galicia adopted SFAS No. 140, Accounting for Transfers and Servicing of Financial Assets and Extinguishments of Liabilities, as amended by SFAS 156, both of them codified under the topic ASC No. 860
Transfers and Servicing (ASC No. 860). ASC No. 860 required an entity to recognize the financial and servicing assets it controls and the liabilities it had incurred and to derecognize financial assets when control
has been surrendered.

Effective January 1, 2010, Grupo Financiero Galicia implemented new accounting guidance provided
by SFAS 166 and 167 (ASU 2009-16 and ASU 2009-17, respectively, under the new codification), which amend the accounting for the transfers of financial assets and the consolidation of VIEs.

The new guidance eliminates the concept of QSPEs that were previously exempt from consolidation and introduces a new framework for
determining the primary beneficiary of a VIE. The primary beneficiary of a VIE is required to consolidate the assets and liabilities of the VIE. Therefore, Grupo Financiero Galicia must evaluate all existing securitization trusts that qualify as
QSPEs to determine whether they must be consolidated in accordance with ASU 2009-17. An entity is considered a VIE if it possesses one of the following characteristics:



| |  |  | Insufficient equity investment at risk
| | - |  | --------------------------------------



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| |  |  | Equity lacks decision-making rights
| | - |  | -----------------------------------



| |  |  | Equity with non-substantive voting rights
| | - |  | -----------------------------------------



| |  |  | Lacking the obligation to absorb an entitys expected losses
| | - |  | ------------------------------------------------------------



| |  |  | Lacking the right to receive an entitys expected residual returns
| | - |  | ------------------------------------------------------------------

Under the new guidance, the primary beneficiary is the part that has both (1) the power to direct the activities of an entity that
most significantly impact the VIEs economic performance; and (2) through its interests in the VIE, the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE.

To assess whether Grupo Financiero Galicia has the power to direct the activities of a VIE that most significantly impact the VIEs
economic performance, Grupo Financiero Galicia considers all facts and circumstances, including its role in establishing the VIE and its ongoing rights and responsibilities. This assessment includes, first, identifying the activities that most
significantly impact the VIEs economic performance; and second, identifying which party, if any, has power over those activities.

Under ASC 810-10-65, Banco Galicia should measure the components of the newly consolidated financial trusts at their carrying amounts as of the adoption date. Grupo Financiero Galicia must determine the
amounts of the assets, liabilities, and non-controlling interests of the newly consolidated financial trusts, that would have been recorded in Grupo Financiero Galicias financial statements as of January 1, 2010, as if ASU 2009-17 had
been effective as of the date of Grupo Financiero Galicias initial involvement with the financial trusts. Any difference between the net amount added (assets less liabilities of each financial trusts where Grupo Financiero Galicia is primary
beneficiary) from Grupo Financiero Galicias balance sheet and the amount of any previously recognized retained interest is recognized as a cumulative-effect adjustment to retained earnings.

Based on the mentioned evaluation as of December 31, 2012 and 2011 Grupo Financiero Galicia consolidated the financial trust
Galtrust I in which Grupo Financiero Galicia had a controlling financial interest and for which it is the primary beneficiary.

Exchange
of Assets

In accordance with U.S. GAAP, specifically ASC 310-20, satisfaction of one monetary asset by the receipt of
another monetary asset for the creditor is generally based on the market value of the asset received in satisfaction of the debt (an extinguishment). In this particular case, the securities being received are substantially different in structure and
in interest rates than the debt securities swapped. Therefore, such amounts should initially be recognized at their fair value. The estimated fair value of the securities received will constitute the cost basis of the asset. Any difference between
the old asset and the fair value of the new asset is recognized as a gain or loss.

Banco Galicia exchanged Argentine
government bonds denominated in Pesos at 2% due 2014 (Boden 2014 Bonds) with a face value of Ps.683.6 million (recorded in Banco Galicias shareholders equity in February 2009 within the scope of an exchange transaction of National
Secured Loans at market price) for Bonar 2015 Bonds with a face value of Ps.912.7 million.

Under U.S. GAAP, the Bonar 2015
Bonds were considered as available for sale securities and recorded at fair value with the unrealized gains or losses recognized as a charge or credit to equity through other comprehensive income.

Other-than-temporary impairment

Under U.S. GAAP, Argentine government bonds, including Bonar 2015 Bonds, Galtrust I and the investment in Almafuerte Special fund, were classified as available-for-sale securities, and therefore, carried
at fair value with changes in the fair value reflected in other comprehensive income for the years ended December 31, 2012 and 2011.



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Recognition and Presentation of Other-Than-Temporary Impairments ASC 320
establishes a new method of recognizing and reporting other-than-temporary impairments of debt securities. Impairment is now considered to be other than temporary if an entity:



| | 1. | intends to sell the security;
| | -- | -----------------------------



| | 2. | is more likely than not to be required to sell the security before recovering its cost; or
| | -- | ------------------------------------------------------------------------------------------



| | 3. | does not expect to recover the securitys entire amortized cost basis (even if the entity does not intend to sell)that is, a credit loss.
| | -- | --------------------------------------------------------------------------------------------------------------------------------------------

This credit loss is based on the present value of cash flows expected to be collected from the debt security.
If a credit loss exists but an entity does not intend to sell the impaired debt security and it is more likely than not to be required to sell before recovery, the impairment is other than temporary. It should therefore be separated into:



| | 1. | the estimated amount relating to the credit loss, and
| | -- | -----------------------------------------------------



| | 2. | all other changes in fair value.
| | -- | --------------------------------

Only the estimated credit loss amount is recognized in profit or loss; the remaining change in fair value is recognized in other
comprehensive income. This approach more closely aligns the impairment models for debt securities and loans by reflecting only credit losses as impairment in profit and loss.

As of December 31, 2012 and 2011 the fair value of the securities exceeded their amortized cost. Therefore for U.S. GAAP purposes we
concluded that there was no recognition of impairment.

Principal Trends

Related to Argentina

We expect the economy to continue recovering at a moderate pace in 2013. The main factors contributing to this expectation of recovery include improved climate conditions which will benefit the crop
yields of the agricultural sector as compared to the poor crop yield which affected the Argentine economy in 2012. In addition, relatively favorable international prices for Argentine exports, as compared to 2012 prices, will contribute positively
to economic recovery in 2013. The recovery of the Brazilian economy will also positively impact Argentine exports of industrial goods and, therefore, contribute to the growth of certain domestic industries, particularly the automotive industry,
whose main export market is Brazil. We do not expect significant economic growth worldwide, especially in developed countries, and particularly Europe. The rapid expansion of emerging markets, however, could impact economic growth worldwide and in
developed countries.

Additionally, we expect improvements in domestic demand as a result of the Argentine governments
fiscal and monetary policy.

Even though a slight recovery in the pace of growth of activity is estimated, the inflation rate
and the subsequent loss of competitiveness of the Argentine peso in the international market are still negative factors affecting the Argentine economy. In the financial sector, high volatility in connection with the outcome of the dispute between
the Argentine government and the holders of defaulted debt is expected.

Related to the Financial System

With respect to the Argentine financial system, we understand that financial intermediation with the private sector will continue to
increase, gradually returning loans and deposits to higher GDP-rate levels. As such, it will be essential to reduce the volatility of certain variables in order to increase the average terms of loans and deposits.

In terms of financial strength, net results and accumulated results will help maintain high levels of capitalization. The Argentine
Central Banks new organic charter grants additional power to the monetary authority with respect to whom credit is granted together with limits on interest rates, which we expect may have a negative impact on the financial margin.



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Income from services will continue to be a significant component of operating income,
whereas institutions will continue to work to decrease administrative expenses in order to improve operating efficiency.

The
macroeconomic environment could negatively impact the loan portfolio quality, although the ongoing application of prudent measures and the high levels of allowances for the existing non-accrual loan portfolio should help to mitigate the effect on
net income.

Related to Us

It is expected that the level of activity of all of the subsidiaries of Grupo Financiero Galicia will be consistent with the expectations in this economic context. Given that Banco Galicia is the most
significant asset of Grupo Financiero Galicia, we refer to the trends related to Banco Galicia.

In 2013, with the goal of
continued improvement of recurring operating results, Banco Galicia will maintain its strategy of increasing its volume of financial intermediation activities with the private sector, controlling administrative expenses in an effort to improve
operational efficiency and maintaining an adequate diversification and risk coverage.

With respect to changes in portfolio
quality, we expect some deterioration since, although there will be a recovery in GDP growth, there are sectors and regions that will face major challenges during 2013. Nevertheless, considering Banco Galicia has a high coverage for the non-accruing
portfolio with provisions, it is likely that the impact on the income statement will be limited.

The analysis of these trends
should be read in conjunction with the discussion in Item 3. Key Information Risk Factors, and with consideration that the Argentine economy has been historically volatile, which has negatively affected the volume and growth
of the financial system.

Item 5.B. Liquidity and Capital Resources

Liquidity - Holding Company on an Individual Basis

We generate our net earnings/losses from our operating subsidiaries, specifically Banco Galicia, our main operating subsidiary. Although,
from 2002 to 2010 we did not receive any dividends from Banco Galicia, it is the primary source of funds available to us. On April 27, 2011, Banco Galicias shareholders held a shareholders meeting during which they approved the
distribution of cash dividends for a total amount of Ps.100.1 million. During May 2011, according to our participation of 94.84%, we received a cash dividend of Ps.94.9 million. Additionally, during 2011, we received from other subsidiaries cash
dividends for Ps.38.9 million. During fiscal year 2012, Grupo Financiero Galicias subsidiaries approved a cash dividend distribution of Ps.61.4 million. Grupo Financiero Galicia received Ps.41.0 million of such amount during 2012 and the
remaining amount of Ps.20.4 million will be received in May 2013.

Banco Galicias dividend-paying ability had been
affected since late 2001 by the effects of the 2001-2002 liquidity crisis and its impact on its income-generation capacity. In addition, there were other restrictions on Banco Galicias ability to pay dividends resulting from applicable
Argentine Central Bank rules and the loan agreements entered into by Banco Galicia as part of its foreign debt restructuring. See Item 8. Financial Information-Dividend Policy and Dividends.

The extent to which a banking subsidiary may extend credit or otherwise provide funds to a holding company is limited by Argentine
Central Bank rules. For a description of these rules, see Item 4. Information on the Company-Argentine Banking Regulation-Lending Limits.

According to Grupo Financiero Galicias policy for the distribution of dividends and due to the fact that most of the profits for fiscal year 2011 corresponded to income by holdings and just a
fraction corresponded to the realized and liquid profits meeting the requirements to be distributed as per Section 68 of the Corporations Law, and taking as well into consideration Grupo Financiero Galicias financial condition for
the fiscal year ended December 31, 2011, at the shareholders meeting held on April 19, 2012, our shareholders approved the payment of



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dividends in cash for Ps.17.8 million for the fiscal year ended December 31, 2011, which represents 1.4% for the 1,241,407,017 class A and B ordinary shares with a face value of Ps.1 each.
Taking into consideration the above policy, regulatory framework and Grupo Financiero Galicias financial situation, as well as its profits for the fiscal year ended December 31, 2012, the shareholders meeting held on April 15,
2013 approved the distribution of cash dividends for Ps.24.3 million for the fiscal year ended December 31, 2012 which represents 1.9% with regard to 1,241,407,017 class A and B ordinary shares with a face value of Ps.1 each.

Pursuant to the section incorporated after Section 25 of Act No. 23,966, Grupo Financiero Galicia will receive the
reimbursement of tax withholdings related to the taxes paid on behalf of the shareholders subject to the tax on personal assets as of December 31, 2012.

As of December 31, 2012, Grupo Financiero Galicia, on an individual basis, had cash and due from banks in an amount of Ps.0.4 million and short-term investments in an amount of Ps.11.57 million.
Grupo Financiero Galicias short-term investments were made up of: (i) special checking account deposits of Ps.0.77 million, (ii) investments in mutual funds of Ps.3.66 million, (iii) public and private bonds for Ps.3.89 million,
(iv) Grupo Financiero Galicias stake in GV Mandataria (in liquidation) for Ps.0.02 million and (v) Grupo Financiero Galicias stake in Galval for Ps.3.5 million.

As of December 31, 2011, Grupo Financiero Galicia, on an individual basis, had cash and due from banks of Ps.0.9 million and
short-term investments of Ps.59.4 million. Grupo Financiero Galicias short-term investments were made up of: (i) special checking account deposits of Ps.55.9 million and (ii) investments in mutual funds of Ps.3.5 million.

As of December 31, 2010, Grupo Financiero Galicia, on an individual basis, had cash and due from banks of Ps.0.8 million and
short-term investments of Ps.26.5 million. Grupo Financiero Galicias short-term investments were made up of: (i) special checking account deposits of Ps.24.8 million, (ii) time deposits of Ps.0.5 million, and (iii) investments
in mutual funds of Ps.1.2 million.

On January 6, 2009, the remaining outstanding of US$62 million was cancelled in
advance, with a single and final payment of US$39.1 million, with our own funds and funds from financing granted by local entities.

On March 9, 2009, our shareholders held the general ordinary shareholders meeting during which they approved the creation of a global program for simple notes, not convertible into shares, for
a maximum principal amount of US$60.0 million. On June 4, 2009 Series I and Series II notes corresponding to the Class I notes were issued in the amount of US$45.0 million. Series I, with a one-year term, was issued for a principal amount of
US$34.4 million and a yield of 8%; Series II, with a two-year term, was issued for a principal amount of US$10.6 million and an annual yield of 10.5%. With the proceeds of these issuances, we proceeded to cancel the funding from local entities.

On April 14, 2010, Grupo Financiero Galicias shareholders held the ordinary and extraordinary shareholders
meeting during which they approved an extension of US$40 million in the amount of the global program of simple short-, medium- and/or long- term notes. Therefore, the maximum amount of the program, which was originally set at US$60.0 million or its
equivalent in any other currency, was increased to US$100.0 million or its equivalent in any other currency. The extraordinary shareholders meeting held in August 2012 ratified the extension previously approved by the ordinary and
extraordinary shareholders meeting held in April 2010 with regard to the approval of the US$40.0 million increase in the amount of Grupo Financiero Galicias global program.

Furthermore, during fiscal year 2010 Grupo Financiero Galicia made an offer of notes for a face value of US$45.0 million. The
subscription period for such notes ended on June 4, 2010; the notes were fully subscribed for and Grupo Financiero Galicia decided not to issue the Series I notes, which were planned to be issued at a discount. The cut-off rate for the Series
II notes was 101.82%, for a face value of US$18.1 million, equivalent to a 7% annual yield. With respect to the Series III notes, the cut-off rate was 101.28%, for a face value of US$26.9 million, equivalent to an 8.5% annual yield. Accordingly,
during fiscal year 2010, Grupo Financiero Galicia repaid, upon maturity, the Class I, Series I notes for US$34.4 million. During 2011, Grupo Financiero Galicia repaid, upon maturity, Class I, Series II notes for US$10.6 million and during fiscal
year 2012 Grupo Financiero Galicia also repaid upon maturity Class II, Series II notes for US$18.1 million.



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On August 28, 2012, Grupo Financiero Galicia issued Class III notes, for a face value
amount of Ps.78.1 million, with a variable interest rate equal to the Benchmark Rate (BADLAR) plus 3.59% and with a maturity date of February 28, 2014. The aggregate principal amount of such notes will be repaid upon maturity.

Each of our subsidiaries is responsible for their own liquidity management. For a discussion of Banco Galicias liquidity
management, see -Banco Galicias Liquidity Management-Banco Galicia (Unconsolidated) Liquidity Management.

Consolidated Cash Flows

Our consolidated statements of cash flows were prepared using the measurement methods and the
presentation requirements prescribed by the Argentine Central Bank. See our consolidated cash flow statements as of and for the fiscal years ended December 31, 2012, December 31, 2011 and December 31, 2010, included in this
annual report.

As of December 31, 2012, on a consolidated basis, we had Ps.11,324.0 million in available cash (defined
as total cash and cash equivalents), representing a Ps.1,079.8 million increase from the Ps.10,244.2 million as of December 31, 2011. At the end of fiscal year 2011, our available cash (and cash equivalents) had increased in the amount of
Ps.2,800.7 million from the Ps.7,443.5 million of available cash (and cash equivalents) at the end of the prior fiscal year.

Effective May 14, 2007, and in accordance with the provisions of Argentine Central Banks Communiqué A 4667,
cash equivalents are comprised of the following: Argentine Central Bank debt instruments (Nobac and Lebac) having a remaining maturity that does not exceed 90 days, securities in connection with reverse repurchase agreement transactions with the
Argentine Central Bank, short term call loans to corporations, local interbank loans and overnight placements in correspondent banks abroad. Cash equivalents also comprise, in the case of the Regional Credit Card Companies, time deposit certificates
and mutual fund shares.

The table below summarizes the information from our consolidated statements of cash flows for the
three fiscal years ended December 31, 2012, 2011 and 2010 which is also discussed in more detail below.



|                                                                      |  |                        |             |   |      |  |             |      |  |  |            |  
|--------------------------------------------------------------------- |  | ---------------------- | ----------- | - | ---- |  | ----------- | ---- |  |  | ---------- | -
|                                                                      |  | December 31,           |            
|                                                                      |  | 2012                   |             |   | 2011 |  |             | 2010 | 
|                                                                      |  | (in millions of Pesos) |            
|Funds (1) at the Beginning of the Fiscal Year                         |  |                        | Ps.10,244.2 |   |      |  | Ps.7,443.5  |      |  |  | Ps.5,428.7 |  
|                                                                      |  |                        |             |   |      |  |             |      |  |  |            |  
|Funds Provided (Used) by Operating Activities                         |  |                        | 1,675.7     |   |      |  | 432.0       |      |  |  | 2,762.9    |  
|                                                                      |  |                        |             |   |      |  |             |      |  |  |            |  
|- Net (Increase)/Decrease in Government and Private Securities        |  |                        | 1,219.7     |   |      |  | (245.5      | )    |  |  | 2,911.0    |  
|- Net (Increase)/Decrease in Loans                                    |  |                        | (4,484.2    | ) |      |  | (5,012.3    | )    |  |  | (4,453.4   | )
|- Net Increase/(Decrease) in Deposits                                 |  |                        | 7,181.5     |   |      |  | 6,219.3     |      |  |  | 4,181.0    |  
|- Other                                                               |  |                        | (2,241.3    | ) |      |  | (529.5      | )    |  |  | 124.3      |  
|                                                                      |  |                        |             |   |      |  |             |      |  |  |            |  
|Funds Provided (Used) by Investing Activities                         |  |                        | (309.0      | ) |      |  | (273.4      | )    |  |  | (363.3     | )
|                                                                      |  |                        |             |   |      |  |             |      |  |  |            |  
|- Payments for bank premises, equipment and miscellaneous assets, net |  |                        | (290.8      | ) |      |  | (258.3      | )    |  |  | (133.7     | )
|- Payments for equity investments                                     |  |                        | (18.2       | ) |      |  | (15.1       | )    |  |  | (347.2     | )
|- Other                                                               |  |                        |            |   |      |  |            |      |  |  | 117.6      |  
|                                                                      |  |                        |             |   |      |  |             |      |  |  |            |  
|Funds Provided (Used) by Financing Activities                         |  |                        | (673.4      | ) |      |  | 2,370.8     |      |  |  | (495.9     | )
|                                                                      |  |                        |             |   |      |  |             |      |  |  |            |  
|- Net Increase/(Decrease) in notes                                    |  |                        | (15.0       | ) |      |  | 1,521.6     |      |  |  | (1,012.3   | )
|- Net Increase/(Decrease) in banks and international entities         |  |                        | (888.6      | ) |      |  | 757.8       |      |  |  | 96.5       |  
|- Net Increase/(Decrease) in loans from local financial institutions  |  |                        | 260.6       |   |      |  | 135.6       |      |  |  | 430.0      |  
|- Other                                                               |  |                        | (30.4       | ) |      |  | (44.2       | )    |  |  | (10.1      | )
|                                                                      |  |                        |             |   |      |  |             |      |  |  |            |  
|-Effect of Exchange Rate on Cash and Cash Equivalents                 |  |                        | 386.5       |   |      |  | 271.3       |      |  |  | 111.1      |  
|                                                                      |  |                        |             |   |      |  |             |      |  |  |            |  
|Funds at the End of the Fiscal Year                                   |  |                        | Ps.11,324.0 |   |      |  | Ps.10,244.2 |      |  |  | Ps.7,443.5 |  
|                                                                      |  |                        |             |   |      |  |             |      |  |  |            |  



|(1) | Cash and cash equivalents
|--- | -------------------------

Under Argentine Banking GAAP, our operating activities include the operating results, the origination of loans and other credits to the
private sector, as well as raising customer deposits and entering into sales of



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government securities under repurchase agreement transactions. Our financing activities include issuing bonds in the local and foreign capital markets and borrowing from foreign and local banks
and international credit agencies. Our investing activities primarily consist of the acquisition of equity investments and purchasing of bank premises and equipment.

Management believes that cash flows from operations and available cash and cash equivalent balances, will be sufficient to fund our financial commitments and capital expenditures for fiscal year 2013.

Cash Flows from Operating Activities

In fiscal year 2012, net cash provided by operating activities amounted to Ps.1,675.7 million, due to a Ps.7,181.5 million increase in deposits, corresponding to: (a) an increase of Ps.4,071.5
million in demand deposits and (b) an increase of Ps.3,110.0 million in time deposits, that was partially offset by the increase of Ps.4,484.2 million in loans mainly attributable to our private-sector loan portfolio origination. In addition,
net cash was used by operating activities as follows: (i) Ps.1,219.7 million decrease in government and private securities comprised of the proceeds of Ps.1,778.9 million from the sale of Argentine Central Bank debt instruments (Nobac and
Lebac) and other securities and offset by an increase of Ps.559.2 million in net repurchase agreement transactions, (ii) Ps.562.2 million of organization and development expenses, and (iii) Ps.1,679.1 million due to the increase of net
other assets and liabilities.

In fiscal year 2011, net cash provided by operating activities amounted to Ps.432.0 million,
due to a Ps.6,219.3 million increase in deposits, corresponding to: (a) an increase of Ps.3,045.6 million in demand deposits and (b) an increase of Ps.3,173.7 million in time deposits, that was partially offset by the increase of
Ps.5,012.3 million in loans mainly attributable to our private-sector loan portfolio origination. In addition, net cash was used by operating activities as follows: (i) Ps.245.5 million increase in government and private securities comprised of
an increase of Ps.364.5 million in net repurchase agreement transactions and offset by proceeds of Ps.119.0 million from the sale of Argentine Central Bank debt instruments (Nobac and Lebac) and other securities, (ii) Ps.385.4 million of
organization and development expenses, and (iii) Ps.144.1 million due to the increase of net other assets and liabilities.

In fiscal year 2010, net cash provided by operating activities amounted to Ps.2,762.9 million. This increase was mainly attributable to
the decrease in government and private securities of Ps.2,911.0 related to sales and the collection of amortization and interest on Boden 2012 Bonds for Ps.1,808.6 million, Ps.487.2 million of sales of Discount Bonds, Ps.363.6 million due to the
decrease of Argentine Central Bank debt instruments (Nobac and Lebac), Ps.80.7 million of sales of Bonar 2015 Bonds, and a Ps.170.9 million decrease corresponding to other securities. The increase in deposits of Ps.4,181.0 million, corresponding to:
(a) an increase of Ps.3,326.9 million in demand deposits and (b) an increase of Ps.854.1 million in time deposits, was offset by the increase of Ps.4,453.4 million in loans mainly attributable to our private-sector loan portfolio
origination. In addition, net cash was provided by other fluctuations in operating assets and liabilities of Ps.124.3 million.

Cash
Flows from Investing Activities

In fiscal year 2012, net cash used by investing activities amounted to Ps.309.0
million mainly attributable to the acquisition of bank premises and equipment of Ps.241.7 million and miscellaneous assets of Ps.49.1 million. In addition, net cash was used by other fluctuations of Ps.18.2 million corresponding to other investing
assets.

In fiscal year 2011, net cash used by investing activities amounted to Ps.273.4 million mainly attributable to the
acquisition of bank premises and equipment of Ps.165.1 million and miscellaneous assets of Ps.93.2 million. In addition, net cash was used by other fluctuations of Ps.15.1 million corresponding to other investing assets.

In fiscal year 2010, net cash used by investing activities amounted to Ps.363.3 million. Cash equal to Ps.133.7 million was applied to
bank premises and equipment and miscellaneous assets and Ps.347.2 million attributable to investments in other companies mainly related to the acquisition of CFA. These amounts were offset by Ps.117.6 million provided by other investing assets.



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Cash Flows from Financing Activities

In fiscal year 2012, financing activities used cash in the amount of Ps.673.4 million due to the issuance of notes and long term foreign
credit facilities in the amount of Ps.1,146.3 million and the increase in short-term borrowings of Ps.260.6 million. These amounts were offset by: (a) payments of long-term debt for Ps.2,049.5 million and (b) a net decrease in others
fluctuations of Ps.30.8 million corresponding to other financing activities.

In fiscal year 2011, financing activities
generated cash in the amount of Ps.2,370.8 million due to the issuance of notes and long term foreign credit facilities in the amount of Ps.3,185.0 million and the increase in short-term borrowings of Ps.135.6 million. These amounts were offset by:
(a) payments of long-term debt for Ps.905.6 million and (b) a net decrease in others fluctuations of Ps.44.2 million corresponding to other financing activities.

In fiscal year 2010, financing activities used cash in the amount of Ps.495.9 million due to: (a) payments of interest on restructured debt, the payment of two amortization installments on debt due
2010 and the prepayment of Banco Galicias 2014 Notes for Ps.1,031.7 million, (b) payments of long-term debt for Ps.421.1 million and (c) a Ps.460.3 million net increase in funds obtained by the Regional Credit Card Companies through
the issuance of notes and long term foreign credit facilities, (d) the increase in short-term borrowings of Ps.430.0 million and (e) a Ps 66.6 million net increase in other liabilities corresponding to financing activities.

For a description of the types of financial interests we use and the maturity profile of our debt, currency and interest rate
structure, see Item 5. Operating and Financial Review and Prospects-Item 
5.A. Operating Results.

Banco Galicias Liquidity Management

Banco Galicia Consolidated Liquidity Gaps

Liquidity risk is the risk that liquid assets are not available for Banco Galicia to meet financial commitments at contractual maturity, take advantage of potential investment opportunities and meet
demand for credit. To monitor and control liquidity risk, Banco Galicia monitors and systematically calculates the gaps between financial assets and liabilities maturing within set time intervals based on contractual remaining maturity, on a
consolidated basis with the Regional Credit Card Companies and CFA. All of the deposits in checking accounts and other demand deposits and deposits in savings accounts are included in the first time interval. These figures are used to simulate
different liquidity crisis scenarios based on assumptions stemming from historical experience.

As of December 31, 2012,
the consolidated gaps between maturities of Banco Galicias financial assets and liabilities based on contractual remaining maturity were as follows



|                                                  |  |                                       |          |   |            |  |         |             |  |  |              |   |  |       |         |   |  |  |          | 
|------------------------------------------------- |  | ------------------------------------- | -------- | - | ---------- |  | ------- | ----------- |  |  | ------------ | - |  | ----- | ------- | - |  |  | -------- | 
|                                                  |  | As of December 31, 2012
(1)           |         
|                                                  |  | Less thanone Year                     |          |   | 1  5Years |  |         | 5  10Years |  |  | Over 10Years |   |  | Total |        
|                                                  |  | (in millions of Pesos, except ratios) |         
|Assets                                            |  |                                       |          |   |            |  |         |             |  |  |              |   |  |       |         |   |  |  |          | 
|Cash and Due from Banks                           |  |                                       | 2,875.5  |   |            |  |        |             |  |  |             |   |  |       |        |   |  |  | 2,875.5  | 
|Argentine Central Bank  Escrow Accounts          |  |                                       | 6,062.7  |   |            |  |        |             |  |  |             |   |  |       |        |   |  |  | 6,062.7  | 
|Overnight Placements                              |  |                                       | 277.5    |   |            |  |        |             |  |  |             |   |  |       |        |   |  |  | 277.5    | 
|Loans  Public Sector                             |  |                                       | 339.5    |   |            |  |        |             |  |  |             |   |  |       |        |   |  |  | 339.5    | 
|Loans  Private Sector                            |  |                                       | 34,959.8 |   |            |  | 6,483.1 |             |  |  | 137.5        |   |  |       | 13.3    |   |  |  | 41,593.7 | 
|Government Securities                             |  |                                       | 3,038.4  |   |            |  | 503.1   |             |  |  |             |   |  |       |        |   |  |  | 3,541.5  | 
|Notes and Corporate Securities                    |  |                                       | 95.7     |   |            |  | 87.3    |             |  |  | 25.0         |   |  |       |        |   |  |  | 208.0    | 
|Financial Trusts                                  |  |                                       | 607.6    |   |            |  | 779.4   |             |  |  | 126.0        |   |  |       | 0.9     |   |  |  | 1,513.9  | 
|Special Fund Former Almafuerte Bank               |  |                                       |         |   |            |  | 166.1   |             |  |  |             |   |  |       |        |   |  |  | 166.1    | 
|Other Financing                                   |  |                                       | 309.9    |   |            |  |        |             |  |  |             |   |  |       |        |   |  |  | 309.9    | 
|Receivables from Financial Leases                 |  |                                       | 240.2    |   |            |  | 329.2   |             |  |  | 36.7         |   |  |       |        |   |  |  | 606.1    | 
|Other                                             |  |                                       | 465.9    |   |            |  |        |             |  |  |             |   |  |       |        |   |  |  | 465.9    | 
|                                                  |  |                                       |          |   |            |  |         |             |  |  |              |   |  |       |         |   |  |  |          | 
|Total Assets                                      |  |                                       | 49,272.7 |   |            |  | 8,348.2 |             |  |  | 325.1        |   |  |       | 14.2    |   |  |  | 57,960.2 | 
|                                                  |  |                                       |          |   |            |  |         |             |  |  |              |   |  |       |         |   |  |  |          | 
|Liabilities                                       |  |                                       |          |   |            |  |         |             |  |  |              |   |  |       |         |   |  |  |          | 
|Savings Accounts                                  |  |                                       | 9,250.5  |   |            |  |        |             |  |  |             |   |  |       |        |   |  |  | 9,250.5  | 
|Demand Deposits                                   |  |                                       | 10,526.3 |   |            |  |        |             |  |  |             |   |  |       |        |   |  |  | 10,526.3 | 
|Time Deposits                                     |  |                                       | 19,683.7 |   |            |  | 255.2   |             |  |  | 0.1          |   |  |       |        |   |  |  | 19,939.0 | 
|Notes                                             |  |                                       | 977.5    |   |            |  | 2,661.4 |             |  |  | 1,464.2      |   |  |       |        |   |  |  | 5,103.1  | 
|International Banks and Credit Agencies           |  |                                       | 343.2    |   |            |  | 249.0   |             |  |  | 1.0          |   |  |       |        |   |  |  | 593.2    | 
|Domestic Banks                                    |  |                                       | 987.4    |   |            |  | 159.4   |             |  |  | 3.4          |   |  |       |        |   |  |  | 1,150.2  | 
|Other Liabilities(1)                              |  |                                       | 7,423.7  |   |            |  |        |             |  |  |             |   |  |       |        |   |  |  | 7,423.7  | 
|                                                  |  |                                       |          |   |            |  |         |             |  |  |              |   |  |       |         |   |  |  |          | 
|Total Liabilities                                 |  |                                       | 49,192.4 |   |            |  | 3,325.0 |             |  |  | 1,468.7      |   |  |       |        |   |  |  | 53,986.0 | 
|                                                  |  |                                       |          |   |            |  |         |             |  |  |              |   |  |       |         |   |  |  |          | 
|Asset / Liability Gap                             |  |                                       | 80.3     |   |            |  | 5,023.2 |             |  |  | (1,143.6     | ) |  |       | 14.2    |   |  |  | 3,974.2  | 
|Cumulative Gap                                    |  |                                       | 80.3     |   |            |  | 5,103.5 |             |  |  | 3,959.9      |   |  |       | 3,974.1 |   |  |  | 3,974.2  | 
|Ratio of Cumulative Gap to Cumulative Liabilities |  |                                       | 0.2      | % |            |  | 9.7     | %           |  |  | 7.3          | % |  |       | 7.4     | % |  |  |          | 
|Ratio of Cumulative Gap to Total Liabilities      |  |                                       | 0.2      | % |            |  | 9.5     | %           |  |  | 7.3          | % |  |       | 7.4     | % |  |  |          | 
|                                                  |  |                                       |          |   |            |  |         |             |  |  |              |   |  |       |         |   |  |  |          | 



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Principal plus CER adjustment. Does not include interest.



|(1) | Includes, mainly, debt with retailers due to credit card operations, liabilities in connection with repurchase transactions, debt with domestic credit agencies and
collections for third parties. The Less than One Year bucket also includes Ps.6.6 million corresponding to Banco Galicias foreign debt not tendered by its holders in the exchange offered to restructure such foreign debt, which was
completed in May 2004.
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

The table above is prepared taking into account contractual maturity. Therefore, all
financial assets and liabilities with no maturity date are included in the Less than One Year category.

Banco
Galicia must comply with a maximum limit set by its board of directors for liquidity mismatches. This limit has been established at -25% (minus 25%) for the ratio of cumulative gap to total liabilities within the first year. As shown in the table
above, Banco Galicia complies with the established policy, since such gap was 0.2% as of December 
31, 2012.

Banco Galicia (Unconsolidated) Liquidity Management

The following is a discussion of Banco Galicias liquidity management, excluding the consolidated companies.

Banco Galicias policy is to maintain a level of liquid assets that allows it to meet financial commitments at contractual maturity,
take advantage of potential investment opportunities, and meet customers credit demand. To set the appropriate level, forecasts are made based on historical experience and on an analysis of possible scenarios. This enables management to
project funding needs and alternative funding sources, as well as excess liquidity and placement strategies for such funds. As of December 31, 2012, Banco Galicias unconsolidated liquidity structure was as follows:



|                                                                   |  |                         |          | 
|------------------------------------------------------------------ |  | ----------------------- | -------- | 
|                                                                   |  | As of December 31, 2012 |         
|                                                                   |  | (in millions of Pesos)  |         
|Legal Requirement                                                  |  | Ps.                     | 5,809.7  | 
|Management Liquidity                                               |  |                         | 5,634.9  | 
|                                                                   |  |                         |          | 
|Total Liquidity (1)                                                |  | Ps.                     | 11,444.6 | 
|                                                                   |  |                         |          | 
|(1)    Excludes cash and due from banks of consolidated companies. | 

The legal liquidity requirements in the table above correspond to the Minimum Cash Requirements for Peso-
and Dollar-denominated liabilities determined by Argentine Central Bank regulations. For more information on the Argentine Central Bank regulations regarding reserve requirements for liquidity purposes, see Item 4. Information on the
Company-Argentine Banking Regulation-Legal Reserve Requirements for Liquidity Purposes.

The assets included in this
calculation are the balances of Peso- and Dollar-denominated deposit accounts at the Argentine Central Bank and escrow accounts held at the Argentine Central Bank in favor of clearing houses.

Management liquidity consists of the following items: (i) 100% of the balance of overnight placements in banks abroad, (ii) 90%
of the Lebac balance, (iii) 90% of the market value of available government securities, due to



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the potential liquidity that might be obtained through sales or repurchase transactions, (iv) net short-term interbank loans (call loans), and (vi) 100% of the balance at the Argentine
Central Bank, including escrow accounts in favor of clearing houses, in excess of the amounts necessary to cover the Minimum Cash Requirements

Capital

Our capital management policy is designed to ensure prudent levels of capital. The following table analyzes our capital resources as of the dates indicated.



|                                                                |  |                                                                  |         |   |      |     |         |      |  |     |         |  
|--------------------------------------------------------------- |  | ---------------------------------------------------------------- | ------- | - | ---- | --- | ------- | ---- |  | --- | ------- | -
|                                                                |  | As of December 31,                                               |        
|                                                                |  | 2012                                                             |         |   | 2011 |     |         | 2010 | 
|                                                                |  | (in millions of Pesos, except ratios, multiples and percentages) |        
|Shareholders Equity                                            |  | Ps.                                                              | 4,870.1 |   |      | Ps. | 3,551.6 |      |  | Ps. | 2,469.5 |  
|Shareholders Equity as a Percentage of Total Assets            |  |                                                                  | 7.67    | % |      |     | 6.94    | %    |  |     | 6.92    | %
|Total Liabilities as a Multiple of Total Shareholders Equity   |  |                                                                  | 12.03   | x |      |     | 13.41   | x    |  |     | 13.46   | x
|Tangible Shareholders Equity(1)as a Percentage of Total Assets |  |                                                                  | 5.96    | % |      |     | 5.53    | %    |  |     | 5.64    | %
|                                                                |  |                                                                  |         |   |      |     |         |      |  |     |         |  



|(1) | Tangible shareholders equity represents shareholders equity minus intangible assets.
|--- | --------------------------------------------------------------------------------------

For information on our capital adequacy and that of our operating subsidiaries, see Item 4. Information on the
Company-Selected Statistical Information-Regulatory Capital.

Capital Expenditures

In the course of our business, our capital expenditures are mainly related to fixed assets, construction and organizational and IT system
development. In general terms, our capital expenditures are not significant when compared to our total assets.

For a more
detailed description of our capital expenditures in 2012 and our capital commitments for 2013, see Item 4. Information on the Company-Capital Investments and Divestitures. For a description of financing of our capital expenditures,
see -Consolidated Cash Flows.

Item 5.E. Off-Balance Sheet Arrangements

See Item 5.A. Operating Results-Off-Balance Sheet Arrangements and Operating Results-Off-Balance Sheet Contractual
Obligations.

Item 5.F. Contractual Obligations

See Item 5.A. Operating Results-Contractual Obligations.

Item 6. Directors, Senior Management and Employees

Our Board of Directors

Our ordinary shareholders meeting took place on April 15, 2013. The following table sets out the members of our Board of Directors as of that date (all of whom reside in Buenos Aires,
Argentina), the positions they hold within Grupo Financiero Galicia, their dates of birth, their principal occupations and the dates of their appointment and on which their current terms will expire. Terms expire when the annual shareholders
meeting takes place.



|                                   |  |                    |  |                   |  |                     |  |                |  |                 
|---------------------------------- |  | ------------------ |  | ----------------- |  | ------------------- |  | -------------- |  | ----------------
|Name                               |  | Position           |  | Date of Birth     |  | PrincipalOccupation |  | MemberSince    |  | CurrentTerm Ends
|Eduardo J. Escasany                |  | Chairman           |  | June 30, 1950     |  | Businessman         |  | April 2005     |  | December 2015   
|Pablo Gutierrez                    |  | Vice chairman      |  | December 9, 1959  |  | Banker              |  | April 2003     |  | December 2015   
|Abel Ayerza                        |  | Director           |  | May 27, 1939      |  | Businessman         |  | September 1999 |  | December 2014   
|Federico Braun                     |  | Director           |  | February 4, 1950  |  | Businessman         |  | September 1999 |  | December 2013   
|Antonio R. Garcés                  |  | Director           |  | May 30, 1942      |  | Banker              |  | April 2012     |  | December 2014   
|Enrique Martin                     |  | Director           |  | October 19, 1945  |  | Businessman         |  | April 2006     |  | December 2014   
|Luis O. Oddone                     |  | Director           |  | May 11, 1938      |  | Businessman         |  | April 2005     |  | December 2015   
|Silvestre Vila Moret               |  | Director           |  | April 26, 1971    |  | Businessman         |  | June 2002      |  | December 2013   
|Juan Miguel Cuattromo              |  | Director           |  | January 13, 1983  |  | Economist           |  | April 2013     |  | December 2013   
|María Ofelia Hordeñana de Escasany |  | Alternate Director |  | December 30, 1920 |  | Businesswoman       |  | April 2000     |  | December 2013   
|Sergio Grinenco                    |  | Alternate Director |  | May 26, 1948      |  | Banker              |  | April 2003     |  | December 2014   
|Alejandro Rojas Lagarde            |  | Alternate Director |  | July 17, 1937     |  | Lawyer              |  | April 2000     |  | December 2014   
|Luis S. Monsegur                   |  | Alternate Director |  | August 15, 1936   |  | Accountant          |  | April 2000     |  | December 2014   



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The following is a summary of the biographies of the members of our Board of Directors:

Eduardo J. Escasany: Mr. Escasany obtained a degree in economics at the Universidad Católica Argentina. He
was associated with Banco Galicia from 1973 to 2002. He was appointed to Banco Galicias board of directors in 1975. In 1979, he was elected as the vice chairman and from 1989 to March 21, 2002 he was the chairman of Banco Galicias
board of directors and its chief executive officer. He was elected as the vice chairman of the Argentine Bankers Association from 1989 to 1993 and the chairman of such association from 1993 to 2002. He was chairman of the Board of Directors from
April 2002 to June 2002. In April 2005, he was re-elected as member of the Board of Directors and appointed as chairman in 2010. He is also a lifetime trustee and vice chairman of the Fundación Banco de Galicia y Buenos Aires.
Mr. Escasany is Mrs. María Ofelia Hordeñana de Escasanys son and Mr. Silvestre Vila Morets uncle.

Pablo Gutierrez: Mr. Gutierrez obtained a degree in business administration at the Universidad de Buenos Aires. He has been associated with Banco Galicia since 1985, where he served in
different positions. In April 2005, he was appointed to the board of directors of Banco Galicia. Mr. Gutierrez is chairman of Tarjetas Regionales, vice president of Sudamericana Holding and Galicia Valores, regular director of CFA, Tarjetas
Cuyanas, Tarjetas del Mar, Tarjeta Naranja and an alternate trustee of the Fundación Banco de Galicia y Buenos Aires. He was an alternate director of Grupo Financiero Galicia from April 2003 to April 2010 when he was appointed as vice
chairman. In April 2012, he was appointed as the vice chairman of Banco Galicia. Mr. Gutierrez is Mr. Abel Ayerzas nephew.

Abel Ayerza: Mr. Ayerza obtained a degree in business administration at the Universidad Católica Argentina. He was associated with Banco Galicia from 1966 to 2002. Mr. Ayerza is
also the chairman of Aygalpla S.A., a lifetime trustee and second vice chairman of the Fundación Banco de Galicia y Buenos Aires and the managing partner of Cribelco S.R.L., Crisabe S.R.L. and Huinca Cereales S.R.L. He has been a member of
the Board of Directors since September, 1999. Mr. Ayerza is the uncle of Mr. Pablo Gutierrez.

Federico
Braun: Mr. Braun obtained a degree in industrial engineering at the Universidad de Buenos Aires. He was associated with Banco Galicia from 1984 to 2002. Mr. Braun is also the chairman of Patagonia Logística S.A., Campos de la
Patagonia S.A., Estancia Anita S.A. and S.A. Importadora and Exportadora de la Patagonia; the vice chairman of Club de Campo Los Pingüinos S.A., Inmobiliaria y Financiera La Josefina S.A. and Asociación de Supermercados
Unidos y Mayorista Net S.A. He is a member of Asociación Empresaria Argentina and a lifetime trustee of the Fundación Banco de Galicia y Buenos Aires. He has been a member of the Board of Directors since September, 1999.

Antonio Roberto Garcés: Mr. Garcés obtained a degree in national public accounting at the Universidad de Buenos
Aires. He has been associated with Banco Galicia since 1959 and with Grupo Financiero Galicia since 2002. In April 1985, he was appointed as an alternate director of Banco Galicia. Subsequently, he was appointed as the vice chairman of Banco Galicia
in September 2001, the chairman of the board of directors of Banco Galicia from March 2002 until August 2002, and then the vice chairman from August 2002 until April 2003, when he was elected as the chairman of Banco Galicias board of
directors until 2011. From 2003 to 2010 he was the chairman of Grupo Financiero Galicia. In April 2012, Mr. Garcés was appointed as a regular director of Grupo Financiero Galicia.



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Enrique Martin: Mr. Martin obtained a degree in law at the Universidad de Buenos
Aires. He was a professor at the Universidad de Buenos Aires for more than 20 years and has a post-graduate certificate in international economics from the University of London. He was associated with Banco Galicia from 1977 until 2002 and was
responsible for the International Banking Relations Department. Mr. Martin is a senior Advisor to ZEIG S.A. He is also a director of the Argentine-Chilean Chamber of Commerce and an advisor to the Canadian-Argentine Chamber of Commerce. He has
been a member of the Board of Directors since April 2006, and in 2012 was appointed as an alternate director of Banco Galicia.

Luis Oddone: Mr. Odonne obtained a degree in national public accounting at the Universidad de Buenos Aires. He was appointed
as Grupo Financiero Galicias syndic from 1999 until April 2005. He has been a member of the Board of Directors since April 2005.

Silvestre Vila Moret: Mr. Vila Moret obtained a degree in banking administration at the Universidad Católica Argentina. He was associated with Banco Galicia from 1997 until May 2002.
Mr. Vila Moret is also vice chairman of El Benteveo S.A. and Santa Ofelia S.A. He has been a member of the Board of Directors since June 2002. Mr. Vila Moret is the grandson of Mrs. María Ofelia Hordeñana de Escasany and
nephew of Mr. Eduardo J. Escasany.

Juan Miguel Cuattromo: Mr. Cuattromo obtained a degree and a
Masters degree in economics at the Universidad de Buenos Aires. He also obtained postgraduate degrees from the Institute for Capacity Development (a special agency of the IMF) and from the Escola de Administração
Fazendária. Mr. Cuattromo was a professor at the Universidad de Buenos Aires teaching subjects such as macroeconomics, international economy and banks and credits. He has published a wide variety of paper works and won the first prize at
the 5th Edition of the Annual Prize on Economics Research organized by the Argentine Central Bank. Mr. Cuattromo also worked as a consultant at the World Bank and as a special guest of the Economic and Finance Centre for Argentinean
Development. Since 2005 he has served within different agencies of the Mininstry of Economics, and in 2012 he was appointed director of the Foreign Analysis Agency where he still serves.

María Ofelia Hordeñana de Escasany: Mrs. Hordeñana de Escasany has held several positions in different
subsidiaries of Banco Galicia. She is currently the chairman of the Fundación Banco de Galicia y Buenos Aires and Santamera S.A. She has been an alternate director of Grupo Financiero Galicia since April 2000. Mrs. Hordeñana de
Escasany is the mother of Mr. Eduardo J. Escasany and the grandmother of Mr. Silvestre Vila Moret.

Sergio
Grinenco: Mr. Grinenco obtained a degree in economics at the Universidad Católica Argentina and a masters degree in business administration from Babson College in Wellesley, Massachusetts. He has been associated with Banco
Galicia since 1977. He was elected as an alternate director of Banco Galicia in September 2001 and as the vice chairman in April 2003, a position he held until 2011. Mr. Grinenco is also the chairman of CFA, vice chairman of the
Asociación de Bancos Argentina, a regular director of Tarjetas Regionales, liquidator of Galicia Capital Markets S.A. (in liquidation) and an alternate trustee of the Fundación Banco de Galicia y Buenos Aires. In 2012, he was appointed
as the chairman of Banco Galicia.

Alejandro María Rojas Lagarde: Mr. Rojas obtained a degree in law at the
Universidad de Buenos Aires. He has held a variety of positions at Banco Galicia since 1963. From 1965 to January 2000, he was responsible for the general counsel office of Banco Galicia. He has been an alternate director on the Board of Directors
since 2000. He is also a manager of Rojas Lagarde S.R.L., alternate director of Santiago Salud S.A. and lifetime trustee of the Fundación Banco de Galicia y Buenos Aires.

Luis Sila Monsegur: Mr. Monsegur obtained a degree in national public accounting at the Universidad de Buenos Aires. He held
a variety of positions at Banco Galicia from 1962 to 1992 and is an alternate trustee of the Fundación Banco de Galicia y Buenos Aires. He has been an alternate director on the Board of Directors since 2000.

Our Board of Directors may consist of between three and nine permanent members. Currently our Board of Directors has nine members. In
addition, the number of alternate directors-individuals who act in the temporary or permanent absence of a director-has been set at four. The directors and alternate directors are elected by the shareholders at our annual general shareholders
meeting. Directors and alternate directors are elected for a maximum term of three years.



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Messrs. Sergio Grinenco and Pablo Gutiérrez are also directors of Banco Galicia. In
addition, some members of our Board of Directors may serve on the board of directors of any subsidiary.

Five of our directors
and one of our alternate directors are members of the families that are the controlling shareholders of Grupo Financiero Galicia.

Our Audit Committee

Grupo Financiero Galicia complies with the provisions set forth by Decree 677/01, Section 15
and General Resolution No. 400/02 enacted by the CNV, and Capital Markets Law No. 26,831 and the regulations set forth by the CNV, which require that companies which make a public offering of shares should form an Audit Committee, and
develop a charter with regulations for its operation.

Accordingly, the Board of Directors established an Audit Committee with
three members. Currently, Messrs. Luis O. Oddone, Antonio R. Garcés and C. Enrique Martin are the members of the Audit Committee. Our Audit Committee is comprised of two independent directors under the CNV and Nasdaq requirements. All three
members of the Audit Committee are financially literate and have extensive managerial experience. Mr. Oddone is the financial expert serving on our Audit Committee.

According to the CNV rules, the Audit Committee is primarily responsible for (i) issuing a report on the Board of Directors proposals for the appointment of the independent auditors and the
compensation for the Directors, (ii) issuing a report detailing the activities performed according to the CNV requirements, (iii) issuing the Audit Committees annual plan and implementing the plan each fiscal year,
(iv) evaluating the external auditors independence, work plans and performance, (v) evaluating the plans and performance of the internal auditors, (vi) supervising the reliability of our internal control systems, including the
accounting system, and of external reporting of financial or other information, (vii) following-up on the use of information policies on risk management at Grupo Financiero Galicias main subsidiaries, (viii) evaluating the
reliability of the financial information to be filed with the CNV and the SEC, (ix) verifying compliance with the applicable conduct rules, and (x) issuing a report on related party transactions and disclosing any transaction where a
conflict of interest exists with corporate governance bodies and controlling shareholders. The Audit Committee has access to all information and documentation that it requires and is broadly empowered to fulfill its duties. During 2012, the Audit
Committee held thirteen meetings.

Our Supervisory Committee

Our bylaws provide for a Supervisory Committee consisting of three members who are referred to as syndics (syndics) and three
alternate members who are referred to as alternate syndics (alternate syndics). In accordance with the Corporations Law and our bylaws, the syndics and alternate syndics are responsible for ensuring that all of our actions are in
accordance with applicable Argentine law. Syndics and alternate syndics are elected by the shareholders at the annual general shareholders meeting. Syndics and alternate syndics do not have management functions. Syndics are responsible for,
among other things, preparing a report to shareholders analyzing our financial statements for each year and recommending to the shareholders whether to approve such financial statements. Alternate syndics act in the temporary or permanent absence of
a syndic. Currently, there are three syndics and three alternate syndics. Syndics and alternate syndics are elected for a one-year term.

The following table shows the members of our Supervisory Committee. Each of our syndics was appointed at the ordinary shareholders meeting held on April 15, 2013. Terms expire when the annual
shareholders meeting takes place.



|                            |  |                  |  |  |  |                      |  |                  
|--------------------------- |  | ---------------- |  |  |  | -------------------- |  | -----------------
|Name                        |  | Position         |  |  |  | Principal
Occupation |  | Current
Term Ends
|Norberto Corizzo            |  | Syndic           |  |  |  | Accountant           |  | December 2013    
|Luis A. Díaz                |  | Syndic           |  |  |  | Accountant           |  | December 2013    
|Enrique M. Garda Olaciregui |  | Syndic           |  |  |  | Lawyer               |  | December 2013    
|Miguel Armando              |  | Alternate Syndic |  |  |  | Lawyer               |  | December 2013    
|Fernando Noetinger          |  | Alternate Syndic |  |  |  | Lawyer               |  | December 2013    
|Horacio Tedín               |  | Alternate Syndic |  |  |  | Lawyer               |  | December 2013    



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The following is a summary of the biographies of the members of our Supervisory Committee:

Norberto Corizzo:Mr. Corizzo obtained a degree in national public accounting at the Universidad de Buenos Aires.
He has developed taxes activities in companies such as López González Raimondi y Asoc., Noel y Cía and Price Waterhouse. He has been syndic at Grupo Financiero Galicia since April 2003. He has been associated with Banco Galicia
since 1977. Mr. Corizzo is also a syndic of Banco Galicia, EBA Holding, Tarjetas Regionales, Cobranzas Regionales S.A., Tarjeta Naranja, Tarjetas Cuyanas, Tarjetas del Mar and of other subsidiaries of Banco Galicia and Grupo Financiero Galicia.

Luis Díaz: Mr. Díaz obtained a degree in national public accounting at the Universidad de Buenos
Aires. He has provided services to Banco Galicia since 1965, and was elected as a syndic of Banco Galicia and Grupo Financiero Galicia at the shareholders meetings held on April 28, 2009. Additionally, he is a syndic of Tarjetas del Mar,
CFA, Galicia Seguros, Galicia Valores, Galicia Warrants, CFA and of other subsidiaries of Banco Galicia and Grupo Financiero Galicia.

Enrique M. Garda Olaciregui:Mr. Garda Olaciregui obtained a degree in law at the Universidad del Salvador. He has a master in Finances at Universidad del CEMA and a degree in Corporate Law at
Universidad Austral. He has been associated with Banco Galicia since 1970. He served as legal advisor to Banco Galicia between September 2001 and April 2003. He has provided services as a Secretary Director between April 2003 and April 2010, when he
was designated as regular syndic of Banco de Galicia. Additionally, he is a regular syndic at Tarjetas Regionales, CFA, Galicia Seguros, Galicia Valores, Galicia Warrants, Sudamericana Holding and other subsidiaries of Banco Galicia and Grupo
Financiero Galicia.

Miguel Armando: Mr. Armando obtained a degree in law at the Universidad de Buenos Aires. He
was first elected as an alternate syndic of Banco Galicia in 1986. He is vice chairman of Arnoar S.A. and member of the board of directors of Santiago de Compostela Promotora de Seguros S.A. Mr. Armando is also a syndic of EBA Holding S.A. and
an alternate syndic of Banco Galicia, Galicia Valores, Tarjetas Regionales, Tarjeta Naranja, Tarjetas Cuyanas and Tarjetas del Mar, among others.

Fernando Noetinger: Mr. Noetinger obtained a degree in law at the Universidad de Buenos Aires. He has been associated with Banco Galicia since 1987. Mr. Noetinger is also chairman of
Arnoar S.A., and an alternate syndic of EBA Holding S.A., Electrigal S.A., GV Mandataria (in liquidation), Tarjetas del Mar, Tarjetas Regionales, Galicia Warrants, Galicia Valores, Banco Galicia, Galicia Capital Markets S.A. (in liquidation),
Galicia Retiro, Galicia Seguros, Sudamericana Holding and Net Investment, among others.

Horacio Tedín:
Mr. Tedín obtained a degree in law at the Universidad de Buenos Aires. In 1981 he founded his own law firm, which has actively worked for Banco Galicia and other big corporate clients. Mr. Tedín has been an alternate syndic
of Grupo Financiero Galicia since 2006. He is also a syndic of Electrigal S.A. and an alternate syndic of EBA Holding S.A., GV Mandataria (in liquidation), CFA and Galicia Administradora de Fondos, among others.

Compensation of Our Directors

Compensation for the members of the Board of Directors is considered by the shareholders at the shareholders meeting once the fiscal year has ended. The independent directors and members of the
Audit Committee are paid an annual fee based on the functions they carry out and they may receive partial advance payments during the year. We do not pay fees to the members of our Board of Directors who are also members of the board of directors of
Banco Galicia. At the ordinary shareholders meeting held on April 15, 2013 the compensation for the Board of Directors was set at Ps.854,250 for the fiscal year ending on December 31, 2012. For a description of the amounts to be paid
to the board of directors of Banco Galicia, see -Compensation of Banco Galicias Directors and Officers below.

We do not maintain a stock-option, profit-sharing or pension plan for the benefit of our directors. In connection with Banco
Galicias foreign debt restructuring, we agreed to limit the amounts paid per fiscal year to the members of our Board of Directors and agreed not to make any payments to our management in excess of market compensation.



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We do not have a policy establishing any termination benefits for our directors.

Management of Grupo Financiero Galicia

Our organizational structure consists of a chief executive officer (CEO) who reports to the Board of Directors, and the Chief Financial Officer who reports to the CEO and is in charge of the
Financial and Accounting Division.

The CEOs main function consists in implementing the policies defined by the Board of
Directors, as well as suggesting to the Board of Directors the application of plans, budgets and company organization. He is also in charge of supervising the Financial & Accounting Division, assessing the attainment of goals and the
performance of Grupo Financiero Galicia. The position also takes part in the board of directors of some subsidiaries.

Our CEO
is Mr. Pedro Alberto Richards, who was born on November 14, 1952 and obtained a degree in economics from the Universidad Católica Argentina. He holds a Master of Science in Management from the Sloan School of Management at the
Massachusetts Institute of Technology. He was director of the National Development Bank (BANADE). He has been associated with Banco Galicia since 1990. He was member of the board of directors of Galicia Capital Markets S.A. between 1992 and 1994 and
vice chairman of Net Investment between September 2001 and May 2007. Since August 2000, he served as Grupo Financiero Galicias managing director and from 2010 as our CEO. Mr. Richards is also vice chairman of Sudamericana, chairman of
Galicia Warrants and director of GV Mandataria (in liquidation) and Galval. Mr. Richards was alternate director of Grupo Financiero Galicia from April 2003 until April 2005, when he was appointed as director, position he occupied until
April 14, 2010.

Our CFO is Mr. José Luis Gentile, who was born on March 15, 1956 and obtained a degree
in national public accounting at the Universidad de Buenos Aires in 1982. Mr. Gentile is chairman of GV Mandataria (in liquidation), vice chairman of Marín S.A., Net Investment, Nucleamiento Inversor S.A. and Rivadavia 5306 S.A.;
director of Distrocuyo S.A., Electrigal S.A., Galicia Retiro, Galicia Seguros, Galval and Galicia Broker Asesores de Seguros S.A. and alternate director of Galicia Warrants and Sudamericana. The Financial & Accounting Division is mainly
responsible for the assessment of investment alternatives, thus suggesting whether to invest or withdraw Grupo Financiero Galicias positions in different companies or businesses. It also plans and coordinates Grupo Financiero Galicias
administrative services and financial resources in order to guarantee its proper management. This division also aims at meeting requirements set by several controlling authorities, complying with information and internal control needs and budgeting
purposes. Furthermore, it includes the investor relations function, aimed at planning, preparing, coordinating, controlling and providing financial information to the stock exchanges where Grupo Financiero Galicias shares are listed,
regulatory bodies and both domestic and international investors and analysts. It assesses the materials published by analysts, carrying out a follow-up of their opinions, as well as those of shareholders and investors in general.

Our compensation policy, which is essentially the same as the policy followed by the companies that we control, consists of arranging
salary levels in order of importance based on a system that describes and assesses job positions based on objective factors (the Hay System). The purpose of such system is to pay compensation that is similar to the compensation that is paid for a
similar position in the domestic market. Managers who are our employees or our controlled companies employees receive a fixed salary and may receive a bonus based on individual performance. This policy for compensation includes the possibility
of having access to retirement insurance. We do not maintain stock-option, profit-sharing or pension plans or any other retirement plans for the benefit of our managers.

We have established a Disclosure Committee in response to the U.S. Sarbanes-Oxley Act of 2002. The main responsibility of this committee is to review and approve controls over the public disclosure of
financial and related information, and other procedures necessary to enable our chief financial officer and chief executive officer to provide their certifications of our annual report that is filed with the SEC. The members are Messrs. Pedro A.
Richards, José Luis Gentile, Adrián Enrique Pedemonte and Ms. Mariana Saavedra. In addition, at least one of the members of this committee attends all of the meetings of our principal subsidiaries disclosure committees.



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Board of Directors of Banco Galicia

At the ordinary shareholders meeting held on April 15, 2013, the size of Banco Galicias board of directors was set at
seven members and five alternate directors. The following table sets out the members of Banco Galicias board of directors as of April 15, 2013, all of whom are residents of Buenos Aires, Argentina, the position currently held by each of
them, their dates of birth, their principal occupations, the dates of their appointment and the year in which their current terms will expire. The business address of the members of the Banco Galicias board of directors is Tte. General J. D.
Perón 407, (C1038AAI) Buenos Aires, Argentina.



|                                  |  |                       |  |                    |  |                     |  |                |  |                 
|--------------------------------- |  | --------------------- |  | ------------------ |  | ------------------- |  | -------------- |  | ----------------
|Name                              |  | Position              |  | Date of Birth      |  | PrincipalOccupation |  | Member Since   |  | CurrentTerm Ends
|Sergio Grinenco                   |  | Chairman of the Board |  | May 26, 1948       |  | Banker              |  | April 2012     |  | December 2014   
|Pablo Gutierrez                   |  | Vice chairman         |  | December 9, 1959   |  | Banker              |  | April 2012     |  | December 2013   
|Guillermo J. Pando                |  | Secretary Director    |  | October 23, 1948   |  | Banker              |  | April 2003     |  | December 2014   
|Luis M. Ribaya                    |  | Director              |  | July 17, 1952      |  | Banker              |  | September 2001 |  | December 2015   
|Raúl H. Seoane                    |  | Director              |  | July 18, 1953      |  | Banker              |  | April 2012     |  | December 2014   
|Pablo M. Garat(1)                 |  | Director              |  | January 12, 1953   |  | Lawyer              |  | April 2004     |  | December 2015   
|Ignacio A. González(1)            |  | Director              |  | April 23, 1944     |  | Accountant          |  | April 2010     |  | December 2015   
|Enrique García Pinto              |  | Alternate Director    |  | August 10, 1948    |  |                    |  | April 2009     |  | December 2015   
|Cirilo E. Martin                  |  | Alternate Director    |  | October 19, 1945   |  | Lawyer              |  | April 2012     |  | December 2014   
|Juan C. Fossatti(2)               |  | Alternate Director    |  | September 11, 1955 |  | Lawyer              |  | June 2002      |  | December 2014   
|Augusto R. Zapiola Macnab(2) 
(3) |  | Alternate Director    |  | June 27, 1947      |  | Economist           |  | April 2013     |  | December 2015   
|Oscar J. Falleroni(2) 
(3)        |  | Alternate Director    |  | June 19, 1949      |  | Accountant          |  | April 2013     |  | December 2015   



|(1) | In accordance with the rules of the CNV, and pursuant to the classifications adopted by the CNV, Messrs. Garat and González are independent and were reelected
at the ordinary shareholders meeting held on April 15, 2013. The board of directors meeting held on April 16, 2013 elected them as members of the Audit Committee. Messrs. Garat and González are also independent directors
in accordance with the Nasdaq rules.
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(2) | In accordance with the rules of the CNV, and pursuant to the classifications adopted by the CNV, Messrs. Fossatti, Zapiola Macnab and Oscar J. Falleroni are independent
alternate directors. They would replace the independent directors in case of vacancy. They are also independent directors in accordance with the Nasdaq rules.
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(3) | Messrs. Augusto R. Zapiola Macnab and Oscar J. Falleroni, won ́t be able to assume as directors without authorization from the Argentine Central Bank, which is
still pending.
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------

The following are the biographies of the members of the board of directors of Banco Galicia:

Sergio Grinenco: See -Our Board of Directors.

Pablo Gutierrez: See -Our Board of Directors.

Guillermo Juan Pando: Mr. Pando has been associated with Banco Galicia since 1969. He was first elected as an alternate director of Banco Galicia from September 2001 until June 2002, and in
April 2003 he was elected as a director. He is also the chairman of Galicia Cayman and Santiago Salud S.A., vice chairman of Distrocuyo S.A. and Electrigal S.A., an alternate director of CFA, Tarjetas Regionales, Tarjetas del Mar and Tarjeta
Naranja, the liquidator of Galicia Capital Markets S.A. (in liquidation) and an alternate trustee of Fundación Banco de Galicia y Buenos Aires.

Luis María Ribaya: Mr. Ribaya obtained a degree in law from the Universidad de Buenos Aires. He has been associated with Banco Galicia since 1971. He was elected as a director of Banco
Galicia in September 2001, as an alternate director in June 2002 and again as a director in April 2003. Mr. Ribaya is also the chairman of Argencontrol S.A. and MAE, a director of Galicia Valores, and an alternate trustee of Fundación
Banco de Galicia y Buenos Aires.

Raúl Héctor Seoane: Mr. Seoane obtained a degree in economics from
the Universidad de Buenos Aires. He has been associated with Banco Galicia since 1988. Mr. Seoane was first elected as an alternate director of Banco Galicia from 2005 until December 2011, and in April 2012 was elected as a director. He is also
an alternate director of CFA.



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Pablo María Garat: Mr. Garat obtained a degree in law at the Universidad
de Buenos Aires. He has been associated with Banco Galicia as an independent director since April 2004. Mr. Garat has been an official representative of the Province of Tierra del Fuego and an advisor to the Argentine Senate, and he currently
develops its professional independent activity at his own law firm and is a professor at the University of Constitutional Law and Constitutional Tributary Law.

Ignacio Abel González:Mr. González obtained a degree in national public accounting at the Universidad de Buenos Aires and a master in Auditing at Drew University, New Jersey.
Previously, he served as a Member of the International Committee of Finance & Value Sharing, PricewaterhouseCoopers. He was appointed as director of Banco Galicia at the shareholders meeting held on April 14, 2010. He is also
syndic of Sociedad Anónima La Nación, La Nación Nuevos Medios, Publirevistas S.A., Sociedad Anónima Importadora y Exportadora de la Patagonia, Banelsip S.A. and Banelco S.A. and the founder and president of P.O.D.E.R
(Polo de Desarrollo Educativo Renovador).

Enrique García Pinto: Mr. García Pinto has been
associated with Banco Galicia since 1970. Previous to such time he served at Nobleza Piccardo SAYCYF and Saturno Agropecuaria SCA. Mr. García Pinto was appointed as an alternate director of Banco Galicia at the shareholders meeting
held on April 28, 2009. He is also vice chairman of Galicia Internacional S.A. and director of Distrocuyo S.A.

Cirilo
Enrique Martin: See -Our Board of Directors.

Juan Carlos Fossatti: Mr. Fossatti obtained a degree
in law from the Universidad de Buenos Aires. He has been associated with Banco Galicia since June 2002, when he was elected as an independent alternate director at the annual general shareholders meeting. Mr. Fossatti is also the chairman
of Tierras del Bermejo S.A. and of Tierras del Tigre S.A. and director of Baerlocher do Brasil S.A. (Sao Paulo  Brazil).

Augusto Rodolfo Zapiola Macnab: Mr. Zapiola Macnab obtained a degree in economics from the Pontificia Universidad Catolica
Argentina. He has been associated with Banco Galicia from June 1978 until September 2002. In April 2013, he was elected as an alternate director.

Oscar José Falleroni:Mr. Falleroni was born on June 19, 1949. He obtained a degree in national public accounting at the Universidad de Buenos Aires. He was first elected as an
alternate syndic on April 2012, and in April 2013 was elected as an alternate director.

Functions of the Board
of Directors of Banco Galicia

Banco Galicias board of directors may consist of three to nine permanent members. In
addition, there can be one or more alternate directors who can act during the temporary or permanent absence of a director. As of the date of this annual report, five directors and one alternate director were engaged on a full time basis in the
day-to-day operations of Banco Galicia. Messrs. García Pinto, Fossatti, Garat, González, Canova and Naveyra are not employees of Banco Galicia.

Banco Galicias board of directors meets formally twice each week and informally on a daily basis, is in charge of Banco Galicias general management and makes all the necessary decisions.
Members of Banco Galicias board of directors serve on the following committees:

Financial Committee:This
committee is composed of one director, the CEO of Banco Galicia, the managers of the Risk Management and Financial Divisions, the managers of the Capital Markets and Financial Transactions Departments, the CEO and Financial manager of Tarjetas
Regionales and the Financial manager of CFA. This committee may also call officers and managers from Banco Galicia, Tarjetas Regionales and CFA, whenever it may deem such action necessary. The committee is in charge of analyzing the financial
evolution and funding needs of retail credit companies. It is also responsible of analyzing the portfolio and liquidity evolution, in addition to evaluate funding alternatives. This committee meets at least twice a month.

Risk Management Committee:This committee is composed of five directors, the CEO, the managers of the Strategic Planning and
Management Control and the Risk Management Divisions and the Internal Audit Department manager. This committee is in charge of approving risk management strategies, policies, processes and procedures



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and the contingency plans thereof. It is also responsible for setting specific limits for the exposure to each risk and approving, when applicable, temporary excesses over such limits as well as
being informed of each risk position and compliance with policies. This committee meets at least once every two months. Its resolutions are summarized in writing.

Credit Committee:This committee is composed of five directors, the CEO and the managers of the Credit and Risk Management Divisions. The managers of the Wholesale Banking, Retail Banking and
Financial Divisions must attend the meetings if the bank account pending approval by this committee corresponds to any of the above-mentioned divisions. This committee meets at least once every week. It is in charge of granting loans for amounts
higher than Ps.50 million and all loans to financial institutions (local or international) and related parties. Approved operations are recorded in signed and dated documents.

Information Technology Committee:This committee is composed of three directors, the CEO, the Comprehensive Corporate Services Division manager and the IT Department manager. This committee is in
charge of supervising and approving the development plans of new systems and their budgets, as well as controlling these systems budget control. It is also responsible for approving the general design of the systems structure, the main
processes thereof and the systems implemented, as well as monitoring the quality of Banco Galicias systems. This committee meets at least once every three months. It can hold extraordinary meetings when issues exist which require urgent
attention. The IT Department manager usually calls for the meeting and requests the documents to be considered. However, any member of the Committee can do so. Its resolutions are summarized in writing.

Audit Committee: In accordance with the requirements set forth by the Argentine Central Bank regulations, Banco Galicia has an
Audit Committee composed of two directors, one of which is an independent director, and the Internal Audit Department manager. In addition, in its capacity as a publicly listed company (in Argentina), Banco Galicia must comply with the transparency
regime for public companies set forth by Decree No. 677/01 and by the rules established by the CNV in its resolutions No. 400, 402 and supplementary regulations. In compliance with the CNV regulations, the Audit Committee is made up of
three directors, two of which are independent directors.

Committee for the Control and Prevention of Money Laundering and
Funding of Terrorist Activities: This committee is responsible for planning, coordinating and enforcing compliance with the policies for the prevention and control of money laundering and funding of terrorist activities established and approved
by Banco Galicias board of directors, based on regulations in force. Furthermore, this committee is in charge of the design of internal controls, personnel training plans and the control of the fulfillment thereof by the internal audit. It is
composed of two directors, the CEO, the person in charge of the Anti-Money Laundering Unit (UAL), the managers of the following divisions: Financial, Wholesale and Retail Banking and Comprehensive Corporate Services, as well as the Risk Management
Division manager and the Internal Audit Department manager. The syndics can be invited to attend any meeting called by this committee. The Anti-Money Laundering Unit reports directly to Banco Galicias board of directors. In addition, in
compliance with the regulations set forth by the Argentine Central Bank, Director Mr. Guillermo Juan Pando, was appointed Banco Galicias officer responsible for the control and prevention of money laundering and funding of terrorist
activities. Likewise, the Financial Division manager is the officer in charge of financial intermediation transactions.

This
committee is scheduled to meet at least once every two months and its resolutions must be registered in a minutes book bearing folios and seals.

Disclosure Committee: This Committee was created to comply with the provisions of the U.S. Sarbanes-Oxley Act. It is composed of five directors, the CEO, the manager in charge of the Strategic
Planning and Management Control Division, the Internal Audit Department manager, and the managers of the Accounting Department, the Assets and Liabilities Management Department, the Investor Relations Department and the Legal Advisory Services
Department and Risk Management. The syndics can be invited to attend any meeting called by this committee. A member of this committee that was created for the same purpose by Grupo Financiero Galicia also attends the meetings held by this committee.
Likewise, this committee may call officers from Banco Galicias different divisions whenever it may deem necessary. This committee will meet every month or as long as there exist issues that require to be considered

Human Resources Committee:This committee is in charge of the appointment and assignment, transfer, rotation, development,
headcount and compensation of the personnel included in salary levels 9 and above. It is



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composed of two directors, the CEO and the Organizational Development and Human Resources Division manager. This committee meets every six months or whenever there are issues that require
consideration. Its resolutions are summarized in writing.

Asset and Liabilities Committee (ALCO):This committee is in
charge of analyzing the evolution of Banco Galicias business from a financial point of view, in regard to fund raising and different assets placement. It is also in charge of the follow-up and control of liquidity, interest rate and currency
mismatches. This committee is in charge of analyzing and making recommendations to the business divisions in connection with the management of interest rate, currency and maturity mismatches, with the goal of maximizing financial and
foreign-exchange results within acceptable parameters of risk and capital use. This Committee is also responsible for suggesting changes to these parameters, if necessary, to Banco Galicias board of directors. Five directors, the CEO, the
Retail Banking Division manager, the Wholesale Banking Division manager, the Financial Division manager, the Risk Management Division manager and the Strategic Planning and Management Control Division manager are members of this committee. This
committee meets at least once a month. Its resolutions are summarized in writing and signed by two of its members.

Strategic Planning and Management Control Committee:This committee is composed of five directors, the CEO, the Risk Management
Division manager, the Strategic Planning and Management Control Division manager and the Internal Audit Department manager. The syndics can be invited to attend any meeting called by this committee. This committee is in charge of the analysis,
definition and follow-up of the consolidated balance sheet and income statement. This committee meets at least once every month. Quarterly budgetary follow-up by division must be made in meetings, in which three directors, the CEO, the Strategic
Planning and Management Control Division manager and those managers who are called upon may attend. Its resolutions are summarized in writing and signed by two of the above-mentioned officers.

Segments and Business Management Committee:This committee is composed of three directors, the CEO, the division managers, the
department managers and those officers whose participation is deemed necessary and those whose presence is specifically requested. It is in charge of the analysis, definition and follow-up of businesses and segments. This committee meets at least
once every three months. Its resolutions are summarized in writing and signed by two of the above-mentioned officers.

Crisis Committee:This committee is composed of five directors, the CEO and those other officers whose participation is deemed to
be necessary and those who are invited to attend. This committee is in charge of the assessment of any liquidity crisis and the implementation of actions designed to resolve the same. Its resolutions are summarized in writing and are signed by any
two of the previously described members.

Periodically, the board of directors of Banco Galicia is informed of the actions
taken by the committees, which are recorded in minutes.

Banco Galicias Executive Officers

On August 31, 2009, Mr. Daniel A. Llambías, an accountant, was appointed CEO of Banco Galicia, by decision of its
board of directors. The CEO is in charge of implementing the strategic goals established by the board of directors of Banco Galicia. Likewise, he coordinates the managers of Banco Galicias divisions, while reporting to Banco Galicias
board of directors.

Daniel Antonio Llambías: Mr. Llambías was born on February 8, 1947. He
obtained a degree in national public accounting at the Universidad de Buenos Aires. He has been associated with Banco Galicia since 1964. He was elected as an alternate director of Banco Galicia in September 1997 and as a director in September 2001
until August 2009, when he was appointed CEO. Mr. Llambías is also the chairman of Sudamericana Holding, the vice chairman of Visa Argentina S.A. and Tarjetas del Mar, a director of Tarjeta Naranja, Tarjetas Regionales, Tarjetas Cuyanas
and IDEA (Instituto para el Desarrollo Empresarial de la Argentina), as well as a member of the supervisory committee of Automóvil Club Argentino, and an alternate trustee of the Fundación Banco de Galicia y Buenos Aires.



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The following divisions and department managers report to Banco Galicias CEO:



|                                               |  |                       
|---------------------------------------------- |  | ----------------------
|Division                                       |  | Manager               
|Retail Banking                                 |  | Juan Sarquis          
|Wholesale Banking                              |  | Gastón Bourdieu       
|Financial                                      |  | Pablo María León      
|Risk Management                                |  | Juan Carlos LAfflitto
|Credit                                         |  | Marcelo Poncini       
|Comprehensive Corporate Services               |  | Miguel Ángel Peña     
|Organizational Development and Human Resources |  | Rafael Pablo Bergés   
|Strategic Planning and Management Control      |  | Bruno Folino          

Retail Banking Division: This division is responsible for designing, planning and implementing the
vision, strategies, policies and goals for the Retail Banking Divisions businesses and for each customer segment and distribution channel. It is also in charge of the definition and control of this divisions business goals. The following
departments report to this division: Private Banking, Retail Banking Segments, Products and Publicity, Alternative Channels, Branches, Operating Supervision of Branches and Planning, and Quiero Fidelity Program.

Wholesale Banking Division: This division is responsible for designing, planning and implementing the vision, strategies, policies
and goals for the Wholesale Banking Divisions businesses and for each customer segment (corporate, small and medium-sized companies, agriculture and livestock companies and public-sector companies) and products. It is also in charge of the
definition and control of this divisions business goals. The following departments report to this division: Agriculture and Livestock Sector, Corporate, small and medium-sized companies, Public Sector, Wholesale Products and Marketing, Capital
Markets and Investment Banking, Wholesale Business Analysis and Planning.

Financial Division: This division is
responsible for planning and managing the correct use of financial resources and providing the appropriate funding for Banco Galicias businesses, establishing and applying Banco Galicias deposit-raising and funding policies within the
parameters established by Banco Galicias risk policies. It also manages short-term resources and Banco Galicias investment portfolio, ensuring the correct execution of transactions. The following departments report to this division:
Assets and Liabilities Management, Financial Operations, Banking Relations and Information Support and Management.

Risk
Management Division: This division is responsible for monitoring and actively managing the various risks faced by Banco Galicia (credit, financial and operational) and its subsidiaries. The following departments report to this division: Credit
Risk and Insurance, Financial Risk, Operational Risk, Information and Risk Analysis and Development and Management of Models.

Credit Division: This division is responsible for developing and proposing the strategies for credit and credit-granting policies,
as well as managing and monitoring credit origination processes, follow-up and control thereof, and the recovery of past-due loans. This aims at ensuring the quality of the loan portfolio, cost and time efficiency, and recovery optimization, thus
minimizing loan losses and optimizing efficiency in processes and business credit granting. The following departments report to this division: Credit Analysis, Corporate Credit, Consumer Credit, Preventative Management and Analysis, Customer Credit
Recovery, Portfolio Recovery, Information and Management of the Credit Division, Policies and Strategies and Special Projects.

Comprehensive Corporate Services Division: This division is responsible for designing, planning and implementing the strategies
and policies for the IT, Organization, Operations, Purchase of Goods and Services and Infrastructure divisions, and the maintenance thereof. It is as well in charge of Banco Galicias physical and information safety, with the purpose of
ensuring and maintaining the logistic support for its operations and activities. The following departments report to this division: Operations, IT, Organization, Engineering and Maintenance, Purchases and Contracts, Security, Management Control and
Information Security.

Organizational Development and Human Resources Division: This division is in charge of
designing, planning and implementing human resources strategies and policies, as well as defining and controlling management goals of Banco Galicias human resources with the purpose of ensuring homogeneous practices, availability of



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qualified and motivated personnel and a proper work environment. The following departments report to this division: Human Resources, Consultants, Internal Communications and Change Management,
Management Development, Compensation, Quality Assurance and Corporate Social Responsibility.

Strategic Planning and
Management Control Division: This division is responsible for planning and controlling budget, accounting and tax activities. The following departments report to this division: Accounting, Tax Advisory, Planning and Management Control, Investors
Relations and Fiduciary Administration and Supplementary Businesses.

The following department reports to the CEO:



|                                   |  |                       
|---------------------------------- |  | ----------------------
|Department                         |  | Manager               
|Legal Advisory Services Department |  | María Elena Casasnovas

Legal Advisory Services Department: This department is responsible for providing advisory services
and determining the steps to be taken for Banco Galicias business conduction under the regulations in force, with the purpose of ensuring the legitimacy thereof and avoiding loss of rights, indemnifications and/or penalties.

The following departments report to the board of directors of Banco Galicia:



|                                           |  |                       
|------------------------------------------ |  | ----------------------
|Department                                 |  | Manager               
|Internal Audit                             |  | Omar Severini         
|Institutional Affairs and Press Department |  | Diego Francisco Videla
|Anti-money Laundering Unit                 |  | Claudia Estecho       

Internal Audit Department: This department is responsible for assessing and monitoring the
effectiveness of internal control systems with the purpose of ensuring compliance with applicable laws and regulations.

Institutional Affairs and Press Department: This department is responsible for managing and controlling press and institutional
image promotion activities, providing advice to the different areas.

Anti-money Laundering Unit: This unit is
responsible for monitoring and detecting unusual possible operations to assure compliance with the Control and Prevention of Money Laundering regulations.

The following are the biographies of Banco Galicias senior executive officers mentioned above and not provided in the sections -Board of Directors of Banco Galicia or -Our Board of
Directors above.

Juan H. Sarquís:Mr. Sarquís was born on June 23, 1957. He obtained a
degree in economics at the Pontificia Universidad Católica Argentina. He has been associated with Banco Galicia since 1982. Mr. Sarquis is also a director of Sudamericana Holding and Banelco S.A., an alternate director of Visa Argentina
S.A., Banelsip S.A., Tarjetas Regionales, Tarjeta Naranja, Tarjetas del Mar and Tarjetas Cuyanas.

Gastón
Bourdieu: Mr. Bourdieu was born on August 31, 1956. He obtained a degree in agricultural administration at UADE University. He has been associated with Banco Galicia since 1981 as a member of the young professional program in the
Credit Division. He is the vice chairman of Galicia Warrants, an alternate director of Tarjetas Regionales, director of Maradona S.A. and Sullair Argentina S.A.

Pablo M. Leon: Mr. Leon was born on August 31, 1964. He obtained a degree in finance at the Universidad de Palermo and two PDF (Programs for Executive Development) at IAE (Instituto
Argentino de Empresas) and IMD, Lausanne, Switzerland. He has been associated with Banco Galicia since 1987. He is also the chairman of Galicia Valores and director of Argenclear S.A.

Juan Carlos LAfflitto: Mr. LAfflitto was born on September 15, 1958. He received a degree in national public
accounting at the Universidad de Buenos Aires. He has been associated with Banco Galicia since 1986. Prior to such time, he worked at Morgan, Benedit y Asociados, where he acted as an advisor and accountant. He was a professor at the Universidad
Católica Argentina until 1990.



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Marcelo Poncini: Mr. Poncini was born on November 11, 1961. He obtained a
degree in business administration at the Universidad de Morón. He has been associated with Banco Galicia since 1987.

Miguel Angel Peña:Mr. Peña was born on January 22, 1962. He obtained a degree in information systems from
the Universidad Nacional Tecnológica. He has been associated with Banco Galicia since 1994. Mr. Peña is director of Tarjeta Naranja and an alternate director of Tarjetas Regionales. He is also a voting member of the ONG-Usuaria
(Asociación Argentina de Usuarios de la Informática y las Comunicaciones).

Rafael Pablo
Bergés:Mr. Bergés was born on September 10, 1963. He obtained a degree in industrial engineering. He has been associated with Banco Galicia since August 2010. Prior to such time, he worked at Techint and at a several
multinational companies in managerial positions. From 1998 to 2009 he was vice president in the Human Resources Division of Grupo Telefónica.

Bruno Folino: Mr. Folino was born on February 23, 1966. He has an accounting degree from the Universidad de Buenos Aires. He completed a post-graduate degree in Tax & Legal at
the Universidad Austral and Master in Science of Management Sloan at GSB Stanford University. He started his career in Price Waterhouse & Co at the Auditing Department, and later, at the Tax & Legal department. He has been
associated with Banco Galicia since 1997 as Tax Manager and Planning Manager. In 2012 he was appointed Strategic Planning and Management Control Manager.

María Elena Casasnovas: Mrs. Casasnovas was born on May 10, 1951. She obtained a degree in law at the Pontificia Universidad Católica Argentina. She has been associated with
Banco Galicia since 1972.

Omar Severini:Mr. Severini was born on July 30, 1958. He obtained a degree in
national public accounting from the Universidad de Belgrano. He has been associated with Banco Galicia since 1978.

Diego
Francisco Videla:Mr. Videla was born on November 7, 1948. He has been associated with Banco Galicia since 1997. Prior to such time, he acted as an advisor in the privatization of Banco de la Provincia de Misiones S.A. Mr. Videla
is a voting member of the Fundación Policía Federal Argentina.

Claudia Raquel Estecho:Mrs. Estecho
was born on September 24, 1957. She obtained a degree in public accounting at the Universidad de Buenos Aires. She has been associated with Banco Galicia since 1976.

Banco Galicias Supervisory Committee

Banco Galicias bylaws provide for a Supervisory Committee consisting of three syndics and three alternate syndics. Pursuant to
Argentine law and to the provisions of Banco Galicias bylaws, Banco Galicias syndics and alternate syndics are responsible of ensuring that all of Banco Galicias actions are in accordance with applicable Argentine law. Syndics and
alternate syndics do not participate in business management and cannot have managerial functions of any type. Syndics are responsible for, among other things, the preparation of a report to the shareholders analyzing Banco Galicias financial
statements for each year and the recommendation to the shareholders as to whether to approve such financial statements. Syndics and alternate syndics are elected at the ordinary shareholders meeting for a one-year term and they can be
re-elected. Alternate syndics act in the temporary or permanent absence of a syndic.

The table below shows the composition of
Banco Galicias Supervisory Committee as they were re-elected by the annual shareholders meeting held on April 15, 2013.



|                            |  |                     |  |                  |  |                      |  |                  
|--------------------------- |  | ------------------- |  | ---------------- |  | -------------------- |  | -----------------
|Name                        |  | Year of
Appointment |  | Position         |  | Principal
Occupation |  | Current Term Ends
|Enrique M. Garda Olaciregui |  | 2013                |  | Syndic           |  | Lawyer               |  | December 31, 2013
|Norberto D. Corizzo         |  | 2013                |  | Syndic           |  | Accountant           |  | December 31, 2013
|Luis A. Díaz                |  | 2013                |  | Syndic           |  | Accountant           |  | December 31, 2013
|Fernando Noetinger          |  | 2013                |  | Alternate Syndic |  | Lawyer               |  | December 31, 2013
|Miguel N. Armando           |  | 2013                |  | Alternate Syndic |  | Lawyer               |  | December 31, 2013
|Horacio Tedín               |  | 2013                |  | Alternate Syndic |  | Lawyer               |  | December 31, 2013



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For the biographies of Messrs. Enrique M. Garda Olaciregui, Norberto D. Corizzo, Luis A.
Díaz, Fernando Noetinger and Miguel N. Armando and Horacio Tedín, see -Our Supervisory Committee.

Compensation of Banco Galicias Directors and Officers

Banco Galicias board of directors establishes the
policy for compensation of Banco Galicias personnel. Banco Galicias managers receive a fixed compensation and they may receive a variable compensation, based on their performance. Five directors and an alternate director are employees of
Banco Galicia and, therefore, receive a fixed compensation and may also receive a variable compensation based on their performance, provided that these additional payments do not exceed the standard levels of similar entities in the Argentine
financial market, a provision that is applicable to managers as well. The compensation regime includes the possibility of acquiring a retirement insurance policy. Banco Galicia does not maintain stock-option plans or pension plans or any other
retirement plans for the benefit of its directors and managers. Banco Galicia does not have a policy establishing any termination benefits for its directors.

For fiscal year 2012, Banco Galicias ordinary shareholders meeting held on April 15, 2013, approved compensation for the directors in the total amount of Ps.0.85 million.

Annually, provisions are established to cover the variable compensation of Banco Galicias board of directors and employees for the
fiscal year. During the first quarter of each year, Banco Galicias board of directors analyzes the possibility of paying employees a variable compensation for the previous fiscal year ended based on the compensation for similar jobs in the
labor market in recognition of the performance and professional development of the respective beneficiaries during the fiscal year.

Employees

The following table shows the composition of our staff:



|                                     |      |                    |        |      |  |  |        |  |  |  |        | 
|------------------------------------ | ---- | ------------------ | ------ | ---- |  |  | ------ |  |  |  | ------ | 
|                                     |      | As of December 31, |       
|                                     | 2012 |                    |        | 2011 |  |  | 2010   | 
|Grupo Financiero Galicia S.A.        |      |                    | 13     |      |  |  | 12     |  |  |  | 13     | 
|Banco de Galicia y Buenos Aires S.A. |      |                    | 5.734  |      |  |  | 5,525  |  |  |  | 5,185  | 
|Branches                             |      |                    | 2,782  |      |  |  | 2,756  |  |  |  | 2,685  | 
|Head Office                          |      |                    | 2,952  |      |  |  | 2,769  |  |  |  | 2,500  | 
|Galicia Uruguay                      |      |                    | 5      |      |  |  | 5      |  |  |  | 7      | 
|Regional Credit Card Companies       |      |                    | 6,098  |      |  |  | 5,723  |  |  |  | 4,747  | 
|CFA(*)                               |      |                    | 1,233  |      |  |  | 1,125  |  |  |  | 1,099  | 
|Sudamericana Consolidated            |      |                    | 193    |      |  |  | 162    |  |  |  | 126    | 
|Other Subsidiaries                   |      |                    | 40     |      |  |  | 45     |  |  |  | 48     | 
|                                     |      |                    |        |      |  |  |        |  |  |  |        | 
|Total                                |      |                    | 13,316 |      |  |  | 12,597 |  |  |  | 11,225 | 
|                                     |      |                    |        |      |  |  |        |  |  |  |        | 



|(*) | Includes Cobranzas y Servicios S.A.
|--- | -----------------------------------

Within the current legal framework, membership in an employee union is voluntary and there is only one union of bank employees with national representation. As of December 31, 2012, approximately
19.6% of Banco Galicias employees were affiliated with the national bank employee union. As of December 31, 2012, approximately 95.8% of the Regional Credit Card Companies work force was party to the merchant unions Collective
Bargaining Agreement No. 130/75 applicable to trade employees, 4.5% of which were members of a labor union and 0.03% of which were labor union representatives. As of December 31, 2012, CFAs employees were not affiliated to any union.
Usually during the first four months of the year, the bank employee union and the national commerce employee union renegotiate their respective collective labor agreements in order to establish new minimum wages. As a result of such negotiations,
salary increases are granted. Banco Galicia has not experienced a strike by its employees since 1973 and the Regional Credit Card Companies and CFA have never experienced any strike event. We believe that our relationship with our employees has
developed within normal and satisfactory parameters.



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We have a human resources policy that aims at providing our employees possibilities for
growth and personal and socio-economic achievement. We will continue our current policy of monitoring both wage levels and labor conditions in the financial industry in order to be competitive. Our employees receive fixed compensation and may
receive variable compensation according to their level of achievement. We do not maintain any profit-sharing programs for our employees.

The Fundación Banco de Galicia y Buenos Aires (the Fundación) is an Argentine non-profit organization that provides various services to Banco Galicia employees. The various
activities of the Fundación include, among others, purchasing school materials for the children of Banco Galicias employees and making donations to hospitals and other charitable causes, including cultural events. The Fundación
is managed by a Council, certain members and alternate members of which are members of our Board of Directors and supervisory committee. Members and alternate members of the Council do not receive remuneration for their services as trustees.

Nasdaq Corporate Governance Standards

Pursuant to Nasdaq Marketplace Rule 5615(a) (3), a foreign private issuer may follow home country corporate governance practices in lieu
of the requirements of the Rule 5600 Series, provided that the foreign private issuer complies with certain sections of the Rule 5000 Series, discloses each requirement that it does not follow and describes the home relevant country practice
followed in lieu of such requirement. The requirements of the Rule 5000 Series and the Argentine corporate governance practice that we follow in lieu thereof are described below:



| | (i) | Rule 5250 (d)  Distribution of Annual and Interim Reports. In lieu of the requirements of Rule 5250 (d), we follow Argentine law, which requires that companies
make public a Spanish language annual report, including annual audited consolidated financial statements, by filing such annual report with the CNV and the BASE, within 70 calendar days of the end of the companys fiscal year. Interim reports
must be filed with the CNV and the BASE within 42 calendar days of the end of each fiscal quarter. The BASE publishes the annual reports and interim reports in the BASE bulletin and makes the bulletin available for inspection at its offices. In
addition, our shareholders can receive copies of our annual reports and any interim reports upon such shareholders request. English language translations of our annual reports and interim reports are furnished to the SEC. We also post the
English language translation of our annual reports and quarterly press releases on our website. Furthermore, under the terms of the Second Amended and Restated Deposit Agreement, dated as of June 22, 2000, among us, The Bank of New York, as
depositary, and owners of ADSs issued thereunder, we are required to furnish The Bank of New York with, among other things, English language translations of our annual reports and each of our quarterly press releases. Annual reports and quarterly
press releases are available for inspection by ADRs holders at the offices of The Bank of New York located at, 101 Barclay Street, New York, New York. Finally, Argentine law requires that 20 calendar days before the date of a shareholders
meeting, the board of directors must provide to the shareholders, at the companys executive office or through electronic means, all information relevant to the shareholders meeting, including copies of any documents to be considered by
the shareholders (which includes the annual report), as well as proposals of the companys board of directors.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (ii) | Rule 5605 (b) (1)  Majority of Independent Directors. In lieu of the requirements of Rule 5605 (b) (1), we follow Argentine law, which does not
require that a majority of the board of directors be comprised of independent directors. Argentine law instead requires that public companies in Argentina such as us must have a sufficient number of independent directors to be able to form an audit
committee of at least three members, the majority of which must be independent pursuant to the criteria established by the CNV. In addition, because we are a controlled company as defined in Rule 5615 (c) (1), we are relying on the
exemption provided thereby for purposes of complying with Rule 5615 (c) (2).
| | ---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (iii) | Rule 5605 (b) (2)  Executive Sessions of Independent Directors. In lieu of the requirements of Rule 5605 (b) (2), we follow Argentine law which
does not require independent directors to hold regularly scheduled meetings at which only such independent directors are present (i.e., executive sessions). Our Board of Directors as a whole is responsible for monitoring our affairs. In
addition, under Argentine law, the board of directors may approve the delegation of specific responsibilities to designated directors or non-director managers of the company. Also, it is mandatory for public companies to form a supervisory committee
(composed of syndics), which is responsible for monitoring the legality of the companys actions under Argentine law and the conformity thereof with its bylaws.
| | ----- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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| | (iv) | Rule 5605 (d)  Compensation of Officers. In lieu of the requirements of Rule 5605 (d), we follow Argentine law, which does not require companies to form a
compensation committee comprised solely of independent directors. It also is not required in Argentine law that the compensation of the chief executive officer and all other executive officers be determined by either a majority of the independent
directors or a compensation committee comprised solely of independent directors. Under Argentine law, the board of directors is the corporate body responsible for determining the compensation of the chief executive officer and all other executive
officers, so long as they are not directors. In addition, under Argentine law, the audit committee shall give its opinion about the reasonableness of managements proposals on fees and option plans for directors or managers of the company.
Finally, because we are a controlled company as defined in Rule 5615 (c) (1), we are relying on the exemption provided thereby for purposes of complying with Rule 5615 (c) (2).
| | ---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (v) | Rule 5605 (e) (1)  Nomination of Directors. In lieu of the requirements of Rule 5605 (e) (1), we follow Argentine law which requires that directors
be nominated directly by the shareholders at the shareholders meeting and that they be selected and recommended by the shareholders themselves. Under Argentine law, it is the responsibility of the ordinary shareholders meeting to appoint
and remove directors and to set their compensation. In addition, because we are a controlled company as defined in Rule 5615 (c) (1), we are relying on the exemption provided thereby for purposes of complying with Rule 5615
(c) (2).
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (vi) | Rule 5605 (c) (1)  Audit Committee Charter. In lieu of the requirements of Rule 5605 (c) (1), we follow Argentine law, which requires that audit
committees have a charter but does not require that companies certify as to the adoption of the charter nor does it require an annual review and assessment thereof. Argentine law instead requires that companies prepare a proposed plan or course of
action with respect to those matters, which are the responsibility of the companys audit committee. Such plan or course of action could, at the discretion of our audit committee, include a review and assessment of the audit committee charter.
| | ---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (vii) | Rule 5605 (c) (2)  Audit Committee Composition. Argentine law does not require, and it is equally not customary business practice in Argentina, that
companies have an audit committee comprised solely of independent directors. Argentine law instead requires that companies establish an audit committee with at least three members comprised of a majority of independent directors as defined by
Argentine law. Nonetheless, although not required by Argentine law, until April 19, 2012, we had an Audit Committee entirely comprised of three independent directors, pursuant to the definition of independence in Rule 10 A-3 (b) (1), one
of which the Board of Directors determined to be a financial expert. Currently, our Audit Committee is comprised of three Directors; two of which meet such independent requirements. In addition, we have a supervisory committee
(comisión fiscalizadora) composed of three syndics, which are in charge of monitoring the legality, under Argentine law, of the actions of our Board of Directors and the conformity of such actions with our bylaws.
| | ----- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (viii) | Rule 5620 (c)  Quorum. In lieu of the requirements of Rule 5620 (c), we follow Argentine law and our bylaws, which distinguish between ordinary meetings and
extraordinary meetings and require, in connection with ordinary meetings, that a quorum consist of a majority of stock entitled to vote. If no quorum is present at the first meeting, a second meeting may be called at which the shareholders present,
whatever their number, constitute a quorum and resolutions may be adopted by an absolute majority of the votes present. Argentine law and our bylaws require, in connection with extraordinary meetings, that a quorum consist of 60% of the stock
entitled to vote. However, if such quorum is not present at the first meeting, our bylaws provide that a second meeting may be called which may be held with the number of shareholders present. In both ordinary and extraordinary meetings, decisions
are adopted by an absolute majority of votes present at the meeting, except for certain fundamental matters (such as mergers and spin-offs (when we are not the surviving entity and the surviving entity is not listed on any stock exchange),
anticipated liquidation, a change in our domicile to outside of Argentina, total or partial recapitalization of our statutory capital following a loss, any transformation in our corporate legal form or a substantial change in our corporate purpose)
which require an approval by vote of the majority of all the stock entitled to vote (all stock being entitled to only one vote).
| | ------ | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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| | (ix) | Rule 5620 (b)  Solicitation of Proxies. In lieu of the requirements of Rule 5620 (b), we follow Argentine law which requires that notices of
shareholders meetings be published, for five consecutive days, in the Official Gazette and in a widely circulated newspaper in Argentina no earlier than 45 calendar days prior to the meeting and at least 20 calendar days prior to such meeting.
In order to attend a meeting and be listed on the meeting registry, shareholders are required to submit evidence of their book-entry share account held at Caja de Valores S.A. (Caja de Valores) up to three business days prior to the
scheduled meeting date. If entitled to attend the meeting, a shareholder may be represented by proxy (properly executed and delivered with a certified signature) granted to any other person, with the exception of a director, syndic, member of the
surveillance committee (consejo de vigilancia), manager or employee of the issuer, which are prohibited by Argentine law from acting as proxies. In addition, our ADRs holders receive, prior to the shareholders meeting, a
notice listing the matters on the agenda, a copy of the annual report and a voting card.
| | ---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (x) | Rule 5630 (a)  Conflicts of Interest. In lieu of the requirements of Rule 5630 (a), we follow Argentine law which requires that related party transactions be
approved by the audit committee when the transaction exceeds one percent (1%) of the corporations net worth, measured pursuant to the last audited balance sheet, so long as the relevant transaction exceeds the equivalent of three hundred
thousand Argentine Pesos (Ps.300,000). Directors can contract with the corporation only on terms consistent with prevailing market terms. If the contract is not in accordance with prevailing market terms, such transaction must be pre-approved by the
board of directors (excluding the interested director). In addition, under Argentine law, a shareholder is required to abstain from voting on a business transaction in which its interests may be in conflict with the interests of the company. In the
event such shareholder votes on such business transaction and such business transaction would not have been approved without such shareholders vote, such shareholder may be liable to the company for damages and the resolution may be declared
void.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Other than as noted above, we are in full compliance with all other applicable Nasdaq corporate
governance standards.

Share Ownership

For information on the share ownership of our directors and executive officers as of March 31, 2013, see Item 7. Major
Shareholders and Related Party Transactions-Major Shareholders.

Item 7. Major Shareholders and
Related Party Transactions

Major Shareholders

As of March 31, 2013, our capital structure was made up of class A shares, each of which is entitled to five votes and class B
shares, each of which is entitled to one vote. As of March 31, 2013, we had 1,241,407,017 shares outstanding composed of 281,221,650 class A shares and 960,185,367 class B shares (229,707,950 of which were evidenced by 22,970,795 ADSs).

Our controlling shareholders are members of the Escasany, Ayerza and Braun families and the Fundación. As of
March 31, 2013, the controlling shareholders owned 100% of our class A shares through EBA Holding (representing 22.7% of our total outstanding shares) and 13.9% of our class B shares (or 10.7% of our total outstanding shares), therefore
directly and indirectly owning 33.4% of our shares and 65.0% of total votes.

Based on information that is available to us,
the table below sets forth, as of March 31, 2013, the number of our class A and class B shares held by holders of more than 5% of each class of shares, the percentage of each class of shares held by such holder, and the percentage of votes that
each class of shares represent as a percentage of our total possible votes.



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Class A Shares



|                 |  |                            |  |                     |     |  |                  |  |      | 
|---------------- |  | -------------------------- |  | ------------------- | --- |  | ---------------- |  | ---- | 
|Name             |  | Class A Shares             |  | % of Class A Shares |     |  | % of Total Votes | 
|EBA Holding S.A. |  | 281,221,650 class A shares |  |                     | 100 |  |                  |  | 59.4 | 

Class B Shares



|                               |  |                            |  |                     |      |  |                  |  |      | 
|------------------------------ |  | -------------------------- |  | ------------------- | ---- |  | ---------------- |  | ---- | 
|Name                           |  | Class B Shares             |  | % of Class B Shares |      |  | % of Total Votes | 
|The Bank of New York Mellon(1) |  | 229,707,950 class B shares |  |                     | 23.9 |  |                  |  | 9.7  | 
|ANSES                          |  | 264,221,559 class B shares |  |                     | 27.5 |  |                  |  | 11.2 | 
|EBA Holding Shareholders(2).   |  | 133,172,582 class B shares |  |                     | 13.9 |  |                  |  | 5.6  | 



|(1) | Pursuant to the requirements of Argentine law, all class B shares represented by ADSs are owned of record by The Bank of New York, as Depositary. The address for the
Bank of New York is 101 Barclay Street, New York 10286, and the country of organization is the United States.
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(2) | No member holds more than 2.0% of the capital stock. Such holding includes 36,435,360 shares in the form of ADSs.
|--- | -----------------------------------------------------------------------------------------------------------------

Based on information that is available to us, the table below sets forth, as of March 31, 2013, the shareholders that either
directly or indirectly have more than 5% of our votes or shares.



|                            |  |                            |  |             |      |  |                  |  |      | 
|--------------------------- |  | -------------------------- |  | ----------- | ---- |  | ---------------- |  | ---- | 
|Name                        |  | Shares                     |  | % of Shares |      |  | % of Total Votes | 
|The Bank of New York Mellon |  | 229,707,950 class B shares |  |             | 18.5 |  |                  |  | 9.7  | 
|EBA Holding S.A.            |  | 281,221,650 class A shares |  |             | 22.7 |  |                  |  | 59.4 | 
|ANSES.                      |  | 264,221,559 class B shares |  |             | 21.3 |  |                  |  | 11.2 | 
|EBA Holding Shareholders.   |  | 133,172,582 class B shares |  |             | 10.7 |  |                  |  | 5.6  | 

Members of the three controlling families have owned the majority of the issued share capital of Banco
Galicia since 1959. Members of the Escasany family have been on the board of directors of Banco Galicia since 1923. The Ayerza and Braun families have been represented on Banco Galicias board of directors since 1943 and 1947, respectively.
Currently, there is one member of these families on Banco Galicias board of directors and five members of these families on our Board of Directors. In addition, there is one alternate director on our Board of Directors that is member of the
controlling families.

On September 13, 1999, the controlling shareholders of Banco Galicia formed EBA Holding S.A., an
Argentine corporation, which is 100% owned by our controlling shareholders. EBA Holding holds 100% of our class A shares.

Currently, EBA Holding only has class A shares outstanding. EBA Holdings bylaws provide for certain restrictions on the sale or
transfer of its class A shares. While the class A shares of EBA Holding may be transferred to any other class A shareholder of EBA Holding, any transfer of such class A shares to third parties would automatically result in the conversion of the sold
shares into class B shares of EBA Holding having one vote per share. In addition, EBA Holdings bylaws contain rights of first refusal, buy-sell provisions and tag-along rights.

A public shareholder of Banco Galicia, who indirectly owns approximately 4.5% of the outstanding capital stock of Banco Galicia, has
granted a right of first refusal for the purchase of all or part of its shares to certain of our controlling shareholders in the event such public shareholder decides to sell all or part of its Banco Galicia shares.

As of December 31, 2012, we had 45 identified United States record shareholders (not considering The Bank of New York), of which 16
held our class B shares and 29held our ADSs. Such United States holders, in the aggregate, held approximately 95 million of our class B shares, representing approximately 7.7% of our total outstanding capital stock as of such date.

Related Party Transactions

Grupo Financiero Galicia and its non-banking subsidiaries are not a party to any transactions with, and have not made any loans to any (i) enterprises that directly or indirectly through one or more
intermediaries, control



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or are controlled by Grupo Financiero Galicia or its non-banking subsidiaries, (ii) associates (i.e. an unconsolidated enterprise in which Grupo Financiero Galicia or its non-banking
subsidiaries has a significant influence or which has significant influence over Grupo Financiero Galicia or its non-banking subsidiaries), (iii) individuals owning, directly or indirectly, an interest in the voting power of Grupo Financiero
Galicia or its non-banking subsidiaries that gives them significant influence over Grupo Financiero Galicia or its non-banking subsidiaries, as applicable, and close members of any such individuals family (i.e. those family members that may be
expected to influence, or be influenced by, that person in their dealings with Grupo Financiero Galicia or its non-banking subsidiaries, as applicable), (iv) key management personnel (i.e. persons that have authority and responsibility for
planning, directing and controlling the activities of Grupo Financiero Galicia or its non-banking subsidiaries, including directors and senior management of companies and close members of such individuals family) or (v) enterprises in
which a substantial interest is owned, directly or indirectly, by any person described in (iii) or (iv) over which such a person is able to exercise significant influence nor are there any proposed transactions with such persons. For
purposes of this paragraph, this includes enterprises owned by directors or major shareholders of Grupo Financiero Galicia or its non-banking subsidiaries that have a member of key management in common with Grupo Financiero Galicia or its
non-banking subsidiaries, as applicable. In addition, significant influence means the power to participate in the financial and operating policy decisions of the enterprise but means less than control. Shareholders beneficially owning a
10% interest in the voting power of Grupo Financiero Galicia or its non-banking subsidiaries are presumed to have a significant influence on Grupo Financiero Galicia or its non-banking subsidiaries, as applicable.

Some of our directors and the directors of Banco Galicia have been involved in certain credit transactions with Banco Galicia as
permitted by Argentine law. The Corporations Law and the Argentine Central Banks regulations allow directors of a limited liability company to enter into a transaction with such company if such transaction follows prevailing market
conditions. Additionally, a banks total financial exposure to related individuals or legal entities is subject to the regulations of the Argentine Central Bank. Such regulations set limits on the amount of financial exposure that can be
extended by a bank to affiliates based on, among other things, a percentage of a banks RPC. See Item 4. Information on the Company-Argentine Banking Regulation-Lending Limits.

Banco Galicia is required by the Argentine Central Bank to present to its board of directors, on a monthly basis, the outstanding amounts
of financial assistance granted to directors, controlling shareholders, officers and other related entities, which are transcribed in the minute books of the board of directors of Banco Galicia. The Argentine Central Bank establishes that the
financial assistance to directors, controlling shareholders, officers and other related entities must be granted on an equal basis with respect to rates, tenor and guarantees as loans granted to the general public.

In this section total financial exposure comprises equity interests and financial assistance (all credit related items such
as loans, holdings of corporate debt securities without quotation, guarantees granted and unused balances of loans granted, among others), as this term is defined in Item 4. Information on the Company-Argentine Banking Regulation-Lending
Limits.

Related parties refers to our directors and the directors of Banco Galicia, our senior officers and
senior officers of Banco Galicia, our syndics and Banco Galicias syndics, our controlling shareholders as well as all individuals who are related to them by a family relationship of up to the second degree by blood and/or first degree by
marriage and any entities directly or indirectly affiliated with any of these parties, not required to be consolidated.

The
following table presents the aggregate amounts of total financial exposure of Banco Galicia to related parties, the number of recipients, the average amounts and the single largest exposures as of the end of the three fiscal years ended
December 31, 2012 and as of February 28, 2013, the last date for which information is available.



|                                    |  |                  |                                       |  |                  |     |       |                  |  |     |                  |  |  |     |       | 
|----------------------------------- |  | ---------------- | ------------------------------------- |  | ---------------- | --- | ----- | ---------------- |  | --- | ---------------- |  |  | --- | ----- | 
|                                    |  | February 28,2013 |                                       |  | December 31,2012 |     |       | December 31,2011 |  |     | December 31,2010 | 
|                                    |  |                  | In millions of Pesos, except as noted | 
|Aggregate Total Financial Exposure  |  | Ps.              | 211.7                                 |  |                  | Ps. | 222.1 |                  |  | Ps. | 139.0            |  |  | Ps. | 126.1 | 
|Number of Recipient Related Parties |  |                  | 232                                   |  |                  |     | 232   |                  |  |     | 239              |  |  |     | 230   | 
|Individuals                         |  |                  | 175                                   |  |                  |     | 175   |                  |  |     | 183              |  |  |     | 175   | 
|Companies                           |  |                  | 57                                    |  |                  |     | 57    |                  |  |     | 56               |  |  |     | 55    | 
|Average Total Financial Exposure    |  | Ps.              | 0.9                                   |  |                  | Ps. | 0.9   |                  |  | Ps. | 0.6              |  |  | Ps. | 0.5   | 
|Single Largest Exposure             |  | Ps.              | 37                                    |  |                  | Ps. | 33    |                  |  | Ps. | 22               |  |  | Ps. | 39    | 



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The financial assistance granted to our directors, officers and related parties by Banco
Galicia was granted in the ordinary course of business, on substantially the same terms, including interest rates and collateral, as those prevailing at the time for comparable transactions with other non-related parties, and did not involve more
than the normal risk of collectability or present other unfavorable features.

Banco Galicia and Grupo Financiero Galicia have
executed a trademark license agreement under which Banco Galicia has authorized Grupo Financiero Galicia to use the word Galicia in our corporate name and has authorized our direct or indirect subsidiaries, other than those of Banco
Galicia, to use in their corporate names Banco Galicias registered trademarks, including the word Galicia, in marketing their products and services. The trademark license agreement has a 10-year term until July 1, 2010, at
which point it becomes automatically renewable every two years. This agreement provides for the payment of an annual royalty, which in 2012 amounted to Ps.1.5 million.

In June 2011, Banco Galicia entered into an agreement with Galicia Seguros, a company indirectly controlled by Grupo Financiero Galicia, pursuant to which the Bank can offer insurance products on behalf
of Galicia Seguros. In addition, they entered into an agreement for a one-year period by which Galicia Seguros insures the Bank for the balances of certain loans in the case of death of its clients. On June 14, 2012, Banco Galicia renewed both
agreements with Galicia Seguros, for an additional year, starting on June 1, 2012. Such agreements were considered to be related party transactions pursuant to Section 72 of the Capital Markets Law.

On February 29, 2012, Tarjetas Regionales granted Grupo Financiero Galicia a credit line for US$3 million with a term of 120 days,
of which US$2.3 million has been used. The related interest amounts were repaid at the initial maturity, but the principal amount was extended for a new period of 180 days with a 10% fixed nominal annual interest rate. Such principal amount,
together with the corresponding interest, was repaid in October 2012 (US$1.2 million), December 2012 (US$0.5 million) and January 2013 (US$0.6 million).

In May 2012, Sudamericana extended Grupo Financiero Galicia a secured loan for US$4 million for a 180-day term, with a fixed nominal annual interest rate of 9.5%. Such loan and its accrued interest were
repaid in full in October 2012. Similarly, in November 2012, Sudamericana extended an additional loan to Grupo Financiero Galicia for US$1 million, with a term of 35 days and a fixed nominal annual interest rate of 7.5%. Such loan and the
corresponding accrued interest were repaid in full in December 2012.

During March and April 2012, Grupo Financiero Galicia
carried out foreign exchange forward transactions with Banco Galicia in an aggregate amount of US$14 million, these matured on March 27, 2013.

In fiscal year 2012, Grupo Financiero Galicia subscribed short-term checking account overdrafts with Banco Galicia for a maximum amount of up to Ps.24 million at market rates, which were paid in full in
August 2012.

The Board of Directors of Banco Galicia, during its meeting on February 6, 2013, decided to grant a
checking account overdraft in favor of Grupo Financiero Galicia for up to Ps.150 million with a maturity date of June 30, 2013. Such transaction currently accrues an annual nominal interest rate of 22.5%, for 32 days. On March 20, 2013 the
checking account overdraft was increased up to Ps.184 million with a maturity date in January 2014.

Each of the foreign
exchange transactions of Grupo Financiero Galicia, where carried out through Banco Galicia under market conditions.

Item 8. Financial Information

We have elected to provide the financial information set forth in Item 18
of this annual report.



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##### Table of Contents

Legal Proceedings

We are a party to the following legal proceedings:

Banco Galicia

In response to certain pending legal proceedings,
Banco Galicia has made allowances to cover (i) various types of claims filed by customers against it (e.g., claims for thefts from safe deposit boxes, collections of checks that had been fraudulently altered, discrepancies related to deposit
and payment services rendered to Banco Galicias customers, etc.) and (ii) estimated amounts payable under labor-related lawsuits filed against Banco Galicia by former employees.

As of the date of this annual report, provincial tax collection authorities, as well as tax collection authorities from the Autonomous
City of Buenos Aires, are in the process (in different degrees of completion) of conducting audits and assessments mainly regarding the Compensatory Bond granted by the National Government to compensate financial institutions for the losses
generated by the asymmetric pesification of loans and deposits. The Argentine Federal Court of Appeals granted Banco Galicia a preliminary injunction in an amount corresponding to the Compensatory Bond (as defined below) in Banco Galicias
challenge of the assessment of the tax authorities of the Autonomous City of Buenos Aires. The Argentine Supreme Court of Justice affirmed the opinion of the Argentine Federal Court of Appeals, and the Court of Appeals therefore ordered the fiscal
authority to refrain from starting tax enforcement proceedings or otherwise requesting precautionary measures for such purpose.

In addition, Theseus S.A. and Lagarcué S.A., two minority shareholders of Banco de Galicia y Buenos Aires S.A., initiated legal
proceedings on March 11, 2003 against Banco Galicia and Grupo Financiero Galicia requesting that the court declare null the corporate legal action effected by Grupo Financiero Galicia with the cooperation of Banco Galicia pursuant to
which there was an exchange of class B shares of Banco Galicia for class B shares of Grupo Financiero Galicia. Banco Galicia and Grupo Financiero Galicia have answered the claim, arguing that the transaction complied with applicable legal
requirements. The evidentiary period has ended and the parties must now file their respective pleadings as the final step before the Court issues a final decision.

The claim does not include a petition for damages nor any monetary disbursement whatsoever. Therefore, even if the lawsuit were successful, which Banco Galicia considers unlikely, no loss could directly
arise from such decision. The remote consequences of an adverse result cannot be assessed in monetary terms, but they are unlikely to significantly affect Banco Galicias financial position.

Regional Credit Card Companies

As of the date of this annual report, the Federal Public Revenue Authority, the Revenue Board of the Province of Córdoba and the municipalities of the cities of Mendoza and San Luis are in the
process of conducting audits in respect of the activities of certain of the credit card subsidiaries of Banco Galicia. Such entities have served notices and made claims regarding taxes applicable to the subsidiaries of Tarjetas Regionales Based on
the opinions of their tax advisors, these companies believe that the above-mentioned claims are both legally and technically without merit and that taxes related to the claims have been correctly calculated in accordance with applicable tax
regulations and case law. Therefore, these companies are taking the corresponding administrative and legal steps in order to resolve such issues.

Compañía Financiera Argentina

With respect to CFA,
the company acquired by Banco Galicia in June 2010, the Federal Public Revenue Authority initiated two separate proceedings in which it questioned certain deductions made by CFA. CFA filed appeals before the federal tax courts, and these cases are
still pending resolution.



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Dividend Policy and Dividends

Dividend Policy

Grupo Financiero Galicias policy for the distribution of dividends envisages, among other factors, the obligatory nature of
establishing a legal reserve, the companys financial condition and its indebtedness, the business requirements of affiliated companies and, mainly, that the profits recorded in the financial statements are, to a great extent, income from
holdings and not realized and liquid profits, a requirement of Section 68 of the Corporations Law so that it is possible to distribute them as dividends. The proposal to distribute dividends arising from such analysis has to be approved
at the shareholders meeting that discusses the Financial Statements corresponding to each fiscal year.

We may only
declare and pay dividends out of our retained earnings representing the profit realized on our operations and investments. The Corporations Law and our bylaws state that no profits may be distributed until prior losses are covered. Dividends
paid on our class A shares and class B shares will equal one another on a per share basis. As required by the Corporations Law, 5% of our net income is allocated to a legal reserve until the reserve equals 20% of our outstanding capital.
Dividends may not be paid if the legal reserve has been impaired until it is fully restored. The legal reserve is not available for distribution to shareholders.

Our ability to pay dividends to our shareholders principally depends on (i) our net income, (ii) availability of cash and (iii) applicable legal requirements.

Holders of our ADSs will be entitled to receive any dividends payable in respect of our underlying class B shares. We will pay cash
dividends to the ADSs depositary in Pesos, although we reserve the right to pay cash dividends in any other currency, including Dollars. The ADSs deposit agreement provides that the depositary will convert cash dividends received by the ADSs
depositary in Pesos to Dollars and, after deduction or upon payment of fees and expenses of the ADSs depositary and deduction of other amounts permitted to be deducted from such cash payments in accordance with the ADSs deposit agreement (such as
for unpaid taxes by the ADSs holders in connection with personal asset taxes or otherwise), will make payment to holders of our ADSs in Dollars.

By means of Communiqués A 4589 and A 4591, issued on October 29 and November 8, 2006, the Argentine Central Bank modified the criteria by which a financial
institution determines if it can distribute profits. According to the new rules, profits can be distributed up to the positive amount resulting after deducting from retained earnings the reserves that may be legally and statutory required, as well
as the following items: the difference between the book value and the market value of a financial institutions portfolio of public-sector assets and/or debt issued by the Argentine Central Bank not marked-to-market, the amount of assets
representing the losses from lawsuits related to deposits (amparos) , and any adjustments required by the external auditors or the Argentine Central Bank not having been recognized. In addition, to be able to distribute profits, a financial
institution must comply with the capital adequacy rule, with the minimum capital requirement and the regulatory capital calculated, only for the purpose of determining its ability to distribute profits, by deducting from its assets and retained
earnings all the items mentioned in above, as well as the asset recorded in connection with the minimum presumed income tax and the amounts allocated to the repayment of long-term debt instruments computable as core capital pursuant to
Communiqué A 4576. Likewise, in such calculation, a financial institution will not be able to compute any regulatory forbearance that the Argentine Central Bank may provide, affecting minimum capital requirements, RPC or a
financial institutions capital adequacy, and the amount of profits that it wishes to distribute.

In May 2010, the
Argentine Central Bank modified the conditions necessary to pay dividends through Communiqué A 5072:



| |  |  | Calculation of the distributable profits subtracting the net difference between the book value and the market price of the government debt.
| | - |  | -------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | Compliance with minimum capital requirements plus 30% after the payment of the dividend.
| | - |  | ----------------------------------------------------------------------------------------



| |  |  | Compliance with minimum capital cash reserves after the payment of the dividend.
| | - |  | --------------------------------------------------------------------------------

In January 2012, the Argentine Central Bank modified the conditions necessary to pay dividends through Communiqué A
5273:



| |  |  | Compliance with minimum capital requirements plus 75% after the payment of the dividend.
| | - |  | ----------------------------------------------------------------------------------------



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Under these rules, dividend distribution requires the prior authorization of the Argentine
Central Bank, with such authorization having the purpose of verifying that the aforementioned requirements have been fulfilled.

Dividends

Grupo Financiero
Galicia

As a holding company, our principal source of cash from which to pay dividends on our shares is dividends or other
intercompany transfers from our subsidiaries, primarily Banco Galicia. Due to the dividend restrictions contained in Banco Galicias loan agreements in connection with Banco Galicias foreign debt restructuring and in Argentine Central
Bank regulations, our ability to distribute cash dividends to our shareholders has been materially and adversely affected since late 2001 until 2010, when Banco Galicia obtained the authorization to distribute its profits.

During the shareholders meeting held on April 27, 2011, our shareholders approved the payment of dividends in cash
corresponding to fiscal year 2010, in the amount of Ps.24.8 million. After the end of fiscal year 2011, the Argentine Central Bank modified its regulations governing the minimum capital requirements and dividend distribution. Due to these new
regulations, Banco Galicia did not pay dividends for fiscal year 2011 and 2012. However, Grupo Financiero Galicia paid a cash dividend corresponding to fiscal year 2011 in the amount of Ps.17.8 million, equivalent to Ps.0.0143 per share, subject to
the deduction, when applicable, of the personal assets tax.

Due to the fact that most of the profits for fiscal year
correspond to income by holdings and just a fraction corresponds to the realized and liquid profits meeting the requirements to be distributed as per Section 68 of the Corporations Law, and taking as well into consideration Grupo
Financiero Galicias financial condition, during the shareholders meeting held on April 15, 2013 our shareholders approved the payment of dividends in cash for the amount of Ps.24.4 million, which represents 1.96% with regard to
1,241,407,017 class A and B ordinary shares with a face value of Ps.1 each.

Pursuant to the section
incorporated after Section 25 of Act No. 23,966, Grupo Financiero Galicia will receive the reimbursement of tax withholdings related to taxes paid on behalf of the shareholders subject to tax on personal assets as of December 31,
2012.

Banco Galicia

At the close of the fiscal year ended December 31, 2012, Banco Galicias capital, non-capitalized contributions, profit reserves, adjustments to shareholders equity and retained earnings
(not including the fiscal years net income) totaled Ps.3,602.8 million. Banco Galicias net income for fiscal year 2012 amounted to Ps.1,301.1 million.

Taking into consideration the Argentine Central Bank rules regarding the distribution of profits, as explained above, Banco Galicias board of directors proposed at the shareholders meeting
held on April 15, 2013, and such shareholders approved, the allocation of Ps.260.2 million to legal reserve and Ps.1,040.9 million to discretionary reserve for the future distribution of profits.

Compañía Financiera Argentina

At the shareholders meeting held on April 20, 2011, a cash dividend of Ps.55.5 million corresponding to fiscal year 2010 was approved. Likewise, on the April 12, 2012 shareholders
meeting, the shareholders approved a cash dividend of Ps.176.3 million from fiscal year 2011. In both cases, said dividends were authorized by the Argentine Central Bank.

Sudamericana Holding

During the ordinary and extraordinary
shareholders meeting held on October 12, 2012, the shareholders approved the payment of cash dividends in the amount of Ps.28.0 million. On December 14, 2012, Sudamericana Holding held an extraordinary shareholders meeting
during which the shareholders approved the payment of cash dividends in the amount of Ps.31.7 million.



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Significant Changes

Grupo Financiero Galicia

On January 17, 2013 Grupo Financiero Galicia acquired in the market 26,900 shares of Banco Galicia and on March 6, 2013 acquired
50,000 shares of Banco Galicia. As a result, Grupo Financiero Galicias stake in Banco Galicia as of April 2013 increased from 94.93% to 94.94%.

On March 8, 2013, the Board of Directors resolved to approve the issuance of Class IV notes for a maximum face value of up to Ps.150.0 million, increasable up to Ps.220.0 million. These notes will be
issued under Grupo Financiero Galicias global program for simple, short, mid-and/or long term notes, non-convertible into shares.

On April 15, 2013, our shareholders held a shareholders meeting during which they approved the payment of dividends in cash in the amount of Ps.24.4 million which represents 1.96% with regards
to the 1,241,407,017 class A and B ordinary shares with a face value of Ps.1 each.

On April 25, 2013 the Board of
Directors of the CNV, through resolution No. 17,064, approved the extension of the amount of the Global Program in the sum of up to US$40 million or its equivalent in any other currency, increasing the program to the sum of US$100 million or
its equivalent in any other currency. Said extension had been resolved at the ordinary and extraordinary shareholders meeting held on April 14, 2010.

Tarjetas Regionales

On December 19, 2012, the board of directors of
Tarjeta Naranja, a subsidiary of Tarjetas Regionales, approved the issuance of its Class XX notes, to be issued in one or two series, for a nominal aggregate maximum amount of Ps.250 million. On February 7, 2013 Tarjeta Naranja issued Series I
and Series II notes, for a face value of Ps.35.4 million and Ps.208.1 million respectively.

On January 9, 2013, the
board of directors of Tarjetas Cuyanas, a subsidiary of Tarjetas Regionales, approved the issuance of its Class X notes, to be issued in one or two series, for a nominal aggregate maximum amount of Ps.200 million. On February 21, 2013 Tarjetas
Cuyanas issued Series I and Series II notes, for a face value of Ps.46.1 million and Ps.153.2 million respectively.

Compañía
Financiera Argentina

On January 17, 2013, CFA issued debt in the aggregate principal amount of Ps.200.0 million under
its program for the issuance of debt.

Item 9. The Offer and Listing

Shares and ADSs

Our class B shares are listed on the BASE and the Córdoba Stock Exchange under the symbol GGAL. Our ADSs, each representing ten class B shares, are listed on the Nasdaq Capital Market,
under the symbol GGAL. Our ADSs have been listed on Nasdaq Capital Market since August 2002. Previously, our ADSs had been listed on the Nasdaq National Market since July 24, 2000.



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The following tables present, for the periods indicated, the high and low closing prices and
the average trading volume of our class B shares on the BASE as reported by the BASE and the high and low closing prices and the average trading volume of our ADSs on the Nasdaq as reported by the Nasdaq Capital Market. There has been low trading
volume of our class B shares on the Córdoba Stock Exchange. The following prices have not been adjusted for any stock dividends and/or stock splits.



|                                                                                   |  |      |      |  |     |  |      |                                                       |  |        
|---------------------------------------------------------------------------------- |  | ---- | ---- |  | --- |  | ---- | ----------------------------------------------------- |  | -------
|Grupo Financiero Galicia - Class B Shares - Buenos Aires Stock Exchange (in
Pesos)
|                                                                                   |  | High |      |  | Low |  |      | Average Daily Volume(in 
thousands of Class B shares)
|Calendar Year                                                                      |  |      |      |  |     |  |      |                                                       |  |        
|2008                                                                               |  |      | 2.36 |  |     |  | 0.57 |                                                       |  | 3,549.4
|2009                                                                               |  |      | 2.30 |  |     |  | 0.61 |                                                       |  | 2,471.5
|2010                                                                               |  |      | 6.69 |  |     |  | 1.84 |                                                       |  | 2,341.3
|2011                                                                               |  |      | 6.69 |  |     |  | 2.75 |                                                       |  | 8,548.6
|2012                                                                               |  |      | 4.51 |  |     |  | 2.72 |                                                       |  | 2,152.8
|                                                                                   |  |      |     
|Two Most Recent Fiscal Years                                                       |  |      |      |  |     |  |      |                                                       |  |        
|2011                                                                               |  |      |      |  |     |  |      |                                                       |  |        
|First Quarter                                                                      |  |      | 6.69 |  |     |  | 5.23 |                                                       |  | 1,299.7
|Second Quarter                                                                     |  |      | 5.85 |  |     |  | 4.96 |                                                       |  | 1,538.9
|Third Quarter                                                                      |  |      | 6.24 |  |     |  | 3.93 |                                                       |  | 1,488.3
|Fourth Quarter                                                                     |  |      | 4.77 |  |     |  | 2.75 |                                                       |  | 2,839.8
|2012                                                                               |  |      |      |  |     |  |      |                                                       |  |        
|First Quarter                                                                      |  |      | 3.74 |  |     |  | 3.07 |                                                       |  | 2,847.5
|Second Quarter                                                                     |  |      | 3.30 |  |     |  | 2.72 |                                                       |  | 2,165.0
|Third Quarter                                                                      |  |      | 3.70 |  |     |  | 2.87 |                                                       |  | 1,553.1
|Fourth Quarter                                                                     |  |      | 4.51 |  |     |  | 3.18 |                                                       |  | 1,902.2
|2013                                                                               |  |      |      |  |     |  |      |                                                       |  |        
|First Quarter                                                                      |  |      | 5.00 |  |     |  | 4.19 |                                                       |  | 1,415.1
|Most Recent Six Months                                                             |  |      |      |  |     |  |      |                                                       |  |        
|November 2012                                                                      |  |      | 3.63 |  |     |  | 3.18 |                                                       |  | 1,675.2
|December 2012                                                                      |  |      | 4.51 |  |     |  | 3.61 |                                                       |  | 2,555.8
|January 2013                                                                       |  |      | 4.99 |  |     |  | 4.63 |                                                       |  | 1,445.6
|February 2013                                                                      |  |      | 5.00 |  |     |  | 4.19 |                                                       |  | 1,333.4
|March 2013                                                                         |  |      | 4.84 |  |     |  | 4.41 |                                                       |  | 1,454.5
|April 2013 (through April 18, 2013)                                                |  |      | 4.94 |  |     |  | 4.59 |                                                       |  | 1,128.2

As of April 18, 2013, the closing price of our class B shares was Ps.4.73.



|                                                                 |  |      |       |  |     |  |       |                                             |  |      
|---------------------------------------------------------------- |  | ---- | ----- |  | --- |  | ----- | ------------------------------------------- |  | -----
|Grupo Financiero Galicia  ADSs - Nasdaq Capital Market (in US$)
|                                                                 |  | High |       |  | Low |  |       | Average Daily Volume(in 
thousands of ADRs)
|Calendar Year                                                    |  |      |       |  |     |  |       |                                             |  |      
|2008                                                             |  |      | 7.60  |  |     |  | 1.45  |                                             |  | 251.6
|2009                                                             |  |      | 6.10  |  |     |  | 1.56  |                                             |  | 160,0
|2010                                                             |  |      | 16.77 |  |     |  | 4.72  |                                             |  | 447.1
|2011                                                             |  |      | 16.52 |  |     |  | 5.76  |                                             |  | 326.6
|2012                                                             |  |      | 8.15  |  |     |  | 4.21  |                                             |  | 216.7
|                                                                 |  |      |      
|Two Most Recent Fiscal Years                                     |  |      |       |  |     |  |       |                                             |  |      
|2011                                                             |  |      |       |  |     |  |       |                                             |  |      
|First Quarter                                                    |  |      | 16.52 |  |     |  | 12.32 |                                             |  | 376.8
|Second Quarter                                                   |  |      | 13.94 |  |     |  | 11.12 |                                             |  | 248.9
|Third Quarter                                                    |  |      | 14.67 |  |     |  | 8.28  |                                             |  | 231.4
|Fourth Quarter                                                   |  |      | 9.98  |  |     |  | 5.76  |                                             |  | 451.5
|2012                                                             |  |      |       |  |     |  |       |                                             |  |      
|First Quarter                                                    |  |      | 8.15  |  |     |  | 6.17  |                                             |  | 375.1
|Second Quarter                                                   |  |      | 6.27  |  |     |  | 4.21  |                                             |  | 209.7
|Third Quarter                                                    |  |      | 6.37  |  |     |  | 4.25  |                                             |  | 128.6
|Fourth Quarter                                                   |  |      | 6.93  |  |     |  | 4.64  |                                             |  | 137.1
|2013                                                             |  |      |       |  |     |  |       |                                             |  |      
|First Quarter                                                    |  |      | 7.06  |  |     |  | 5.24  |                                             |  | 119.7
|Most Recent Six Months                                           |  |      |       |  |     |  |       |                                             |  |      
|November 2012                                                    |  |      | 5.35  |  |     |  | 4.64  |                                             |  | 129.8
|December 2012                                                    |  |      | 6.93  |  |     |  | 5.31  |                                             |  | 214.2
|January 2013                                                     |  |      | 7.06  |  |     |  | 6.42  |                                             |  | 116.4
|February 2013                                                    |  |      | 6.54  |  |     |  | 5.24  |                                             |  | 118.1
|March 2013                                                       |  |      | 6.02  |  |     |  | 5.47  |                                             |  | 124.8
|April 2013 (through April 18, 2013)                              |  |      | 5.93  |  |     |  | 5.29  |                                             |  | 89.6 
|                                                                 |  |      |       |  |     |  |       |                                             |  |      



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As of April 18, 2013, the closing price of our ADSs was US$5.29.

The following tables present for the periods indicated the high and low closing prices and the average trading volume of Banco
Galicias class B shares on the BASE as reported by the BASE. Banco Galicia class B shares continue to be listed on the BASE with very low trading volume.



|                                                                        |  |      |       |  |     |  |       |                                                          |  |     
|----------------------------------------------------------------------- |  | ---- | ----- |  | --- |  | ----- | -------------------------------------------------------- |  | ----
|Banco Galicia  Class B Shares - Buenos Aires Stock Exchange (in Pesos)
|                                                                        |  | High |       |  | Low |  |       | Average Daily Trading Volume(in
thousand Class B shares)
|Calendar Year                                                           |  |      |       |  |     |  |       |                                                          |  |     
|2008                                                                    |  |      | 4.45  |  |     |  | 2.15  |                                                          |  | 3.30
|2009                                                                    |  |      | 3.55  |  |     |  | 2.10  |                                                          |  | 6.47
|2010                                                                    |  |      | 11.91 |  |     |  | 3.12  |                                                          |  | 3.51
|2011                                                                    |  |      | 14.40 |  |     |  | 6.00  |                                                          |  | 1.56
|2012                                                                    |  |      | 9.62  |  |     |  | 6.00  |                                                          |  | 3.07
|                                                                        |  |      |      
|Two Most Recent Fiscal Years                                            |  |      |       |  |     |  |       |                                                          |  |     
|2011                                                                    |  |      |       |  |     |  |       |                                                          |  |     
|First Quarter                                                           |  |      | 11.66 |  |     |  | 9.06  |                                                          |  | 2.59
|Second Quarter                                                          |  |      | 13.95 |  |     |  | 10.78 |                                                          |  | 2.26
|Third Quarter                                                           |  |      | 14.40 |  |     |  | 10.00 |                                                          |  | 0.90
|Fourth Quarter                                                          |  |      | 9.70  |  |     |  | 6.00  |                                                          |  | 0.51
|2012                                                                    |  |      |       |  |     |  |       |                                                          |  |     
|First Quarter                                                           |  |      | 9.62  |  |     |  | 6.50  |                                                          |  | 9.23
|Second Quarter                                                          |  |      | 8.00  |  |     |  | 6.70  |                                                          |  | 0.56
|Third Quarter                                                           |  |      | 6.90  |  |     |  | 6.00  |                                                          |  | 0.40
|Fourth Quarter                                                          |  |      | 8.50  |  |     |  | 6.90  |                                                          |  | 1.99
|2013                                                                    |  |      |       |  |     |  |       |                                                          |  |     
|First Quarter                                                           |  |      | 9.20  |  |     |  | 8.30  |                                                          |  | 2.33
|                                                                        |  |      |      
|Most Recent Six Months                                                  |  |      |       |  |     |  |       |                                                          |  |     
|November 2012                                                           |  |      | 7.10  |  |     |  | 6.90  |                                                          |  | 0.98
|December 2012                                                           |  |      | 8.50  |  |     |  | 7.10  |                                                          |  | 2.00
|January 2013                                                            |  |      | 9.20  |  |     |  | 8.30  |                                                          |  | 2.75
|February 2013                                                           |  |      | 9.10  |  |     |  | 8.30  |                                                          |  | 0.46
|March 2013                                                              |  |      | 9.15  |  |     |  | 8.30  |                                                          |  | 3.53
|April 2013 (through April 18, 2013)                                     |  |      | 9.20  |  |     |  | 9.00  |                                                          |  | 1.24
|                                                                        |  |      |       |  |     |  |       |                                                          |  |     

As of April 18, 2013, the closing price of Banco Galicias class B shares was Ps.9.10.

Argentine Securities Market

The principal and oldest exchange for the Argentine securities market is the BASE. The BASE started operating in 1854 and handles approximately 95% of all equity trading in Argentina. Securities listed on
the BASE include corporate equity and debt securities and government securities. Debt securities listed on the BASE may also be listed on the MAE. The Buenos Aires Stock Market (the MERVAL), which is affiliated with the BASE, was founded
in 1929 and is the largest stock market in Argentina. The MERVAL is a corporation whose 133 shareholder members are the only individuals and entities authorized to trade, either as principal or as agent, in the securities listed on the BASE.
Although there are 183 MERVAL shares outstanding, some banks and brokers own more than one share and currently there are 133 members. We are a member of the MERVAL through Galicia Valores, who owns three shares.



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Trading on the BASE is conducted mostly through the Sistema Integrado de
Negociación Asistida por Computación (Integrated Computer Assisted Trading System, SINAC) although there are still some transactions carried out by continuous open outcry, the traditional auction system, from 11:00 a.m.
to 5:00 p.m. each business day of the year. SINAC is a computer trading system that permits trading in debt and equity securities and is accessed by brokers directly from workstations located at their offices. As a result of an agreement between the
MERVAL and the MAE, equity securities are traded exclusively on the BASE and corporate and government debt securities are traded on the MAE and the BASE. Currently, all transactions relating to listed corporate and government debt securities can be
effected on SINAC. In addition, a substantial over-the-counter market exists for private trading in listed debt securities and, prior to the agreement described above, equity securities. Such trades are reported on the MAE.

Although companies may list all of their capital stock on the BASE, in most cases the controlling shareholders retain the majority of a
companys capital stock. This results in only a relatively small percentage of most companies stock being available for active trading by the public on the BASE. Even though individuals have historically constituted the largest group of
investors in Argentinas equity markets, in recent years, banks and insurance companies have shown an interest in these markets. Argentine mutual funds, by contrast, continue to have very low participation in the market. Although 93 companies
had equity securities listed on the BASE as of December 31, 2012, the 10 most-traded companies on the exchange accounted for approximately 92.8% of total trading value during 2012. Our shares were the most-traded shares on the BASE in 2012,
with a 24.9% share of trading volume.

The Córdoba Stock Exchange is another important stock market in Argentina.
Securities listed on the Córdoba Stock Exchange include both corporate equity and debt securities and government securities. Through an agreement with the BASE, all of the securities listed on the BASE are authorized to be listed and
subsequently traded on the Córdoba Stock Exchange. Thus, many transactions that originate on the Córdoba Stock Exchange relate to companies listed on the BASE and such trades are subsequently settled in Buenos Aires.

Market Regulations

The CNV oversees the Argentine securities markets and is responsible for authorizing public offerings of securities and supervising brokers, public companies and mutual funds. Argentine pension funds and
insurance companies are regulated by separate Argentine government agencies, while financial institutions are regulated mainly by the Argentine Central Bank. The Argentine securities markets are governed generally by Law No. 17,811, as amended,
which created the CNV and regulates stock exchanges, market operations and the public offering of securities.

In compliance
with the provisions of Law No. 20,643 and the Decrees No. 659/74 and No. 2,220/80, most debt and equity securities traded on the exchanges and the MAE must, unless otherwise instructed by the shareholders, be deposited by the
shareholders in Caja de Valores, which is a corporation owned by the BASE, the MERVAL and certain provincial exchanges. Caja de Valores is the central securities depository of Argentina, which provides depository facilities for securities and acts
as a transfer and paying agent in connection therewith. It also handles settlement of securities transactions carried out on the BASE and operates the computerized exchange information system.

The level of regulation of the market for Argentine securities and investors activities is relatively low as compared to the United
States and certain other countries, and enforcement of existing regulatory provisions has been limited. In addition, there may be less publicly available information about Argentine companies than is regularly published by or about companies in
these countries. However, the CNV has taken steps to strengthen disclosure and regulatory standards for the Argentine securities market, including the issuance of regulations prohibiting insider trading and requiring insiders to report on their
ownership of securities, with associated penalties for non-compliance.

In order to improve Argentine securities market
regulation, Decree No. 677/01 or Decree for Transparency in the Public Offering, was promulgated and took effect on June 1, 2001. This decree has come to be regarded as the financial consumers bill of rights.
Its objective is to provide transparency and protection to participants in the capital markets. The decree applies to individuals and entities that participate in the public offering of securities and to stock exchanges as well. Among its key
provisions, the decree broadens the definition of security; governs the treatment of



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negotiable securities; obligates publicly listed companies to form audit committees composed of three or more members of the board of the directors, the majority of whom must be independent under
CNV regulations; authorizes market-stabilization transactions under certain circumstances; governs insider trading, market manipulation and securities fraud; and regulates going-private transactions and acquisitions of voting shares, including
controlling stakes in public companies.

In order to offer securities to the public in Argentina, an issuer must meet certain
requirements of the CNV regarding assets, operating history, management and other matters, and only securities for which an application for a public offering has been approved by the CNV may be listed on the corresponding stock exchange. This
approval does not imply any kind of certification of assurance related to the merits of the quality of the securities, or the solvency of the issuer. Issuers of listed securities are required to file unaudited quarterly financial statements and
audited annual financial statements, as well as various other periodic reports, with the CNV and the corresponding stock exchange.

Securities can be freely traded on the Argentine markets but certain restrictions exist regarding access by residents and non-residents to the local foreign exchange market and to transfers of foreign
exchange abroad. See Item 4. Information on the Company-Government Regulation-Foreign Exchange Market.

On
October 2007, the CNV passed Resolution No. 516/07 providing for the voluntary adoption of a corporate governance code. The CNV recommends adoption of such code by public companies but requires that their policy with respect to each topic
described in the code be disclosed in detail in the annual report. This resolution was effective for fiscal years beginning on January 1, 2008 and after and, therefore, public companies, including us, have to report on their degree of
fulfillment of each topic of such code.

On January 2013, the CNV issued Law No. 26,831 (the Capital Markets
Law), replacing Law No.17,811 and Decree No. 677/01, with the aim of regulating the capital market under the supervision of the CNV and broadening the CNVs powers. Additionally, the law intends to enhance the growth of local
markets, to develop new and simplified negotiating systems and to create new regulation standards for the Argentine stock exchange, markets and other intervenient agents.

Item 
10. Additional Information

Description of Our Bylaws

General

Set forth
below is a brief description of certain provisions of our bylaws and Argentine law and regulations with regard to our capital stock. Your rights as a holder of our capital stock are subject to Argentine corporate law, which may differ from the
corporate laws of other jurisdictions. This description is not purported to be complete and is qualified in its entirety by reference to our bylaws, Argentine law and the rules of the BASE, the Córdoba Stock Exchange as well as the CNV. A
copy of our bylaws has been filed with and can be examined at the CNV in Buenos Aires and the SEC in Washington, D.C.

We were
incorporated on September 14, 1999, as a stock corporation under the laws of Argentina and registered on September 30, 1999, with the Argentine Superintendency of Companies or IGJ, under corporate registration number 14,519 of Book 7,
Volume of Stock Corporations. Our domicile is in Buenos Aires, Argentina. Under our bylaws, our duration is until June 30, 2100 and we are exclusively a financial and investment company (as stated in Chapter 2. Purpose. Article 3.
of our bylaws). This duration may be extended by resolution taken at an extraordinary shareholders meeting.

Our bylaws
do not contain any provision governing the ownership threshold above which shareholder ownership must be disclosed.

During the shareholders meeting held on April 23, 2003, we decided not to adhere to the Optional Statutory System for the Mandatory Acquisition of Shares in a Public Offering regime
in compliance with Decree No. 677/01, which requires a company to announce whether it has adopted this regime.



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Outstanding Capital Stock

Our total subscribed and paid-in share capital as of December 31, 2012, amounted to Ps.1,241,407,017, composed of class A shares and
class B shares, each with a par value of Ps.1.00. The following table presents the number of our shares outstanding as of December 31, 2012, and the voting interest that the shares represent.



|               |  |                         |               |  |                    |  |        |                    |  |  |        | 
|-------------- |  | ----------------------- | ------------- |  | ------------------ |  | ------ | ------------------ |  |  | ------ | 
|               |  | As of December 31, 2012 |              
|Shares         |  | Number of Shares        |               |  | % of Capital Stock |  |        | % of Voting Rights | 
|Class A Shares |  |                         | 281,221,650   |  |                    |  | 22.65  |                    |  |  | 59.42  | 
|Class B Shares |  |                         | 960,185,367   |  |                    |  | 77.35  |                    |  |  | 40.58  | 
|               |  |                         |               |  |                    |  |        |                    |  |  |        | 
|Total          |  |                         | 1,241,407,017 |  |                    |  | 100.00 |                    |  |  | 100.00 | 
|               |  |                         |               |  |                    |  |        |                    |  |  |        | 

Registration and Transfer

The class B shares are book-entry common shares held through Caja de Valores. Caja de Valores maintains a stock registry for us and only those persons listed in such registry will be recognized as our
shareholders. Caja de Valores periodically delivers to us a list of the shareholders as at a certain date.

The class B shares
are transferable on the books of Caja de Valores. Caja de Valores records all transfers in our registry. Within 10 days of any such transfer, Caja de Valores is required to confirm the registration of transfer with the transferor.

Voting Rights

At
shareholders meetings, each class A share is entitled to five votes and each class B share is entitled to one vote. However, class A shares are entitled to only one vote in certain matters, such as:



| |  |  | a merger or spin-off in which we are not the surviving corporation, unless the acquirers shares are authorized to be publicly offered or listed
on any stock exchange;
| | - |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | a transformation in our legal corporate form;
| | - |  | ---------------------------------------------



| |  |  | a fundamental change in our corporate purpose;
| | - |  | ----------------------------------------------



| |  |  | a change of our domicile to outside Argentina;
| | - |  | ----------------------------------------------



| |  |  | a voluntary termination of our public offering or listing authorization;
| | - |  | ------------------------------------------------------------------------



| |  |  | our continuation following a delisting or a mandatory cancellation of our public offering or listing authorization;
| | - |  | -------------------------------------------------------------------------------------------------------------------



| |  |  | a total or partial recapitalization of our statutory capital following a loss; or
| | - |  | ---------------------------------------------------------------------------------



| |  |  | the appointment of syndics.
| | - |  | ---------------------------

All distinctions between our class A shares and our class B shares will be eliminated upon the occurrence of any of the following change of control events:



| |  |  | EBA Holding sells 100% of its class A shares;
| | - |  | ---------------------------------------------



| |  |  | EBA Holding sells a portion of our class A shares to a third person who, when aggregating all our class A shares with our class B shares owned by such
person, if any, obtains 50% plus one vote of our total votes; or
| | - |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | the current shareholders of EBA Holding sell shares of EBA Holding that will allow the buyer to exercise more than 50% of the voting power of EBA
Holding at any general shareholders meeting of EBA Holding shareholders, except for transfers to other current shareholders of EBA Holding or to their heirs or their legal successors or to entities owned by any of them.
| | - |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Limited Liability of Shareholders

Shareholders are not liable for our obligations. Shareholders liability is limited to the payment of the shares for which they subscribe. However, shareholders who have a conflict of interest with
us and do not abstain from voting may be held liable for damages to us. Also, shareholders who willfully or negligently vote in favor of a resolution that is subsequently declared void by a court as contrary to Argentine law or our bylaws may be
held liable for damages to us or to third parties, including other shareholders, resulting from such resolutions.



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Directors

Our bylaws provide that the board of directors shall be composed by at least three and at most nine members, as decided at a general ordinary shareholders meeting. To be appointed to our Board of
Directors, such person must have been presented as a candidate by shareholders who represent at least 10% of our voting rights, at least three business days before the date the general ordinary shareholders meeting is to be held. Our bylaws do
not state an age limit over which the directors cannot serve on our board.

At each annual shareholders meeting, the
term of one third of the members of our Board of Directors (no fewer than three directors) expires and their successors are elected to serve for a term of three years. The shareholders meeting shall have the power to fix a shorter period (one
or two years) for the terms of office of one, several or all of the directors. This system of electing directors is intended to help maintain the continuity of the board. Alternate directors replace directors until the following general ordinary
shareholders meeting is held. Directors may also be replaced by alternate directors if a director will be absent from a board meeting. The board of directors is required to meet at least once every month and anytime any one of the directors or
syndics so requests.

Our bylaws state that the board of directors may decide to appoint an executive committee and/or a
delegate director.

Our bylaws do not provide for any arrangements or understandings with major shareholders, customers,
suppliers or others, pursuant to which any person referred to in this annual report was selected as a director or member of senior management.

Additionally, pursuant to our bylaws, any borrowing powers on behalf of the Company are granted to our Board of Directors. Our Board of Directors has the power to delegate these borrowing powers to our
directors through a power of attorney and currently certain of our directors have powers of attorney to negotiate the terms of and borrow money on behalf of the Company. Furthermore, as stated by our bylaws, the chairman of our Board of Directors is
also the legal representative of the Company. Although our bylaws do not expressly address a directors power to vote on proposals, arrangements or contracts in which the director has a material interest, pursuant to customary Argentine
business practice and certain tenants of Argentine corporate law, our directors do not vote on proposals, arrangements or contracts in which the director has a material interest.

Appointment of Directors and Syndics by Cumulative Voting

The
Corporations Law provides for the use of cumulative voting to enable minority shareholders to appoint members of the board of directors and syndics. Upon the completion of certain requirements, shareholders are entitled to appoint up to one
third of the vacancies to be filled on the board of directors by cumulative voting. Each shareholder voting cumulatively has the number of votes resulting from multiplying the number of votes to which such shareholder would normally be entitled by
the number of vacancies to be filled. Such shareholder may apportion his votes or cast all such votes for one or a number of candidates not exceeding one third of the vacancies to be filled.

Compensation of Directors

The Corporations Law and the CNV
establish rules regarding the compensation of directors. The maximum amount of aggregate compensation that the members of the board of directors may receive, including salaries and other compensation for the performance of permanent technical and
administrative services, may not exceed 25.0% of profits of each fiscal year. This maximum amount shall be limited to 5.0% when no dividends are distributed to the shareholders and shall be increased proportionately to the dividend distribution
until the 25.0% limit is reached when all profits are distributed.

The Corporations Law provides that aggregate
director compensation may exceed the maximum percentage of computable profit in any one year when the companys profits are non-existent or too small as to allow payment of a reasonable compensation to board members which have been engaged in
technical or administrative services to the company, provided that such proposal is described in the notice of the agenda for the ordinary shareholders meeting and is approved by a majority of shareholders present at such shareholders
meeting.



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In addition to the above, our bylaws establish that best practices and national and
international market standards regarding directors with similar duties and responsibilities shall be considered when determining the compensation of board members.

Syndics

Our bylaws, in accordance with Argentine law, provide for
the maintenance of a supervisory committee whose members are three permanent syndics and three alternate syndics. Syndics are elected for a one-year term and may be re-elected. Alternate syndics replace permanent syndics in case of absence. For the
appointment of syndics, each of our class A shares and class B shares has only one vote. Fees for syndics are established by the shareholders at the annual ordinary shareholders meeting. Their function is to oversee the management of the
company, to control the legality of the actions of the board of directors, to attend all board of directors meetings, to attend all shareholders meetings, to prepare reports for the shareholders on the financial statements with their
opinion, and to provide information regarding the company to shareholders that represent at least 2% of the capital stock. Syndics liabilities are joint and several and unlimited for the non-fulfillment of their duties. They are also jointly
and severally liable, together with the members of the board of directors, if the proper fulfillment of their duties as syndics would have avoided the damage or the losses caused by the members of the board of directors.

Shareholders Meetings

Shareholders meetings may be ordinary meetings or extraordinary meetings. An annual ordinary shareholders meeting is required to be held in each fiscal year to consider the matters outlined in
Article 234 of the Corporations Law, including, among others:



| |  |  | approval of the financial statements and general performance of the management for the preceding fiscal year;
| | - |  | -------------------------------------------------------------------------------------------------------------



| |  |  | appointment and remuneration of directors and members of the supervisory committee;
| | - |  | -----------------------------------------------------------------------------------



| |  |  | allocation of profits; and
| | - |  | --------------------------



| |  |  | any other matter the board of directors decides to submit to the shareholders meeting concerning the companys business administration.
Matters which may be discussed at these or other ordinary meetings include resolutions regarding the responsibility of directors and members of the supervisory committee, as well as capital increases and the issuance of notes.
| | - |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Extraordinary shareholders meetings may be called at any time to discuss matters beyond the
competence of the ordinary meeting, including but not limited to amendments to the bylaws, matters related to the liquidation of a company, limitation of the shareholders preemptive rights to subscribe new shares, issuance of bonds and
debentures, transformation of the corporate form, a merger into another company and spin-offs, early winding-up, change of the companys domicile to outside Argentina, total or partial repayment of capital for losses, and a substantial change
in the corporate purpose set forth in the bylaws.

Shareholders meetings may be convened by the board of directors or by
the syndics. A shareholder or group of shareholders holding at least 5.0% in the aggregate of our capital stock may request the board of directors or the syndics to convene a general shareholders meeting to discuss the matters indicated by the
shareholder.

Once a meeting has been convened with an agenda, the agenda limits the matters to be decided upon at such
meeting and no other matters may be decided upon.

Additionally, our bylaws provide that any shareholder holding at least 5%
in aggregate of our capital stock may present, in writing, to the Board of Directors, before February 28 of each year, proposals of items to be included in the agenda at the annual general ordinary shareholders meeting. The Board of
Directors is not obligated to include such items in the agenda.

Class B shares represented by ADSs will be voted or caused to
be voted by the Depositary in accordance with instructions of the holders of such ADSs. In the event instructions are not received from the holder, the Depositary shall give a discretionary proxy for the shares represented by such ADSs to a person
designated by us.



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Notice of each shareholders meeting must be published in the Official Gazette, and in
a widely circulated newspaper in the countrys territory, at least twenty days prior to the meeting but not more than forty-five days prior to the date on which the meeting is to be held. The board of directors will determine the appropriate
publication of notices outside Argentina in accordance with the requirements of the jurisdictions and exchanges on which our shares are traded. In order to attend a meeting and to be listed on the meeting registry, shareholders must submit evidence
of their book-entry share account held at Caja de Valores at least three business days prior to the scheduled meeting date without counting the meeting day.

The quorum for ordinary meetings consists of a majority of stock entitled to vote, and resolutions may be adopted by the affirmative vote of 50% plus one vote (an absolute majority) of the
votes present whether in person or participating via electronic means of communication. If no quorum is present at the first meeting, a second meeting may be called at which the shareholders present, whatever their number, shall constitute a quorum.
Resolutions are to be adopted by an absolute majority of the votes present. The second meeting may be convened to be held one hour later on the same day as the first meeting had been called for, provided that it is an ordinary shareholders
meeting, or within thirty days of the date for which the first ordinary meeting was called.

The quorum for extraordinary
shareholders meetings consists of 60% of stock entitled to vote, and resolutions may be adopted by an absolute majority of the votes present. If no quorum is present at the first meeting, a second meeting may be called at which the
shareholders present, whatever their number, shall constitute a quorum. Resolutions are to be adopted by an absolute majority of the votes present. The second meeting has to be convened to be held within thirty days of the date for which the first
extraordinary meeting was called, and the notice must be published for three days, at least eight days before the date of the second meeting. Some special matters require a favorable vote of the majority of all the stock holding voting rights, the
class A shares being granted the right to only one vote each. The special matters are described in -Voting Rights above.

Dividends

Dividends may be lawfully paid and declared only out of our retained earnings representing the profit realized and liquid on our
operations and investments reflected in our annual financial statements, as approved at our annual general shareholders meeting. No profits may be distributed until prior losses are covered. Dividends paid on our class A shares and class B
shares will equal one another on a per-share basis.

As required by the Corporations Law, 5% of our net income is
allocated to a legal reserve until the reserve equals 20% of our outstanding capital. Dividends may not be paid if the legal reserve has been impaired. The legal reserve is not available for distribution to shareholders.

Our Board of Directors submits our financial statements for the previous fiscal year, together with reports prepared by our supervisory
committee, to our shareholders for approval at the general ordinary shareholders meeting. The shareholders, upon approving the financial statements, determine the allocation of our net income.

Our Board of Directors is allowed by law and by our bylaws to decide to pay anticipated dividends on the basis of a balance sheet
especially prepared for purposes of paying such dividends.

Under CNV regulations and our bylaws, cash dividends must be paid
to shareholders within 30 days of the shareholders meeting approving the dividend. Payment of dividends in shares requires authorization from the CNV, the BASE and the Córdoba Stock Exchange, whose authorizations must be requested
within 10 business days after the shareholders meeting approving the dividend. We must make a distribution of the shares available to shareholders not later than three months after receiving authorization to do so from the CNV.

Shareholders may no longer claim the payment of dividends from us after three years have elapsed from the date on which the relevant
dividends were made available to such shareholders.

Capital Increases and Reductions

We may increase our capital upon resolution of the general ordinary shareholders meeting. All capital increases must be reported to
the CNV, published in the Official Gazette and registered with the Public Registry of Commerce. Capital reductions may be voluntary or mandatory. A voluntary reduction of capital must be approved



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by an extraordinary shareholders meeting after the corresponding authorization by the BASE, the Córdoba Stock Exchange and the CNV and may take place only after notice of such
reduction has been published and creditors have been given an opportunity to obtain payment or guarantees for their claims or attachment. A reduction of capital is mandatory when losses have exceeded reserves and more than 50% of the share capital
of the company.

Preemptive Rights

Under Argentine law, it is mandatory that a shareholder of ordinary shares of any given class have preemptive rights, proportional to the number of shares he or she owns, to subscribe for shares of
capital stock of the same class or of any other class if the new subscription offer does not include all classes of shares. Shareholders may only decide to suspend or limit preemptive rights by supermajority at an extraordinary shareholders
meeting and only in exceptional cases. Shareholders may waive their preemptive rights only on a case-by-case basis.

In the
event of an increase in our capital, holders of class A shares and class B shares have a preemptive right to subscribe for any issue of class B shares in an amount sufficient to maintain the proportion of capital then held by them. Holders of class
A shares are entitled to subscribe for class B shares because no further class A shares carrying five votes each are allowed to be issued in the future. Under Argentine law, companies are prohibited from issuing stock with multiple voting rights
after they have been authorized to make a public offering of securities.

Preemptive rights are exercisable following the last
publication of the notification to shareholders of the opportunity to exercise preemptive rights in the Official Gazette and an Argentine newspaper of wide circulation for a period of 30 days, provided that such period may be reduced to no less than
10 days if so approved by an extraordinary shareholders meeting.

Shareholders who have exercised their preemptive
rights and indicated their intention to exercise additional preemptive rights are entitled to additional preemptive rights (accretion rights), on a pro rata basis, with respect to any unsubscribed shares, in accordance with the terms of
the Corporations Law. Class B shares not subscribed for by shareholders through the exercise of their preemptive or accretion rights may be offered to third parties.

Holders of ADSs may be restricted in their ability to exercise preemptive rights if a registration statement relating to such rights has not been filed or is not effective or if an exemption from
registration is not available.

Appraisal Rights

Whenever our shareholders approve:



| |  |  | a merger or spin-off in which we are not the surviving corporation, unless the acquirers shares are authorized to be publicly offered or listed
on any stock exchange,
| | - |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | a transformation in our legal corporate form,
| | - |  | ---------------------------------------------



| |  |  | a fundamental change in our corporate purpose,
| | - |  | ----------------------------------------------



| |  |  | a change of our domicile to outside Argentina,
| | - |  | ----------------------------------------------



| |  |  | a voluntary termination of our public offering or listing authorization,
| | - |  | ------------------------------------------------------------------------



| |  |  | our continuation following a delisting or a mandatory cancellation of our public offering or listing authorization, or
| | - |  | ----------------------------------------------------------------------------------------------------------------------



| |  |  | a total or partial recapitalization of our statutory capital following a loss,
| | - |  | ------------------------------------------------------------------------------

any shareholder that voted against such action or did not attend the relevant meeting may exercise its right to have its shares canceled in exchange for
the book value of its shares, determined on the basis of our latest balance sheet prepared in accordance with Argentine laws and regulations, provided that such shareholder exercises its appraisal rights within the periods set forth below.

There is, however, doubt as to whether holders of ADSs, will be able to exercise appraisal rights with respect to class B
shares represented by ADSs.

Appraisal rights must be exercised within five days following the adjournment of the meeting at
which the resolution was adopted, in the event that the dissenting shareholder voted against such resolutions, or within 15 days following such adjournment if the dissenting shareholder did not attend such meeting and can prove that he was a



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shareholder on the date of such meeting. In the case of a merger or spin-off involving an entity authorized to make a public offering of its shares, appraisal rights may not be exercised if the
shares to be received as a result of such transaction are listed on any stock exchange. Appraisal rights are extinguished if the resolution giving rise to such rights is overturned at another shareholders meeting held within 75 days of the
meeting at which the resolution was adopted.

Payment of the appraisal rights must be made within one year from the date of
the shareholders meeting at which the resolution was adopted, except if the resolution was to delist our capital stock, in which case the payment period is reduced to 60 days from the date of the related resolution.

Preferred Stock

According to the Corporations Law and our bylaws, an ordinary shareholders meeting may approve the issuance of preferred
stock. Such preferred stock may have a fixed dividend, cumulative or not cumulative, with or without additional participation in our profits, as decided by shareholders at a shareholders meeting when determining the conditions of the issuance.
They may also have other preferences, such as a preference in the event of our liquidation.

The holders of preferred stock
shall not be entitled to voting rights. Notwithstanding the foregoing, in the event that no dividends are paid to such holders for their preferred stock, and for as long as such dividends are not paid, the holders of preferred stock shall be
entitled to voting rights. Holders of preferred stock are also entitled to vote on certain special matters, such as the transformation of the corporate form, a merger into another company and spin-offs (when we are not the surviving entity and the
surviving entity is not listed on any stock exchange), early winding-up, a change of our domicile to outside Argentina, total or partial repayment of capital for losses and a substantial change in the corporate purpose set forth in our bylaws or in
the event our preferred stock is traded on stock exchanges and such trading is suspended or terminated.

Conflicts of Interest

As a protection to minority shareholders, under the Corporations Law, a shareholder is required to abstain from
voting on any resolution in which its direct or indirect interests conflict with that of or are different than ours. In the event such shareholder votes on such resolution, and such resolution would not have been approved without such
shareholders vote, the resolution may be declared void by a court and such shareholder may be liable for damages to the company as well as to any third party, including other shareholders.

Redemption or Repurchase

According to Decree No. 677/01, a stock corporation may acquire the shares issued by it, provided that the public offering and listing thereof has been authorized, subject to the following terms and
conditions and those set forth by the CNV. The CNV has not yet issued its regulations. The above-mentioned conditions are: (a) the shares to be acquired shall be fully paid up; (b) there shall be a resolution signed by the board of
directors to such effect; (c) the acquisition shall be made out of net profits or free or voluntary reserves; and (d) the total amount of shares acquired by the company, including previously acquired shares, shall not exceed 10% of the
capital stock or such lower percentage determined by the CNV. The shares acquired by the company in excess of such limit shall be disposed of within the term of 90 days after the date of the acquisition originating such excess.

The shares acquired by the company shall be disposed of by the company within the maximum term of three years counted as from the date of
acquisition thereof. Upon disposing of the shares, the company shall make a preemptive offer thereof. Such an offer will not be obligatory if the shares are used in connection with a compensation plan or program for the companys employees or
if the shares are distributed among all shareholders pro rata their shareholdings. If shareholders do not exercise, in whole or in part, their preemptive rights, the sale shall be made at a stock exchange.

Liquidation

Upon
our liquidation, one or more liquidators may be appointed to wind up our affairs. If no such appointment is made, our Board of Directors will act as liquidator. All outstanding common shares will be entitled to participate equally in any
distribution upon liquidation. In the event of liquidation, in Argentina as well as in any other country, our assets shall first be applied to satisfy our debts and liabilities.



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Other Provisions

Our bylaws are governed by Argentine law and the ownership of any kind of our shares represents acceptance of our bylaws and submission to the exclusive jurisdiction of the ordinary commercial courts of
Buenos Aires for any claim or dispute related to us, our shareholders, directors and members of the supervisory committee.

Exchange Controls

For a description of the exchange controls that would affect us or the holders of our securities,
see Item 4. Information on the Company-Government Regulation-Foreign Exchange Market.

Taxation

The following is a summary of the principal Argentine and U.S. Federal tax consequences arising from the acquisition,
ownership and disposition of our class B shares and ADSs. The summary is based upon Argentine and U.S. Federal tax laws, as well as the regulations in effect as of the date of this annual report. Further, such summary is subject to any subsequent
changes in such laws and regulations that may come into effect after such date. Any change could apply retroactively and could affect the continued validity of this summary. The summary which follows does not constitute legal advice or a legal
opinion with respect to the transactions that the holders of our class B shares or ADSs may enter into, but rather is only a brief description of certain (and not all) aspects of the Argentine and U.S. Federal taxation system related to the
acquisition, ownership and disposition of our class B shares and ADSs. In addition, although the following summary is believed to be a reasonable interpretation of the current taxation rules and regulations, we cannot assure you that the applicable
authorities or tribunals will agree with all of, or any of, the tax consequences outlined below. Currently, there is no tax treaty between the United States and Argentina.

Argentine Taxes

Taxation of Dividends

In general, dividend payments on ADSs or ordinary shares, whether in cash, property, or stock, are not subject to Argentine withholding
tax or other taxes.

There is an exception under which a 35% tax (equalization tax) will be imposed on certain
dividends approved by the registrants shareholders. The equalization tax will be applied only to the extent that distributions of dividends exceed the taxable income of the company increased by non-taxable dividends received by the
distributing company in prior years and reduced by Argentine income tax paid by the distributing company.

In this situation
the equalization tax will be imposed as a withholding tax on the shareholder receiving the dividend. Dividends distributions made in property (other than cash) will be subject to the same tax rules as cash dividends. Stock dividends are not subject
to Argentine taxation.

Taxation of Capital Gains

Pursuant to Decree No. 2,284/91 (the Deregulation Decree), capital gains derived by non-resident
individuals or foreign companies from the sale, exchange or other disposition of ADSs or class B shares are not currently subject to income tax.

Beginning on January 1, 2001, capital gains from the sale, exchange or other dispositions of shares not listed in a stock exchange will be subject to income tax when derived by individuals domiciled
in Argentina.

In addition, in the case of entities or permanent organizations incorporated or domiciled abroad that, pursuant
to their bylaws, charters, documents or the applicable regulatory framework, have as their principal activity investing outside of the jurisdiction of their incorporation or domicile, or are generally restricted from doing



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business in their country of incorporation, it will be assumed, without any proof to the contrary being admitted, that the seller is an individual domiciled in Argentina. Such entities will be
subject to income tax imposed as a withholding tax on the seller receiving the payment (for payments made beginning on April 30, 2001) at the rate of 17.50% (that is, 35% on 50% of the amount of the payment), but the foreign party may choose
instead to pay a tax of 35% on the net gain realized on the sale. In such situation, the Deregulation Decree will not be applicable.

On July 3, 2003, the Argentine governments Chief Counsel (Procurador del Tesoro) issued an opinion that the provisions of the income tax law that taxed capital gains arising
from shares without quotation obtained by resident individuals or offshore companies, as defined by the Argentine Income Tax Law, are no longer in force because they have been implicitly abrogated. The validity of this opinion is
difficult to assess. Opinions of the Argentine governments Chief Counsel are binding upon all Argentine government attorneys, including attorneys of the Argentine tax administration.

Transfer Taxes

No Argentine transfer taxes are applicable on the sale or
transfer of ADSs or class B shares.

Tax on Minimum Notional Income

The tax reform in force since 1999 reinstituted a tax on assets on Argentine companies. This tax is similar to the asset tax that was
previously in effect in Argentina from 1990 to 1995. It applies at a general rate of 1% on a broadly defined asset base encompassing most of the taxpayers gross assets at the end of any fiscal year ending after December 31, 1998.

Specifically, the Law establishes that banks, other financial institutions and insurance companies will consider a taxable
base equal to 20% of the value of taxable assets.

A companys asset tax liability for a tax year will be reduced by its
income tax payments, and asset tax payments for a tax year can be carried forward to be applied against the companys income tax liability in any of the following ten tax years.

Personal Assets Tax

Individuals domiciled and undivided estates located in
Argentina or abroad will be subject to an annual tax in respect of assets located in Argentina and abroad. The tax rate is from 0.5% to 1.25%, depending on the total amount of assets. Individuals domiciled abroad will pay the tax only in respect of
the assets they hold in Argentina. In the case of individuals domiciled abroad, the tax will be paid by the individuals or entities domiciled in Argentina which, as of December 31 of each year, hold the joint ownership, possession, use,
enjoyment, deposit, safekeeping, custody, administration or tenure of the assets located in Argentina subject to the tax belonging to the individuals domiciled abroad. When the direct ownership of notes, government securities and certain other
investments, except shares issued by companies ruled by the Corporations Law, corresponds to companies domiciled abroad in countries that do not enforce registration systems for private securities (with the exception of insurance companies,
open-end investment funds, pension funds or banks and financial entities with head offices in countries that have adopted the international banking supervision standards laid down by the Basel Committee on Banking Supervision) or that pursuant to
their bylaws, charter, documents or the applicable regulatory framework, have as their principal activity investing outside of the jurisdiction of their organization or domicile, or are generally restricted from doing business in their country of
incorporation, it will be assumed, without any proof to the contrary being admitted, that those assets belong ultimately to individuals and therefore the system for paying the tax for such individuals domiciled abroad is applicable to them.

There is an exception pursuant to a tax reform that was published in the Official Gazette as Law
No. 25,585, which went into effect on December 31, 2002. This tax reform introduced a mechanism to collect the personal assets tax on shares issued by companies ruled by the Corporations Law, which ownership belongs to individuals
domiciled in Argentina or abroad and companies or entities domiciled abroad. In the case of companies or entities domiciled abroad, it will be assumed, without any proof to the contrary being admitted, that those shares belong ultimately to
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The tax will be assessed and paid by those companies ruled by the Corporations Law at
the rate of 0.5% on the value of the shares or equity interest. The valuation of the shares, whether listed or not, must be made according to their proportional equity value. These companies may eventually seek reimbursement from the direct owner of
their shares in respect of any amounts paid to the Argentine tax authorities as personal assets tax. Grupo Financiero Galicia has sought reimbursement for the amount paid corresponding to December 31, 2002. The board of directors submitted the
decision on how to proceed with respect to fiscal year 2003 to the annual shareholders meeting held on April 22, 2004. At that meeting, our shareholders voted to suspend all claims on our shareholders for amounts unpaid for fiscal year
2002 and to have us absorb the amounts due for fiscal year 2003 onward when not withheld from dividends.

Other Taxes

There are no Argentine federal inheritance, succession or gift taxes applicable to the ownership, transfer or disposition of ADSs or class
B shares. There are no Argentine stamps, issue, registration or similar taxes or duties payable by holders of ADSs or class B shares.

Deposit and Withdrawal of Class B Shares in Exchange for ADSs

No Argentine tax is imposed on the deposit or withdrawal of class B shares in exchange for ADSs.

United States Taxes

The following is a summary of the material U.S. Federal income tax consequences of the acquisition, ownership and disposition of class B shares or ADSs, as such securities are set forth in the documents
or the forms thereof, relating to such securities as in existence on the date hereof, but it does not purport to address all of the tax considerations that may be relevant to a decision to purchase, own or dispose of class B shares or ADSs. This
summary assumes that the class B shares or ADSs will be held as capital assets within the meaning of Section 1221 of the Internal Revenue Code of 1986, as amended (the Code) and does not address tax consequences to all categories of
investors, some of which (such as dealers or traders in securities or currencies, real estate investment trusts, regulated investment companies, grantor trusts, tax-exempt entities, banks, insurance companies, persons that received class B shares or
ADSs as compensation for the performance of services, persons owning (or deemed to own for U.S. tax purposes) at least 10% or more (by voting power or value) of our shares, investors whose functional currency is not the Dollar and persons that will
hold the class B shares or ADSs as part of a position in a straddle or as part of a hedging or conversion transaction for U.S. tax purposes) may be subject to special tax rules. Moreover, this summary does not
address the U.S. federal estate and gift or alternative minimum tax consequences of the acquisition, ownership and disposition of class B shares or ADSs.

This summary (i) is based on the Code, existing, proposed and temporary United States Treasury Regulations and judicial and administrative interpretations thereof, in each case as in effect and
available on the date hereof; and (ii) is based in part on representations of the Depository and the assumption that each obligation in the Deposit Agreement and any related agreement will be performed in accordance with its terms. All of the
foregoing are subject to change, which change could apply retroactively and could affect the tax consequences described below.

For purposes of this summary, a U.S. Holder is a beneficial owner of class B shares or ADSs who, for U.S. Federal income tax
purposes, is (i) a citizen or resident of the United States, (ii) a corporation organized in or under the laws of the United States or any state thereof or the District of Columbia, (iii) an estate the income of which is subject to
U.S. Federal income taxation regardless of its source, or (iv) a trust if such trust validly elects to be treated as a United States person for U.S. Federal income tax purposes or if (a) a United States court can exercise primary
supervision over its administration and (b) one or more United States persons have the authority to control all of the substantial decisions of such trust. A Non-U.S. Holder is a beneficial owner of class B shares or ADSs that is
neither a U.S. Holder nor a partnership (or other entity or arrangement treated as such for U.S. Federal income tax purposes).

If a partnership (or any other entity or arrangement treated as a partnership for U.S. federal income tax purposes) holds class B shares
or ADSs, the tax treatment of the partnership and a partner in such partnership will generally depend on the status of the partner and the activities of the partnership. Such a partner or partnership should consult its tax advisor as to its tax
consequences.



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Each prospective purchaser should consult its own tax advisor with respect to the U.S.
Federal, state, local and foreign tax consequences of acquiring, owning or disposing of class B shares or ADSs.

Ownership of ADSs in
General

In general, for U.S. Federal income tax purposes holders of ADSs will be treated as the owners of class B shares
represented by such ADSs. For purposes of the discussion below, we assume that intermediaries in the chain of ownership between the holder of an ADS and Grupo Financiero Galicia are acting, consistently with the claiming of U.S. foreign tax credits
by U.S. Holders.

Taxation of Distributions

Subject to the discussion below under Passive Foreign Investment Company Considerations, for U.S. Federal income tax purposes, the gross amount of distributions by Grupo Financiero Galicia of
cash or property (other than certain distributions, if any, of class B shares or ADSs distributed pro rata to all shareholders of Grupo Financiero Galicia, including holders of ADSs) made with respect to the class B shares or ADSs before reduction
for any Argentine taxes withheld therefrom, will constitute dividends to the extent that such distributions are paid out of Grupo Financiero Galicias current and accumulated earnings and profits, as determined for U.S. Federal income tax
purposes, and will be included in the gross income of a U.S. Holder as dividend income. Subject to the discussion below under Passive Foreign Investment Company Considerations, non-corporate U.S. Holders generally may be taxed on such
distributions on ADSs (or shares that are readily tradable on an established securities market in the United States at the time of such distribution) at the lower rates applicable to long-term capital gains (i.e., gains from the sale of capital
assets held for more than one year). Non-corporate U.S. Holders (i) that do not meet a minimum holding period requirement with respect to such ADSs (or class B shares), (ii) that elect to treat the dividend income as investment
income pursuant to Section 163(d)(4)(B) of the Code or (iii) that receive dividends with respect to which they are obligated to make related payments for positions in substantially similar or related property, will not be eligible
for the reduced rates of taxation. In addition, such dividends will not be eligible for the dividends received deduction generally allowed to corporations under the Code.

Subject to the discussion below under Passive Foreign Investment Company Considerations, if distributions with respect to the class B shares or ADSs exceed Grupo Financiero Galicias
current and accumulated earnings and profits, as determined for U.S. Federal income tax purposes, the excess would be treated first as a tax-free return of capital to the extent of such U.S. Holders adjusted tax basis in the class B shares or
ADSs. Any amount in excess of the amount of the dividend and the return of capital would be treated as capital gain. Grupo Financiero Galicia does not maintain calculations of its earnings and profits under U.S. Federal income tax principles.

Dividends paid in Pesos will be included in the gross income of a U.S. Holder in an amount equal to the Dollar value of the
Pesos on the date of receipt, which, in the case of ADSs, is the date they are received by the depositary. The amount of any distribution of property other than cash will be the fair value of such property on the date of distribution. Any gains or
losses resulting from the conversion of Pesos between the time of the receipt of dividends paid in Pesos and the time the Pesos are converted into Dollars will be treated as ordinary income or loss, as the case may be, of a U.S. Holder. Dividends
received by a U.S. Holder with respect to the class B shares or ADSs will be treated as foreign source income, which may be relevant in calculating such holders foreign tax credit limitation. Subject to certain conditions and limitations,
Argentine tax withheld on dividends may be deducted from taxable income or credited against a U.S. Holders U.S. Federal income tax liability. The limitation on foreign taxes eligible for credit is calculated separately with respect to specific
categories of income. For this purpose, dividend income with respect to class B shares or ADSs should generally constitute passive category income, or in the case of certain U.S. Holders, general category income. The rules
governing the foreign tax credit are complex. Prospective holders are urged to consult their tax advisors regarding the availability of the foreign tax credit under their particular circumstances.

Subject to the discussion below under Backup Withholding and Information Reporting, a Non-U.S. Holder generally will not be
subject to U.S. Federal income or withholding tax on dividends received on class B shares or ADSs, unless such income is effectively connected with the conduct by the Non-U.S. Holder of a trade or business in the United States.



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Taxation of Capital Gains

Subject to the discussion below under Passive Foreign Investment Company Considerations, U.S. Holders that hold class B shares or ADSs as capital assets will recognize capital gain or loss for
U.S. Federal income tax purposes upon a sale or exchange of such class B shares or ADSs in an amount equal to the difference between such U.S. Holders adjusted tax basis in the class B shares or ADSs and the amount realized on their
disposition. In the case of a non-corporate U.S. Holder, the maximum marginal U.S. Federal income tax rate applicable to such gain will be lower than the maximum marginal federal income tax rate for ordinary income (other than certain dividends) if
the U.S. Holders holding period for the class B shares or ADSs exceeds one year. Gain or loss, if any, recognized by a U.S. Holder generally will be treated as United States source income or loss for U.S. foreign tax credit purposes. Certain
limitations exist on the deductibility of capital losses for U.S. Federal income tax purposes.

The initial tax basis of the
class B shares to a U.S. Holder is the Dollar value of the Pesos denominated purchase price determined on the date of purchase. If the class B shares or ADSs are treated as traded on an established securities market, a cash basis U.S.
Holder (or, if it elects, an accrual basis U.S. Holder) will determine the Dollar value of the cost of such class B shares or ADSs by translating the amount paid at the spot rate of exchange on the settlement date of the purchase.

With respect to the sale or exchange of class B shares or ADSs, the amount realized generally will be the Dollar value of the payment
received determined on (i) the date of receipt of payment in the case of a cash basis U.S. Holder and (ii) the date of disposition in the case of an accrual basis U.S. Holder. If the class B shares or ADSs are treated as traded on an
established securities market, a cash basis taxpayer (or, if it elects, an accrual basis taxpayer) will determine the Dollar value of the amount realized by translating the amount received at the spot rate of exchange on the settlement
date of the sale.

Subject to the discussion below under Backup Withholding and Information Reporting, a Non-U.S.
Holder generally will not be subject to U.S. Federal income or withholding tax on gain realized on the sale or exchange of class B shares or ADSs unless (i) such gain is effectively connected with the conduct by the Non-U.S. Holder of a trade
or business in the United States or (ii) in the case of gain realized by an individual Non-U.S. Holder, the Non-U.S. Holder is present in the United States for 183 days or more in the taxable year of the sale or exchange and certain other
conditions are met.

Passive Foreign Investment Company Considerations

A Non-United States corporation will be classified as a passive foreign investment company, or a PFIC, for U.S. Federal income
tax purposes in any taxable year in which, after applying certain look-through rules, either (1) at least 75 percent of its gross income is passive income or (2) at least 50 percent of the average value of its gross assets is
attributable to assets that produce passive income or is held for the production of passive income. Passive income for this purpose generally includes dividends, interest, royalties, rents and gains from commodities and securities
transactions, other than certain income derived in the active conduct of a banking business.

The application of the PFIC
rules is unclear both generally and specifically with respect to banks. The United States Internal Revenue Service (IRS) has issued a notice and certain proposed Treasury Regulations that exclude from passive income any income derived in
the active conduct of a banking business by a qualifying foreign bank (the Active Bank Exception). However, the IRS notice and proposed Treasury Regulations are inconsistent in certain respects. Since final Treasury Regulations have not
been issued, there can be no assurance that Grupo Financiero Galicia or its subsidiaries will satisfy the Active Bank Exception for any given taxable year.

Based on certain estimates of its gross income and gross assets, which estimates are inherently imprecise, the nature of its business and relying on the Active Bank Exception, Grupo Financiero Galicia
believes that it should not be classified as a PFIC for the taxable year ended December 31, 2012. Grupo Financiero Galicias status in future years will depend on its assets and activities in those years. Grupo Financiero Galicia has no
reason to believe that its assets or activities will change in a manner that would cause it to be classified as a PFIC, but there can be no assurance that Grupo Financiero Galicia will not be considered a PFIC for any taxable year. If Grupo
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Galicia were a PFIC, a U.S. Holder of class B shares or ADSs generally would be subject to imputed interest charges and other disadvantageous tax treatment (including the denial of the taxation
of certain dividends at the lower rates applicable to long-term capital gains, as discussed above under Taxation of Distributions) with respect to any gain from the sale or exchange of, and certain distributions with respect to, the
class B shares or ADSs.

If Grupo Financiero Galicia were a PFIC, a U.S. Holder of class B shares or ADSs could make a variety
of elections that may alleviate certain of the adverse tax consequences referred to above, and one of these elections may be made retroactively. However, it is expected that the conditions necessary for making certain of such elections will not
apply in the case of the class B shares or ADSs. U.S. Holders should consult their own tax advisors regarding the tax consequences that would arise if Grupo Financiero Galicia were treated as a PFIC.

Backup Withholding and Information Reporting

United States backup withholding tax and information reporting requirements generally apply to certain payments to certain holders of stock.

Information reporting generally will apply to payments of dividends on, and to proceeds from the sale or redemption of, class B shares or
ADSs made within the United States, or by a U.S. payor or U.S. middleman, to a holder of class B shares or ADSs (other than an exempt recipient, including a payee that is not a United States person that provides an appropriate
certification and certain other persons).

A payor will be required to withhold backup withholding tax from any payments of
dividends on, or proceeds from the sale or redemption of, class B shares or ADSs within the United States, or by a U.S. payor or U.S. middleman, to a holder (other than an exempt recipient, such as a payee that is not a United States person and that
provides an appropriate certification) if such Holder fails to furnish its correct taxpayer identification number or otherwise fails to comply with, or establish an exemption from, such backup withholding tax requirements. The backup withholding tax
rate is currently 28%.

In addition, certain U.S. Holders who are individuals are required to report information relating to
an interest in our class B shares or ADSs, subject to certain exceptions (including an exception for the class B shares or ADSs held in accounts maintained by certain financial institutions). U.S. Holders are urged to consult their tax advisers
regarding the effect, if any, of such information reporting requirements with respect to their ownership and disposition of class B shares or ADSs.

FATCA

Beginning on January 1, 2017 (or, if later, the date on which
final regulations are published defining the term foreign passthru payment), Grupo Financiero Galicia may be required, pursuant to Sections 1471 through 1474 of the Code, and the regulations promulgated thereunder (often referred to as
the Foreign Account Tax Compliance Act or FATCA) to withhold U.S. tax at a 30% rate on all or a portion of any distributions on class B shares or ADSs which is treated as foreign passthru payments.

Assuming that distributions from Grupo Financiero Galicia constitute foreign passthru payments and Grupo Financiero Galicia
enters into an agreement with the IRS to report the information required by FATCA, then an investor considered to have a U.S. account maintained by Grupo Financiero Galicia may be required to provide the information described below or be
subject to U.S. withholding tax any distribution on class B shares or ADSs that is treated as foreign passthru payments. Investors in class B shares or ADSs that are financial institutions, or financial institutions that receive payments
on behalf of other persons, and that have not entered into an agreement with the IRS (or otherwise established an exemption from FATCA) would also be subject to this U.S. withholding tax.

Generally, under FATCA, a U.S. account is a financial account maintained by a foreign financial institution that is held by one or more
specified U.S. persons or U.S.-owned foreign entities. An equity instrument in a financial institution that is regularly traded on an established securities market is not a financial account. Further, under regulations finalized in January 2013, a
financial account does not include an equity instrument in a financial institution, such as Grupo Financiero Galicia, that is not engaged (or holding itself out as engaged) primarily in certain investment activities, unless the value of
the equity instrument is determined, directly or indirectly, primarily by reference to assets giving rise to withholdable payments and certain other requirements are met.



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Each holder of class B shares or ADSs that is considered to have a U.S. account maintained
by Grupo Financiero Galicia may be required to provide satisfactory documentation (i) that neither it nor the beneficial owners of the class B shares or ADSs, if other than the holder, are U.S. persons, or (ii) if the holder or the
beneficial owners are U.S. persons, information including the name, address and U.S. taxpayer identification number of each U.S. person. Each holder of class B shares or ADSs that fails to provide the requested information generally will be subject
to a U.S. withholding tax on any payments made to that holder. A holder that fails to provide the necessary information due to a non-U.S. law prohibiting the provision of this information may be required to execute a valid waiver of the non-U.S. law
(and then provide the relevant information to Grupo Financiero Galicia) or dispose of its class B shares or ADSs within a reasonable time.

FATCA is particularly complex and its application to Grupo Financiero Galicia is uncertain at this time. Each holder of class B shares or ADSs should consult its own tax advisor to obtain a more detailed
explanation of FATCA and to learn how it might affect such holder in its particular circumstances.

Medicare Tax on Investment Income

Certain U.S. Holders that are individuals, estates or trusts are required to pay a 3.8% tax on the lesser of (i) the
U.S. Holders net investment income for the taxable year and (ii) the excess of the U.S. Holders modified adjusted gross income for the taxable year over a certain threshold. Net investment income includes, among other
things, dividends and capital gains from the sale or other disposition of shares of the class B shares or ADSs.

THE ABOVE
SUMMARIES ARE NOT INTENDED TO CONSTITUTE A COMPLETE ANALYSIS OF ALL TAX CONSEQUENCES RELATING TO THE OWNERSHIP OF THE CLASS B SHARES OR ADSs. PROSPECTIVE HOLDERS SHOULD CONSULT AN INDEPENDENT TAX ADVISOR CONCERNING THE TAX CONSEQUENCES OF THEIR
PARTICULAR SITUATION.

Material Contracts

Bonds

In connection with Banco Galicias issuance on May 4, 2011
of its Class I notes due 2018 in the aggregate principal amount of US$300.0 million, within its global short-term, medium-term and/or long-term note program, for an outstanding face value at any time of up to US$342.5 million, or the equivalent
amount in other currencies, Banco Galicia entered into an indenture with The Bank of New York Mellon, acting as trustee, pursuant to which such notes were issued. This indenture includes a number of significant covenants, which are subject to
important qualifications and exceptions, that, among other things, restrict the ability of (i) Banco Galicia and certain of its subsidiaries to directly or indirectly, create, incur, assume or suffer to exist liens upon its present or future
assets to secure any indebtedness and (ii) Banco Galicia to merge, consolidate or amalgamate with or into, or convey or transfer or lease all or substantially all of its properties and assets, whether in one transaction or a series of related
transactions.

On January 28, 2011 Tarjeta Naranja issued its Class XIII notes due 2017 in the aggregate principal amount
of US$200.0. On January 24, 2012 Tarjetas Cuyanas issued its Class VII notes in the aggregate amount of Ps.150 million, and during July and November of the 2012 fiscal year issued its Class VIII and Class IX notes, in the amount of Ps.150
million and Ps.136.0 million, respectively.

Likewise, on May 17, 2012, CFA issued its Class VI and Class VII notes for
an aggregate principal amount of Ps.153.4 million and Ps.161.9 million, respectively. As regards Grupo Financiero Galicia, on August 28, 2012, the company issued its Class III notes for Ps.78.1 million, due 2014.

According to the price supplement of the above mentioned notes, the companies agreed to certain commitments with the holders which
include, among others, the inability to merge except in certain circumstances, restrictions on incurring or guaranteeing certain indebtedness and restrictions on asset dispositions.



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For a description of the notes issued during fiscal year 2012, see Note 14 to our financial
statements.

Loans

In May 2005 and in November 2007, the IFC granted Banco Galicia a US$40 million loan and a US$50 million loan respectively, both facilities fully utilized, with a tenor of up to 8 years, for the financing
of investment projects of small and medium-sized companies mainly active in the agribusiness sector and export oriented. As of December 31, 2012, the principal amount of those facilities amounted to Ps.222.2 million.

In September of 2010, IFC granted Banco Galicia a US$40 million loan with a 5 year term. In December 2010, FMO granted Banco Galicia a
US$20 million loan with a 6 year term. The purpose of these facilities is to fund long-term loans to small and medium-sized companies. In addition, in February 2011, IDB granted Banco Galicia a US$30 million loan with a 5 year term, the proceeds of
which are to be used to fund green line and microfinance investment projects. In December 2011, Proparco granted Banco Galicia a US$30 million loan with a 6 year term for the financing of investment projects of export oriented small and medium-sized
companies mainly active in the agribusiness sector.

Documents on Display

We are subject to the informational requirements of the Exchange Act. In accordance with these requirements, we file reports and other
information with the SEC. These materials, including this annual report and its exhibits, may be inspected and printed or copied for a fee at the SECs Public Reference Room at 100 F Street, N.E., Washington, D.C. 20549. You may obtain
information about the operation of the Public Reference Room by calling the SEC at (202) 942-8090. These materials are also available on the SECs website at http://www.sec.gov. Material submitted by us can also be inspected at the offices
of The Nasdaq Stock Market, Inc., 1735 K Street, N.W., Washington, D.C. 20006-1506.

Item 11.
Quantitative and Qualitative Disclosures About Market Risk

General

Market risks faced by us are the risks arising from the fluctuations in interest rates and in foreign exchange rates. Our market risk
arises mainly from the operations of Banco Galicia in its capacity as a financial intermediary. Our subsidiaries and other entities in which we have a minority equity interest are also subject to market risk. However, the amount of these risks is
not significant and they are not discussed below. Policies regarding these risks are applied at the level of our operating subsidiaries.

In compliance with the Argentine Central Banks regulations, based on the best practices and international standards, Banco Galicia has a Risk Management Division responsible for identifying,
monitoring and actively and integrally managing the different risks Banco Galicia and its subsidiaries are exposed to (credit, financial and operational risks). The aim of the Division is to guarantee Banco Galicias board of directors that it
is fully aware of the risks Banco Galicia is exposed to. It also creates and proposes the policies and procedures necessary to mitigate and control such risks. The Risk Management Committee, made-up of four members of the board of directors of Banco
Galicia, the CEO and the managers of the Risk Management Division, the Strategic Planning and Management Control Division and Internal Audit, is the highest corporate body to which Banco Galicias board of directors delegates integral risk
management and the executive responsibility to define and enforce risk management policies, procedures and controls. This Committee is also responsible for setting specific limits for the exposure to each risk and approving, when applicable,
temporary excesses over such limits as well as being informed of each risk position and compliance with policies.

See
Item 6. Directors, Senior Management and Employees-Functions of the Board of Directors of Banco Galicia. Liquidity management is discussed in Item 5.B. Liquidity and Capital Resources. Credit risk management is
discussed in Item 4. Information on the Company-Selected Statistical Information-Credit Review Process and other sections under Item 4. Information on the Company-Selected Statistical Information describing Banco
Galicias loan portfolio and loan loss experience.



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##### Table of Contents

The following sections contain information on Banco Galicias sensitivity to
interest-rate risk and exchange-rate risk that constitute forward-looking statements that involve risks and uncertainties. Actual results could differ from those projected in the forward-looking statements.

Interest Rate Risk

A distinctive and natural characteristic of financial brokerage is the existence of interest-earning assets and interest-bearing liabilities with different maturities (or different rate repricing periods)
and interest rates that can be fixed or variable. This situation leads to a gap or mismatch that arises from the balance sheet and measures the imbalance between fixed- and variable-rate assets and liabilities, and results in the so-called
interest-rate risk or else balance sheet structural risk. A commercial bank can face the interest rate risk on both sides of its balance sheet with regard to the income generated by assets (loans and securities) and the expenses related to the
interest-bearing liabilities (deposits and others sources of funds).

The policy currently in force defines this gap as the
risk that the financial margin and the economic value of equity may vary as a consequence of fluctuations in market interest rates. The magnitude of such variation is associated with the sensitivity to interest rates of the structure of Banco
Galicias assets and liabilities.

Aimed at managing and limiting the sensitivity of Banco Galicias economic value
and results with respect to variations in the interest rate inherent to the structure of certain assets and liabilities, the following caps have been determined:



| |  |  | Limit on the net financial income for the first year.
| | - |  | -----------------------------------------------------



| |  |  | Limit on the net present value of assets and liabilities.
| | - |  | ---------------------------------------------------------

Limit on the Net Financial Income for the First Year

The effect of
interest rate fluctuations on the net financial income for the first year is calculated using the methodology known as scenario simulation. On a monthly basis, net financial income for the first year is simulated in a base scenario and in a
+100 b.p. scenario. In order to prepare each scenario, different criteria are assumed regarding the sensitivity to interest rates of assets and liabilities, depending on the historical performance observed of the different balance sheet
items. Net financial income for the first year in the +100 b.p. scenario is compared to the net financial income for the first year in the base scenario. The resulting difference is related to the annualized accounting net financial
income for the last calendar trailing quarter available, for Banco Galicia on a consolidated basis, before quotation differences and CER adjustment.

The limit on a potential loss in the +100 b.p. scenario with respect to the base scenario was established at 20% of the net financial income for the first year, as defined in the paragraph
above. At the end of fiscal year2012, the negative difference between the net financial income for the first year corresponding to the +100 b.p. scenario and that corresponding to the base scenario accounted for -0.1% (minus 0.1%) of the
net financial income for the first year.

The tables below show as of December 31, 2012 and December 31, 2011, in
absolute and percentage terms, the change in Banco Galicias net financial income (NFI) of the first year, as compared to the NFI of the base scenario corresponding to various interest-rate scenarios in which interest
rates change 50, 100, 150 and 200 b.p. from those in the base scenario. Banco Galicias net portfolio is broken down into trading and non-trading. The trading net portfolio represents primarily securities issued by the Argentine
Central Bank (Lebac and Nobac).



|                                           |  |                         |      |   |                         |  |       |           |  |  |                     |   |  |  |       |   
|------------------------------------------ |  | ----------------------- | ---- | - | ----------------------- |  | ----- | --------- |  |  | ------------------- | - |  |  | ----- | --
|Net Portfolio                              |  | Net Financial Income(1) |     
|(In millions of Pesos, except percentages) |  | As of December 31, 2012 |      |   | As of December 31, 2011 | 
|Change in Interest Rates in b.p.           |  | Variation               |      |   | % Change in the NFI     |  |       | Variation |  |  | % Change in the NFI |  
|200                                        |  |                         | (8.2 | ) |                         |  | -0.16 | %         |  |  | 36.0                |   |  |  | 0.69  | % 
|150                                        |  |                         | (6.6 | ) |                         |  | -0.13 | %         |  |  | 25.6                |   |  |  | 0.49  | % 
|100                                        |  |                         | (4.9 | ) |                         |  | -0.09 | %         |  |  | 15.3                |   |  |  | 0.29  | % 
|50                                         |  |                         | (3.2 | ) |                         |  | -0.06 | %         |  |  | 5.0                 |   |  |  | 0.10  | % 
|Static                                     |  |                         |     |   |                         |  |      |           |  |  |                    |   |  |  |      |   
|(50)                                       |  |                         | 12.4 |   |                         |  | 0.24  | %         |  |  | (14.7               | ) |  |  | (0.28 | )%
|(100)                                      |  |                         | 26.2 |   |                         |  | 0.50  | %         |  |  | (24.0               | ) |  |  | (0.46 | )%
|(150)                                      |  |                         | 39.9 |   |                         |  | 0.77  | %         |  |  | (33.3               | ) |  |  | (0.64 | )%
|(200)                                      |  |                         | 53.8 |   |                         |  | 1.03  | %         |  |  | (42.5               | ) |  |  | (0.82 | )%



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|                                           |  |                         |       |   |                         |  |       |           |  |  |                     |   |  |  |       |   
|------------------------------------------ |  | ----------------------- | ----- | - | ----------------------- |  | ----- | --------- |  |  | ------------------- | - |  |  | ----- | --
|Net Trading Portfolio                      |  | Net Financial Income(1) |      
|(In millions of Pesos, except percentages) |  | As of December 31, 2012 |       |   | As of December 31, 2011 | 
|Change in Interest Rates in b.p.           |  | Variation               |       |   | % Change in the NFI     |  |       | Variation |  |  | % Change in the NFI |  
|200                                        |  |                         | 55.0  |   |                         |  | 1.05  | %         |  |  | 98.0                |   |  |  | 1.88  | % 
|150                                        |  |                         | 41.2  |   |                         |  | 0.79  | %         |  |  | 73.5                |   |  |  | 1.41  | % 
|100                                        |  |                         | 27.5  |   |                         |  | 0.53  | %         |  |  | 49.0                |   |  |  | 0.94  | % 
|50                                         |  |                         | 13.8  |   |                         |  | 0.26  | %         |  |  | 24.5                |   |  |  | 0.47  | % 
|Static                                     |  |                         |      |   |                         |  |      |           |  |  |                    |   |  |  |      |   
|(50)                                       |  |                         | (13.7 | ) |                         |  | -0.26 | %         |  |  | (24.5               | ) |  |  | (0.47 | )%
|(100)                                      |  |                         | (27.5 | ) |                         |  | -0.53 | %         |  |  | (49.1               | ) |  |  | (0.94 | )%
|(150)                                      |  |                         | (41.2 | ) |                         |  | -0.79 | %         |  |  | (73.6               | ) |  |  | (1.41 | )%
|(200)                                      |  |                         | (54.9 | ) |                         |  | -1.05 | %         |  |  | (98.1               | ) |  |  | (1.88 | )%



|                                           |  |                         |       |   |                         |  |       |           |  |  |                     |   |  |  |       |   
|------------------------------------------ |  | ----------------------- | ----- | - | ----------------------- |  | ----- | --------- |  |  | ------------------- | - |  |  | ----- | --
|Net Non Trading Portfolio                  |  | Net Financial Income(1) |      
|(In millions of Pesos, except percentages) |  | As of December 31, 2012 |       |   | As of December 31, 2011 | 
|Change in Interest Rates in b.p.           |  | Variation               |       |   | % Change in the NFI     |  |       | Variation |  |  | % Change in the NFI |  
|200                                        |  |                         | (63.2 | ) |                         |  | -1.21 | %         |  |  | (62.0               | ) |  |  | (1.19 | )%
|150                                        |  |                         | (47.8 | ) |                         |  | -0.92 | %         |  |  | (47.9               | ) |  |  | (0.92 | )%
|100                                        |  |                         | (32.4 | ) |                         |  | -0.62 | %         |  |  | (33.7               | ) |  |  | (0.65 | )%
|50                                         |  |                         | (17.0 | ) |                         |  | -0.33 | %         |  |  | (19.5               | ) |  |  | (0.37 | )%
|Static                                     |  |                         |      |   |                         |  |      |           |  |  |                    |   |  |  |      |   
|(50)                                       |  |                         | 26.1  |   |                         |  | 0.50  | %         |  |  | 9.8                 |   |  |  | 0.19  | % 
|(100)                                      |  |                         | 53.7  |   |                         |  | 1.03  | %         |  |  | 25.1                |   |  |  | 0.48  | % 
|(150)                                      |  |                         | 81.1  |   |                         |  | 1.56  | %         |  |  | 40.3                |   |  |  | 0.77  | % 
|(200)                                      |  |                         | 108.7 |   |                         |  | 2.08  | %         |  |  | 55.6                |   |  |  | 1.07  | % 



|(1) | Net interest of the first year.
|--- | -------------------------------

Limit on the Net Present Value of Assets and Liabilities

The net present value of assets and liabilities is also calculated on a monthly basis and taking into account the assets and liabilities of Banco Galicias consolidated balance sheet. The net present
value of the consolidated assets and liabilities, as mentioned, is calculated for a base scenario in which the listed securities portfolio is discounted using interest rates obtained according to yield curves determined based on the
market yields of different reference bonds denominated in Pesos, in Dollars and adjusted by the CER. Yield curves for unlisted assets and liabilities are also created using market interest rates. The net present value of assets and liabilities is
also obtained for a second scenario where portfolios are discounted at the rates of the aforementioned yield curves plus 100 b.p. It is worth mentioning that, in order to prepare the second scenario, it is assumed that an increase in domestic
interest rates is not transferred to the yield curves of the portfolios in Dollars, and that, in the case of portfolios adjusted by CER, such rates are considered as fixed rates. By comparing the values obtained for each scenario, the difference
between the present values of shareholders equity in each scenario can be drawn.

The limit on a potential loss in the
present value of shareholders equity resulting from a 100 b.p. increase in interest rates regarding the base scenario was established at 3% of the RPC. As of the fiscal year-end, a 100 b.p. increase in interest rates (as mentioned in the
paragraph above) resulted in a reduction in the present value of Banco Galicias shareholders equity in comparison to the value calculated for the base scenario, equivalent to -1.6% (minus 1.6%) of the RPC.

The analysis made was based on deterministic methods, which take in consideration only the aforementioned scenario. With the purposes of
covering a larger number of scenarios, and therefore, a greater variation range of the pertinent variables, in 2010 a Balance Sheet Structural Risk Manager started being developed, which, with stochastic simulations, allows coverage of a wider range
of scenarios and generate results for a large variety of analyses.



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##### Table of Contents

One of the main applications of the manager is the estimation of the economic capital
consumption of the balance sheet structural risk. The manager will estimate the VaR (Value at Risk) inherent to Banco Galicias assets and liabilities, based on the generation of a considerable number of simulations of interest rates
movements. Likewise, the EaR (Earnings at Risk) will be estimated taking into consideration different interest rates evolution paths and their impact on the net financial income. Both results, VaR and EaR are associated with specific
levels of likelihood of occurrence or degree of confidence.

In fiscal year 2012, economic capital started to be estimated
systematically within a comprehensive risk management framework in regards to Banco Galicia.

The tables below show as of
December 31, 2012 and December 31, 2011, in absolute and percentage terms, the change in Banco Galicias RPC versus the RPC of the base scenario, corresponding to various interest-rate scenarios in which interest rates
change 50, 100, 150 and 200 b.p. from those in the base scenario. Banco Galicias net portfolio is broken down into trading and non-trading. The trading net portfolio represents primarily securities issued by the Argentine Central
Bank (Lebac and Nobac).



|                                           |  |                         |        |   |                         |  |       |           |  |  |                     |   |  |  |       |   
|------------------------------------------ |  | ----------------------- | ------ | - | ----------------------- |  | ----- | --------- |  |  | ------------------- | - |  |  | ----- | --
|Net Portfolio                              |  | Net Fair Value          |       
|(In millions of Pesos, except percentages) |  | As of December 31, 2012 |        |   | As of December 31, 2011 | 
|Change in Interest Rates in b.p.           |  | Variation               |        |   | % Change in the RPC     |  |       | Variation |  |  | % Change in the RPC |  
|200                                        |  |                         | (167.5 | ) |                         |  | -2.95 | %         |  |  | (122.2              | ) |  |  | (2.70 | )%
|150                                        |  |                         | (127.7 | ) |                         |  | -2.25 | %         |  |  | (91.8               | ) |  |  | (2.03 | )%
|100                                        |  |                         | (87.9  | ) |                         |  | -1.55 | %         |  |  | (60.8               | ) |  |  | (1.34 | )%
|50                                         |  |                         | (48.2  | ) |                         |  | -0.85 | %         |  |  | (31.1               | ) |  |  | (0.69 | )%
|Static                                     |  |                         |       |   |                         |  |      |           |  |  |                    |   |  |  |      |   
|(50)                                       |  |                         | 39.7   |   |                         |  | 0.70  | %         |  |  | 29.7                |   |  |  | 0.66  | % 
|(100)                                      |  |                         | 88.1   |   |                         |  | 1.55  | %         |  |  | 60.9                |   |  |  | 1.34  | % 
|(150)                                      |  |                         | 136.5  |   |                         |  | 2.41  | %         |  |  | 90.5                |   |  |  | 2.00  | % 
|(200)                                      |  |                         | 185.1  |   |                         |  | 3.26  | %         |  |  | 121.0               |   |  |  | 2.67  | % 



|                                           |  |                         |      |   |                         |  |       |           |  |  |                     |   |  |  |       |   
|------------------------------------------ |  | ----------------------- | ---- | - | ----------------------- |  | ----- | --------- |  |  | ------------------- | - |  |  | ----- | --
|Net Trading Portfolio                      |  | Net Fair Value          |     
|(In millions of Pesos, except percentages) |  | As of December 31, 2012 |      |   | As of December 31, 2011 | 
|Change in Interest Rates in b.p.           |  | Variation               |      |   | % Change in the RPC     |  |       | Variation |  |  | % Change in the RPC |  
|200                                        |  |                         | (2.7 | ) |                         |  | -0.05 | %         |  |  | (5.8                | ) |  |  | (0.13 | )%
|150                                        |  |                         | (2.0 | ) |                         |  | -0.04 | %         |  |  | (4.4                | ) |  |  | (0.10 | )%
|100                                        |  |                         | (1.3 | ) |                         |  | -0.02 | %         |  |  | (2.9                | ) |  |  | (0.06 | )%
|50                                         |  |                         | (0.7 | ) |                         |  | -0.01 | %         |  |  | (1.5                | ) |  |  | (0.03 | )%
|Static                                     |  |                         |     |   |                         |  |      |           |  |  |                    |   |  |  |      |   
|(50)                                       |  |                         | 0.7  |   |                         |  | 0.01  | %         |  |  | 1.4                 |   |  |  | 0.03  | % 
|(100)                                      |  |                         | 1.4  |   |                         |  | 0.02  | %         |  |  | 2.9                 |   |  |  | 0.06  | % 
|(150)                                      |  |                         | 2.1  |   |                         |  | 0.04  | %         |  |  | 4.4                 |   |  |  | 0.10  | % 
|(200)                                      |  |                         | 2.7  |   |                         |  | 0.05  | %         |  |  | 5.8                 |   |  |  | 0.13  | % 



|                                           |  |                         |        |   |                         |  |       |           |  |  |                     |   |  |  |       |   
|------------------------------------------ |  | ----------------------- | ------ | - | ----------------------- |  | ----- | --------- |  |  | ------------------- | - |  |  | ----- | --
|Net Non Trading Portfolio                  |  | Net Fair Value          |       
|(In millions of Pesos, except percentages) |  | As of December 31, 2012 |        |   | As of December 31, 2011 | 
|Change in Interest Rates in b.p.           |  | Variation               |        |   | % Change in the RPC     |  |       | Variation |  |  | % Change in the RPC |  
|200                                        |  |                         | (164.8 | ) |                         |  | (2.91 | )%        |  |  | (116.4              | ) |  |  | (2.57 | )%
|150                                        |  |                         | (125.7 | ) |                         |  | (2.22 | )%        |  |  | (87.4               | ) |  |  | (1.93 | )%
|100                                        |  |                         | (86.6  | ) |                         |  | (1.53 | )%        |  |  | (57.9               | ) |  |  | (1.28 | )%
|50                                         |  |                         | (47.5  | ) |                         |  | (0.84 | )%        |  |  | (29.6               | ) |  |  | (0.65 | )%
|Static                                     |  |                         |       |   |                         |  |      |           |  |  |                    |   |  |  |      |   
|(50)                                       |  |                         | 39.0   |   |                         |  | 0.69  | %         |  |  | 28.3                |   |  |  | 0.63  | % 
|(100)                                      |  |                         | 86.7   |   |                         |  | 1.53  | %         |  |  | 58.0                |   |  |  | 1.28  | % 
|(150)                                      |  |                         | 134.4  |   |                         |  | 2.37  | %         |  |  | 86.1                |   |  |  | 1.90  | % 
|(200)                                      |  |                         | 182.4  |   |                         |  | 3.22  | %         |  |  | 115.2               |   |  |  | 2.54  | % 



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Foreign Exchange Rate Risk

Exchange-rate sensitivity is the relationship between the fluctuations of exchange rates and Banco Galicias net financial income
resulting from the revaluation of Banco Galicias assets and liabilities denominated in foreign currency. The impact of variations in the exchange rate on Banco Galicias net financial income depends on whether Banco Galicia has a net
asset foreign currency position (the amount by which foreign currency denominated assets exceed foreign currency denominated liabilities) or a net liability foreign currency position (the amount by which foreign currency denominated liabilities
exceed foreign currency denominated assets). In the first case an increase/decrease in the exchange rate results in a gain/loss, respectively. In the second case, an increase/decrease results in a loss/gain, respectively. Banco Galicia has
established limits for its consolidated foreign currency mismatches for the asset and liability positions of 30% and -10% (minus 10%) of Banco Galicias RPC, respectively. At the end of the fiscal year, Banco Galicias net asset position
in foreign currency represented 14.2% of its RPC.

As of December 31, 2012, Banco Galicia had a net asset foreign
currency position of Ps.806.6 million equivalent to US$164.0 million, after adjusting its on-balance sheet net liability position of Ps.1,094.3 million (US$222.5 million) by net forward purchases of foreign currency without delivery of the
underlying asset, for Ps.1,909.9 million (US$386.6 million), recorded off-balance sheet.

As of December 31, 2011, Banco
Galicia had a net liability foreign currency position of Ps.28.0 million equivalent to US$6.5 million, after adjusting its on-balance sheet net liability position of Ps.3,425.1 million (US$795.9 million) by net forward purchases of foreign currency
without delivery of the underlying asset, for Ps.3,397.1 million (US$789.4 million), recorded off-balance sheet.

As of
December 31, 2010, Banco Galicia had a net asset foreign currency position of Ps.40.7 million equivalent to US$10.2 million, after adjusting its on-balance sheet net liability position of Ps.792.5 million (US$199.3 million) by net forward
purchases of foreign currency without delivery of the underlying asset, for Ps.833.2 million (US$209.6 million), recorded off-balance sheet.

The tables below show the effects of changes in the exchange rate of the Peso vis-à-vis the Dollar on the value of Banco Galicias foreign currency net asset position as of December 31,
2012, 2011 and 2010. As of these dates, the breakdown of Banco Galicias foreign currency net asset position into trading and non-trading is not presented, as Banco Galicias foreign currency trading portfolio was not material.



|                                                                      |  |                                                               |         |     |                    |  |        |          |  |  |       |  
|--------------------------------------------------------------------- |  | ------------------------------------------------------------- | ------- | --- | ------------------ |  | ------ | -------- |  |  | ----- | -
|                                                                      |  | Value of Foreign Currency Net Position as ofDecember 31,
2012 |        
|Percentage Change in the Value of the Peso Relative to the Dollar (1) |  | Amount                                                        |         |     | Absolute Variation |  |        | % Change | 
|                                                                      |  | (In millions of Pesos, except percentages)                    |        
|40%                                                                   |  |                                                               | 1,128.4 |     |                    |  | 321.8  |          |  |  | 39.9  |  
|30%                                                                   |  |                                                               | 1,048.6 |     |                    |  | 242.0  |          |  |  | 30.0  |  
|20%                                                                   |  |                                                               | 967.9   |     |                    |  | 161.3  |          |  |  | 20.0  |  
|10%                                                                   |  |                                                               | 887.3   |     |                    |  | 80.7   |          |  |  | 10.0  |  
|Static                                                                |  |                                                               | 806.6   | (2) |                    |  |       |          |  |  |      |  
|(10)%                                                                 |  |                                                               | 725.9   |     |                    |  | (80.7  | )        |  |  | (10.0 | )
|(20)%                                                                 |  |                                                               | 645.3   |     |                    |  | (161.3 | )        |  |  | (20.0 | )
|(30)%                                                                 |  |                                                               | 564.6   |     |                    |  | (242.0 | )        |  |  | (30.0 | )
|(40)%                                                                 |  |                                                               | 484.8   |     |                    |  | (321.8 | )        |  |  | (39.9 | )



|(1) | Devaluation / (Revaluation).
|--- | ----------------------------

|(2) | Adjusted to reflect forward purchases and sales of foreign currency without delivery of the underlying asset, registered in memorandum accounts.
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------



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##### Table of Contents

|                                                                      |  |                                                               |       |      |                    |  |       |          |  |  |       |  
|--------------------------------------------------------------------- |  | ------------------------------------------------------------- | ----- | ---- | ------------------ |  | ----- | -------- |  |  | ----- | -
|                                                                      |  | Value of Foreign Currency Net Position as ofDecember 31,
2011 |      
|Percentage Change in the Value of the Peso Relative to the Dollar (1) |  | Amount                                                        |       |      | Absolute Variation |  |       | % Change | 
|                                                                      |  | (In millions of Pesos, except percentages)                    |      
|40%                                                                   |  |                                                               | (39.2 | )    |                    |  | (11.2 | )        |  |  | 40.0  |  
|30%                                                                   |  |                                                               | (36.4 | )    |                    |  | (8.4  | )        |  |  | 30.0  |  
|20%                                                                   |  |                                                               | (33.6 | )    |                    |  | (5.6  | )        |  |  | 20.0  |  
|10%                                                                   |  |                                                               | (30.8 | )    |                    |  | (2.8  | )        |  |  | 10.0  |  
|Static                                                                |  |                                                               | (28.0 | )(2) |                    |  |      |          |  |  |      |  
|(10)%                                                                 |  |                                                               | (25.2 | )    |                    |  | 2.8   |          |  |  | (10.0 | )
|(20)%                                                                 |  |                                                               | (22.4 | )    |                    |  | 5.6   |          |  |  | (20.0 | )
|(30)%                                                                 |  |                                                               | (19.6 | )    |                    |  | 8.4   |          |  |  | (30.0 | )
|(40)%                                                                 |  |                                                               | (16.8 | )    |                    |  | 11.2  |          |  |  | (40.0 | )



|(1) | Devaluation / (Revaluation).
|--- | ----------------------------

|(2) | Adjusted to reflect forward purchases and sales of foreign currency without delivery of the underlying asset, registered in memorandum accounts.
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------



|                                                                      |  |                                                               |      |     |                    |  |       |          |  |  |       |  
|--------------------------------------------------------------------- |  | ------------------------------------------------------------- | ---- | --- | ------------------ |  | ----- | -------- |  |  | ----- | -
|                                                                      |  | Value of Foreign Currency Net Position as ofDecember 31,
2010 |     
|Percentage Change in the Value of the Peso Relative to the Dollar (1) |  | Amount                                                        |      |     | Absolute Variation |  |       | % Change | 
|                                                                      |  | (In millions of Pesos, except percentages)                    |     
|40%                                                                   |  |                                                               | 57.0 |     |                    |  | 16.3  |          |  |  | 40.0  |  
|30%                                                                   |  |                                                               | 52.9 |     |                    |  | 12.2  |          |  |  | 30.0  |  
|20%                                                                   |  |                                                               | 48.8 |     |                    |  | 8.1   |          |  |  | 19.9  |  
|10%                                                                   |  |                                                               | 44.8 |     |                    |  | 4.1   |          |  |  | 10.1  |  
|Static                                                                |  |                                                               | 40.7 | (2) |                    |  |      |          |  |  |      |  
|(10)%                                                                 |  |                                                               | 36.6 |     |                    |  | (4.1  | )        |  |  | (10.1 | )
|(20)%                                                                 |  |                                                               | 32.6 |     |                    |  | (8.1  | )        |  |  | (19.9 | )
|(30)%                                                                 |  |                                                               | 28.5 |     |                    |  | (12.2 | )        |  |  | (30.0 | )
|(40)%                                                                 |  |                                                               | 24.4 |     |                    |  | (16.3 | )        |  |  | (40.0 | )



|(1) | Devaluation / (Revaluation).
|--- | ----------------------------

|(2) | Adjusted to reflect forward purchases and sales of foreign currency without delivery of the underlying asset, registered in memorandum accounts.
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------

Currency Mismatches

Financial brokerage naturally involves the raising of funds and the subsequent use thereof. Both funding (deposits and other alternative
sources of financing) and the use of the funds in loans and/or investments can be carried out in assets and liabilities denominated in different currencies. This possible currency mismatch between liabilities and the use thereof on assets generates
a source of risk that arises from the variations in the different foreign currency exchange rates. This risk is inherent to the structure of assets and liabilities per currency.

Currency risk is defined as the risk of incurring in equity losses as a consequence of variations in the foreign currency exchange rates
in which assets and liabilities (both on and off the Balance Sheet) are denominated.

For purposes of the management and
mitigation of the currency risk, two other currencies have been defined apart from the Argentine Peso: Assets and liabilities adjusted by CER and foreign currency.

The policy framework currently in force establishes limits in terms of maximum net asset positions (assets denominated in a currency which are higher than the liabilities denominated in such currency) and
net liability positions (assets denominated in a currency which are lower than the liabilities denominated in such currency) for mismatches in Pesos adjusted by CER and in foreign currency, as a proportion of Banco Galicias RPC, on a
consolidated basis.

Banco Galicia manages mismatches not only regarding assets and liabilities, but also covering mismatches
through the foreign currency futures market. Transactions in foreign currency futures (Dollar futures) are carried out through the MAE, ROFEX and with customers. These transactions are subject to limits that take into consideration particular
characteristics of each trading environment. A global exposure limit was set for these futures contracts, equivalent to 100% of Banco Galicias RPC on a consolidated basis.



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The table below shows the composition of Banco Galicias shareholders equity by
currency and type of principal adjustment, that is Banco Galicias assets and liabilities denominated in foreign currency, in Pesos and adjustable by the CER, as of December 31, 2012.



|                                                            |  |                         |          |  |             |  |          |     |  |  |          |  
|----------------------------------------------------------- |  | ----------------------- | -------- |  | ----------- |  | -------- | --- |  |  | -------- | -
|                                                            |  | As of December 31, 2012 |         
|                                                            |  | Assets                  |          |  | Liabilities |  |          | Gap | 
|                                                            |  | (In millions of Pesos)  |         
|Financial Assets and Liabilities                            |  |                         | 58,833.1 |  |             |  | 55,351.4 |     |  |  | 3,481.7  |  
|Pesos - Adjusted by CER                                     |  |                         | 684.3    |  |             |  | 8.2      |     |  |  | 676.1    |  
|Pesos - Unadjusted                                          |  |                         | 50,949.6 |  |             |  | 47,049.7 |     |  |  | 3,899.9  |  
|Foreign Currency(1)                                         |  |                         | 7,199.2  |  |             |  | 8,293.5  |     |  |  | (1,094.3 | )
|Other Assets and Liabilities                                |  |                         | 3,938.2  |  |             |  | 2,516.0  |     |  |  | 1,422.2  |  
|                                                            |  |                         |          |  |             |  |          |     |  |  |          |  
|Total Gap                                                   |  |                         | 62,771.3 |  |             |  | 57,867.4 |     |  |  | 4,903.9  |  
|                                                            |  |                         |          |  |             |  |          |     |  |  |          |  
|Adjusted for Forward Transactions Recorded in Memo Accounts |  |                         |          |  |             |  |          |     |  |  |          |  
|Financial Assets and Liabilities                            |  |                         | 58,833.1 |  |             |  | 55,351.4 |     |  |  | 3,481.7  |  
|Pesos - Adjusted by the CER                                 |  |                         | 684.3    |  |             |  | 8.2      |     |  |  | 676.1    |  
|Pesos - Unadjusted, Including Shareholders Equity(2)       |  |                         | 47,208.5 |  |             |  | 45,209.5 |     |  |  | 1,999.0  |  
|Foreign Currency(1)(2)                                      |  |                         | 10,940.3 |  |             |  | 10,133.7 |     |  |  | 806.6    |  
|Other Assets and Liabilities                                |  |                         | 3,938.2  |  |             |  | 2,516.0  |     |  |  | 1,422.2  |  
|                                                            |  |                         |          |  |             |  |          |     |  |  |          |  
|Total Adjusted Gap                                          |  |                         | 62,771.3 |  |             |  | 57,867.4 |     |  |  | 4,903.9  |  
|                                                            |  |                         |          |  |             |  |          |     |  |  |          |  



|(1) | In Pesos, at an exchange rate of Ps.4.9173 per US$1.0.
|--- | ------------------------------------------------------

|(2) | Adjusted for forward sales and purchases of foreign exchange, without delivery of underlying assets and recorded in Memorandum Accounts.
|--- | ----------------------------------------------------------------------------------------------------------------------------------------

As of December 31, 2012, considering the adjustments from forward transactions recorded under memorandum accounts, Banco Galicia had
net asset positions in Foreign Currency, and in Pesos Adjusted and Non-adjusted by CER.

The paragraphs below describe the
composition of the different currency mismatches as of December 31, 2012.

Peso-denominated Assets and Liabilities Adjusted by CER

At fiscal year-end, the Bank had a net asset position of Ps.676.1 million, mainly made up of Ps.674.0 million
corresponding to the participation certificate in Galtrust I Financial Trust.

The limit established for the CER-adjusted
mismatch is at 100% and at -25% (minus 25%) of the Banks RPC for the net asset position and the net liability position, respectively. At fiscal year-end, the asset position in Pesos adjusted by CER accounted for 11.9% of the Banks RPC.

Assets and Liabilities Denominated in Foreign Currency

The Banks assets denominated in foreign currency were mainly comprised of the following: (i) loans to the non-financial private sector and residents abroad for Ps.2,693.4 million (principal and
interest, net of allowances) and (ii) cash and balances held at the Argentine Central Bank and correspondent banks for Ps.3,588.0 million.

The Banks liabilities denominated in foreign currency consisted mainly of: (i) deposits for Ps.3,134.2 million (principal, interest and exchange-rate differences); (ii) Ps.3,812.7 million
of subordinated and unsubordinated notes issued by Banco Galicia and the Regional Credit Card Companies; (iii) debt with international banks and credit agencies for Ps.600.5 million and (iv) Ps.602.2 million in connection with collections
for third parties.



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A net liability position of Ps.1,094.3 million stems from the consolidated balance sheet.
Furthermore, forward transactions in foreign currency without delivery of the underlying asset for a notional value of Ps.1,901.0 million were recorded in memorandum accounts. Therefore, as of that date, the Banks net position in foreign
currency adjusted to reflect these transactions was an asset position of Ps.806.6 million, equivalent to US$164.0 million.

Banco Galicia has set limits as regards foreign-currency mismatches at 30% and 10% of the Banks RPC for its net asset position and
its short position, respectively. At the end of the fiscal year, Banco Galicias net asset position in foreign currency represented 14.2% of its RPC.

Non-Adjusted Peso-Denominated Assets and Liabilities

The
Banks non-adjusted Peso-denominated assets were mainly comprised of the following: (i) loans to the non-financial private sector for Ps.39,523.7 million (principal plus interest, net of allowances); (ii) 2,685.3 million
corresponding to the holdings of securities issued by the Argentine Central Bank; (iii) cash and balances held at the Argentine Central Bank and correspondent banks for Ps.5,350.2 (including the balance of escrow accounts); (iv) Ps.474.8
million of forward purchases related to repurchase agreement transactions for Lebac; (v) Ps.793.7 million corresponding to debt securities and participation certificates in various financial trusts and (vi) Ps.595.7 million corresponding
to holdings of Bonar 2015 Bonds.

Banco Galicias non-adjusted Peso-denominated liabilities were mainly comprised of the
following: (i) deposits for Ps.36,836.8 million (principal plus interest); (ii) liabilities with stores in connection with Banco Galicias credit card activities and the Regional Credit Card Companies for Ps.5,715.9 million;
(iii) Ps.1,067.5 million in liabilities with local financial institutions (almost all corresponding to the Regional Credit Card Companies); (iv) Ps.1,456.0 million corresponding to notes issued by the Regional Credit Card Companies and CFA
and (v) Ps.427.9 million corresponding to creditors on account of the repurchase agreement transactions agreed upon with the Lebac portfolio.

The net asset position in non-adjusted Peso-denominated assets and liabilities was of Ps.1,999.0 million at fiscal year-end.

Other Assets and Liabilities

In the category Other Assets and
Liabilities, the assets were mainly comprised of the following: (i) Bank, premises and equipment, miscellaneous and intangible assets for Ps.2,423.4 million; (ii) miscellaneous receivables for Ps.660.6 million and (iii) equity
investments for Ps.87.3 million. Liabilities mainly included Ps.1,637.5 million recorded under Miscellaneous Liabilities, and allowances for other contingencies for Ps.461.8 million.

Market Risk

The exposure to portfolios of listed financial instruments, whose value varies according to the movement in their market prices, is subject to a specific policy framework that regulates the risk of
incurring a loss as a consequence of the variation of the market price of financial assets whose value is subject to negotiation.

Brokerage transactions and/or investments in government securities, currencies, notes, derivative products and debt instruments issued by the Argentine Central Bank are governed by the policy that limits
the maximum tolerable losses in a given fiscal year.

In order to measure and monitor this source of risk, the model known as
VaR is used, among others. This model determines intra-daily, for Banco Galicia individually, the possible loss that could be generated by the positions in securities, derivative instruments and currencies under certain parameters.

The parameters taken into consideration are as follows:



| | (i) | A 95% - 99% degree of accuracy.
| | --- | -------------------------------



| | (ii) | VaR estimates are made for holding periods of one day and n days, where n is defined as the number of days necessary to settle the position in
each security.
| | ---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------



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| | (iii) | In the case of new issuances, the available trading days are taken into consideration; if there are not enough trading days or if there are no quotations, the
volatility of bonds from domestic issuers with similar risk and characteristics is used.
| | ----- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Likewise, the
measurement method known as Dollar Value of One Basis Point (DVO1) is also applied to measure and monitor the trading of debt instruments issued by the Argentine Central Bank and the brokerage of notes.

Banco Galicias policy requires that the Risk Management and Treasury Divisions agree on the parameters under which the models work
and establishes the maximum losses authorized both for securities, foreign-currency, Argentine Central Banks debt instruments and derivative products in a fiscal year. Maximum losses were established in:



|                          |  |                 
|------------------------- |  | ----------------
|Securities                |  | Ps.36.0 million.
|Spot Currency             |  | Ps.5.0 million. 
|Futures Currency          |  | Ps.20.0 million.
|Interest Rate Derivatives |  | Ps.6.5 million. 
|Lebac / Nobac             |  | Ps.2.0 million. 
|Notes                     |  | Ps.2.0 million. 

During fiscal year 2012, stress test methodologies and contingency plans continued being developed, as
well as their gradual implementation, which will continue during fiscal year 2013.

Cross-border Risk

Cross-border risk represents the risk of incurring equity losses as a consequence of the impairment or failure to collect
exposures (loans, positions in securities, equity investments, and liquidity) abroad. It includes risks generated by entering into transactions with public or private counterparties domiciled outside of Argentina.

In order to regulate risk exposures in international jurisdictions, limits were established taking into consideration the
jurisdictions credit rating, the type of transaction and a maximum exposure acceptable for each counterparty.

The Bank
defined its policy by setting maximum exposure limits measured as a percentage of its RPC and taking into account if the counterparty is considered investment grade:



|                     |  |                                                   |  |  |  |                                                                                                                                          |  |  |  |                                                    
|-------------------- |  | ------------------------------------------------- |  |  |  | ---------------------------------------------------------------------------------------------------------------------------------------- |  |  |  | ---------------------------------------------------
|Risk                 |  | Required Credit Rating                            |  |  |  | Investment Grade                                                                                                                         |  |  |  | Not Investment Grade                               
|-Jurisdictional Risk |  | -International Rating Agency                      |  |  |  | -No limit                                                                                                                                |  |  |  | -Maximum limit: 5%                                 
|-Counterparty Risk   |  | -International Banking Relations -Credit Division |  |  |  | -Maximum limit: 15% -The limit
is distributed between financial and foreign trade transactions, thus absorbing local counterparty margin |  |  |  | -Maximum limit: 1% -Only
foreign trade transactions

Overseas Foreign Currency Transfer Risk

With a view towards mitigating the risk resulting from a potential change in domestic laws that may affect overseas foreign currency
transfers, in order to meet incurred liabilities, a policy was devised to set a limit for liabilities transferred abroad, as a proportion to total consolidated liabilities. Such ratio was fixed at 15%.

As of the fiscal year ended December 31, 2012, this exposure was 7.7%.



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Risk Exposures in the Non-financial Public Sector

Risk exposures in the Non-financial Public Sector in federal, provincial and municipal jurisdictions are regulated by a
management policy set in the fourth quarter of the 2012 fiscal year.

The policy sets limits on risk exposures, establishing a
possible loss (as a percentage of the Banks RPC) associated with a given position, considering in its application the debt instruments issued by the different jurisdictions and other possible vehicles of financing to the
Non-financial Public Sector. The policy is also supplemented by a limit that establishes that the total position in the Non-financial Public Sector should not exceed a given percentage of the Banks RPC.

The limits are as follows:



| |  |  | The possible loss cannot exceed 4% of the Banks RPC.
| | - |  | -----------------------------------------------------



| |  |  | The total position cannot exceed 70% of the Banks RPC.
| | - |  | -------------------------------------------------------

Item 12. Description of Securities Other Than Equity Securities

Item 
12.D. American Depositary Shares

Fees and Charges Applicable to ADS Holders

The depositary collects its fees for delivery and surrender of ADSs directly from investors depositing shares or surrendering ADSs for the
purpose of withdrawal or from intermediaries acting for them. The depositay collects fees for making distributions to investors by deducting those fees from the amounts distributed or by selling a portion of distributable property to pay the fees.
The depositary may collect its annual fee for depositary services by deductions from cash distributions or by directly billing investors or by charging the book-entry system accounts of participants acting for them. The depositary may generally
refuse to provide fee-attracting services until its fees for those services are paid.



|                                                                                                                                                                                            |  |                                                                                                                                                        
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------
|Persons depositing or withdrawing shares must pay                                                                                                                                           |  | For:                                                                                                                                                   
|$5.00 (or less) per 100 ADSs (or portion of 100 ADSs)                                                                                                                                       |  |       Issuance of ADSs, including issuances resulting from a distribution of shares or
rights or other property                                       
|                                                                                                                                                                                            |  |       Cancellation of ADSs for the purpose of withdrawal, including if the deposit
agreement terminates                                               
|$0.02 (or less) per ADS                                                                                                                                                                     |  |       Any cash distribution to ADS registered holders                                                                                                 
|A fee equivalent to the fee that would be payable if securities distributed to you had been shares and the shares had been deposited for issuance of ADSs                                   |  |       Distribution of securities distributed to holders of deposited securities which are
distributed by the depositary to ADS registered holders     
|Registration or transfer fees                                                                                                                                                               |  |       Transfer and registration of shares on our share register to or from the name of the
depositary or its agent when you deposit or withdraw shares
|Expenses of the depositary                                                                                                                                                                  |  |       Cable, telex and facsimile transmissions (when expressly provided in the deposit
agreement)                                                     
|                                                                                                                                                                                            |  |       Converting foreign currency to Dollars                                                                                                          
|Taxes and other governmental charges the depositary or the custodian have to pay on any ADS or share underlying an ADS, for example,
stock transfer taxes, stamp duty or withholding taxes. |  |       As necessary                                                                                                                                    
|Any charges incurred by the depositary or its agents for servicing the deposited securities                                                                                                 |  |       As necessary                                                                                                                                    



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Fees and Direct and Indirect Payments Made by the Depositary to Us

Past Fees and Payments

Grupo Financiero Galicia S.A. received a payment of US$234,006.84 during 2012, US$260,879.73 during 2011 and US$350,000 in 2010 for continuing annual stock exchange listing fees, standard out-of-pocket
maintenance costs for the ADRs (consisting of the expenses of postage and envelopes for mailing annual and interim financial reports, printing and distributing dividend checks, electronic filing of U.S. Federal tax information, mailing required tax
forms, stationery, postage, facsimile and telephone calls), accounting fees and legal fees.

Future Fees and Payments

The Bank of New York Mellon, as depositary, has agreed to reimburse the Company for expenses they incur that are
related to establishment and maintenance expenses of the ADSs program. The depositary has agreed to reimburse the Company for its continuing annual stock exchange listing fees and certain accounting and legal fees. The depositary has also agreed to
pay the standard out-of-pocket maintenance costs for the ADRs, which consists of the expenses of postage and envelopes for mailing annual and interim financial reports, printing and distributing dividend checks, electronic filing of U.S. Federal tax
information, mailing required tax forms, stationery, postage, facsimile, and telephone calls. It has also agreed to reimburse the Company annually for certain investor relationship programs or special investor relations promotional activities. There
are limits on the amount of expenses for which the depositary will reimburse the Company, but the amount of reimbursement available to the Company is not tied to the amount of fees the depositary collects from investors.

The depositary collects its fees for delivery and surrender of ADSs directly from investors depositing shares or surrendering ADSs for
the purpose of withdrawal or from intermediaries acting for them. The depositary collects fees for making distributions to investors by deducting those fees from the amounts distributed or by selling a portion of distributable property to pay the
fees. The depositary may collect its annual fee for depositary services by deduction from cash distributions or by directly billing investors or by charging the book-entry system accounts of participants acting for them. The depositary may generally
refuse to provide fee-attracting services until its fees for those services are paid.

We expect to receive a similar
reimbursement from the depositary for expenses for the fiscal year ending December 31, 2013, to the one we received for the fiscal year ended December 31, 2012.



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##### Table of Contents

PART II

Item 13. Defaults, Dividend Arrearages and Delinquencies

Not applicable.

Item 14. Material Modifications to the
Rights of Security Holders and Use of Proceeds

Not applicable.

Item 15. Controls and Procedures

(a) Disclosure Controls and Procedures.

We maintain disclosure controls and
procedures (as defined in Rules 13a-15(e) and 15d-15(e) of the Exchange Act, as amended). We performed an evaluation of the effectiveness of our disclosure controls and procedures that are designed to ensure that information required to be disclosed
in the reports that we file with or submit to the SEC under the Exchange Act, as amended, is recorded, processed, summarized and reported, within the time periods specified in the SECs rules and forms and is communicated to our management,
including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding the required disclosure. Our Chief Executive Officer and Chief Financial Officer concluded that, as of the end of the period
covered by this annual report, our disclosure controls and procedures were effective to provide reasonable assurance of their reliability. Notwithstanding the effectiveness of our disclosure controls and procedures, these disclosure controls and
procedures cannot provide absolute assurance of achieving their objectives because of their inherent limitations. Disclosure controls and procedures are processes that involve human diligence and compliance and are subject to error in judgment.
Because of such limitations, there is a risk that material misstatements may not be prevented or detected on a timely basis by our disclosure controls and procedures.

(b) Managements Annual Report on Internal Control over Financial Reporting.

1) Our management is responsible for establishing and maintaining adequate internal control over financial reporting for us and our
consolidated subsidiaries. Internal control over financial reporting is defined in Rule 13a-15(f) and 15d-15(f) of the Exchange Act, as amended, as a process designed by, or under the supervision of, our principal executive and principal financial
officers, and effected by our Board of Directors, management and other personnel, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of consolidated financial statements in accordance with applicable
generally accepted accounting principles. Internal controls and procedures are processes that involve human diligence and compliance and are subject to error in judgment. Because of its inherent limitations, internal control over financial reporting
may not prevent or detect all misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with
the policies or procedures may deteriorate.

2) Our management, including our Chief Executive Officer and Chief Financial
Officer has evaluated the effectiveness of our internal control over financial reporting as of the end of the period covered by this annual report. In making this assessment, we used the criteria established in Internal Control 
Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission, or COSO.

3) Based
on our assessment, we and our management have concluded that our internal control over financial reporting was effective as of December 31, 2012.



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4) Price Waterhouse & Co. S.R.L., an independent registered public accounting firm,
has audited the effectiveness of our internal control over financial reporting as of December 31, 2012, as stated in their report to our consolidated financial statements.

(c) See Item 18. Financial Statements-Report of the Independent Registered Public Accounting Firm for our registered public accounting firms attestation report on the effectiveness
of our internal control over financial reporting.

(d) Changes in Internal Control over Financial Reporting During the Year Ended
December 31, 2012.

We evaluated the changes in our internal control over financial reporting that occurred during the
year ended December 31, 2012 and concluded that the following matters have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

Based on our assessment of the effectiveness of our internal control over financial reporting as of December 31, 2011, we identified
a material weakness related to the presentation of cash flows from operating, investing and financing activities under U.S. GAAP. We implemented certain activities to remediate this material weakness, including enhancing our training and review
procedures to ensure the proper classification, in the statement of cash flows under U.S. GAAP. These enhancements focused on controls over the application for interest income received or interest expense paid within operating activities. These
activities, including the results of our control testing, had the cumulative effect of remediating the material weakness as of December 31, 2012.

Item 16.A. Audit Committee Financial Expert

Mr. Luis O. Oddone is our Audit Committee financial expert and he is independent as that term is defined under Nasdaq National Market listing requirements.

Item 16.B. Code of Ethics

We have adopted a code of ethics (for Grupo Financiero Galicia and its main subsidiaries) in accordance with the requirements of Section 406 of the Sarbanes-Oxley Act of 2002. We did not modify our
code of ethics during the fiscal year ended December 31, 2012. In addition, we did not grant any waivers to our code of ethics during the fiscal year ended December 31, 2012. In June 2009, we adopted a Code of Good Practice in Corporate
Governance in accordance with Argentine legal requirements that received minor modifications in 2010 and 2011. On May 23, 2012 the CNV issued Rule No. 606 (modifying Rule No. 516) which established new standards for the filing of the
Code of Good Practices in Corporate Governance. Our code of ethics and our code of corporate governance good practices are attached hereto as Exhibits 11.1 and 11.2.

Item 16.C. Principal Accountants Fees and Services

The following table sets forth the total amount billed to us by our independent registered public accounting firm, Price Waterhouse & Co. S.R.L., during the fiscal years ended December 31,
2012 and 2011.



|                   |  |                         |        |  |      |  |        | 
|------------------ |  | ----------------------- | ------ |  | ---- |  | ------ | 
|                   |  | 2012                    |        |  | 2011 | 
|                   |  | (In thousands of Pesos) |       
|Audit Fees         |  |                         | 13,276 |  |      |  | 11,106 | 
|Audit Related Fees |  |                         | 1,696  |  |      |  | 2,192  | 
|Tax Fees           |  |                         | 1,104  |  |      |  | 1,147  | 
|All Other Fees     |  |                         | 2,942  |  |      |  | 1,408  | 
|                   |  |                         |        |  |      |  |        | 
|Total              |  |                         | 19,018 |  |      |  | 15,853 | 
|                   |  |                         |        |  |      |  |        | 



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Audit Fees

Audit fees are mainly the fees billed in relation with professional services for auditing our consolidated financial statements under local and U.S. GAAP requirements for the fiscal years ended
December 31, 2012 and December 31, 2011.

Audit-Related Fees

Audit-related fees are fees billed for professional services related to attestation, review and verification services with respect to our
financial information and the provision of services in connection with special reports in 2012 and 2011.

Tax Fees

Tax fees are fees billed with respect to tax compliance and advisory services related to tax liabilities.

All Other Fees

All other fees include fees paid for professional services other than the services reported above under audit fees,
audit related fees and tax fees in each of the fiscal periods above.

Audit Committee Pre-approval

Our audit committee is required to pre-approve all audit and non-audit services to be provided by our independent
registered public accounting firm. Since 2004, our Audit Committee has reviewed and approved audit and non-audit services fees proposed by our independent auditors.

Item 16.D. Exemptions from the Listing Standards for Audit Committees

Not applicable.

Item 16.E. Purchases of Equity Securities
by the Issuer and Affiliated Purchasers

None.

Item 16.H. Mine Safety Disclosure

Not applicable.



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##### Table of Contents

PART III

Item 17. Financial Statements

Not applicable.

Item 18. Financial Statements

Report of the Independent Registered Public Accounting Firm as of and for the fiscal years ended December 31, 2012, 2011 and 2010.

Consolidated Balance Sheets as of December 31, 2012 and 2011.

Consolidated Statements of
Income for the years ended December 31, 2012, 2011 and 2010.

Consolidated Statements of Cash Flows for the years ended December 31,
2012, 2011 and 2010.

Consolidated Statements of Changes in Shareholders Equity for the years ended December 31, 2012, 2011 and
2010.

Notes to the Consolidated Financial Statements.

You can find our audited consolidated financial statements on pages F-1 to F-101 of this annual report.

Item 19. Exhibits



|        |  |                                                                                                                                                                                                                                                   
|------- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Exhibit |  | Description                                                                                                                                                                                                                                       
|        | 
|1.1     |  | Unofficial English language translation of the Bylaws (estatutos sociales).****                                                                                                                                                                   
|        | 
|2.1     |  | Form of Deposit Agreement between The Bank of New York and the registrant, including the form of American Depositary Receipt.*                                                                                                                    
|        | 
|2.2     |  | Indenture, dated as of May 18, 2004, among Banco Galicia, The Bank of New York and Banco Rio de la Plata S.A.**                                                                                                                                   
|        | 
|2.3     |  | Indenture, dated as of June 4, 2009, among Grupo Financiero Galicia, The Bank of New York Mellon, Banco de Valores S.A. and The Bank of New York (Luxembourg)
S.A.*******                                                                         
|        | 
|2.4     |  | Indenture, dated as of June 8, 2010, among Grupo Financiero Galicia, The Bank of New York Mellon, Banco de Valores S.A. and The Bank of New York Mellon (Luxembourg)
S.A.********                                                                 
|        | 
|2.5     |  | Indenture, dated as of May 4, 2011, among Banco de Galicia y Buenos Aires S.A., The Bank of New York Mellon, Banco de Valores S.A. and The Bank of New York Mellon (Luxembourg)
S.A.*********                                                     
|        | 
|2.6     |  | Indenture, dated as of January 28, 2011, among Tarjeta Naranja S.A., The Bank of New York Mellon, Banco de Valores S.A. and The Bank of New York Mellon (Luxembourg)
S.A.*********                                                                
|        | 
|4.1     |  | English translation of form of Financial Trust Contract, dated April 16, 2002, among Banco Galicia, Banco Provincia de Buenos Aires and BAPRO Mandatos y Negocios
S.A.***                                                                         
|        | 
|4.2     |  | Form of Restructured Loan Facility (as evidenced by the Note Purchase Agreement, dated as of April 27, 2004, among Banco de Galicia y Buenos Aires S.A., Barclays Bank PLC, the
holders party thereto and Deutsche Bank Trust Company Americas).**



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##### Table of Contents

|          |  |                                                                                                                                                                                                                                                                                                     
|--------- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|          | 
|4.3       |  | Form of First Amendment and Waiver to Restructured Loan Facility (as evidenced by the First Amendment and Waiver to the Note Purchase Agreement, dated as of December 20, 2004,
among Banco de Galicia y Buenos Aires S.A., the holders party thereto and Deutsche Bank Trust Company Americas).****
|          | 
|4.4       |  | Form of Second Amendment to Restructured Loan Facility (as evidenced by the Second Amendment to the Note Purchase Agreement, dated as of August 25, 2006, among Banco de Galicia y
Buenos Aires S.A., the holders party thereto and Deutsche Bank Trust Company Americas).*****                     
|          | 
|4.5       |  | Form of Third Amendment to Restructured Loan Facility (as evidenced by the Third Amendment to the Note Purchase Agreement, dated as of December 28, 2007, among Banco de Galicia y
Buenos Aires S.A., the holders party thereto and Deutsche Bank Trust Company Americas).******                    
|          | 
|4.6       |  | Loan Agreement, dated as of July 24, 2007, between Grupo Financiero Galicia S.A. and Merrill Lynch International.******                                                                                                                                                                             
|          | 
|4.7       |  | Stock Purchase Agreement, dated as of June 1, 2009, among American International Group Inc., AIG Consumer Finance Group, Inc. and Banco de Galicia y Buenos Aires S.A., and the other
parties signatory thereto.********                                                                            
|          | 
|4.8       |  | Loan Agreement, dated as of September 8, 2010, between Banco de Galicia y Buenos Aires S.A. and International Finance Corporation.*********                                                                                                                                                         
|          | 
|4.9       |  | Loan Agreement, dated as of December 17, 2010, between Banco de Galicia y Buenos Aires S.A. and Netherlands Financierings-Moatschappy Voor Ont Wikkelingslanden
N.V.*********                                                                                                                       
|          | 
|4.10      |  | Loan Agreement, dated as of February 15, 2011, between Banco de Galicia y Buenos Aires S.A. and Inter-American Development Bank.*********                                                                                                                                                           
|          | 
|8.1       |  | For a list of our subsidiaries as of the end of the fiscal year covered by this annual report, please see Item 4. Information on the Company-Organizational
Structure.                                                                                                                            
|          | 
|11.1      |  | Code of Ethics.*******                                                                                                                                                                                                                                                                              
|          | 
|11.2      |  | Code of Corporate Governance Good Practices.                                                                                                                                                                                                                                                        
|          | 
|12.1      |  | Certification of the principal executive officer required under Rule 13a-14(a) or Rule 15d-14(a), pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.                                                                                                                                        
|          | 
|12.2      |  | Certification of the principal financial officer required under Rule 13a-14(a) or Rule 15d-14(a), pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.                                                                                                                                        
|          | 
|13.1      |  | Certification of the principal executive officer required pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.                                                                                                                                 
|          | 
|13.2      |  | Certification of the principal financial officer required pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.                                                                                                                                 
|          | 
|*         |  | Incorporatedby reference from our Registration Statement on Form F-4 (333-11960).                                                                                                                                                                                                                   
|          | 
|**        |  | Incorporated by reference from our Annual Report on Form 20-F for the year ended December 31, 2003.                                                                                                                                                                                                 
|          | 
|***       |  | Incorporated by reference from our Annual Report on Form 20-F for the year ended December 31, 2002.                                                                                                                                                                                                 
|          | 
|****      |  | Incorporated by reference from our Annual Report on Form 20-F for the year ended December 31, 2004.                                                                                                                                                                                                 
|          | 
|*****     |  | Incorporatedby reference from our Annual Report on Form 20-F for the year ended December 31, 2006.                                                                                                                                                                                                  
|          | 
|******    |  | Incorporatedby reference from our Annual Report on Form 20-F for the year ended December 31, 2007.                                                                                                                                                                                                  
|          | 
|*******   |  | Incorporatedby reference from our Annual Report on Form 20-F for the year ended December 31, 2008.                                                                                                                                                                                                  
|          | 
|********  |  | Incorporatedby reference from our Annual Report on Form 20-F for the year ended December 31, 2009.                                                                                                                                                                                                  
|          | 
|********* |  | Incorporatedby reference from our Annual Report on Form 20-F for the year ended December 31, 2010.                                                                                                                                                                                                  



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##### Table of Contents

SIGNATURE



| |  |                                                                                                                                                                                                                                 |  | 
| |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | 
| |  | The registrant hereby certifies that it meets all of the requirements for filing on Form 20-F and that it has duly caused and authorized the
undersigned to sign this annual report on its behalf.GRUPO FINANCIERO GALICIA S.A.



By:

/s/ Pedro Alberto RichardsName:

Pedro Alberto RichardsTitle:

Chief Executive OfficerBy:

/s/ José Luis GentileName:

José Luis GentileTitle:

Chief Financial Officer


Date: April 29, 2013



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##### Table of Contents

GRUPO FINANCIERO GALICIA S.A. AND SUBSIDIARIES

INDEX TO CONSOLIDATED FINANCIAL STATEMENTS



|                                                                                                                        |  |      |      | 
|----------------------------------------------------------------------------------------------------------------------- |  | ---- | ---- | 
|                                                                                                                        |  | Page |     
|                                                                                                                        | 
|Report of the Independent Registered Public Accounting Firm                                                             |  |      | F-2  | 
|                                                                                                                        | 
|Consolidated Balance Sheets as of December 31, 2012 and 2011                                                            |  |      | F-3  | 
|                                                                                                                        | 
|Consolidated Statements of Income for the fiscal years ended December 31, 2012, 2011 and
2010                           |  |      | F-6  | 
|                                                                                                                        | 
|Consolidated Statements of Cash Flows for the fiscal years ended December 31, 2012, 2011 and
2010                       |  |      | F-8  | 
|                                                                                                                        | 
|Consolidated Statements of Changes in Shareholders Equity for the fiscal years ended December 
31, 2012, 2011 and 2010 |  |      | F-10 | 
|                                                                                                                        | 
|Notes to the Consolidated Financial Statements                                                                          |  |      | F-11 | 



F-1



---

##### Table of Contents

Report of the Independent Registered Public Accounting Firm

To the Board of Directors and Shareholders of Grupo Financiero Galicia S.A.

In our opinion, the accompanying consolidated balance sheets and the related consolidated statements of income, of changes in shareholders equity and of cash flows present fairly, in all material
respects, the financial position of Grupo Financiero Galicia S.A. and its subsidiaries (the Company) at December 31, 2012 and 2011, and the results of their operations and their cash flows for each of the three years in the period
ended December 31, 2012 in conformity with accounting rules prescribed by the Banco Central de la República Argentina (the BCRA). Also, in our opinion, the Company maintained, in all material respects, effective internal
control over financial reporting as of December 31, 2012, based on criteria established in Internal Control  Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). The Company ́s
management is responsible for these financial statements, for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting included in management ́s
report referred to above. Our responsibility is to express opinions on these financial statements and on the Companys internal control over financial reporting based on our integrated audits. We conducted our audits in accordance with the
standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement and
whether effective internal control over financial reporting was maintained in all material respects. Our audits of the financial statements included examining, on a test basis, evidence supporting the amounts and disclosures in the financial
statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our audit of internal control over financial reporting included obtaining an
understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audits also
included performing such other procedures as we considered necessary in the circumstances. We believe that our audits provide a reasonable basis for our opinions.

Accounting rules prescribed by the BCRA vary in certain significant respects from accounting principles generally accepted in Argentina for enterprises in general. Information relating to the nature and
effect of such differences is presented in Note 33 to the consolidated financial statements.

Accounting rules prescribed by the BCRA also
vary in certain significant respects from accounting principles generally accepted in the United States of America. Information relating to the nature and effect of such differences is presented in Note 35 to the consolidated financial statements.

A companys internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of
financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A companys internal control over financial reporting includes those policies and procedures that
(i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (ii) provide reasonable assurance that transactions are recorded as
necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors
of the company; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the companys assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of
any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

PRICE WATERHOUSE & Co. S.R.L.



|   |  |                               
|-- |  | ------------------------------
|By |  | /s/ DIEGO LUIS SISTO (Partner)
|   |  | Diego Luis Sisto              

Buenos Aires, Argentina

February 14, 2013, except for notes 27, 31, 34 and 35 as to which the date is April 29, 2013.



F-2



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##### Table of Contents

Grupo Financiero Galicia S.A. and Subsidiaries

Consolidated Balance Sheets

As of December 31, 2012 and 2011

(Expressed in thousands of Argentine
pesos)



|       |  |                                                                                       |  |              |            |   |      |     |            |  
|------ |  | ------------------------------------------------------------------------------------- |  | ------------ | ---------- | - | ---- | --- | ---------- | -
|       |  |                                                                                       |  | December 31, |           
|       |  |                                                                                       |  | 2012         |            |   | 2011 |    
|ASSETS |  |                                                                                       |  |              |            |   |      |    
|A.     |  | Cash and due from banks                                                               |  |              |            |   |      |     |            |  
|       |  | Cash                                                                                  |  |              | 2,560,967  |   |      |     | 2,310,470  |  
|       |  | Financial institutions and correspondents                                             |  |              | 5,784,048  |   |      |     | 4,108,421  |  
|       |  | Argentine Central Bank                                                                |  |              | 5,613,604  |   |      |     | 3,979,121  |  
|       |  | Other local financial institutions                                                    |  |              | 26,271     |   |      |     | 8,810      |  
|       |  | Foreign financial institutions                                                        |  |              | 144,173    |   |      |     | 120,490    |  
|       |  |                                                                                       |  |              |            |   |      |     |            |  
|       |  |                                                                                       |  | Ps.          | 8,345,015  |   |      | Ps. | 6,418,891  |  
|B.     |  | Government and private securities                                                     |  |              |            |   |      |     |            |  
|       |  | Holdings Recorded at Fair Value                                                       |  |              | 118,655    |   |      |     | 106,715    |  
|       |  | Holdings Recorded at their Acquisition Cost plus the I.R.R.                           |  |              | 824,188    |   |      |     | 162,414    |  
|       |  | Government securities from Repo transactions with the Argentine Central Bank          |  |              |           |   |      |     | 40,600     |  
|       |  | Securities issued by the Argentine Central Bank                                       |  |              | 2,685,293  |   |      |     | 4,918,006  |  
|       |  | Investments in listed private securities                                              |  |              | 188        |   |      |     | 3,128      |  
|       |  | Allowances                                                                            |  |              | (1,180     | ) |      |     |           |  
|       |  |                                                                                       |  |              |            |   |      |     |            |  
|       |  |                                                                                       |  | Ps.          | 3,627,144  |   |      | Ps. | 5,230,863  |  
|C.     |  | Loans                                                                                 |  |              |            |   |      |     |            |  
|       |  | To the non-financial public sector                                                    |  |              | 25,657     |   |      |     | 24,606     |  
|       |  | To the financial sector                                                               |  |              | 356,617    |   |      |     | 326,239    |  
|       |  | Interbank loans  (call money loans granted)                                          |  |              | 84,000     |   |      |     | 126,000    |  
|       |  | Other loans to domestic financial institutions                                        |  |              | 255,582    |   |      |     | 189,019    |  
|       |  | Accrued interest, adjustments and exchange rate differences receivable                |  |              | 17,035     |   |      |     | 11,220     |  
|       |  | To the non-financial private sector and residents abroad                              |  |              | 43,942,659 |   |      |     | 31,837,635 |  
|       |  | Advances                                                                              |  |              | 3,097,755  |   |      |     | 2,302,100  |  
|       |  | Promissory notes                                                                      |  |              | 10,456,604 |   |      |     | 6,412,303  |  
|       |  | Mortgage loans                                                                        |  |              | 1,158,832  |   |      |     | 959,546    |  
|       |  | Pledge loans                                                                          |  |              | 310,668    |   |      |     | 202,336    |  
|       |  | Personal loans                                                                        |  |              | 7,283,083  |   |      |     | 5,785,668  |  
|       |  | Credit card loans                                                                     |  |              | 19,279,002 |   |      |     | 13,392,249 |  
|       |  | Other                                                                                 |  |              | 1,897,800  |   |      |     | 2,529,837  |  
|       |  | Accrued interest, adjustments and quotation differences receivable                    |  |              | 660,400    |   |      |     | 420,791    |  
|       |  | Documented interest                                                                   |  |              | (200,705   | ) |      |     | (165,626   | )
|       |  | Unallocated collections                                                               |  |              | (780       | ) |      |     | (1,569     | )
|       |  | Allowances                                                                            |  |              | (1,731,954 | ) |      |     | (1,283,953 | )
|       |  |                                                                                       |  |              |            |   |      |     |            |  
|       |  |                                                                                       |  | Ps.          | 42,592,979 |   |      | Ps. | 30,904,527 |  
|D.     |  | Other receivables resulting from financial brokerage                                  |  |              |            |   |      |     |            |  
|       |  | Argentine Central Bank                                                                |  |              | 716,493    |   |      |     | 588,902    |  
|       |  | Amounts receivable for spot and forward sales to be settled.                          |  |              | 122,473    |   |      |     | 1,517,409  |  
|       |  | Securities receivable under spot and forward purchases to be settled                  |  |              | 434,005    |   |      |     | 626,263    |  
|       |  | Negotiable obligations without quotation                                              |  |              | 278,967    |   |      |     | 154,377    |  
|       |  | Balances from forward transactions without delivery of underlying asset to be settled |  |              | 2,540      |   |      |     | 11,407     |  
|       |  | Other                                                                                 |  |              | 2,932,951  |   |      |     | 2,170,808  |  
|       |  | Allowances                                                                            |  |              | (68,858    | ) |      |     | (55,375    | )
|       |  |                                                                                       |  |              |            |   |      |     |            |  
|       |  |                                                                                       |  | Ps.          | 4,418,571  |   |      | Ps. | 5,013,791  |  

The accompanying Notes are an integral part of these consolidated financial statements



F-3



---

##### Table of Contents

Grupo Financiero Galicia S.A. and Subsidiaries

Consolidated Balance Sheets - Continued

As of December 31, 2012 and 2011

(Expressed in thousands of Argentine
pesos)



|                   |  |                                                   |  |              |            |   |      |     |            |  
|------------------ |  | ------------------------------------------------- |  | ------------ | ---------- | - | ---- | --- | ---------- | -
|                   |  |                                                   |  | December 31, |           
|                   |  |                                                   |  | 2012         |            |   | 2011 |    
|ASSETS (Continued) |  |                                                   |  |              |            |   |      |    
|E.                 |  | Assets under financial leases                     |  |              |            |   |      |     |            |  
|                   |  | Assets under financial leases                     |  |              | 844,849    |   |      |     | 588,203    |  
|                   |  | Interest and adjustments                          |  |              | 15,800     |   |      |     | 11,410     |  
|                   |  | Allowances                                        |  |              | (12,385    | ) |      |     | (6,509     | )
|                   |  |                                                   |  |              |            |   |      |     |            |  
|                   |  |                                                   |  | Ps.          | 848,264    |   |      | Ps. | 593,104    |  
|F.                 |  | Equity investments                                |  |              |            |   |      |     |            |  
|                   |  | In financial institutions                         |  |              | 2,438      |   |      |     | 2,133      |  
|                   |  | Other                                             |  |              | 101,648    |   |      |     | 75,494     |  
|                   |  | Allowances                                        |  |              | (27,992    | ) |      |     | (21,462    | )
|                   |  |                                                   |  |              |            |   |      |     |            |  
|                   |  |                                                   |  | Ps.          | 76,094     |   |      | Ps. | 56,165     |  
|G.                 |  | Miscellaneous receivables                         |  |              |            |   |      |     |            |  
|                   |  | Receivables for assets sold                       |  |              | 10,641     |   |      |     | 34,435     |  
|                   |  | Tax on minimum presumed income  Tax credit       |  |              | 15,022     |   |      |     | 186,408    |  
|                   |  | Other                                             |  |              | 1,040,142  |   |      |     | 781,474    |  
|                   |  | Accrued interest on receivables for assets sold   |  |              |           |   |      |     | 541        |  
|                   |  | Other accrued interest and adjustments receivable |  |              | 6,179      |   |      |     | 2,991      |  
|                   |  | Allowances                                        |  |              | (136,527   | ) |      |     | (54,456    | )
|                   |  |                                                   |  |              |            |   |      |     |            |  
|                   |  |                                                   |  | Ps.          | 935,457    |   |      | Ps. | 951,393    |  
|H.                 |  | Bank premises and equipment                       |  | Ps.          | 1,191,509  |   |      | Ps. | 1,034,692  |  
|I.                 |  | Miscellaneous assets                              |  | Ps.          | 184,740    |   |      | Ps. | 163,106    |  
|J.                 |  | Intangible assets                                 |  |              |            |   |      |     |            |  
|                   |  | Goodwill                                          |  |              | 8,888      |   |      |     | 10,827     |  
|                   |  | Organization and development expenses             |  |              | 1,076,129  |   |      |     | 711,944    |  
|                   |  |                                                   |  |              |            |   |      |     |            |  
|                   |  |                                                   |  | Ps.          | 1,085,017  |   |      | Ps. | 722,771    |  
|K.                 |  | Unallocated items                                 |  |              | 8,129      |   |      |     | 12,203     |  
|L.                 |  | Other Assets                                      |  |              | 145,352    |   |      |     | 91,520     |  
|                   |  |                                                   |  |              |            |   |      |     |            |  
|                   |  | Total Assets                                      |  | Ps.          | 63,458,271 |   |      | Ps. | 51,193,026 |  
|                   |  |                                                   |  |              |            |   |      |     |            |  

The accompanying Notes are an integral part of these consolidated financial statements



F-4



---

##### Table of Contents

Grupo Financiero Galicia S.A. and Subsidiaries

Consolidated Balance Sheets - Continued

As of December 31, 2012 and 2011

(Expressed in thousands of Argentine
pesos)



|   |  |                                                                                       |  |              |            |  |      |     |            | 
|-- |  | ------------------------------------------------------------------------------------- |  | ------------ | ---------- |  | ---- | --- | ---------- | 
|   |  |                                                                                       |  | December 31, |           
|   |  |                                                                                       |  | 2012         |            |  | 2011 |    
|   |  | LIABILITIES AND SHAREHOLDERS EQUITY                                                  |  |              |            |  |      |     |            | 
|M. |  | Deposits                                                                              |  |              |            |  |      |     |            | 
|   |  | Non-financial public sector                                                           |  | Ps.          | 1,251,534  |  |      | Ps. | 1,803,816  | 
|   |  | Financial sector                                                                      |  |              | 35,798     |  |      |     | 29,667     | 
|   |  | Non-financial private sector and residents abroad                                     |  |              | 38,657,848 |  |      |     | 28,301,654 | 
|   |  | Current accounts                                                                      |  |              | 9,500,021  |  |      |     | 6,955,109  | 
|   |  | Saving accounts                                                                       |  |              | 9,475,206  |  |      |     | 7,977,519  | 
|   |  | Time deposits                                                                         |  |              | 18,838,179 |  |      |     | 12,675,489 | 
|   |  | Investment accounts                                                                   |  |              | 170,443    |  |      |     | 209,346    | 
|   |  | Other                                                                                 |  |              | 401,236    |  |      |     | 319,620    | 
|   |  | Accrued interest and quotation differences payable                                    |  |              | 272,763    |  |      |     | 164,571    | 
|   |  |                                                                                       |  |              |            |  |      |     |            | 
|   |  |                                                                                       |  | Ps.          | 39,945,180 |  |      | Ps. | 30,135,137 | 
|N. |  | Other liabilities resulting from financial brokerage                                  |  |              |            |  |      |     |            | 
|   |  | Argentine Central Bank                                                                |  |              | 3,637      |  |      |     | 3,050      | 
|   |  | Other                                                                                 |  |              | 3,637      |  |      |     | 3,050      | 
|   |  | Banks and international entities                                                      |  |              | 540,287    |  |      |     | 1,425,822  | 
|   |  | Unsubordinated negotiable obligations                                                 |  |              | 4,171,588  |  |      |     | 3,170,192  | 
|   |  | Amounts payable for spot and forward purchases to be settled                          |  |              | 434,784    |  |      |     | 564,045    | 
|   |  | Securities to be delivered under spot and forward sales to be settled                 |  |              | 122,424    |  |      |     | 1,705,070  | 
|   |  | Loans from domestic financial institutions                                            |  |              | 1,105,434  |  |      |     | 815,251    | 
|   |  | Interbank loans (call money loans received)                                           |  |              | 82,000     |  |      |     | 15,000     | 
|   |  | Other loans from domestic financial institutions                                      |  |              | 1,014,570  |  |      |     | 794,505    | 
|   |  | Accrued interest payable                                                              |  |              | 8,864      |  |      |     | 5,746      | 
|   |  | Balances from forward transactions without delivery of underlying asset to be settled |  |              | 2,345      |  |      |     | 8,073      | 
|   |  | Amounts payable to merchants                                                          |  |              | 5,715,886  |  |      |     | 4,173,746  | 
|   |  | Other                                                                                 |  |              | 2,062,967  |  |      |     | 1,975,817  | 
|   |  | Accrued interest and quotation differences payable                                    |  |              | 122,305    |  |      |     | 86,073     | 
|   |  |                                                                                       |  |              |            |  |      |     |            | 
|   |  |                                                                                       |  | Ps.          | 14,281,657 |  |      | Ps. | 13,927,139 | 
|O. |  | Miscellaneous liabilities                                                             |  |              |            |  |      |     |            | 
|   |  | Directors and Syndics fees                                                          |  |              | 16,258     |  |      |     | 13,403     | 
|   |  | Other                                                                                 |  |              | 1,757,272  |  |      |     | 1,302,894  | 
|   |  | Adjustments and accrued interests                                                     |  |              | 23         |  |      |     |           | 
|   |  |                                                                                       |  |              |            |  |      |     |            | 
|   |  |                                                                                       |  | Ps.          | 1,773,553  |  |      | Ps. | 1,316,297  | 
|P. |  | Provisions                                                                            |  |              | 468,223    |  |      |     | 575,644    | 
|Q. |  | Subordinated negotiable obligations                                                   |  |              | 1,188,015  |  |      |     | 984,364    | 
|R. |  | Unallocated items                                                                     |  |              | 8,414      |  |      |     | 4,792      | 
|S. |  | Other Liabilities                                                                     |  |              | 221,231    |  |      |     | 168,724    | 
|T. |  | Non-controlling interests                                                             |  |              | 701,920    |  |      |     | 529,314    | 
|   |  |                                                                                       |  |              |            |  |      |     |            | 
|   |  | Total Liabilities                                                                     |  | Ps.          | 58,588,193 |  |      | Ps. | 47,641,411 | 
|   |  |                                                                                       |  |              |            |  |      |     |            | 
|   |  | SHAREHOLDERS EQUITY                                                                  |  |              | 4,870,078  |  |      |     | 3,551,615  | 
|   |  |                                                                                       |  |              |            |  |      |     |            | 
|   |  | Total Liabilities and Shareholders Equity                                            |  | Ps.          | 63,458,271 |  |      | Ps. | 51,193,026 | 
|   |  |                                                                                       |  |              |            |  |      |     |            | 

The accompanying Notes are an integral part of these consolidated financial statements



F-5



---

##### Table of Contents

Grupo Financiero Galicia S.A. and Subsidiaries

Consolidated Statements of Income

For the fiscal years ended December 31, 2012, 2011 and 2010

(Expressed in
thousands of Argentine pesos)



|   |  |                                                                  |  |              |           |  |      |     |           |      |  |     |           | 
|-- |  | ---------------------------------------------------------------- |  | ------------ | --------- |  | ---- | --- | --------- | ---- |  | --- | --------- | 
|   |  |                                                                  |  | December 31, |          
|   |  |                                                                  |  | 2012         |           |  | 2011 |     |           | 2010 | 
|A. |  | Financial income                                                 |  |              |           |  |      |     |           |      |  |     |           | 
|   |  | Interest on cash and due from banks                              |  | Ps.          | 70        |  |      | Ps. | 565       |      |  | Ps. | 746       | 
|   |  | Interest on loans granted to the financial sector                |  |              | 59,264    |  |      |     | 24,797    |      |  |     | 8,542     | 
|   |  | Interest on overdrafts                                           |  |              | 698,656   |  |      |     | 398,533   |      |  |     | 186,443   | 
|   |  | Interest on promissory notes                                     |  |              | 1,393,332 |  |      |     | 797,101   |      |  |     | 498,436   | 
|   |  | Interest on mortgage loans                                       |  |              | 125,618   |  |      |     | 112,656   |      |  |     | 103,888   | 
|   |  | Interest on pledge loans                                         |  |              | 35,716    |  |      |     | 24,443    |      |  |     | 11,535    | 
|   |  | Interest on credit card loans                                    |  |              | 2,932,812 |  |      |     | 1,744,162 |      |  |     | 1,143,592 | 
|   |  | Interest on financial leases                                     |  |              | 128,915   |  |      |     | 95,762    |      |  |     | 63,749    | 
|   |  | Interest on other loans                                          |  |              | 2,543,641 |  |      |     | 1,881,433 |      |  |     | 981,709   | 
|   |  | Interest on other receivables resulting from financial brokerage |  |              | 45,417    |  |      |     | 34,586    |      |  |     | 15,438    | 
|   |  | Net income from government and corporate securities              |  |              | 961,720   |  |      |     | 752,990   |      |  |     | 407,931   | 
|   |  | Income from secured loans  Decree No. 1387/01                   |  |              | 3,963     |  |      |     | 4,431     |      |  |     | 3,608     | 
|   |  | Net income from options                                          |  |              | 1,500     |  |      |     |          |      |  |     |          | 
|   |  | Consumer price index adjustment (CER)                            |  |              | 872       |  |      |     | 2,020     |      |  |     | 5,331     | 
|   |  | Exchange rate differences on foreign currency                    |  |              |          |  |      |     |          |      |  |     | 76,296    | 
|   |  | Other                                                            |  |              | 197,542   |  |      |     | 144,265   |      |  |     | 107,648   | 
|   |  |                                                                  |  |              |           |  |      |     |           |      |  |     |           | 
|   |  |                                                                  |  | Ps.          | 9,129,038 |  |      | Ps. | 6,017,744 |      |  | Ps. | 3,614,892 | 
|B. |  | Financial expenses                                               |  |              |           |  |      |     |           |      |  |     |           | 
|   |  | Interest on current account deposits                             |  |              |          |  |      |     |          |      |  |     | 5,476     | 
|   |  | Interest on saving account deposits                              |  |              | 4,811     |  |      |     | 6,906     |      |  |     | 5,442     | 
|   |  | Interest on time deposits                                        |  |              | 2,185,392 |  |      |     | 1,272,897 |      |  |     | 748,205   | 
|   |  | Interest on interbank loans received (call money loans)          |  |              | 9,560     |  |      |     | 2,843     |      |  |     | 6,158     | 
|   |  | Interest on financing from the financial sector                  |  |              | 53,974    |  |      |     | 44,331    |      |  |     | 6,525     | 
|   |  | Interest on other liabilities resulting from financial brokerage |  |              | 607,528   |  |      |     | 350,410   |      |  |     | 165,604   | 
|   |  | Interest on subordinated obligations                             |  |              | 122,821   |  |      |     | 114,455   |      |  |     | 137,788   | 
|   |  | Other interest                                                   |  |              | 54,586    |  |      |     | 25,899    |      |  |     | 6,367     | 
|   |  | Consumer price index adjustment                                  |  |              | 65        |  |      |     | 90        |      |  |     | 59        | 
|   |  | Contributions made to Deposit Insurance Fund                     |  |              | 57,316    |  |      |     | 44,874    |      |  |     | 31,839    | 
|   |  | Exchange rate differences on foreign currency                    |  |              | 189,222   |  |      |     | 4,072     |      |  |     |          | 
|   |  | Other                                                            |  |              | 655,385   |  |      |     | 407,424   |      |  |     | 299,218   | 
|   |  |                                                                  |  |              |           |  |      |     |           |      |  |     |           | 
|   |  |                                                                  |  | Ps.          | 3,940,660 |  |      | Ps. | 2,274,201 |      |  | Ps. | 1,412,681 | 
|C. |  | Gross brokerage margin                                           |  |              | 5,188,378 |  |      |     | 3,743,543 |      |  |     | 2,202,211 | 
|   |  | Loan loss provisions                                             |  |              | 1,347,302 |  |      |     | 843,370   |      |  |     | 551,524   | 
|D. |  | Income from services                                             |  |              |           |  |      |     |           |      |  |     |           | 
|   |  | In relation to lending transactions                              |  |              | 1,180,982 |  |      |     | 947,655   |      |  |     | 660,987   | 
|   |  | In relation to borrowing transactions                            |  |              | 761,703   |  |      |     | 645,437   |      |  |     | 543,309   | 
|   |  | Other commissions                                                |  |              | 108,934   |  |      |     | 72,936    |      |  |     | 42,152    | 
|   |  | Other                                                            |  |              | 2,602,289 |  |      |     | 1,854,241 |      |  |     | 1,268,486 | 
|   |  |                                                                  |  |              |           |  |      |     |           |      |  |     |           | 
|   |  |                                                                  |  | Ps.          | 4,653,908 |  |      | Ps. | 3,520,269 |      |  | Ps. | 2,514,934 | 
|E. |  | Expenses for services                                            |  |              |           |  |      |     |           |      |  |     |           | 
|   |  | Commissions                                                      |  |              | 636,418   |  |      |     | 457,953   |      |  |     | 291,701   | 
|   |  | Other                                                            |  |              | 817,480   |  |      |     | 610,613   |      |  |     | 441,356   | 
|   |  |                                                                  |  |              |           |  |      |     |           |      |  |     |           | 
|   |  |                                                                  |  | Ps.          | 1,453,898 |  |      | Ps. | 1,068,566 |      |  | Ps. | 733,057   | 

The accompanying Notes are an integral part of these consolidated financial statements



F-6



---

##### Table of Contents

Grupo Financiero Galicia S.A. and Subsidiaries

Consolidated Statements of Income - Continued

For the fiscal years ended December 31, 2012, 2011 and 2010

(Expressed in
thousands of Argentine pesos)



|   |  |                                                                         |  |              |           |   |      |     |           |      |  |     |           |  
|-- |  | ----------------------------------------------------------------------- |  | ------------ | --------- | - | ---- | --- | --------- | ---- |  | --- | --------- | -
|   |  |                                                                         |  | December 31, |          
|   |  |                                                                         |  | 2012         |           |   | 2011 |     |           | 2010 | 
|F. |  | Administrative expenses                                                 |  |              |           |   |      |     |           |      |  |     |           |  
|   |  | Personnel expenses                                                      |  |              | 3,210,519 |   |      |     | 2,333,867 |      |  |     | 1,576,896 |  
|   |  | Directors and syndics fees                                            |  |              | 49,930    |   |      |     | 38,176    |      |  |     | 37,217    |  
|   |  | Other fees                                                              |  |              | 245,347   |   |      |     | 188,205   |      |  |     | 99,702    |  
|   |  | Advertising and publicity                                               |  |              | 359,251   |   |      |     | 280,486   |      |  |     | 189,596   |  
|   |  | Taxes                                                                   |  |              | 435,716   |   |      |     | 298,572   |      |  |     | 190,722   |  
|   |  | Depreciation of bank premises and equipment                             |  |              | 117,246   |   |      |     | 92,942    |      |  |     | 76,899    |  
|   |  | Amortization of organization expenses                                   |  |              | 198,747   |   |      |     | 104,597   |      |  |     | 63,132    |  
|   |  | Other operating expenses                                                |  |              | 714,182   |   |      |     | 526,296   |      |  |     | 373,641   |  
|   |  | Other                                                                   |  |              | 442,696   |   |      |     | 342,070   |      |  |     | 237,509   |  
|   |  |                                                                         |  |              |           |   |      |     |           |      |  |     |           |  
|   |  |                                                                         |  | Ps.          | 5,773,634 |   |      | Ps. | 4,205,211 |      |  | Ps. | 2,845,314 |  
|   |  | Net Income from financial brokerage                                     |  | Ps.          | 1,267,452 |   |      | Ps. | 1,146,665 |      |  | Ps. | 587,250   |  
|G. |  | Income from Insurance activities                                        |  | Ps.          | 651,871   |   |      | Ps. | 457,447   |      |  | Ps. | 255,608   |  
|H. |  | Non-controlling interests result                                        |  | Ps.          | (186,403  | ) |      | Ps. | (170,962  | )    |  | Ps. | (104,333  | )
|I. |  | Miscellaneous income                                                    |  |              |           |   |      |     |           |      |  |     |           |  
|   |  | Net lncome from equity investments                                      |  |              | 117,420   |   |      |     | 132,696   |      |  |     | 62,054    |  
|   |  | Default interests                                                       |  |              | 146,703   |   |      |     | 87,106    |      |  |     | 56,193    |  
|   |  | Loans recovered and allowances reversed                                 |  |              | 255,154   |   |      |     | 224,384   |      |  |     | 154,328   |  
|   |  | Other                                                                   |  |              | 119,671   |   |      |     | 139,284   |      |  |     | 83,711    |  
|   |  | Consumer price index adjustment (CER)                                   |  |              | 102       |   |      |     | 60        |      |  |     | 45        |  
|   |  |                                                                         |  |              |           |   |      |     |           |      |  |     |           |  
|   |  |                                                                         |  | Ps.          | 639,050   |   |      | Ps. | 583,530   |      |  | Ps. | 356,331   |  
|J. |  | Miscellaneous losses                                                    |  |              |           |   |      |     |           |      |  |     |           |  
|   |  | Default interests and charges in favor of the Argentine Central Bank    |  |              | 222       |   |      |     | 850       |      |  |     | 58        |  
|   |  | Loan loss provisions for miscellaneous receivables and other provisions |  |              | 166,991   |   |      |     | 87,622    |      |  |     | 102,387   |  
|   |  | Amortization of differences arising from court resolutions              |  |              | 16,452    |   |      |     | 6,933     |      |  |     | 280,946   |  
|   |  | Depreciation and losses from miscellaneous assets                       |  |              | 1,085     |   |      |     | 1,756     |      |  |     | 1,347     |  
|   |  | Amortization of goodwill                                                |  |              | 1,940     |   |      |     | 12,639    |      |  |     | 11,330    |  
|   |  | Other                                                                   |  |              | 59,735    |   |      |     | 46,028    |      |  |     | 31,655    |  
|   |  | Consumer price index adjustment                                         |  |              | 52        |   |      |     | 46        |      |  |     | 41        |  
|   |  |                                                                         |  |              |           |   |      |     |           |      |  |     |           |  
|   |  |                                                                         |  | Ps.          | 246,477   |   |      | Ps. | 155,874   |      |  | Ps. | 427,764   |  
|   |  | Net Income before tax                                                   |  |              | 2,125,493 |   |      |     | 1,860,806 |      |  |     | 667,092   |  
|K. |  | Income tax                                                              |  | Ps.          | 789,278   |   |      | Ps. | 753,863   |      |  | Ps. | 258,191   |  
|   |  |                                                                         |  |              |           |   |      |     |           |      |  |     |           |  
|   |  | Net Income for the fiscal year                                          |  | Ps.          | 1,336,215 |   |      | Ps. | 1,106,943 |      |  | Ps. | 408,901   |  
|   |  |                                                                         |  |              |           |   |      |     |           |      |  |     |           |  
|   |  | Net Income per common share (basic and diluted) in Argentine Pesos      |  |              | 1.076     |   |      |     | 0.892     |      |  |     | 0.329     |  

The accompanying Notes are an integral part of these consolidated financial statements



F-7



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##### Table of Contents

Grupo Financiero Galicia S.A. and Subsidiaries

Consolidated Statements of Cash Flows

For the fiscal years ended December 31, 2012, 2011 and 2010

(Expressed in thousands of Argentine pesos)



|                                                                                                                                                     |  |              |            |   |      |     |            |      |  |         |            |  
|---------------------------------------------------------------------------------------------------------------------------------------------------- |  | ------------ | ---------- | - | ---- | --- | ---------- | ---- |  | ------- | ---------- | -
|                                                                                                                                                     |  | December 31, |           
|                                                                                                                                                     |  | 2012         |            |   | 2011 |     |            | 2010 | 
|CHANGES IN CASH AND CASH EQUIVALENTS                                                                                                                 |  |              |            |   |      |     |            |      |  |         |            |  
|Cash and cash equivalents at the beginning of the year                                                                                               |  |              | 10,244,173 |   |      |     | 7,443,517  |      |  |         | 5,428,730  |  
|Cash and cash equivalents at the end of the year                                                                                                     |  |              | 11,323,978 |   |      |     | 10,244,173 |      |  |         | 7,443,517  |  
|                                                                                                                                                     |  |              |            |   |      |     |            |      |  |         |            |  
|Net increase in cash and cash equivalents                                                                                                            |  | Ps.          | 1,079,805  |   |      | Ps. | 2,800,656  |      |  | Ps.     | 2,014,787  |  
|                                                                                                                                                     |  |              |            |   |      |     |            |      |  |         |            |  
|Causes of changes in cash and cash equivalents                                                                                                       |  |              |            |   |      |     |            |      |  |         |            |  
|Cash Flow from operating activities                                                                                                                  |  |              |            |   |      |     |            |      |  |         |            |  
|Net (payments) / collections related to:                                                                                                             |  |              |            |   |      |     |            |      |  |         |            |  
|Government and Private Securities                                                                                                                    |  |              | 1,219,664  |   |      |     | (245,480   | )    |  |         | 2,911,041  |  
|Loans                                                                                                                                                |  |              |            |   |      |     |            |      |  |         |            |  
|To the financial sector                                                                                                                              |  |              | (13,260    | ) |      |     | (127,462   | )    |  |         | (55,841    | )
|To the non-financial public sector                                                                                                                   |  |              | 940        |   |      |     | 2,129      |      |  |         | 1,819      |  
|To the non-financial private sector and foreign residents                                                                                            |  |              | (4,471,840 | ) |      |     | (4,887,003 | )    |  |         | (4,399,392 | )
|Other receivables resulting from financial brokerage                                                                                                 |  |              | (274,119   | ) |      |     | (187,508   | )    |  |         | 177,629    |  
|Receivables from Financial Leases                                                                                                                    |  |              | (129,326   | ) |      |     | (67,605    | )    |  |         | (33,949    | )
|Deposits                                                                                                                                             |  |              |            |   |      |     |            |      |  |         |            |  
|To the financial sector                                                                                                                              |  |              | 6,131      |   |      |     | 19,733     |      |  |         | (64,949    | )
|To the non-financial public sector                                                                                                                   |  |              | (552,282   | ) |      |     | 929,615    |      |  |         | (511,710   | )
|To the non-financial private sector and foreign residents                                                                                            |  |              | 7,727,631  |   |      |     | 5,269,911  |      |  |         | 4,757,624  |  
|Other liabilities from financial brokerage                                                                                                           |  |              |            |   |      |     |            |      |  |         |            |  
|Financing from the financial sector                                                                                                                  |  |              |            |   |      |     |            |      |  |         |            |  
|Interbank Loans (call money loans received)                                                                                                          |  |              | 57,440     |   |      |     | 12,157     |      |  |         | (30,158    | )
|Others (except for liabilities included in Financing Activities)                                                                                     |  |              | 1,125,069  |   |      |     | 1,532,319  |      |  |         | 1,172,142  |  
|Collections related to income from services                                                                                                          |  |              | 5,638,872  |   |      |     | 4,156,730  |      |  |         | 2,919,013  |  
|Payments related to expenses for services                                                                                                            |  |              | (1,311,746 | ) |      |     | (952,571   | )    |  |         | (669,249   | )
|Administrative expenses paid                                                                                                                         |  |              | (5,860,888 | ) |      |     | (4,245,068 | )    |  |         | (2,898,783 | )
|Payment of organization and development expenses                                                                                                     |  |              | (562,231   | ) |      |     | (385,419   | )    |  |         | (206,175   | )
|Collection for penalty interests, net                                                                                                                |  |              | 146,481    |   |      |     | 86,256     |      |  |         | 56,135     |  
|Differences arising from court resolutions paid                                                                                                      |  |              | (16,452    | ) |      |     | (6,933     | )    |  |         | (21,893    | )
|Collection of dividends from other companies                                                                                                         |  |              | 34,687     |   |      |     | 26,167     |      |  |         | 16,190     |  
|Other Collections related to miscellaneous profits and losses                                                                                        |  |              | 123,339    |   |      |     | 191,321    |      |  |         | 104,346    |  
|Net (payments) / collections for other operating activities                                                                                          |  |              |            |   |      |     |            |      |  |         |            |  
|Other receivables and miscellaneous liabilities                                                                                                      |  |              | (491,151   | ) |      |     | (453,249   | )    |  |         | (343,487   | )
|Other operating activities, net                                                                                                                      |  |              | (228,098   | ) |      |     | (25,058    | )    |  |         | 33,193     |  
|Payment of income tax / minimum presumed income tax                                                                                                  |  |              | (493,150   | ) |      |     | (210,993   | )    |  |         | (150,579   | )
|                                                                                                                                                     |  |              |            |   |      |     |            |      |  |         |            |  
|Net cash provided by operating activities                                                                                                            |  | Ps.          | 1,675,711  |   |      | Ps. | 431,989    |      |  | Ps.     | 2,762,967  |  
|                                                                                                                                                     |  |              |            |   |      |     |            |      |  |         |            |  
|Cash Flow from investing activities                                                                                                                  |  |              |            |   |      |     |            |      |  |         |            |  
|Payments for bank premises and equipment, net                                                                                                        |  |              | (241,678   | ) |      |     | (165,148   | )    |  |         | (104,583   | )
|Payments for miscellaneous assets, net                                                                                                               |  |              | (49,129    | ) |      |     | (93,169    | )    |  |         | (29,101    | )
|Payments for equity investments                                                                                                                      |  |              | (18,192    | ) |      |     | (15,058    | )    |  |         | (347,194   | )
|Other collections for investment activities                                                                                                          |  |              |            |   |      |     |            |      |  |         |            |  
|Cash and Cash Equivalents related to the Acquisition of Compañía Financiera Argentina S.A., Cobranzas y
Servicios S.A. and Procesadora Regional S.A. |  |              |            |   |      |     |            |      |  |         |            |  
|                                                                                                                                                     |  |             |            |   |      |    |            |      |  | 117,549 |           
|                                                                                                                                                     |  |              |            |   |      |     |            |      |  |         |            |  
|Net cash used in investing activities                                                                                                                |  | Ps.          | (308,999   | ) |      | Ps. | (273,375   | )    |  | Ps.     | (363,329   | )
|                                                                                                                                                     |  |              |            |   |      |     |            |      |  |         |            |  

The accompanying Notes are an integral part of these consolidated financial statements



F-8



---

##### Table of Contents

Grupo Financiero Galicia S.A. and Subsidiaries

Consolidated Statements of Cash Flows - Continued

For the fiscal years ended December 31, 2012, 2011 and 2010

(Expressed in
thousands of Argentine pesos)



|                                                             |  |              |           |   |      |     |           |      |  |     |           |  
|------------------------------------------------------------ |  | ------------ | --------- | - | ---- | --- | --------- | ---- |  | --- | --------- | -
|                                                             |  | December 31, |          
|                                                             |  | 2012         |           |   | 2011 |     |           | 2010 | 
|Cash Flow from financing activities                          |  |              |           |   |      |     |           |      |  |     |           |  
|Net collections / (payments) related to:                     |  |              |           |   |      |     |           |      |  |     |           |  
|Unsubordinated negotiable obligations                        |  |              | 51,388    |   |      |     | 1,984,971 |      |  |     | (936,377  | )
|Argentine Central Bank                                       |  |              |           |   |      |     |           |      |  |     |           |  
|Others                                                       |  |              | 587       |   |      |     | 945       |      |  |     | (1,110    | )
|Banks and international entities                             |  |              | (888,556  | ) |      |     | 757,834   |      |  |     | 96,465    |  
|Subordinated negotiable obligations                          |  |              | (66,410   | ) |      |     | (463,493  | )    |  |     | (75,889   | )
|Loans from local financial institutions                      |  |              | 260,634   |   |      |     | 135,639   |      |  |     | 429,986   |  
|Distribution of dividends                                    |  |              | (33,922   | ) |      |     | (45,139   | )    |  |     | (10,877   | )
|Other Collections from financing activities                  |  |              | 2,886     |   |      |     |          |      |  |     | 1,860     |  
|                                                             |  |              |           |   |      |     |           |      |  |     |           |  
|Cash Flow provided by / (used in) financing activities       |  | Ps.          | (673,393  | ) |      | Ps. | 2,370,757 |      |  | Ps. | (495,942  | )
|                                                             |  |              |           |   |      |     |           |      |  |     |           |  
|Effect of exchange rate changes on cash and cash equivalents |  |              | 386,486   |   |      |     | 271,285   |      |  |     | 111,091   |  
|                                                             |  |              |           |   |      |     |           |      |  |     |           |  
|Net increase in cash and cash equivalents                    |  | Ps.          | 1,079,805 |   |      | Ps. | 2,800,656 |      |  | Ps. | 2,014,787 |  
|                                                             |  |              |           |   |      |     |           |      |  |     |           |  

The accompanying Notes are an integral part of these consolidated financial statements



F-9



---

##### Table of Contents

Grupo Financiero Galicia S.A. and Subsidiaries

Consolidated Statements of Changes in Shareholders Equity

For the years ended December 31, 2012, 2011 and 2010

(Expressed in thousands of Argentine pesos)



|                                                                                 |  |              |           |  |                |     |     |                                                        |  |     |                 |  |  |                             |         |  |                           |     |           |  |  |     |            |   |  |     |           |  
|-------------------------------------------------------------------------------- |  | ------------ | --------- |  | -------------- | --- | --- | ------------------------------------------------------ |  | --- | --------------- |  |  | --------------------------- | ------- |  | ------------------------- | --- | --------- |  |  | --- | ---------- | - |  | --- | --------- | -
|                                                                                 |  | CapitalStock |           |  | Paid
inCapital |     |     | Inflationadjustments toCapital Stockand Paid inCapital |  |     | Profit reserves |  |  | AccumulatedRetainedearnings |         |  | TotalShareholders
Equity |    
|                                                                                 |  |              |           |  | Legal          |     |     | Other                                                  |  |     |                
|Balance at December 31, 2009                                                     |  | Ps.          | 1,241,407 |  |                | Ps. | 606 |                                                        |  | Ps. | 278,131         |  |  | Ps.                         | 45,998  |  |                           | Ps. | 257,122   |  |  | Ps. | 229,275    |   |  | Ps. | 2,052,539 |  
|                                                                                 |  |              |           |  |                |     |     |                                                        |  |     |                 |  |  |                             |         |  |                           |     |           |  |  |     |            |   |  |     |           |  
|Distribution of retained earnings by the shareholders meeting on April 14, 2010 |  |              |           |  |                |     |     |                                                        |  |     |                 |  |  |                             |         |  |                           |     |           |  |  |     |            |   |  |     |           |  
|Legal Reserve                                                                    |  |              |          |  |                |     |    |                                                        |  |     |                |  |  |                             | 11,464  |  |                           |     |          |  |  |     | (11,464    | ) |  |     |          |  
|Discretionary Reserve                                                            |  |              |          |  |                |     |    |                                                        |  |     |                |  |  |                             |        |  |                           |     | 217,811   |  |  |     | (217,811   | ) |  |     |          |  
|Valuation Differences                                                            |  |              |          |  |                |     |    |                                                        |  |     |                |  |  |                             |        |  |                           |     | 8,060     |  |  |     |           |   |  |     | 8,060     |  
|Net Income for the year                                                          |  |              |          |  |                |     |    |                                                        |  |     |                |  |  |                             |        |  |                           |     |          |  |  |     | 408,901    |   |  |     | 408,901   |  
|                                                                                 |  |              |           |  |                |     |     |                                                        |  |     |                 |  |  |                             |         |  |                           |     |           |  |  |     |            |   |  |     |           |  
|Balance at December 31, 2010                                                     |  | Ps.          | 1,241,407 |  |                | Ps. | 606 |                                                        |  | Ps. | 278,131         |  |  | Ps.                         | 57,462  |  |                           | Ps. | 482,993   |  |  | Ps. | 408,901    |   |  | Ps. | 2,469,500 |  
|                                                                                 |  |              |           |  |                |     |     |                                                        |  |     |                 |  |  |                             |         |  |                           |     |           |  |  |     |            |   |  |     |           |  
|Distribution of retained earnings by the shareholders meeting on April 27, 2011 |  |              |           |  |                |     |     |                                                        |  |     |                 |  |  |                             |         |  |                           |     |           |  |  |     |            |   |  |     |           |  
|Legal Reserve                                                                    |  |              |          |  |                |     |    |                                                        |  |     |                |  |  |                             | 20,445  |  |                           |     |          |  |  |     | (20,445    | ) |  |     |          |  
|Discretionary Reserve                                                            |  |              |          |  |                |     |    |                                                        |  |     |                |  |  |                             |        |  |                           |     | 363,628   |  |  |     | (363,628   | ) |  |     |          |  
|Cash Dividends                                                                   |  |              |          |  |                |     |    |                                                        |  |     |                |  |  |                             |        |  |                           |     |          |  |  |     | (24,828    | ) |  |     | (24,828   | )
|Net Income for the year                                                          |  |              |          |  |                |     |    |                                                        |  |     |                |  |  |                             |        |  |                           |     |          |  |  |     | 1,106,943  |   |  |     | 1,106,943 |  
|                                                                                 |  |              |           |  |                |     |     |                                                        |  |     |                 |  |  |                             |         |  |                           |     |           |  |  |     |            |   |  |     |           |  
|Balance at December 31, 2011                                                     |  | Ps.          | 1,241,407 |  |                | Ps. | 606 |                                                        |  | Ps. | 278,131         |  |  | Ps.                         | 77,907  |  |                           | Ps. | 846,621   |  |  | Ps. | 1,106,943  |   |  | Ps. | 3,551,615 |  
|                                                                                 |  |              |           |  |                |     |     |                                                        |  |     |                 |  |  |                             |         |  |                           |     |           |  |  |     |            |   |  |     |           |  
|Distribution of retained earnings by the shareholders meeting on April 19, 2012 |  |              |           |  |                |     |     |                                                        |  |     |                 |  |  |                             |         |  |                           |     |           |  |  |     |            |   |  |     |           |  
|Legal Reserve                                                                    |  |              |          |  |                |     |    |                                                        |  |     |                |  |  |                             | 55,347  |  |                           |     |          |  |  |     | (55,347    | ) |  |     |          |  
|Discretionary Reserve                                                            |  |              |          |  |                |     |    |                                                        |  |     |                |  |  |                             |        |  |                           |     | 1,033,844 |  |  |     | (1,033,844 | ) |  |     |          |  
|Cash Dividends                                                                   |  |              |          |  |                |     |    |                                                        |  |     |                |  |  |                             |        |  |                           |     |          |  |  |     | (17,752    | ) |  |     | (17,752   | )
|Net Income for the year                                                          |  |              |          |  |                |     |    |                                                        |  |     |                |  |  |                             |        |  |                           |     |          |  |  |     | 1,336,215  |   |  |     | 1,336,215 |  
|                                                                                 |  |              |           |  |                |     |     |                                                        |  |     |                 |  |  |                             |         |  |                           |     |           |  |  |     |            |   |  |     |           |  
|Balance at December 31, 2012                                                     |  | Ps.          | 1,241,407 |  |                | Ps. | 606 |                                                        |  | Ps. | 278,131         |  |  | Ps.                         | 133,254 |  |                           | Ps. | 1,880,465 |  |  | Ps. | 1,336,215  |   |  | Ps. | 4,870,078 |  
|                                                                                 |  |              |           |  |                |     |     |                                                        |  |     |                 |  |  |                             |         |  |                           |     |           |  |  |     |            |   |  |     |           |  

The accompanying Notes are an integral part of these consolidated financial statements



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##### Table of Contents

Grupo Financiero Galicia S.A. and Subsidiaries

Notes to the Consolidated Financial Statements

For the years ended December 31, 2012, 2011 and 2010

(Expressed in thousands of Argentine pesos)

1. Basis of Presentation.

Grupo Financiero Galicia S.A. (Grupo Galicia, the Company or the Group) is a corporation that is organized under the
laws of Argentina and acts as a holding company for Banco de Galicia y Buenos Aires S.A. and its subsidiaries (Banco Galicia or the Bank). At December 31, 2012 and 2011, the Companys interest in Banco Galicia as a
result of open market purchases was 94.92966% and 94.84074% respectively.

Banco Galicia is a private-sector commercial bank organized under
the laws of Argentina which provides general banking services, through its branches, to corporate and retail customers.

In the previous
fiscal year and during this one, a reorganization process of the corporate structure of Banco de Galicia y Buenos Aires S.A.s subsidiaries was carried out. This fact has not caused the controlling interest by the Bank to be modified.

As part of this process, Tarjetas del Mar S.A. has partially spun off its Shareholders Equity for the creation of a new company called
Tarjeta Mira S.A. Also, during the third quarter of 2012, Tarjeta Mira S.A. merged with and into Tarjeta Naranja S.A.

On February 29,
2012, Tarjetas Regionales S.A.s Extraordinary Shareholders Meeting approved a capital increase that was subscribed mainly through the contribution of the minority holders holdings in the subsidiaries Tarjeta Naranja S.A. and
Tarjetas Cuyanas S.A.

The percentage of the controlled companies Shareholders Equity owned by third parties has been disclosed in
the Balance Sheet, under the Non-Controlling interests account.

Grupo Galicias consolidated financial statements as of
December 31, 2012 and 2011 include the assets, liabilities and results of the controlled companies detailed below. The percentages directly or indirectly held in those companies capital stock are as follows:



|                                                                                     |      |              |       |      |  |  |        |  
|------------------------------------------------------------------------------------ | ---- | ------------ | ----- | ---- |  |  | ------ | -
|Issuing Company                                                                      |      | December 31, |      
|                                                                                     | 2012 |              |       | 2011 | 
|Galval Agente de Valores S.A.                                                        |      |              |      |      |  |  | 100.00 | %
|GV Mandataria de Valores S.A.                                                        |      |              |      |      |  |  | 100.00 | %
|Net Investment S.A.                                                                  |      |              | 99.37 | %    |  |  | 99.36  | %
|Galicia Warrants S.A.                                                                |      |              | 99.37 | %    |  |  | 99.36  | %
|Sudamericana Holding S.A.                                                            |      |              | 99.37 | %    |  |  | 99.36  | %
|Compañía Financiera Argentina S.A.                                                   |      |              | 95.08 | %    |  |  | 95.00  | %
|Banco de Galicia y Buenos Aires S.A.                                                 |      |              | 94.93 | %    |  |  | 94.84  | %
|Banco Galicia Uruguay S.A. ( In Liquidation )                                        |      |              | 94.93 | %    |  |  | 94.84  | %
|Tarjetas Regionales S.A.                                                             |      |              | 73.10 | %    |  |  | 94.84  | %
|Galicia Administradora de Fondos S.A.Sociedad Gerente de Fondos Comunes de Inversión |      |              | 94.93 | %    |  |  | 94.84  | %
|Galicia (Cayman) Ltd.                                                                |      |              | 94.93 | %    |  |  | 94.84  | %
|Tarjetas del Mar S.A.                                                                |      |              | 94,87 | %    |  |  | 94,78  | %
|Cobranzas y Servicios S.A.                                                           |      |              | 94.79 | %    |  |  | 94.84  | %
|Procesadora Regional S.A.                                                            |      |              | 74.19 | %    |  |  | 94.84  | %



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##### Table of Contents

Grupo Financiero Galicia S.A. and Subsidiaries

Notes to the Consolidated Financial Statements

For the years ended December 31, 2012, 2011 and 2010

(Expressed in
thousands of Argentine pesos)



|                                       |      |              |       |      |  |  |       |  
|-------------------------------------- | ---- | ------------ | ----- | ---- |  |  | ----- | -
|Issuing Company                        |      | December 31, |      
|                                       | 2012 |              |       | 2011 | 
|Galicia Valores S.A. Sociedad de Bolsa |      |              | 94.93 | %    |  |  | 94.83 | %
|Tarjeta Mira S.A.                      |      |              |      |      |  |  | 76.25 | %
|Tarjeta Naranja S.A.                   |      |              | 73.10 | %    |  |  | 75.87 | %
|Cobranzas Regionales S.A.              |      |              | 73.10 | %    |  |  | 93.89 | %
|Tarjetas Cuyanas S.A.                  |      |              | 73.10 | %    |  |  | 56.90 | %

The financial statements of the controlled companies were adapted to the accounting and disclosure standards set by the
Argentine Central Bank and cover the same period as that of the financial statements of the Group.

Intercompany transactions have been
eliminated for the purposes of these statements.

2. Significant Accounting Policies.

The accounting policies and financial statements presentation conform to the rules of the Argentine Central Bank which prescribes the generally accepted
accounting principles for all banks in Argentina (the Argentine Banking GAAP). This differs in certain significant respects from generally accepted accounting principles in Argentina applicable to enterprises in general (Argentine
GAAP) (see Note 33 ) and from generally accepted accounting principles in the United States of America (U.S. GAAP) (see Note 35 ).

Certain required disclosures have not been presented herein since they are not material to the accompanying financial statements. In addition, certain presentations and disclosures have been included in
the accompanying financial statements to comply with the United States Securities and Exchange Commissions regulations for foreign private issuers.

Certain reclassifications of prior year ́s information have been made to conform to current year presentation. Such reclassifications do not have a significant impact on the Groups financial
statements.

The following is a summary of significant accounting policies followed by the Group in the preparation of the consolidated
financial statements.

2.1 Presentation of Financial Statements in Constant Argentine Pesos.

Effective September 1, 1995, pursuant to Decree No. 316/95, the Bank discontinued its prior practice of adjusting the financial statements for
inflation. Effective January 1, 2002, however, as a result of the application of Argentine Central Bank, National Securities Commission (CNV) and Argentine Federation of Professional Councils in Economic Sciences FACPCE
rules, the Group re-applied the application of the adjustment for inflation.

In 2002, Argentina experienced a high rate of inflation. The
wholesale Price Index WPI increased approximately 118.44% in 2002.

Primarily as a result of the stabilization of the WPI during
the first half of 2003, the Argentine government, the Argentine Central Bank and the CNV eliminated the requirement that financial statements be prepared in constant currency.



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##### Table of Contents

Grupo Financiero Galicia S.A. and Subsidiaries

Notes to the Consolidated Financial Statements

For the years ended December 31, 2012, 2011 and 2010

(Expressed in
thousands of Argentine pesos)



2.2 Foreign Currency.

Foreign currency is stated at the U.S. dollar rate of exchange set by the Argentine Central Bank, prevailing at the close of operations on the last business day of each year.

Assets and liabilities valued in foreign currencies other than the U.S. dollar are converted into U.S. dollars using the year end exchange rates issued
by the Argentine Central Bank.

For financial reporting purposes, these assets and liabilities are then translated into pesos at the year-end
U.S. dollar to Argentine peso exchange rate.

As of December 31, 2012 and 2011 the exchange rate amounted Ps. 4.9173 and Ps. 4.3032,
respectively.

2.3 Government and Private Securities.

Government securities mainly represent obligations of the Argentine government. Corporate securities included in this caption consist of listed corporate equity securities, mutual funds and listed debt
securities.

Realized and unrealized gains and losses on sales and interest income on government and corporate securities are included as
Net Income from government and corporate securities in the accompanying statements of income.

Government Securities

As of December 31, 2012 and 2011 the Bank records its holdings according to the following:

Holdings Recorded at Fair Value

These
holdings include trading securities that were valued according to volatilities or present value data issued by the Argentine Central Bank.

These securities are recorded at fair value, and any difference between their book value and fair value is recognized as a gain or loss in the income
statement.

The same criterion was applied to holdings of such securities used in purchase and sale transactions pending settlement and repo
transactions.

Holdings Recorded at their Acquisition Cost plus the Interest Rate of Return (I.R.R.)

In this caption, the Group records Peso-denominated Bonds issued by the Argentine Nation at Badlar rate due 2015 (Bonar 2015) and other provincial bonds.

This holding has been valued at their acquisition cost increased on an exponential basis according to their I.R.R. In the case the market
value of the instrument is lower than its book value, 50% of the monthly accrual of the I.R.R. must be charged to an asset regularizing account. Said regularizing account shall be reversed by charging to income to the extent its balance exceeds the
positive difference between the market value and book value.

The same criterion was applied to the securities used in repo transactions.



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##### Table of Contents

Grupo Financiero Galicia S.A. and Subsidiaries

Notes to the Consolidated Financial Statements

For the years ended December 31, 2012, 2011 and 2010

(Expressed in
thousands of Argentine pesos)



Government Securities from Repo transactions with the Argentine Central Bank

These holdings include government securities that were valued according to volatilities or present valuedata issued by the Argentine Central Bank.

The same criterion was applied to holdings of such securities used in purchase and sale transactions pending settlement and repo
transactions.

Securities Issued by the Argentine Central Bank

a) At Fair Value:

These have been valued according to volatilities or present value data issued
by the Argentine Central Bank. The same criterion was applied to holdings of such securities used in repo transactions.

b) At the Acquisition
Cost plus the I.R.R.:

These holdings have been valued at their acquisition cost increased on an exponential basis according to their I.R.R.
The same criterion was applied to holdings of such securities used in repo transactions.

Investments in listed private securities

These securities are recorded at fair value, and any difference between their book value and fair value is recognized as a gain or loss in
the income statement.

2.4 Financial Trust Debt Securities and Certificates of Participation.

Debt securities that are incorporated at face value are recorded at technical value. The remaining holdings in debt securities are recorded at cost plus
the interest rate of return. Certificates of participation are accounted for under the equity method.

2.5 Interest Income (Expense)
Recognition.

For loans and deposits, interest is recognized on a compounded basis, which provides for an increasing effective rate over
the life of the loan or deposit.

The Bank suspends the accrual of interest when the related loan is past due and the collection of interest
and principal is in doubt. The suspension of interest corresponds to the loans classified as with problems and medium risk or below, under the Argentine Central Banks classification rules. Accrued interest remains on
the Banks books and is considered to be part of the loan balance when determining the allowance for loan losses. Regarding impaired loans, interest is recognized on a cash basis after reducing the balance of accrued interest, if applicable.

Reference Stabilization Index (CER) is accrued in all lending and borrowing transactions originally carried out in foreign
currency prior to the pesification process.

2.6 Allowances for Loan Losses.

The Bank provides for estimated future on loans and the related accrued interest through the establishment of an allowance for loan losses. The allowance charged to expense is determined by management
based upon loan classification, actual loss experience, current and expected economic conditions, delinquency aging, and an evaluation of potential losses in the current loan portfolio. Specific attention is given to loans with evidence that may
negatively affect the Groups ability to recover the loan and accrued interest.



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##### Table of Contents

Grupo Financiero Galicia S.A. and Subsidiaries

Notes to the Consolidated Financial Statements

For the years ended December 31, 2012, 2011 and 2010

(Expressed in
thousands of Argentine pesos)



2.7 Provisions for Contingencies.

The Group has certain contingent liabilities with respect to existing or potential claims, lawsuits and other proceedings, including those involving labor and other matters. The Group accrues liabilities
when it is probable that future costs will be incurred and such costs can be reasonably estimated. Such accruals are based on developments to date, the Groups estimates of the outcomes of these matters and the Groups lawyers
experience in responding, litigating and settling other matters. As the scope of the liabilities becomes better defined, there may be changes in the estimates of future costs, which could have a material effect on the Groups future results of
income and financial condition or liquidity.

2.8 Equity Investments.

Equity Investments include equity investments in companies where a Non-controlling interest is held.

Under Argentine Banking GAAP, the equity method is used to account for investments where a significant influence in the corporate decision making process exists. Significant influence is considered to be
present if one of the following applies:



| |  |  | Ownership of a portion of a related companys capital granting the voting power necessary to influence the approval of such companys
financial statements and profits distribution.
| | - |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | Representation on the related companys board of directors or corporate governance body.
| | - |  | ----------------------------------------------------------------------------------------



| |  |  | Participation in the definition of the related companys policies.
| | - |  | ------------------------------------------------------------------



| |  |  | Existence of significant transactions between the company holding the interest and the related company (for example, when the former is the
latters only supplier or by far its most important client).
| | - |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | Interchange of senior officers among companies.
| | - |  | -----------------------------------------------



| |  |  | Technical dependence of one of the companies on the other.
| | - |  | ----------------------------------------------------------

Equity investments in companies where corporate decisions are not influenced, in terms of the criteria listed above, are accounted for at the lower of cost or equity method.

2.9 Bank Premises and Equipment, Assets under financial leases and Miscellaneous Assets.

Bank premises and equipment and miscellaneous assets are valued at cost adjusted for inflation (as described in Note 2.1), less accumulated depreciation.

Construction in progress is carried at cost.

Financial leases that mainly transfer risks and benefits inherent to the leased property are registered at the beginning of the lease either by the cash
value of the leased property or the present value of cash flows established in the financial lease, whichever is the lowest.

Accumulated
depreciation is computed under the straight-line method at rates over the estimated useful lives of the assets, which generally are estimated to be 50 years for properties, 10 years for furniture and fixtures, and 5 years for others. Leasehold
improvements are depreciated using the straight-line method over the shorter of the lease term or the estimated useful life of the asset.



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##### Table of Contents

Grupo Financiero Galicia S.A. and Subsidiaries

Notes to the Consolidated Financial Statements

For the years ended December 31, 2012, 2011 and 2010

(Expressed in
thousands of Argentine pesos)



The cost of maintenance and repairs is charged to expense as incurred. The cost of significant renewals
and improvements is added to the carrying amount of the respective fixed assets. When assets are retired or otherwise disposed of, the cost and the related accumulated depreciation are removed from the accounts, and any resulting gain or loss is
reflected in the consolidated statement of income.

2.10 Intangible Assets.

Intangible assets are valued at cost adjusted for inflation (as described in Note 2.1) and are amortized on a straight-line basis over 120 months for goodwill and over 60 months for organization and
development costs. Under Argentine Banking GAAP, goodwill is no longer recognized as an asset when it is estimated that amounts of future income will not be sufficient to absorb the amortization of goodwill or when there are other reasons to presume
that the amount of an investment made, will not be recovered in full.

Effective March 2003, the Argentine Central Bank established that the
difference resulting from compliance with court decisions made in lawsuits filed challenging the current regulations applicable to deposits with the financial system, within the framework of the provisions of Law No. 25,561, Decree
No. 214/02 and supplementary regulations, must also be recorded under this caption. Such difference must be amortized in a maximum of 60 equal monthly and consecutive installments as of April 2003.

As of December 31, 2012 and 2011, this item has been fully amortized; thus total accumulated amortization amounts to Ps. 883,022 and Ps. 866,570
respectively.

The Bank carried out the abovementioned amortization for the purposes of complying with the provisions set forth by the
Argentine Central Bank only. However, the Bank has repeatedly reserved its right to make claims in view of the negative effect caused on its financial condition by the reimbursement of deposits originally in U.S. dollars pursuant to court orders,
which exceeded the amount established in the aforementioned regulation. On November 30, 2003, the bank formally requested the National Executive Branch, with a copy to the Ministry of Economy (MECON) and to the Argentine Central
Bank, the payment of due compensation for the losses incurred that were generated by the asymmetric pesification and especially for the negative effect on its financial condition caused by court resolutions.

2.11 Shareholders Equity.

Shareholders Equity accounts have been adjusted for inflation following the procedure described in Note 2.1, except for the Capital
Stock and Paid-in Capital accounts, which have been stated at their original values. The adjustment of these accounts was allocated to the Inflation adjustments to capital stock and paid-in capital account.

2.12 Minimum Presumed Income Tax and Income Tax.

Effective 1998, a Minimum Presumed Income Tax (MPIT) was established as a complementary component of income tax obligations. MPIT is a minimum taxation, which assesses at the tax rate of 1% of
certain assets. Ultimately, the tax obligation will be the higher of MPIT or income tax. For financial entities, the taxable basis is 20% of their computable assets. If in a fiscal year, the MPIT obligation exceeds the income tax liability, the
surplus will be available as a credit against future income tax.

The Bank has recognized the MPIT amount paid in the year and the accumulated
amount paid in prior years as an asset for future tax deductions.

Based on the provisions set forth by the Argentine Central Bank, the Group
recorded an asset related to the MPIT amounting to Ps.15,022 and Ps. 186,408 as of December 31, 2012 and 2011, respectively.



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##### Table of Contents

Grupo Financiero Galicia S.A. and Subsidiaries

Notes to the Consolidated Financial Statements

For the years ended December 31, 2012, 2011 and 2010

(Expressed in
thousands of Argentine pesos)



Argentine Central Bank regulations do not require the recognition of deferred tax assets and liabilities
and therefore income taxes for Banco Galicia are recognized on the basis of amounts due in accordance with Argentine tax regulations. However, Grupo Galicia and Grupo Galicias non-bank subsidiaries apply the deferred income tax method. As a
result, Grupo Galicia and its non-bank subsidiaries had recognized a deferred tax asset as of December 31, 2012 and 2011.

2.13
Liabilities - Banco de Galicia y Buenos Aires S.A.s customers fidelity program Quiero(I want)

The
Bank records the points assigned to the Banks customers through the Quiero (I want) Program using a mathematical model that takes into account certain events of exchange percentages, the cost for the exchanged
points based on the combination of available products and the preferences of the Banks customers, as well as the expiration term of the customers non-exchanged points.

As of December 31, 2012 and 2011, the Bank recorded liabilities for Ps. 74,736 and Ps. 50,521, respectively from its customers non-exchanged points under the caption Miscellaneous
Liabilities.

2.14 Statements of Cash Flows

The consolidated statements of cash flows were prepared using the measurement methods prescribed by the Argentine Central Bank. Cash and cash equivalents include cash and due from banks and highly liquid
investments with an original maturity of three months or less.

2.15 Use of Estimates.

The preparation of financial statements in conformity with Argentine Banking GAAP requires management to make estimates and assumptions that affect the
reported amounts of assets and liabilities and disclosures of contingent liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those
estimates.

3. Minimum cash requirements and restricted Assets.

3.1 Pursuant to Argentine Central Bank regulations, Banco Galicia must maintain a monthly average liquidity level. Computable assets for complying with the minimum cash requirement are cash and the
checking accounts opened at the Argentine Central Bank.

The minimum cash requirement at the end of each fiscal year was as follows (as
measured in average daily balances):



|                          |  |              |              |  |      |  |              | 
|------------------------- |  | ------------ | ------------ |  | ---- |  | ------------ | 
|                          |  | December 31, |             
|                          |  | 2012         |              |  | 2011 | 
|Peso balances             |  |              | Ps.3,947,895 |  |      |  | Ps.3,917,272 | 
|Foreign currency balances |  |              | 1,284,890    |  |      |  | 1,944,576    | 



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##### Table of Contents

Grupo Financiero Galicia S.A. and Subsidiaries

Notes to the Consolidated Financial Statements

For the years ended December 31, 2012, 2011 and 2010

(Expressed in
thousands of Argentine pesos)



3.2 Certain of the Groups other assets are pledged or restricted from use under various
agreements. The following assets were restricted at each balance sheet date:



|                                                                                            |  |              |           |  |      |     |           | 
|------------------------------------------------------------------------------------------- |  | ------------ | --------- |  | ---- | --- | --------- | 
|                                                                                            |  | December 31, |          
|                                                                                            |  | 2012         |           |  | 2011 |    
|Funds and securities pledged under various arrangements                                     |  | Ps.          | 1,068,697 |  |      | Ps. | 1,044,154 | 
|Shares on equity investments (*)                                                            |  |              | 5,250     |  |      |     | 5,250     | 
|Deposits in the Argentine Central Bank, restricted under Argentine Central Bank regulations |  |              | 2,603     |  |      |     | 2,693     | 
|Loans granted as collateral(**)                                                             |  |              | 63,241    |  |      |     | 123,541   | 
|                                                                                            |  |              |           |  |      |     |           | 
|Total                                                                                       |  | Ps.          | 1,139,791 |  |      | Ps. | 1,175,638 | 
|                                                                                            |  |              |           |  |      |     |           | 

(*) Shares over which transferability is subject to prior approval of the National or Provincial authorities, as
applicable, under the terms of certain concession contracts signed.

The Bank, as a shareholder of Aguas Cordobesas S. A. and proportionally
to its 10.833% interest, is jointly responsible for the contractual obligations arising from the concession contract during the entire term thereof. Should any of the other shareholders fail to comply with the commitments arising from their joint
responsibility, the Bank may be forced to assume the unfulfilled commitment by the grantor, but only in the proportion and to the extent of the interest held by the Bank.

(**) Securities granted as collateral for lines of credit provided by the International Finance Corporation (IFC). The Bank used book-entry mortgage securities to collateralize Ps. 49,186 and
Bonar 2015 Bonds to collateralize Ps.55,075 IFC lines of credit at December 31, 2012 and 2011 , respectively.

Furthermore, as of
December 31, 2012, Banco de Galicia y Buenos Aires S.A. used book-entry mortgage securities as collateral for the loans granted within the Credit Program to the Province of San Juan and Mendoza for the amount of Ps. 9,772 and Ps. 4,283
respectively.

4. Interest-Bearing Deposits with Other Banks.

As of December 31, 2012 and 2011, the overnight foreign bank interest-bearing deposits included under the caption Loans - Other amounted to Ps. 277,528 and Ps. 65,981,
respectively.



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##### Table of Contents

Grupo Financiero Galicia S.A. and Subsidiaries

Notes to the Consolidated Financial Statements

For the years ended December 31, 2012, 2011 and 2010

(Expressed in
thousands of Argentine pesos)



5. Government and Private Securities.

Government and corporate securities consist of the following at the respective balance sheet dates:



|                                                                                   |  |              |           |   |      |     |           | 
|---------------------------------------------------------------------------------- |  | ------------ | --------- | - | ---- | --- | --------- | 
|                                                                                   |  | December 31, |          
|                                                                                   |  | 2012         |           |   | 2011 |    
|Government Securities                                                              |  |              |           |   |      |     |           | 
|Holdings Recorded at Fair Value                                                    |  |              |           |   |      |     |           | 
|- Government Bonds                                                                 |  |              | 118,655   |   |      |     | 105,381   | 
|- Others                                                                           |  |              |          |   |      |     | 1,334     | 
|                                                                                   |  |              |           |   |      |     |           | 
|Total Holdings Recorded at Fair Value                                              |  | Ps.          | 118,655   |   |      | Ps. | 106,715   | 
|Holdings Recorded at their Acquisition Cost plus the I.R.R.                        |  |              |           |   |      |     |           | 
|- Government Bonds                                                                 |  |              | 824,188   |   |      |     | 162,414   | 
|                                                                                   |  |              |           |   |      |     |           | 
|Total Holdings Recorded at their Acquisition Cost plus the I.R.R.                  |  | Ps.          | 824,188   |   |      | Ps. | 162,414   | 
|Government Securities from Repo Transactions with the Argentine Central Bank       |  |              |           |   |      |     |           | 
|- Government Bonds                                                                 |  |              |          |   |      |     | 40,600    | 
|                                                                                   |  |              |           |   |      |     |           | 
|Total Government Securities from Repo Transactions with the Argentine Central Bank |  | Ps.          |          |   |      | Ps. | 40,600    | 
|Securities Issued by the Argentine Central Bank                                    |  |              |           |   |      |     |           | 
|- Argentine Central Bank Bills at Fair Value                                       |  |              | 1,309,213 |   |      |     | 10,313    | 
|- Argentine Central Bank Bills for Repo Transactions                               |  |              | 38,497    |   |      |     | 1,344,245 | 
|- Argentine Central Bank Bills at Acquisition Cost plus the I.R.R.                 |  |              | 1,165,474 |   |      |     | 713,541   | 
|- Argentine Central Bank Notes at Fair Value                                       |  |              | 125,494   |   |      |     | 2,146,017 | 
|- Argentine Central Bank Notes for Repo Transactions                               |  |              |          |   |      |     | 66,494    | 
|- Argentine Central Bank Notes at Acquisition Cost plus the I.R.R.                 |  |              | 46,615    |   |      |     | 637,396   | 
|                                                                                   |  |              |           |   |      |     |           | 
|Total Securities Issued by the Argentine Central Bank                              |  |              | 2,685,293 |   |      |     | 4,918,006 | 
|                                                                                   |  |              |           |   |      |     |           | 
|Total Government Securities                                                        |  | Ps.          | 3,628,136 |   |      | Ps. | 5,227,735 | 
|                                                                                   |  |              |           |   |      |     |           | 
|Investments in listed Private Securities                                           |  |              |           |   |      |     |           | 
|- Negotiable Obligations (Listed)                                                  |  |              | 188       |   |      |     | 1,138     | 
|- Shares                                                                           |  |              |          |   |      |     | 1,990     | 
|                                                                                   |  |              |           |   |      |     |           | 
|Total Private Securities                                                           |  |              | 188       |   |      |     | 3,128     | 
|                                                                                   |  |              |           |   |      |     |           | 
|Allowances                                                                         |  |              | (1,180    | ) |      |     |          | 
|                                                                                   |  |              |           |   |      |     |           | 
|Total Government and Private Securities                                            |  | Ps.          | 3,627,144 |   |      | Ps. | 5,230,863 | 
|                                                                                   |  |              |           |   |      |     |           | 

As of December 31, 2012, Securities issued by Argentine Central Bank sold under repurchase agreements amounted to
Ps.427,361 were recorded under the caption Other Receivables resulting from financial brokerage.

As of December 31, 2011,
Bonar 2015 Bonds sold under repurchase agreements amounted to Ps. 513,864 and were recorded under the caption Other Receivables resulting from financial brokerage.



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##### Table of Contents

Grupo Financiero Galicia S.A. and Subsidiaries

Notes to the Consolidated Financial Statements

For the years ended December 31, 2012, 2011 and 2010

(Expressed in
thousands of Argentine pesos)



6. Loans.

The lending activities of the Bank consist of the following:



| |  |  | Loans to the non-financial public sector: loans to the federal and provincial governments of Argentina.
| | - |  | -------------------------------------------------------------------------------------------------------



| |  |  | Loans to the financial sector: loans to local banks and financial entities.
| | - |  | ---------------------------------------------------------------------------



| |  |  | Loans to the non-financial private sector and residents abroad: include the following types of lending:
| | - |  | -------------------------------------------------------------------------------------------------------

Advances  short-term obligations drawn on by customers through overdrafts.

Promissory Notes  endorsed promissory notes, discounted and purchased bills and factored loans.

Mortgage loans  loans to purchase or improve real estate and collateralized by such real estate or commercial loans secured
by real estate.

Pledge loans  loans where collateral is pledged as an integral part of the loan document.

Credit card loans  loans to credit card holders.

Personal loans  loans to individuals.

Others  includes mainly short-term placements in foreign banks.

Pursuant to
Argentine Central Bank regulations, financial entities must disclose the breakdown of their loan portfolio to: the non-financial public sector, the financial sector and the non-financial private sector and residents abroad. In addition, financial
entities must disclose the type of collateral established on the applicable loans to the non-financial private sector and the pledges granted on loans (preferred guarantees relative to a registered senior pledge).

As of December 31, 2012 and 2011, the classification of the Groups loan portfolio was as follows:



|                                                  |  |              |     |  |      |  |            |   |  |  |     |  |  |  |            |  
|------------------------------------------------- |  | ------------ | --- |  | ---- |  | ---------- | - |  |  | --- |  |  |  | ---------- | -
|                                                  |  | December 31, |    
|                                                  |  | 2012         |     |  | 2011 | 
|Non-financial public sector                       |  |              | Ps. |  |      |  | 25,657     |   |  |  | Ps. |  |  |  | 24,606     |  
|Financial sector (Argentine)                      |  |              |     |  |      |  | 356,617    |   |  |  |     |  |  |  | 326,239    |  
|Non-financial private sector and residents abroad |  |              |     |  |      |  | 43,942,659 |   |  |  |     |  |  |  | 31,837,635 |  
|With preferred guarantees                        |  |              |     |  |      |  | 1,698,882  |   |  |  |     |  |  |  | 1,441,277  |  
|With other guarantees                            |  |              |     |  |      |  | 6,829,534  |   |  |  |     |  |  |  | 4,866,007  |  
|Unsecured                                        |  |              |     |  |      |  | 35,414,243 |   |  |  |     |  |  |  | 25,530,351 |  
|                                                  |  |              |     |  |      |  |            |  
|Subtotal                                          |  |              |     |  |      |  | 44,324,933 |   |  |  |     |  |  |  | 32,188,480 |  
|                                                  |  |              |     |  |      |  |            |  
|Allowance for loan losses (See Note 7)            |  |              |     |  |      |  | (1,731,954 | ) |  |  |     |  |  |  | (1,283,953 | )
|                                                  |  |              |     |  |      |  |            |  
|Total                                             |  |              | Ps. |  |      |  | 42,592,979 |   |  |  | Ps. |  |  |  | 30,904,527 |  
|                                                  |  |              |     |  |      |  |            |  



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##### Table of Contents

Grupo Financiero Galicia S.A. and Subsidiaries

Notes to the Consolidated Financial Statements

For the years ended December 31, 2012, 2011 and 2010

(Expressed in
thousands of Argentine pesos)



The Bank also records its loan portfolio by industry segment. The following industry segments comprised
the most significant loan concentrations as of December 31, 2012 and 2011, respectively:



|                 |  |              |       |   |      |  |       |  
|---------------- |  | ------------ | ----- | - | ---- |  | ----- | -
|                 |  | December 31, |      
|                 |  | 2012         |       |   | 2011 | 
|Consumer         |  |              | 54.55 | % |      |  | 54.77 | %
|Manufacturing    |  |              | 16.28 | % |      |  | 14.75 | %
|Primary Products |  |              | 11.24 | % |      |  | 11.99 | %
|Services         |  |              | 5.58  | % |      |  | 6.11  | %
|Wholesale Trade  |  |              | 5.59  | % |      |  | 5.96  | %
|Retail Trade     |  |              | 3.95  | % |      |  | 3.50  | %
|Construction     |  |              | 1.34  | % |      |  | 1.59  | %
|Financial Sector |  |              | 1.47  | % |      |  | 1.32  | %

7. Allowance for Loan Losses.

The activity in the allowance for loan losses for the fiscal years ended December 31, 2012, 2011 and 2010, was as follows:



|                                                  |  |              |     |  |      |  |           |      |  |  |     |  |  |  |           |   |  |  |     |  |  |  |           |  
|------------------------------------------------- |  | ------------ | --- |  | ---- |  | --------- | ---- |  |  | --- |  |  |  | --------- | - |  |  | --- |  |  |  | --------- | -
|                                                  |  | December 31, |    
|                                                  |  | 2012         |     |  | 2011 |  |           | 2010 | 
|Balance at beginning of year                      |  |              | Ps. |  |      |  | 1,283,953 |      |  |  | Ps. |  |  |  | 1,038,473 |   |  |  | Ps. |  |  |  | 806,446   |  
|Provision charged to income                       |  |              |     |  |      |  | 1,294,686 |      |  |  |     |  |  |  | 820,083   |   |  |  |     |  |  |  | 523,588   |  
|Allowances Reversed                               |  |              |     |  |      |  | (11,540   | )    |  |  |     |  |  |  | (22,146   | ) |  |  |     |  |  |  | (8        | )
|Foreign exchange effect and other adjustments (*) |  |              |     |  |      |  | 13        |      |  |  |     |  |  |  | 30        |   |  |  |     |  |  |  | 195,776   |  
|Loans charged off                                 |  |              |     |  |      |  | (835,158  | )    |  |  |     |  |  |  | (552,487  | ) |  |  |     |  |  |  | (487,329  | )
|                                                  |  |              |     |  |      |  |           |      |  |  |     | 
|Balance at end of year                            |  |              | Ps. |  |      |  | 1,731,954 |      |  |  | Ps. |  |  |  | 1,283,953 |   |  |  | Ps. |  |  |  | 1,038,473 |  
|                                                  |  |              |     |  |      |  |           |      |  |  |     | 



|(*) | As of December 31, 2010 Ps. 185,381 of allowances as of the acquisition date of Compañia Financiera Argentina S.A. was included.
|--- | --------------------------------------------------------------------------------------------------------------------------------

Certain loans, principally small loans, are charged directly to income and are not reflected in the activity in the allowance for loan losses. The
Loan loss provision in the accompanying statements of income includes:



|                             |  |              |     |  |      |  |           |      |  |  |     |  |  |  |         |  |  |  |     |  |  |  |         | 
|---------------------------- |  | ------------ | --- |  | ---- |  | --------- | ---- |  |  | --- |  |  |  | ------- |  |  |  | --- |  |  |  | ------- | 
|                             |  | December 31, |    
|                             |  | 2012         |     |  | 2011 |  |           | 2010 | 
|Provisions charged to income |  |              | Ps. |  |      |  | 1,294,686 |      |  |  | Ps. |  |  |  | 820,083 |  |  |  | Ps. |  |  |  | 523,588 | 
|Direct charge-offs           |  |              |     |  |      |  | 38,421    |      |  |  |     |  |  |  | 19,776  |  |  |  |     |  |  |  | 17,079  | 
|Other receivable losses      |  |              |     |  |      |  | 8,320     |      |  |  |     |  |  |  | 2,471   |  |  |  |     |  |  |  | 9,921   | 
|Financial leases             |  |              |     |  |      |  | 5,875     |      |  |  |     |  |  |  | 1,040   |  |  |  |     |  |  |  | 936     | 
|                             |  |              |     |  |      |  |           |      |  |  |     | 
|                             |  |              | Ps. |  |      |  | 1,347,302 |      |  |  | Ps. |  |  |  | 843,370 |  |  |  | Ps. |  |  |  | 551,524 | 
|                             |  |              |     |  |      |  |           |      |  |  |     | 

The Bank has entered into certain renegotiation with customers. The Bank has eliminated any differences between the
principal and accrued interest due under the original loan and the new loan amount through a charge against the allowance for loan losses. Loans under such agreements amounted to Ps. 36,769, Ps.137,276 and Ps.123,462 as of December 31, 2012,
2011 and 2010, respectively.



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##### Table of Contents

Grupo Financiero Galicia S.A. and Subsidiaries

Notes to the Consolidated Financial Statements

For the years ended December 31, 2012, 2011 and 2010

(Expressed in
thousands of Argentine pesos)



8. Other Receivables Resulting from Financial Brokerage.

The composition of other receivables from financial brokerage, by type of guarantee, is as follows:



|                                                                         |  |              |     |  |      |  |           |   |  |  |     |  |  |  |           |  
|------------------------------------------------------------------------ |  | ------------ | --- |  | ---- |  | --------- | - |  |  | --- |  |  |  | --------- | -
|                                                                         |  | December 31, |    
|                                                                         |  | 2012         |     |  | 2011 | 
|Preferred guarantees, including deposits with the Argentine Central Bank |  |              | Ps. |  |      |  | 736,154   |   |  |  | Ps. |  |  |  | 613,490   |  
|Other guarantees                                                         |  |              |     |  |      |  | 555       |   |  |  |     |  |  |  | 568       |  
|Unsecured                                                                |  |              |     |  |      |  | 3,750,720 |   |  |  |     |  |  |  | 4,455,108 |  
|Less: Allowance for doubtful accounts                                    |  |              |     |  |      |  | (68,858   | ) |  |  |     |  |  |  | (55,375   | )
|                                                                         |  |              |     |  |      |  |           |  
|                                                                         |  |              | Ps. |  |      |  | 4,418,571 |   |  |  | Ps. |  |  |  | 5,013,791 |  
|                                                                         |  |              |     |  |      |  |           |  

The breakdown of the caption other included in the balance sheet was as follows:



|                                                 |  |              |     |  |      |  |           |  |  |  |     |  |  |  |           | 
|------------------------------------------------ |  | ------------ | --- |  | ---- |  | --------- |  |  |  | --- |  |  |  | --------- | 
|                                                 |  | December 31, |    
|                                                 |  | 2012         |     |  | 2011 | 
|Mutual funds                                     |  |              | Ps. |  |      |  | 244,028   |  |  |  | Ps. |  |  |  | 143,309   | 
|Galtrust I                                       |  |              |     |  |      |  | 673,981   |  |  |  |     |  |  |  | 538,768   | 
|Other financial trust participation certificates |  |              |     |  |      |  | 875,513   |  |  |  |     |  |  |  | 818,065   | 
|Accrued commissions                              |  |              |     |  |      |  | 49,944    |  |  |  |     |  |  |  | 47,036    | 
|Other financings                                 |  |              |     |  |      |  | 326,858   |  |  |  |     |  |  |  | 136,672   | 
|Others                                           |  |              |     |  |      |  | 762,627   |  |  |  |     |  |  |  | 486,958   | 
|                                                 |  |              |     |  |      |  |           | 
|                                                 |  |              | Ps. |  |      |  | 2,932,951 |  |  |  | Ps. |  |  |  | 2,170,808 | 
|                                                 |  |              |     |  |      |  |           | 

9. Equity Investments.

Equity investments in other companies consisted of the following as of the respective balance sheet dates:



|                                                                                            |  |              |     |  |      |  |        |  |  |  |     |  |  |  |        | 
|------------------------------------------------------------------------------------------- |  | ------------ | --- |  | ---- |  | ------ |  |  |  | --- |  |  |  | ------ | 
|                                                                                            |  | December 31, |    
|                                                                                            |  | 2012         |     |  | 2011 | 
|In Financial Institutions, complementary and authorized activities                          |  |              |     |  |      |  |        |  |  |  |     |  |  |  |        | 
|Banelco S.A                                                                                 |  |              | Ps. |  |      |  | 8,230  |  |  |  | Ps. |  |  |  | 8,097  | 
|Visa Argentina S.A                                                                          |  |              |     |  |      |  | 4,901  |  |  |  |     |  |  |  | 3,899  | 
|Mercado de Valores de Buenos Aires S.A.                                                     |  |              |     |  |      |  | 8,139  |  |  |  |     |  |  |  | 8,139  | 
|Tarjeta Naranja Perú S.A                                                                    |  |              |     |  |      |  | 17,315 |  |  |  |     |  |  |  | 8,044  | 
|Banco Latinoamericano de Exportaciones S.A                                                  |  |              |     |  |      |  | 2,438  |  |  |  |     |  |  |  | 2,133  | 
|Others                                                                                      |  |              |     |  |      |  | 814    |  |  |  |     |  |  |  | 790    | 
|                                                                                            |  |              |     |  |      |  |        | 
|Total equity investments in Financial Institutions, complementary and authorized activities |  |              | Ps. |  |      |  | 41,837 |  |  |  | Ps. |  |  |  | 31,102 | 
|                                                                                            |  |              |     |  |      |  |        | 
|In Non-financial Institutions                                                               |  |              |     |  |      |  |        |  |  |  |     |  |  |  |        | 
|Electrigal S.A                                                                              |  |              |     |  |      |  | 5,455  |  |  |  |     |  |  |  | 5,455  | 
|A.E.C. S.A                                                                                  |  |              |     |  |      |  | 26,703 |  |  |  |     |  |  |  | 26,703 | 
|Aguas Cordobesas S.A                                                                        |  |              |     |  |      |  | 8,911  |  |  |  |     |  |  |  | 8,911  | 
|Distrocuyo S.A.                                                                             |  |              |     |  |      |  | 3,955  |  |  |  |     |  |  |  | 3,955  | 



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##### Table of Contents

Grupo Financiero Galicia S.A. and Subsidiaries

Notes to the Consolidated Financial Statements

For the years ended December 31, 2012, 2011 and 2010

(Expressed in
thousands of Argentine pesos)



|                                                       |  |              |     |  |      |  |         |   |  |  |     |  |  |  |         |  
|------------------------------------------------------ |  | ------------ | --- |  | ---- |  | ------- | - |  |  | --- |  |  |  | ------- | -
|                                                       |  | December 31, |    
|                                                       |  | 2012         |     |  | 2011 | 
|Nova Re Compañía Argentina de Reaseguros S.A.          |  |              |     |  |      |  | 11,515  |   |  |  |     |  |  |  |        |  
|Other                                                  |  |              |     |  |      |  | 5,710   |   |  |  |     |  |  |  | 1,501   |  
|                                                       |  |              |     |  |      |  |         |  
|Total equity investments in non-financial institutions |  |              | Ps. |  |      |  | 62,249  |   |  |  | Ps. |  |  |  | 46,525  |  
|                                                       |  |              |     |  |      |  |         |  
|Allowances                                             |  |              | Ps. |  |      |  | (27,992 | ) |  |  | Ps. |  |  |  | (21,462 | )
|                                                       |  |              |     |  |      |  |         |  
|Total Equity investments                               |  |              | Ps. |  |      |  | 76,094  |   |  |  | Ps. |  |  |  | 56,165  |  
|                                                       |  |              |     |  |      |  |         |  

10. Miscellaneous receivables  Others.

As of December 31, 2012 and December 31, 2011, the breakdown of Miscellaneous Receivables  Others was as follows:



|                       |  |              |     |  |      |  |           |  |  |  |     |  |  |  |         | 
|---------------------- |  | ------------ | --- |  | ---- |  | --------- |  |  |  | --- |  |  |  | ------- | 
|                       |  | December 31, |    
|                       |  | 2012         |     |  | 2011 | 
|Sundry Debtors         |  |              | Ps. |  |      |  | 291,192   |  |  |  | Ps. |  |  |  | 122,441 | 
|Deposits as Collateral |  |              |     |  |      |  | 215,562   |  |  |  |     |  |  |  | 333,931 | 
|Tax Advances           |  |              |     |  |      |  | 424,563   |  |  |  |     |  |  |  | 238,179 | 
|Payments in Advance    |  |              |     |  |      |  | 79,412    |  |  |  |     |  |  |  | 70,101  | 
|Others                 |  |              |     |  |      |  | 29,413    |  |  |  |     |  |  |  | 16,822  | 
|                       |  |              |     |  |      |  |           | 
|                       |  |              | Ps. |  |      |  | 1,040,142 |  |  |  | Ps. |  |  |  | 781,474 | 
|                       |  |              |     |  |      |  |           | 

11. Bank Premises and Equipment, Intangible Assets and Miscellaneous Assets.

The major categories of Grupo Financiero Galicias premises and equipment and accumulated depreciation, as of December 31, 2012 and 2011, were
as follows:



|                         |  |              |     |  |      |  |           |   |  |  |     |  |  |  |           |  
|------------------------ |  | ------------ | --- |  | ---- |  | --------- | - |  |  | --- |  |  |  | --------- | -
|                         |  | December 31, |    
|                         |  | 2012         |     |  | 2011 | 
|Land and buildings       |  |              | Ps. |  |      |  | 1,122,200 |   |  |  | Ps. |  |  |  | 1,032,702 |  
|Furniture and fittings   |  |              |     |  |      |  | 301,136   |   |  |  |     |  |  |  | 256,034   |  
|Machinery and equipment  |  |              |     |  |      |  | 629,737   |   |  |  |     |  |  |  | 499,415   |  
|Vehicles                 |  |              |     |  |      |  | 12,932    |   |  |  |     |  |  |  | 11,015    |  
|Others                   |  |              |     |  |      |  | 1,555     |   |  |  |     |  |  |  | 1,187     |  
|Accumulated depreciation |  |              |     |  |      |  | (876,051  | ) |  |  |     |  |  |  | (765,661  | )
|                         |  |              |     |  |      |  |           |  
|                         |  |              | Ps. |  |      |  | 1,191,509 |   |  |  | Ps. |  |  |  | 1,034,692 |  
|                         |  |              |     |  |      |  |           |  

Depreciation expense recorded for the fiscal years ended December 31, 2012, 2011 and 2010, was Ps.117,246, Ps.
92,942 and Ps. 76,899, respectively.



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##### Table of Contents

Grupo Financiero Galicia S.A. and Subsidiaries

Notes to the Consolidated Financial Statements

For the years ended December 31, 2012, 2011 and 2010

(Expressed in
thousands of Argentine pesos)



The major categories of intangible assets as of December 31, 2012 and 2011 were as follows:



|                                                                                                                                                                                                                                                              |  |              |     |  |      |  |           |  |  |  |     |  |  |  |         | 
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | ------------ | --- |  | ---- |  | --------- |  |  |  | --- |  |  |  | ------- | 
|                                                                                                                                                                                                                                                              |  | December 31, |    
|                                                                                                                                                                                                                                                              |  | 2012         |     |  | 2011 | 
|Goodwill, net of accumulated amortization of Ps.14,715 and Ps. 12,776, respectively                                                                                                                                                                           |  |              | Ps. |  |      |  | 8,888     |  |  |  | Ps. |  |  |  | 10,827  | 
|Organization and development expenses, net of accumulated amortization of Ps.1,490,579 and Ps. 1,295,220, respectively and
includes Ps. 883,022 and Ps. 866,570 of accumulated amortization corresponding to legal actions related to the payment of deposits |  |              |     |  |      |  | 1,076,129 |  |  |  |     |  |  |  | 711,944 | 
|                                                                                                                                                                                                                                                              |  |              |     |  |      |  |           | 
|                                                                                                                                                                                                                                                              |  |              | Ps. |  |      |  | 1,085,017 |  |  |  | Ps. |  |  |  | 722,771 | 
|                                                                                                                                                                                                                                                              |  |              |     |  |      |  |           | 

Total amortization expenses for the fiscal years ended December 31, 2012, 2011 and 2010, was Ps. 217,139, Ps.
124,169 and Ps. 355,408, respectively.

Organization and development expenses included software and the related implementation services
purchased from third parties, with a net book value of Ps.793,024 and Ps.583,970 at December 31, 2012 and 2011, respectively.

The table
below shows the components of goodwill by type of activity for the periods presented:



|        |  |              |  |  |       |  |  |  |     |  |  |  |        | 
|------- |  | ------------ |  |  | ----- |  |  |  | --- |  |  |  | ------ | 
|        |  | December 31, | 
|        |  | 2012         |  |  | 2011  | 
|Banking |  |              |  |  | 8,888 |  |  |  |     |  |  |  | 10,827 | 
|        |  |              |  |  |       |  | 
|        |  | Ps.          |  |  | 8,888 |  |  |  | Ps. |  |  |  | 10,827 | 
|        |  |              |  |  |       |  | 

Miscellaneous assets consisted of the following as of December 31, 2012 and 2011:



|                                  |  |              |     |  |      |  |         |  |  |  |     |  |  |  |         | 
|--------------------------------- |  | ------------ | --- |  | ---- |  | ------- |  |  |  | --- |  |  |  | ------- | 
|                                  |  | December 31, |    
|                                  |  | 2012         |     |  | 2011 | 
|Construction in progress          |  |              | Ps. |  |      |  | 64,705  |  |  |  | Ps. |  |  |  | 21,791  | 
|Deposits on fixed asset purchases |  |              |     |  |      |  | 14,048  |  |  |  |     |  |  |  | 15,751  | 
|Stationery and supplies           |  |              |     |  |      |  | 17,544  |  |  |  |     |  |  |  | 16,305  | 
|Real estate held for sale         |  |              |     |  |      |  | 1,946   |  |  |  |     |  |  |  | 2,772   | 
|Assets under leasing agreements   |  |              |     |  |      |  | 18,563  |  |  |  |     |  |  |  | 18,885  | 
|Land and Building                 |  |              |     |  |      |  | 52,837  |  |  |  |     |  |  |  | 72,454  | 
|Others                            |  |              |     |  |      |  | 15,097  |  |  |  |     |  |  |  | 15,148  | 
|                                  |  |              |     |  |      |  |         | 
|                                  |  |              | Ps. |  |      |  | 184,740 |  |  |  | Ps. |  |  |  | 163,106 | 
|                                  |  |              |     |  |      |  |         | 



F-24



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##### Table of Contents

Grupo Financiero Galicia S.A. and Subsidiaries

Notes to the Consolidated Financial Statements

For the years ended December 31, 2012, 2011 and 2010

(Expressed in
thousands of Argentine pesos)



12. Allowances and Provisions.

Allowances on assets excluding loans and reserves for contingencies were as follows:



|                                                                              |  |              |     |  |      |  |         |  |  |  |     |  |  |  |         | 
|----------------------------------------------------------------------------- |  | ------------ | --- |  | ---- |  | ------- |  |  |  | --- |  |  |  | ------- | 
|                                                                              |  | December 31, |    
|                                                                              |  | 2012         |     |  | 2011 | 
|Allowances against asset accounts:                                            |  |              |     |  |      |  |         |  |  |  |     |  |  |  |         | 
|Government and corporate securities (a)                                       |  |              |     |  |      |  | 1,180   |  |  |  |     |  |  |  |        | 
|Other receivables resulting from financial brokerage, for collection risk (b) |  |              |     |  |      |  | 68,858  |  |  |  |     |  |  |  | 55,375  | 
|Assets under financial leases (b)                                             |  |              |     |  |      |  | 12,385  |  |  |  |     |  |  |  | 6,509   | 
|Equity investments in other companies (c)                                     |  |              |     |  |      |  | 27,992  |  |  |  |     |  |  |  | 21,462  | 
|Miscellaneous receivables, for collection risk (b)                            |  |              |     |  |      |  | 136,527 |  |  |  |     |  |  |  | 54,456  | 
|Reserves for contingencies:                                                   |  |              |     |  |      |  |         |  |  |  |     |  |  |  |         | 
|For severance payments (d)                                                    |  |              |     |  |      |  | 5,988   |  |  |  |     |  |  |  | 15,060  | 
|Litigations (e)                                                               |  |              |     |  |      |  | 91,663  |  |  |  |     |  |  |  | 91,892  | 
|Other contingencies (f)                                                       |  |              |     |  |      |  | 98,120  |  |  |  |     |  |  |  | 82,582  | 
|Sundry liabilities arising from credit card activities (g)                    |  |              |     |  |      |  | 22,306  |  |  |  |     |  |  |  | 35,021  | 
|Other commitments (h)                                                         |  |              |     |  |      |  |        |  |  |  |     |  |  |  | 2,162   | 
|Differences arising from court deposit ́s dollarization (i)                    |  |              |     |  |      |  | 2,338   |  |  |  |     |  |  |  | 1,996   | 
|Negative Goodwill (j)                                                         |  |              |     |  |      |  | 247,808 |  |  |  |     |  |  |  | 346,931 | 
|                                                                              |  |              |     |  |      |  |         | 
|Total reserves for contingencies                                              |  |              | Ps. |  |      |  | 468,223 |  |  |  | Ps. |  |  |  | 575,644 | 
|                                                                              |  |              |     |  |      |  |         | 



|(a) | Includes the difference between the book value and settlement price of the government securities.
|--- | -------------------------------------------------------------------------------------------------

|(b) | Based upon an assessment of debtors performance, the economic and financial situation and the guarantees collateralizing their respective transactions.
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------

|(c) | Includes the estimated losses due to the excess of the cost plus dividend method over the equity method in non-majority owned equity investments.
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------

|(d) | Estimated amounts payable under labor lawsuits filed against the Bank by former employees.
|--- | ------------------------------------------------------------------------------------------

|(e) | Litigation arising from different types of claims from customers (e.g., claims for thefts from safe deposit boxes, the cashing of checks that have been fraudulently
altered, discrepancies in deposits and payments services that the Bank renders, etc).
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(f) | As of December 31, 2012 there are several review and assessment processes ongoing, at different progress stages, initiated by the provincial and Autonomous City of
Buenos Aires Tax Authorities related to the turnover tax, mainly corresponding to fiscal year 2002, and basically in connection with the Compensatory Bond set forth by the National Government in order to compensate financial institutions for
the losses resulting from the asymmetric pesification of loans and deposits.
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

As regards the assessment of tax collection
authorities from the Autonomous City of Buenos Aires, within the framework of the legal actions brought by Banco de Galicia y Buenos Aires S.A. with the purpose of challenging the assessment of the tax collection authorities, a preliminary
injunction was granted by the Argentine Federal Court of Appeals in Administrative Matters for the amount corresponding to the Compensatory Bond, which was ratified by the Supreme Court of Justice. Therefore, the Court ordered the A.G.I.P. to
refrain from starting tax enforcement proceedings or else requesting precautionary measures for such purpose.



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##### Table of Contents

Grupo Financiero Galicia S.A. and Subsidiaries

Notes to the Consolidated Financial Statements

For the years ended December 31, 2012, 2011 and 2010

(Expressed in
thousands of Argentine pesos)



With regard to the Autonomous City of Buenos Aires claims on account of other items, Banco de
Galicia y Buenos Aires S.A. adhered to the System for the Settlement of Tax Liabilities in Arrears (Law No. 3,461 and the related regulations), which envisaged the total relief of interest and fines. The Banks adherence to such system was
communicated within the framework of the respective cases before the corresponding judicial authorities. Furthermore, regarding the claims made by the different jurisdictions, Banco de Galicia y Buenos Aires S.A. has been expressing its disagreement
regarding these adjustments at the corresponding administrative and/or legal proceedings.

These proceedings and their possible effects are
constantly being monitored by Management. Even though Banco de Galicia y Buenos Aires S.A. considers it has complied with its tax liabilities in full pursuant to current regulations, the provisions deemed adequate pursuant to the evolution of each
proceeding have been set up.

As regards Compañía Financiera Argentina S.A., the Argentine Revenue Service (AFIP) conducted
audits on fiscal years 1998 and 1999, not accepting certain uncollectible loans to be recorded as uncollectible receivables deductible from income tax and minimum presumed income tax. The original amount claimed for taxes by the tax collection
authorities totals Ps.2,094.

Since the final resolution of this controversy is still uncertain, provisions have been set up to cover such
contingencies.

(g) Reserves for a guarantee of credit-card receivables and for the estimated liability for the insurance of the payment of
credit-card balances in the event of the death of the credit-card holders.

As of December 31, 2012, the Argentine Revenue Service
(AFIP), the Revenue Board of the Province of Córdoba and the Municipalities are in the process of conducting audits and assessments, with respect to claims made by such agencies, regarding taxes applicable to Credit Card issuing companies.
The original amount claimed for such reason, totals approximately Ps.9,881.

Based on the opinions of tax advisors, the companies believe that
the above mentioned claims are both legally and technically groundless.

However, since the final outcome of these measures cannot be
foreseen, provisions have been set up to cover such contingencies. Therefore, both companies are taking the corresponding administrative and legal steps in order to solve such issues.

(h) Represents contingent commitments in connection with customers classified in categories other than the normal categories under Argentine Banking GAAP.

(i) Represents the difference between the amounts of deposits subject to pesification at Ps. 1.40 and such amounts at the exchange rate as of
December 31, 2012.

(j) In accordance with Argentine Central Bank regulations, as a result of the difference between the cost of
acquisition and the value of assets and liabilities acquired as of June 30, 2010, consistently valued with those of the Group, a negative goodwill of Ps.450,547 was recorded for Compañía Financiera Argentina S.A. and Ps.15,087 for
Cobranzas y Servicios S.A., which were recorded under the caption Liabilities  Provisions.

The allocation to income of the
negative goodwill is carried out on a straight-line basis over 60 months, taking into account Argentine Central Bank regulations on the subject. Therefore, the negative goodwill recorded for Compañía Financiera Argentina S.A. and
Cobranzas y Servicios S.A. were Ps. 239,840 and Ps. 7,968 respectively, as of December 31, 2012.



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##### Table of Contents

Grupo Financiero Galicia S.A. and Subsidiaries

Notes to the Consolidated Financial Statements

For the years ended December 31, 2012, 2011 and 2010

(Expressed in
thousands of Argentine pesos)



13. Other Liabilities Resulting from Financial Brokerage- Banks and International Entities, and Loans
from Domestic Financial Institutions

The Bank also borrows funds under different credit arrangements from local and foreign banks and
international lending agencies as follows:



|                                              |  |              |           |  |      |     |           | 
|--------------------------------------------- |  | ------------ | --------- |  | ---- | --- | --------- | 
|                                              |  | December 31, |          
|                                              |  | 2012         |           |  | 2011 |    
|Description                                   |  |              |           |  |      |     |           | 
|Banks and International Entities              |  |              |           |  |      |     |           | 
|Contractual long-term Liabilities             |  |              |           |  |      |     |           | 
|Floating Rate Bank Loans 2019                 |  |              | 11,547    |  |      |     | 9,496     | 
|International Finance Corporation. (I.F.C.)   |  |              | 222,232   |  |      |     | 256,399   | 
|Other lines from foreign banks                |  |              | 108,181   |  |      |     | 17,669    | 
|                                              |  |              |           |  |      |     |           | 
|Total long-term liabilities                   |  | Ps.          | 341,960   |  |      | Ps. | 283,564   | 
|                                              |  |              |           |  |      |     |           | 
|Contractual short-term liabilities:           |  |              |           |  |      |     |           | 
|Other lines from foreign banks                |  |              | 198,327   |  |      |     | 1,142,258 | 
|                                              |  |              |           |  |      |     |           | 
|Total short-term liabilities                  |  | Ps.          | 198,327   |  |      | Ps. | 1,142,258 | 
|                                              |  |              |           |  |      |     |           | 
|Total Banks and International Entities        |  | Ps.          | 540,287   |  |      | Ps. | 1,425,822 | 
|                                              |  |              |           |  |      |     |           | 
|Loans from Domestic Financial Institutions    |  |              |           |  |      |     |           | 
|Contractual long-term liabilities:            |  |              |           |  |      |     |           | 
|BICE (Banco de Inversión y Comercio Exterior) |  |              | 77,151    |  |      |     | 60,726    | 
|Other lines from domestic banks               |  |              | 609,288   |  |      |     | 538,479   | 
|                                              |  |              |           |  |      |     |           | 
|Total long-term liabilities                   |  | Ps.          | 686,439   |  |      | Ps. | 599,205   | 
|Contractual short-term liabilities:           |  |              |           |  |      |     |           | 
|Other lines from credit from domestic banks   |  |              | 418,995   |  |      |     | 216,046   | 
|                                              |  |              |           |  |      |     |           | 
|Total short-term liabilities                  |  | Ps.          | 418,995   |  |      | Ps. | 216,046   | 
|                                              |  |              |           |  |      |     |           | 
|Total Domestic Financial Institutions         |  | Ps.          | 1,105,434 |  |      | Ps. | 815,251   | 
|                                              |  |              |           |  |      |     |           | 
|TOTAL                                         |  | Ps.          | 1,645,721 |  |      | Ps. | 2,241,073 | 
|                                              |  |              |           |  |      |     |           | 

Accrued interest on the above liabilities in the amount of Ps.14,466 and Ps.10,620 as of December 31, 2012 and 2011,
respectively, are included in Others under the caption Other Liabilities Resulting from Financial Brokerage in the accompanying balance sheet.



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##### Table of Contents

Grupo Financiero Galicia S.A. and Subsidiaries

Notes to the Consolidated Financial Statements

For the years ended December 31, 2012, 2011 and 2010

(Expressed in
thousands of Argentine pesos)



As of December 31, 2012, maturities of the above long-term liabilities for each of the following
five fiscal years and thereafter were as follows:



|                                  |  |  |     |  |  |  |           | 
|--------------------------------- |  |  | --- |  |  |  | --------- | 
|Contractual long-term Liabilities |  |  |     |  |  |  |           | 
|2013                              |  |  |     |  |  |  | 690,109   | 
|2014                              |  |  |     |  |  |  | 185,630   | 
|2015                              |  |  |     |  |  |  | 76,090    | 
|2016                              |  |  |     |  |  |  | 28,945    | 
|2017                              |  |  |     |  |  |  | 20,989    | 
|Thereafter                        |  |  |     |  |  |  | 26,636    | 
|                                  |  |  |     | 
|                                  |  |  | Ps. |  |  |  | 1,028,399 | 
|                                  |  |  |     | 

14. Other Liabilities Resulting from Financial Brokerage  Negotiable Obligations

The amounts outstanding and the terms corresponding to outstanding negotiable obligations at the dates indicated were as follows, considering their
original contractual terms:



|                                                                           |  |          |  |          |  |                   |  |              |           |  |      |  |           | 
|-------------------------------------------------------------------------- |  | -------- |  | -------- |  | ----------------- |  | ------------ | --------- |  | ---- |  | --------- | 
|                                                                           |  |          |  |          |  | Annual            |  | December 31, |          
|                                                                           |  | Currency |  | Maturity |  | Interest Rate     |  | 2012         |           |  | 2011 | 
|Negotiable Obligations (1)                                                 |  |          |  |          |  |                   |  |              |           |  |      |  |           | 
|Long-term liabilities:                                                     |  |          |  |          |  |                   |  |              |           |  |      |  |           | 
|9 % Notes Due 2003                                                         |  | US$      |  | 2003     |  | 9.00%             |  |              | 6,589     |  |      |  | 7,057     | 
|(Semi-annual interest, principal payable at maturity)                      |  |          |  |          |  |                   |  |              |           |  |      |  |           | 
|Banco Galicia- Due 2018                                                    |  | US$      |  | 2018     |  | 8.75%             |  |              | 1,464,207 |  |      |  | 1,277,915 | 
|(Semi-annual interest, principal payable at maturity)                      |  |          |  |          |  |                   |  |              |           |  |      |  |           | 
|Banco Galicia- Subordinated Due 2019                                       |  | US$      |  | 2019     |  | 11.00%            |  |              | 1,188,015 |  |      |  | 984,364   | 
|(Semi-annual interest, principal payable at maturity)                      |  |          |  |          |  |                   |  |              |           |  |      |  |           | 
|Tarjetas Cuyanas S.A. Class V serie II                                     |  | Ps.      |  | 2013     |  | Badlar + 400 b.p. |  |              | 77,712    |  |      |  | 72,626    | 
|(Interest quarterly, principal payable at maturity)                        |  |          |  |          |  |                   |  |              |           |  |      |  |           | 
|Tarjetas Cuyanas S.A. Class VI serie I                                     |  | US$      |  | 2012     |  | 7.50%             |  |              |          |  |      |  | 80,119    | 
|(Interest quarterly, principal payable at maturity)                        |  |          |  |          |  |                   |  |              |           |  |      |  |           | 
|Tarjetas Cuyanas S.A. Class VI serie II                                    |  | US$      |  | 2013     |  | 8.50%             |  |              | 36,347    |  |      |  | 30,380    | 
|(Interest quarterly, principal payable at maturity)                        |  |          |  |          |  |                   |  |              |           |  |      |  |           | 
|Tarjetas Cuyanas S.A. S. XVIII                                             |  | U$S      |  | 2012     |  | 12.00%            |  |              |          |  |      |  | 9,965     | 
|(Interest fixed semi-annual interest  principal payable every six months) |  |          |  |          |  |                   |  |              |           |  |      |  |           | 
|Tarjetas Cuyanas S.A. Clase VIII serie II                                  |  | Ps.      |  | 2014     |  | Badlar + 375 b.p. |  |              | 98,638    |  |      |  |          | 
|(Quarterly interest, principal payable at maturity)                        |  |          |  |          |  |                   |  |              |           |  |      |  |           | 



F-28



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##### Table of Contents

Grupo Financiero Galicia S.A. and Subsidiaries

Notes to the Consolidated Financial Statements

For the years ended December 31, 2012, 2011 and 2010

(Expressed in
thousands of Argentine pesos)



|                                                                             |  |          |  |          |  |                  |  |              |         |  |      |  |         | 
|---------------------------------------------------------------------------- |  | -------- |  | -------- |  | ---------------- |  | ------------ | ------- |  | ---- |  | ------- | 
|                                                                             |  |          |  |          |  | Annual           |  | December 31, |        
|                                                                             |  | Currency |  | Maturity |  | Interest Rate    |  | 2012         |         |  | 2011 | 
|Tarjetas Cuyanas S.A. Clase IX serie II                                      |  | Ps.      |  | 2014     |  | Badlar + 450b.p. |  |              | 102,616 |  |      |  |        | 
|(Quarterly interest, principal payable at maturity)                          |  |          |  |          |  |                  |  |              |         |  |      |  |         | 
|Tarjetas Cuyanas S.A. Clase VII serie II(5)                                  |  | Ps.      |  | 2013     |  | Badlar + 280b.p. |  |              | 43,628  |  |      |  |        | 
|(Interest quarterly, principal payable at maturity)                          |  |          |  |          |  |                  |  |              |         |  |      |  |         | 
|Tarjetas Naranja S.A. Clase XVII serie I                                     |  | Ps.      |  | 2013     |  | 16.25%           |  |              | 34,618  |  |      |  |        | 
|(Interest fixed,semi-annual interest  principal payable every six months)   |  |          |  |          |  |                  |  |              |         |  |      |  |         | 
|Tarjetas Naranja S.A. Clase XVII Serie II                                    |  | Ps.      |  | 2013     |  | Badlar + 210b.p. |  |              | 164,247 |  |      |  |        | 
|(Interest fixed,semi-annual interest, principal payable at maturity)         |  |          |  |          |  |                  |  |              |         |  |      |  |         | 
|Tarjetas Naranja S.A. Clase XVIII Serie II                                   |  | Ps.      |  | 2014     |  | Badlar + 400b.p. |  |              | 100,249 |  |      |  |        | 
|(Quarterly interest, principal payable at maturity)                          |  |          |  |          |  |                  |  |              |         |  |      |  |         | 
|CFA Clase VI serie II                                                        |  | Ps.      |  | 2014     |  | Badlar + 230b.p. |  |              | 70,246  |  |      |  |        | 
|(Quarterly interest, principal payable at maturity)                          |  |          |  |          |  |                  |  |              |         |  |      |  |         | 
|CFA Clase VII serie II                                                       |  | Ps.      |  | 2014     |  | Badlar + 375b.p  |  |              | 111,104 |  |      |  |        | 
|(Quarterly interest, principal payable at maturity)                          |  |          |  |          |  |                  |  |              |         |  |      |  |         | 
|Grupo Financiero Galicia Class I Serie II                                    |  | Ps.      |  | 2014     |  | Badlar + 359b.p. |  |              | 76,075  |  |      |  |        | 
|Tarjetas Naranja S.A. Class XIII                                             |  | US$      |  | 2017     |  | 9.00%            |  |              | 972,985 |  |      |  | 843,787 | 
|(Interest fixed semi-annual interest, principal payable in 3 annual quotas ) |  |          |  |          |  |                  |  |              |         |  |      |  |         | 
|Tarjetas Naranja S.A. Class XIV Serie II                                     |  | Ps.      |  | 2013     |  | Badlar+340b.p.   |  |              | 26,117  |  |      |  | 77,650  | 
|(Interest quarterly, principal payable at maturity)                          |  |          |  |          |  |                  |  |              |         |  |      |  |         | 
|Tarjetas Naranja S.A. Class XVI Serie I                                      |  | US$      |  | 2012     |  | 7.5%             |  |              |        |  |      |  | 91,419  | 
|(Interest fixed, payable quarterly, principal payable at maturity)           |  |          |  |          |  |                  |  |              |         |  |      |  |         | 
|Tarjetas Naranja S.A. Class XIX Serie II                                     |  | US$      |  | 2014     |  | Badlar+419b.p.   |  |              | 111,299 |  |      |  |        | 
|(Interest quarterly, principal payable at maturity)                          |  |          |  |          |  |                  |  |              |         |  |      |  |         | 
|Tarjetas Naranja S.A. Class XVI Serie II                                     |  | US$      |  | 2013     |  | 8.75%            |  |              | 68,658  |  |      |  | 59,655  | 



F-29



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##### Table of Contents

Grupo Financiero Galicia S.A. and Subsidiaries

Notes to the Consolidated Financial Statements

For the years ended December 31, 2012, 2011 and 2010

(Expressed in
thousands of Argentine pesos)



|                                                                     |  |          |  |          |  |                  |  |              |           |  |      |  |           | 
|-------------------------------------------------------------------- |  | -------- |  | -------- |  | ---------------- |  | ------------ | --------- |  | ---- |  | --------- | 
|                                                                     |  |          |  |          |  | Annual           |  | December 31, |          
|                                                                     |  | Currency |  | Maturity |  | Interest Rate    |  | 2012         |           |  | 2011 | 
|(Interest fixed, payable quarterly, principal payable at maturity)   |  |          |  |          |  |                  |  |              |           |  |      |  |           | 
|CFA ON Clase III Serie II                                            |  | Ps.      |  | 2012     |  | Badlar+408b.p    |  |              |          |  |      |  | 42,315    | 
|(Quarterly interest, principal payable every 3 months)               |  |          |  |          |  |                  |  |              |           |  |      |  |           | 
|CFA ON Clase IV                                                      |  | Ps.      |  | 2013     |  | Badlar+400b.p.   |  |              | 100,640   |  |      |  | 100,569   | 
|(Quarterly interest, principal payable at maturity)                  |  |          |  |          |  |                  |  |              |           |  |      |  |           | 
|CFA ON Clase V serie II                                              |  | Ps.      |  | 2013     |  | Badlar+425b.p.   |  |              | 61,707    |  |      |  | 62,555    | 
|(Quarterly interest, principal payable at maturity)                  |  |          |  |          |  |                  |  |              |           |  |      |  |           | 
|Grupo Financiero Galicia Class II Serie II                           |  | US$      |  | 2012     |  | 8.00%            |  |              |          |  |      |  | 78,089    | 
|(Interest fixed semi-annual interest, principal payable at maturity) |  |          |  |          |  |                  |  |              |           |  |      |  |           | 
|Grupo Financiero Galicia Class II Serie III                          |  | US$      |  | 2013     |  | 9.00%            |  |              | 132,062   |  |      |  | 109,633   | 
|(Interest fixed semi-annual interest, principal payable at maturity) |  |          |  |          |  |                  |  |              |           |  |      |  |           | 
|                                                                     |  |          |  |          |  |                  |  |              |           |  |      |  |           | 
|TOTAL                                                                |  |          |  | Ps.      |  |                  |  |              | 5,047,759 |  |      |  | 3,927,196 | 
|                                                                     |  |          |  |          |  |                  |  |              |           |  |      |  |           | 
|                                                                     |  |          |  |         
|                                                                     |  |          |  |          |  | Annual           |  | December 31, |          
|                                                                     |  | Currency |  | Maturity |  | Interest Rate    |  | 2012         |           |  | 2011 | 
|Short-term liabilities:                                              |  |          |  |          |  |                  |  |              |           |  |      |  |           | 
|Tarjeta Naranja S.A. ON Clase XIV Serie I                            |  | Ps.      |  | 2012     |  | 13.50%           |  |              |          |  |      |  | 20,040    | 
|(Interest fixed, payable quarterly, principal payable at maturity)   |  |          |  |          |  |                  |  |              |           |  |      |  |           | 
|Tarjetas Naranja S.A. Class XV                                       |  | Ps.      |  | 2012     |  | Badlar + 375b.p. |  |              |          |  |      |  | 61,651    | 
|(Interest quarterly, principal payable at maturity)                  |  |          |  |          |  |                  |  |              |           |  |      |  |           | 
|Tarjetas Cuyanas S.A. S. IV                                          |  | Ps.      |  | 2012     |  | Badlar + 285b.p. |  |              |          |  |      |  | 48,333    | 
|(Interest quarterly, principal payable at maturity)                  |  |          |  |          |  |                  |  |              |           |  |      |  |           | 
|Tarjetas Cuyanas S.A. Class V serie I                                |  | Ps.      |  | 2012     |  | 14.00%           |  |              |          |  |      |  | 12,776    | 
|(Interest quarterly, principal payable at maturity)                  |  |          |  |          |  |                  |  |              |           |  |      |  |           | 
|CFA Class V S I                                                      |  | Ps.      |  | 2012     |  | Badlar + 325b.p. |  |              |          |  |      |  | 84,560    | 
|(Quarterly interest, principal payable at maturity)                  |  |          |  |          |  |                  |  |              |           |  |      |  |           | 
|Tarjeta Naranja Clase XVIII Serie I                                  |  | Ps.      |  | 2013     |  | 17.70%           |  |              | 46,328    |  |      |  |          | 
|(Quarterly interest, principal payable at maturity)                  |  |          |  |          |  |                  |  |              |           |  |      |  |           | 
|Tarjeta Naranja Clase XIXSerie I                                     |  | Ps.      |  | 2013     |  | 19.00%           |  |              | 52,633    |  |      |  |          | 



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Grupo Financiero Galicia S.A. and Subsidiaries

Notes to the Consolidated Financial Statements

For the years ended December 31, 2012, 2011 and 2010

(Expressed in
thousands of Argentine pesos)



|                                                    |  |          |  |          |  |               |  |              |           |  |      |  |           | 
|--------------------------------------------------- |  | -------- |  | -------- |  | ------------- |  | ------------ | --------- |  | ---- |  | --------- | 
|                                                    |  |          |  |          |  | Annual        |  | December 31, |          
|                                                    |  | Currency |  | Maturity |  | Interest Rate |  | 2012         |           |  | 2011 | 
|(Quarterly interest, principal payable at maturity) |  |          |  |          |  |               |  |              |           |  |      |  |           | 
|Tarjetas Cuyanas S.A. Clase VIII serie I            |  | Ps.      |  | 2013     |  | 17.75%        |  |              | 49,552    |  |      |  |          | 
|(Quarterly interest, principal payable at maturity) |  |          |  |          |  |               |  |              |           |  |      |  |           | 
|Tarjetas Cuyanas S.A. Clase IX serie I              |  | Ps.      |  | 2013     |  | 19.25%        |  |              | 33,404    |  |      |  |          | 
|(Quarterly interest, principal payable at maturity) |  |          |  |          |  |               |  |              |           |  |      |  |           | 
|CFA Clase VI serie I                                |  | Ps.      |  | 2013     |  | 15.50%        |  |              | 81,157    |  |      |  |          | 
|(Quarterly interest, principal payable at maturity) |  |          |  |          |  |               |  |              |           |  |      |  |           | 
|CFA Clase VII serie I                               |  | Ps.      |  | 2013     |  | 17.90%        |  |              | 48,770    |  |      |  |          | 
|(Quarterly interest, principal payable at maturity) |  |          |  |          |  |               |  |              |           |  |      |  |           | 
|                                                    |  |          |  |          |  |               |  |              |           |  |      |  |           | 
|TOTAL                                               |  |          |  | Ps.      |  |               |  |              | 311,844   |  |      |  | 227,360   | 
|                                                    |  |          |  |          |  |               |  |              |           |  |      |  |           | 
|Total Negotiable Obligations                        |  |          |  | Ps.      |  |               |  |              | 5,359,603 |  |      |  | 4,154,556 | 
|                                                    |  |          |  |          |  |               |  |              |           |  |      |  |           | 



|(1) | Only principal, except for Subordinated Obligations which include accrued interest for Ps. 62,003.
|--- | --------------------------------------------------------------------------------------------------

As of December 31, 2012 and 2011, interest and principal on all of the above debt securities denominated in U.S. dollars were payable in U.S.
dollars except for Tarjeta Naranjas Class IV, IX and XVI Notes and Tarjetas Cuyanas Class XVIII Notes, which were payable in Pesos.

Accrued interest on the above liabilities for Ps.107,584 and Ps.75,077 as of December 31, 2012 and 2011, respectively, was included in
Other under the caption Other Liabilities Resulting from Financial Brokerage  in the accompanying balance sheet.

Long-term negotiable obligations as of December 31, 2012 mature as follows:



|             |  |                    |           | 
|------------ |  | ------------------ | --------- | 
|             |  | Maturity Long Term |          
|Past Due (*) |  |                    | 6,589     | 
|2013         |  |                    | 810,749   | 
|2014         |  |                    | 594,199   | 
|2015         |  |                    | 328,000   | 
|2016         |  |                    | 328,000   | 
|2017         |  |                    | 328,000   | 
|Thereafter   |  |                    | 2,652,222 | 
|             |  |                    |           | 
|             |  |                    | 5,047,759 | 
|             |  |                    |           | 

|(*) | Corresponds to past due debt not yet restructured.
|--- | --------------------------------------------------



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Grupo Financiero Galicia S.A. and Subsidiaries

Notes to the Consolidated Financial Statements

For the years ended December 31, 2012, 2011 and 2010

(Expressed in
thousands of Argentine pesos)



15. Balances in Foreign Currency.

The balances of assets and liabilities denominated in foreign currencies (principally in U.S. dollars(*))were as follows:



|                                                     |  |              |     |  |      |  |           |  |  |  |     |  |  |  |            | 
|---------------------------------------------------- |  | ------------ | --- |  | ---- |  | --------- |  |  |  | --- |  |  |  | ---------- | 
|                                                     |  | December 31, |    
|                                                     |  | 2012         |     |  | 2011 | 
|Assets:                                              |  |              |     |  |      |  |           | 
|Cash and due from banks                              |  |              | Ps. |  |      |  | 3,589,051 |  |  |  | Ps. |  |  |  | 2,769,587  | 
|Government and private securities                    |  |              |     |  |      |  | 247,158   |  |  |  |     |  |  |  | 57,335     | 
|Loans                                                |  |              |     |  |      |  | 2,690,252 |  |  |  |     |  |  |  | 4,290,584  | 
|Other receivables resulting from financial brokerage |  |              |     |  |      |  | 640,479   |  |  |  |     |  |  |  | 553,188    | 
|Assets under financial leases                        |  |              |     |  |      |  | 32,624    |  |  |  |     |  |  |  | 35,787     | 
|Equity investments in other companies                |  |              |     |  |      |  | 23,712    |  |  |  |     |  |  |  | 2,212      | 
|Miscellaneous receivables                            |  |              |     |  |      |  | 23,472    |  |  |  |     |  |  |  | 44,648     | 
|Bank, premises and equipments                        |  |              |     |  |      |  | 123       |  |  |  |     |  |  |  | 345        | 
|Miscellaneous assets                                 |  |              |     |  |      |  |          |  |  |  |     |  |  |  | 22         | 
|Unallocated items                                    |  |              |     |  |      |  |          |  |  |  |     |  |  |  | 43         | 
|Other assets                                         |  |              |     |  |      |  | 557       |  |  |  |     |  |  |  | 17         | 
|                                                     |  |              |     |  |      |  |           | 
|Total                                                |  |              | Ps. |  |      |  | 7,247,428 |  |  |  | Ps. |  |  |  | 7,753,768  | 
|                                                     |  |              |     |  |      |  |           | 
|Liabilities:                                         |  |              |     |  |      |  |           |  |  |  |     |  |  |  |            | 
|Deposits                                             |  |              | Ps. |  |      |  | 3,132,653 |  |  |  | Ps. |  |  |  | 4,535,817  | 
|Other liabilities resulting from financial brokerage |  |              |     |  |      |  | 4,030,942 |  |  |  |     |  |  |  | 5,668,794  | 
|Miscellaneous liabilities                            |  |              |     |  |      |  | 13,994    |  |  |  |     |  |  |  | 21,143     | 
|Subordinated Negotiable Obligations                  |  |              |     |  |      |  | 1,188,015 |  |  |  |     |  |  |  | 984,364    | 
|Provisions                                           |  |              |     |  |      |  | 6,112     |  |  |  |     |  |  |  | 17,278     | 
|Unallocated items                                    |  |              |     |  |      |  | 161       |  |  |  |     |  |  |  | 286        | 
|Other Liabilities                                    |  |              |     |  |      |  | 2,763     |  |  |  |     |  |  |  | 115        | 
|                                                     |  |              |     |  |      |  |           | 
|Total                                                |  |              | Ps. |  |      |  | 8,374,640 |  |  |  | Ps. |  |  |  | 11,227,797 | 
|                                                     |  |              |     |  |      |  |           | 



|(*) | Exchange rate was 4.9173 as of December 31, 2012 and 4.3032 as of December 31, 2011
|--- | -----------------------------------------------------------------------------------

The Group covers its foreign currency mismatch through foreign currency futures transactions. These transactions are carried out through auto-regulated markets (MAE / ROFEX) and with customers.

16. Transactions with Related Parties

The Group has granted loans to certain related parties including related officers, equity-method investees and consolidated companies. Total loans outstanding as of December 31, 2012 and 2011,
amounted to Ps.222,743 and Ps.139,402, respectively, and the change from December 31, 2011 to December 31, 2012, reflects payments amounting to Ps.14,478 and advances of Ps.96,162. Furthermore, there were foreign exchange differences of
Ps.1,657 on the above-mentioned portfolio between those dates.

Such loans were made in the ordinary course of business at normal credit
terms, including interest rates and collateral requirements, and, in managements opinion, such loans represent normal credit risk.



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##### Table of Contents

Grupo Financiero Galicia S.A. and Subsidiaries

Notes to the Consolidated Financial Statements

For the years ended December 31, 2012, 2011 and 2010

(Expressed in
thousands of Argentine pesos)



17. Breakdown of Captions Included in the Income Statement.



|                                                                                                             |  |              |  |  |           |  |  |      |     |  |  |  |           |  |  |  |     |  |  |  |           | 
|------------------------------------------------------------------------------------------------------------ |  | ------------ |  |  | --------- |  |  | ---- | --- |  |  |  | --------- |  |  |  | --- |  |  |  | --------- | 
|                                                                                                             |  | December 31, | 
|                                                                                                             |  | 2012         |  |  | 2011      |  |  | 2010 |    
|Financial Income                                                                                             |  |              |  |  |           |  |  |      |     |  |  |  |           |  |  |  |     |  |  |  |           | 
|Interest on other receivables resulting from financial brokerage:                                            |  |              |  |  |           |  |  |      |     |  |  |  |           |  |  |  |     |  |  |  |           | 
|Interest on purchased certificates of deposits                                                               |  |              |  |  | 31,537    |  |  |      |     |  |  |  | 25,383    |  |  |  |     |  |  |  | 11,684    | 
|Advance payment leasing                                                                                      |  |              |  |  | 7,006     |  |  |      |     |  |  |  | 5,064     |  |  |  |     |  |  |  | 1,968     | 
|Other                                                                                                        |  |              |  |  | 6,874     |  |  |      |     |  |  |  | 4,139     |  |  |  |     |  |  |  | 1,786     | 
|                                                                                                             |  |              |  |  |           |  |  |      |     |  | 
|                                                                                                             |  | Ps.          |  |  | 45,417    |  |  |      | Ps. |  |  |  | 34,586    |  |  |  | Ps. |  |  |  | 15,438    | 
|                                                                                                             |  |              |  |  |           |  |  |      |     |  | 
|Other                                                                                                        |  |              |  |  |           |  |  |      |     |  |  |  |           |  |  |  |     |  |  |  |           | 
|Premiums on forward purchases of Government securities under repos                                           |  |              |  |  | 74,965    |  |  |      |     |  |  |  | 49,465    |  |  |  |     |  |  |  | 29,584    | 
|Interest on pre-export and export financing                                                                  |  |              |  |  | 96,554    |  |  |      |     |  |  |  | 87,992    |  |  |  |     |  |  |  | 73,298    | 
|Result from other credits by financial brokerage                                                             |  |              |  |  |          |  |  |      |     |  |  |  | 5,586     |  |  |  |     |  |  |  | 4,543     | 
|Net position of forward transactions in pesos                                                                |  |              |  |  | 26,023    |  |  |      |     |  |  |  | 616       |  |  |  |     |  |  |  |          | 
|Other                                                                                                        |  |              |  |  |          |  |  |      |     |  |  |  | 606       |  |  |  |     |  |  |  | 223       | 
|                                                                                                             |  |              |  |  |           |  |  |      |     |  | 
|                                                                                                             |  | Ps.          |  |  | 197,542   |  |  |      | Ps. |  |  |  | 144,265   |  |  |  | Ps. |  |  |  | 107,648   | 
|                                                                                                             |  |              |  |  |           |  |  |      |     |  | 
|Financial Expenses                                                                                           |  |              |  |  |           |  |  |      |     |  |  |  |           |  |  |  |     |  |  |  |           | 
|Interest on other liabilities resulting from financial brokerage:                                            |  |              |  |  |           |  |  |      |     |  |  |  |           |  |  |  |     |  |  |  |           | 
|Interest on negotiable obligations                                                                           |  |              |  |  | 424,067   |  |  |      |     |  |  |  | 238,791   |  |  |  |     |  |  |  | 92,980    | 
|Interest on other liabilities resulting from financial brokerage from other banks and international entities |  |              |  |  | 183,461   |  |  |      |     |  |  |  | 111,619   |  |  |  |     |  |  |  | 72,624    | 
|                                                                                                             |  |              |  |  |           |  |  |      |     |  | 
|                                                                                                             |  | Ps.          |  |  | 607,528   |  |  |      | Ps. |  |  |  | 350,410   |  |  |  | Ps. |  |  |  | 165,604   | 
|                                                                                                             |  |              |  |  |           |  |  |      |     |  | 
|Other interest                                                                                               |  |              |  |  |           |  |  |      |     |  |  |  |           |  |  |  |     |  |  |  |           | 
|Interest for other deposits                                                                                  |  |              |  |  | 47,780    |  |  |      |     |  |  |  | 25,726    |  |  |  |     |  |  |  | 6,360     | 
|Other                                                                                                        |  |              |  |  | 6,806     |  |  |      |     |  |  |  | 173       |  |  |  |     |  |  |  | 7         | 
|                                                                                                             |  |              |  |  |           |  |  |      |     |  | 
|                                                                                                             |  | Ps.          |  |  | 54,586    |  |  |      | Ps. |  |  |  | 25,899    |  |  |  | Ps. |  |  |  | 6,367     | 
|                                                                                                             |  |              |  |  |           |  |  |      |     |  | 
|Other                                                                                                        |  |              |  |  |           |  |  |      |     |  |  |  |           |  |  |  |     |  |  |  |           | 
|Premiums on repo transactions                                                                                |  |              |  |  | 34,592    |  |  |      |     |  |  |  | 28,595    |  |  |  |     |  |  |  | 13,169    | 
|Contributions and taxes on financial income                                                                  |  |              |  |  | 572,598   |  |  |      |     |  |  |  | 367,392   |  |  |  |     |  |  |  | 236,792   | 
|Net position of forward transactions in pesos                                                                |  |              |  |  |          |  |  |      |     |  |  |  |          |  |  |  |     |  |  |  | 48,630    | 
|Other                                                                                                        |  |              |  |  | 48,195    |  |  |      |     |  |  |  | 11,437    |  |  |  |     |  |  |  | 627       | 
|                                                                                                             |  |              |  |  |           |  |  |      |     |  | 
|                                                                                                             |  | Ps.          |  |  | 655,385   |  |  |      | Ps. |  |  |  | 407,424   |  |  |  | Ps. |  |  |  | 299,218   | 
|                                                                                                             |  |              |  |  |           |  |  |      |     |  | 
|Income from services                                                                                         |  |              |  |  |           |  |  |      |     |  |  |  |           |  |  |  |     |  |  |  |           | 
|Other                                                                                                        |  |              |  |  |           |  |  |      |     |  |  |  |           |  |  |  |     |  |  |  |           | 
|Commissions on credit cards                                                                                  |  |              |  |  | 1,892,698 |  |  |      |     |  |  |  | 1,479,306 |  |  |  |     |  |  |  | 1,127,881 | 
|Safety rental                                                                                                |  |              |  |  | 98,720    |  |  |      |     |  |  |  | 72,283    |  |  |  |     |  |  |  | 51,248    | 
|Insurance premiums                                                                                           |  |              |  |  | 163,702   |  |  |      |     |  |  |  | 11,614    |  |  |  |     |  |  |  | 337       | 
|Other                                                                                                        |  |              |  |  | 447,169   |  |  |      |     |  |  |  | 291,038   |  |  |  |     |  |  |  | 89,020    | 



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##### Table of Contents

Grupo Financiero Galicia S.A. and Subsidiaries

Notes to the Consolidated Financial Statements

For the years ended December 31, 2012, 2011 and 2010

(Expressed in
thousands of Argentine pesos)



|                                                      |  |              |     |  |      |  |           |      |  |  |     |  |  |  |           |  |  |  |     |  |  |  |           | 
|----------------------------------------------------- |  | ------------ | --- |  | ---- |  | --------- | ---- |  |  | --- |  |  |  | --------- |  |  |  | --- |  |  |  | --------- | 
|                                                      |  | December 31, |    
|                                                      |  | 2012         |     |  | 2011 |  |           | 2010 | 
|                                                      |  |              | Ps. |  |      |  | 2,602,289 |      |  |  | Ps. |  |  |  | 1,854,241 |  |  |  | Ps. |  |  |  | 1,268,486 | 
|                                                      |  |              |     |  |      |  |           |      |  |  |     | 
|Expenses for services                                 |  |              |     |  |      |  |           |      |  |  |     |  |  |  |           |  |  |  |     |  |  |  |           | 
|Other                                                 |  |              |     |  |      |  |           |      |  |  |     |  |  |  |           |  |  |  |     |  |  |  |           | 
|Gross revenue taxes                                   |  |              |     |  |      |  | 258,251   |      |  |  |     |  |  |  | 186,980   |  |  |  |     |  |  |  | 131,260   | 
|Linked with credit cards                              |  |              |     |  |      |  | 393,236   |      |  |  |     |  |  |  | 329,175   |  |  |  |     |  |  |  | 295,150   | 
|Other                                                 |  |              |     |  |      |  | 165,993   |      |  |  |     |  |  |  | 94,458    |  |  |  |     |  |  |  | 14,946    | 
|                                                      |  |              |     |  |      |  |           |      |  |  |     | 
|                                                      |  |              | Ps. |  |      |  | 817,480   |      |  |  | Ps. |  |  |  | 610,613   |  |  |  | Ps. |  |  |  | 441,356   | 
|                                                      |  |              |     |  |      |  |           |      |  |  |     | 
|Administrative expenses                               |  |              |     |  |      |  |           |      |  |  |     |  |  |  |           |  |  |  |     |  |  |  |           | 
|Other operating expenses                              |  |              |     |  |      |  |           |      |  |  |     |  |  |  |           |  |  |  |     |  |  |  |           | 
|Rentals                                               |  |              |     |  |      |  | 163,587   |      |  |  |     |  |  |  | 125,805   |  |  |  |     |  |  |  | 85,551    | 
|Electricity and communications                        |  |              |     |  |      |  | 191,664   |      |  |  |     |  |  |  | 135,573   |  |  |  |     |  |  |  | 106,439   | 
|Maintenance and repair expenses                       |  |              |     |  |      |  | 127,795   |      |  |  |     |  |  |  | 96,394    |  |  |  |     |  |  |  | 67,274    | 
|Security Services                                     |  |              |     |  |      |  | 165,512   |      |  |  |     |  |  |  | 116,393   |  |  |  |     |  |  |  | 75,707    | 
|Other operating expenses                              |  |              |     |  |      |  | 65,624    |      |  |  |     |  |  |  | 52,131    |  |  |  |     |  |  |  | 38,670    | 
|                                                      |  |              |     |  |      |  |           |      |  |  |     | 
|                                                      |  |              | Ps. |  |      |  | 714,182   |      |  |  | Ps. |  |  |  | 526,296   |  |  |  | Ps. |  |  |  | 373,641   | 
|                                                      |  |              |     |  |      |  |           |      |  |  |     | 
|Miscellaneous income                                  |  |              |     |  |      |  |           |      |  |  |     |  |  |  |           |  |  |  |     |  |  |  |           | 
|Income from Sale of Bank Premises and Equipment       |  |              |     |  |      |  | 835       |      |  |  |     |  |  |  | 1,489     |  |  |  |     |  |  |  | 641       | 
|Income from Transactions with Miscellaneous Assets    |  |              |     |  |      |  | 4,447     |      |  |  |     |  |  |  | 1,910     |  |  |  |     |  |  |  | 4,583     | 
|Leases                                                |  |              |     |  |      |  | 1,977     |      |  |  |     |  |  |  | 1,330     |  |  |  |     |  |  |  | 2,376     | 
|Adjustments and Interest on miscellaneous receivables |  |              |     |  |      |  | 54,129    |      |  |  |     |  |  |  | 67,488    |  |  |  |     |  |  |  | 25,375    | 
|Others                                                |  |              |     |  |      |  | 58,283    |      |  |  |     |  |  |  | 67,067    |  |  |  |     |  |  |  | 50,736    | 
|                                                      |  |              |     |  |      |  |           |      |  |  |     | 
|                                                      |  |              | Ps  |  |      |  | 119,671   |      |  |  | Ps. |  |  |  | 139,284   |  |  |  | Ps. |  |  |  | 83,711    | 
|                                                      |  |              |     |  |      |  |           |      |  |  |     | 
|Miscellaneous losses                                  |  |              |     |  |      |  |           |      |  |  |     |  |  |  |           |  |  |  |     |  |  |  |           | 
|Adjustment to Interest on Miscellaneous Liabilities   |  |              |     |  |      |  | 679       |      |  |  |     |  |  |  | 811       |  |  |  |     |  |  |  | 2,296     | 
|Donations                                             |  |              |     |  |      |  | 14,829    |      |  |  |     |  |  |  | 11,411    |  |  |  |     |  |  |  | 5,961     | 
|Turnover Tax                                          |  |              |     |  |      |  | 5,884     |      |  |  |     |  |  |  | 5,697     |  |  |  |     |  |  |  | 1,995     | 
|Claims                                                |  |              |     |  |      |  | 8,189     |      |  |  |     |  |  |  | 6,355     |  |  |  |     |  |  |  | 3,412     | 
|Others                                                |  |              |     |  |      |  | 30,154    |      |  |  |     |  |  |  | 21,754    |  |  |  |     |  |  |  | 17,991    | 
|                                                      |  |              |     |  |      |  |           |      |  |  |     | 
|                                                      |  |              | Ps  |  |      |  | 59,735    |      |  |  | Ps. |  |  |  | 46,028    |  |  |  | Ps. |  |  |  | 31,655    | 
|                                                      |  |              |     |  |      |  |           |      |  |  |     | 

18. Income Taxes.

Income tax for the fiscal years ended December 31, 2012, 2011 and 2010, amounted to Ps.789,278, Ps. 753,863 and Ps. 258,191, respectively. The statutory income tax rate as of December 31, 2012,
2011 and 2010 was 35%.

As of December 31, 2012 and 2011, the consolidated Groups MPIT available to credit against future income
tax amounts to Ps.15,022 and Ps186,408, respectively. Such MPIT expire over the following ten years.



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##### Table of Contents

Grupo Financiero Galicia S.A. and Subsidiaries

Notes to the Consolidated Financial Statements

For the years ended December 31, 2012, 2011 and 2010

(Expressed in
thousands of Argentine pesos)



19. Shareholders Equity and Restrictions Imposed on the Distribution of Dividends.

The distribution of retained earnings in the form of dividends is governed by the Corporations Law and CNV regulations. These rules
obligate Grupo Galicia to transfer 5% of its net income to a legal reserve until the reserve reaches an amount equal to 20% of the companys capital stock.

In the case of Banco Galicia, Argentine Central Bank rules require 20% of the profits shown in the income statement plus (less) prior year adjustments to be allocated to a legal reserve.

This proportion applies regardless of the ratio of the legal reserve to the capital stock. Should the legal reserve be used to absorb losses, dividends
shall be distributed only if the value of the legal reserve exceeds 20% of the capital stock plus the capital adjustment.

The Argentine
Central Bank set rules for the conditions under which financial institutions can make the distribution of profits. According to the new scheme, profits can be distributed as long as results of operations are positive after deducting not only the
Reserves, that may be legally and statutory required, but also the following items from Unappropriated Retained Earnings: The difference between the book value and the market value of public sector assets and/or debt instruments issued by the
Argentine Central Bank not valued at market price, the amounts capitalized for lawsuits related to deposits and any unrecorded adjustments required by the external auditors or the Argentine Central Bank.

Moreover, in order that a financial institution be able to distribute profits, said institution must comply with the capital adequacy rule, i.e. with the
calculation of minimum capital requirements and the regulatory capital.

For these purposes, this shall be done by deducting from its assets
and Unappropriated Retained Earnings all the items mentioned in the paragraph above, as well as the asset recorded in connection with the minimum presumed income tax and the amounts allocated to the repayment of long-term debt instruments subject to
be computed as computable regulatory capital (R.P.C., as per its initials in Spanish) pursuant to Communiqué A 4576.

Moreover, in such calculation, a financial institution shall not be able to compute the temporary reductions that affect minimum capital requirements,
computable regulatory capital or its capital adequacy.

In addition to the above-mentioned, the Argentine Central Bank requires that
computable capital be in excess over the minimum capital requirements, equal to 75%, the latter including the requirement with regard to operational risk determined as from February 2012, which is computed at 100%.

Regulations in force until January 27, 2012 set such percentage at 30% and did not consider the requirement with regard to operational risk. Such
additional capital requirement shall be 15% of the average of financial income and net income from services corresponding to the last 36 months before the calculation date, excluding some items that are considered extraordinary or not closely
related to operational capacity. The Argentine Central Bank has set forth compliance with such requirement gradually, reaching 100% in December 2012.

Distribution of profits shall require the prior authorization of the Argentine Central Banks Superintendence of Financial and Foreign Exchange Institutions, whose intervention shall have the purpose
of verifying the aforementioned requirements have been fulfilled.



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##### Table of Contents

Grupo Financiero Galicia S.A. and Subsidiaries

Notes to the Consolidated Financial Statements

For the years ended December 31, 2012, 2011 and 2010

(Expressed in
thousands of Argentine pesos)



Tarjeta Naranja S.A.s Ordinary and Extraordinary Shareholders Meeting held on March 16,
2006 decided to set the maximum limit for the distribution of dividends at 25% of the realized and liquid profits of each fiscal year. This restriction shall remain in force as long as the companys shareholders equity is below Ps.
300,000.

Tarjeta Naranja S.A. has agreed, pursuant to the terms and conditions of the Class XIII Negotiable Obligations not to distribute
dividends that may exceed 50% of the companys net income. This restriction also applies in the case there is any excess on certain indebtedness ratios.

20. Minimum Capital.

Grupo Financiero Galicia is not subject to the minimum capital
requirements established by the Argentine Central Bank.

In addition, Grupo Financiero Galicia meets the minimum capital requirements
established by the Corporations Law, which amount to Ps.100.

Pursuant to Argentine Central Bank regulations, Banco Galicia is required to
maintain a minimum capital, which is calculated by weighting the risks related to assets and to the balances of bank premises and equipment and miscellaneous and intangible assets.

As called for by Argentine Central Bank regulations, as of December 31, 2012 and 2011, the minimum capital requirements were as follows:



|                  |  |                 |     |  |                    |  |           |                                             |  |  |     |  |  |  |           |  |  |  |        | 
|----------------- |  | --------------- | --- |  | ------------------ |  | --------- | ------------------------------------------- |  |  | --- |  |  |  | --------- |  |  |  | ------ | 
|                  |  | Minimum Capital |     |  | Computable Capital |  |           | Computable Capital as a% of Minimum Capital | 
|December 31, 2012 |  |                 | Ps. |  |                    |  | 4,265,382 |                                             |  |  | Ps. |  |  |  | 5,610,375 |  |  |  | 131.53 | 
|December 31, 2011 |  |                 | Ps. |  |                    |  | 2,860,486 |                                             |  |  | Ps. |  |  |  | 4,416,112 |  |  |  | 154.38 | 

The Argentine Central Bank introduced some modifications to the determination of the regulation on Minimum Capital
Requirements for Financial Institutions.

The modifications with regard to the minimum capital requirements associated to credit risk
have been in force since January 1, 2013, while those associated to computable regulatory capital (R.P.C., as per its initials in Spanish) have been in force since February 1, 2013.

Banco Galicia ́s analysis indicates that these changes will not have a significant impact.

21. Earnings per Share.

Earnings per
share are based upon the weighted average of common shares outstanding of Grupo Galicia in the amount of 1,241,407 for the fiscal years ended December 31, 2012, 2011 and 2010.

Earnings per share for the fiscal years ended December 31, 2012, 2011 and 2010, were 1.076, 0.892 and 0.329, respectively.

As of December 31, 2012, 2011 and 2010, there were no outstanding dilutive instruments and therefore for the purposes of calculating earnings per share Grupo Galicia had a simple capital structure.



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##### Table of Contents

Grupo Financiero Galicia S.A. and Subsidiaries

Notes to the Consolidated Financial Statements

For the years ended December 31, 2012, 2011 and 2010

(Expressed in
thousands of Argentine pesos)



22. Contribution to the Deposit Insurance System.

Law No. 24,485 and Decree No. 540/95 established the creation of the Deposit Insurance System to cover the risk attached to bank deposits, in
addition to the system of privileges and safeguards envisaged in the Financial Institutions Law.

The National Executive Branch through Decree
No. 1127/98 dated September 24, 1998 established the maximum amount for this insurance system to demand deposits and time deposits denominated either in Pesos and/or in foreign currency. As from January 2011, said amount has been
established at Ps. 120.

This system does not cover deposits made by other financial institutions (including time deposit certificates
acquired through a secondary transaction), deposits made by parties related to Banco Galicia, either directly or indirectly, deposits of securities, acceptances or guarantees and those deposits set up after July 1, 1995, at an interest rate
exceeding the one established regularly by the Argentine Central Bank based on a daily survey conducted by it. Also excluded are those deposits whose ownership has been acquired through endorsement and those placements made as a result of incentives
other than the interest rate. This system has been implemented through the creation of the Deposit Insurance Fund (FGD), which is managed by a company called Seguros de Depósitos S.A. (SEDESA). The shareholders of SEDESA are the
Argentine Central Bank and the financial institutions, in the proportion determined for each one by the Argentine Central Bank based on the contributions made to the fund.

As of January 1, 2005, the Argentine Central Bank set this contribution in 0.015%.

As of
December 31, 2012, 2011 and 2010, the standard contribution to the Deposits Insurance System amounted to Ps. 57,316, 44,874 and Ps.31,839, respectively, recorded in the Consolidated Statements of Income in Financial Expenses under the caption
Contributions made to Deposit Insurance Fund.

23. Statements of Income and Balance Sheets.

The presentation of financial statements according to the Argentine Central Bank rules differs significantly from the format required by the Securities
and Exchange Commission under Rules 210.9 to 210.9-07 of Regulation S-X (Article 9). The statement of income presented below discloses the categories required by Article 9 using Argentine Banking GAAP:



|                                                                             |  |              |     |  |      |  |           |      |  |  |     |  |  |  |           |  |  |  |     |  |  |  |           | 
|---------------------------------------------------------------------------- |  | ------------ | --- |  | ---- |  | --------- | ---- |  |  | --- |  |  |  | --------- |  |  |  | --- |  |  |  | --------- | 
|                                                                             |  | December 31, |    
|                                                                             |  | 2012         |     |  | 2011 |  |           | 2010 | 
|Interest income:                                                             |  |              |     |  |      |  |           |      |  |  |     |  |  |  |           |  |  |  |     |  |  |  |           | 
|Interest and fees on loans                                                   |  |              | Ps. |  |      |  | 8,189,439 |      |  |  | Ps. |  |  |  | 5,307,748 |  |  |  | Ps. |  |  |  | 3,174,796 | 
|Interest and dividends on investment securities:
Non taxable interest income |  |              |     |  |      |  | 264,436   |      |  |  |     |  |  |  | 235,187   |  |  |  |     |  |  |  | 21,263    | 
|Interest on interest bearing deposits with other banks                       |  |              |     |  |      |  | 70        |      |  |  |     |  |  |  | 565       |  |  |  |     |  |  |  | 746       | 
|Interest on other receivables from financial brokerage                       |  |              |     |  |      |  | 239,633   |      |  |  |     |  |  |  | 172,050   |  |  |  |     |  |  |  | 135,620   | 
|Trading account interest, net                                                |  |              |     |  |      |  | 579,764   |      |  |  |     |  |  |  | 457,737   |  |  |  |     |  |  |  | 318,121   | 
|                                                                             |  |              |     |  |      |  |           |      |  |  |     | 
|Total interest income                                                        |  |              | Ps. |  |      |  | 9,273,342 |      |  |  | Ps. |  |  |  | 6,173,287 |  |  |  | Ps. |  |  |  | 3,650,546 | 
|                                                                             |  |              |     |  |      |  |           |      |  |  |     | 
|Interest expense                                                             |  |              |     |  |      |  |           |      |  |  |     |  |  |  |           |  |  |  |     |  |  |  |           | 
|Interest on deposits                                                         |  |              |     |  |      |  | 2,246,915 |      |  |  |     |  |  |  | 1,307,826 |  |  |  |     |  |  |  | 766,710   | 
|Interest on securities sold under agreements to repurchase                   |  |              |     |  |      |  | 34,592    |      |  |  |     |  |  |  | 28,595    |  |  |  |     |  |  |  | 13,169    | 
|Interest on short-term liabilities from financial intermediation             |  |              |     |  |      |  | 55,427    |      |  |  |     |  |  |  | 28,254    |  |  |  |     |  |  |  | 77,350    | 
|Interest on long-term liabilities from financial intermediation (*)          |  |              |     |  |      |  | 733,126   |      |  |  |     |  |  |  | 483,382   |  |  |  |     |  |  |  | 235,985   | 
|                                                                             |  |              |     |  |      |  |           |      |  |  |     | 
|Total interest expense                                                       |  |              |     |  |      |  | 3,070,060 |      |  |  |     |  |  |  | 1,848,057 |  |  |  |     |  |  |  | 1,093,214 | 
|                                                                             |  |              |     |  |      |  |           |      |  |  |     | 
|Net interest income                                                          |  |              |     |  |      |  | 6,203,282 |      |  |  |     |  |  |  | 4,325,230 |  |  |  |     |  |  |  | 2,557,332 | 
|                                                                             |  |              |     |  |      |  |           |      |  |  |     | 
|Provision for loan losses, net of reversals                                  |  |              |     |  |      |  | 1,115,940 |      |  |  |     |  |  |  | 639,045   |  |  |  |     |  |  |  | 445,833   | 
|                                                                             |  |              |     |  |      |  |           |      |  |  |     | 
|Net interest income after provision for loan losses                          |  |              | Ps. |  |      |  | 5,087,342 |      |  |  | Ps. |  |  |  | 3,686,185 |  |  |  | Ps. |  |  |  | 2,111,499 | 
|                                                                             |  |              |     |  |      |  |           |      |  |  |     | 



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##### Table of Contents

Grupo Financiero Galicia S.A. and Subsidiaries

Notes to the Consolidated Financial Statements

For the years ended December 31, 2012, 2011 and 2010

(Expressed in
thousands of Argentine pesos)



|                                                        |  |              |     |  |      |  |           |      |  |  |     |  |  |  |           |  |  |  |     |  |  |  |           | 
|------------------------------------------------------- |  | ------------ | --- |  | ---- |  | --------- | ---- |  |  | --- |  |  |  | --------- |  |  |  | --- |  |  |  | --------- | 
|                                                        | 
|                                                        |  | December 31, |    
|                                                        |  | 2012         |     |  | 2011 |  |           | 2010 | 
|Non-interest income:                                    |  |              |     |  |      |  |           |      |  |  |     |  |  |  |           |  |  |  |     |  |  |  |           | 
|Service charges on deposit accounts                     |  |              | Ps. |  |      |  | 646,962   |      |  |  | Ps. |  |  |  | 471,354   |  |  |  | Ps. |  |  |  | 323,328   | 
|Credit-card service charges and fees                    |  |              |     |  |      |  | 1,793,157 |      |  |  |     |  |  |  | 1,350,887 |  |  |  |     |  |  |  | 981,215   | 
|Other commissions                                       |  |              |     |  |      |  | 2,083,574 |      |  |  |     |  |  |  | 1,692,671 |  |  |  |     |  |  |  | 1,188,063 | 
|Income from equity in other companies                   |  |              |     |  |      |  | 117,420   |      |  |  |     |  |  |  | 132,696   |  |  |  |     |  |  |  | 62,054    | 
|Premiums and commissions on insurance business          |  |              |     |  |      |  | 651,871   |      |  |  |     |  |  |  | 457,447   |  |  |  |     |  |  |  | 255,608   | 
|Other                                                   |  |              |     |  |      |  | 35,493    |      |  |  |     |  |  |  | 82,327    |  |  |  |     |  |  |  | 127,723   | 
|                                                        |  |              |     |  |      |  |           |      |  |  |     | 
|Total non-interest income                               |  |              | Ps. |  |      |  | 5,328,477 |      |  |  | Ps. |  |  |  | 4,187,382 |  |  |  | Ps. |  |  |  | 2,937,991 | 
|                                                        |  |              |     |  |      |  |           |      |  |  |     | 
|Non-interest expense:                                   |  |              |     |  |      |  |           |      |  |  |     |  |  |  |           |  |  |  |     |  |  |  |           | 
|Commissions                                             |  |              |     |  |      |  | 1,195,647 |      |  |  |     |  |  |  | 881,586   |  |  |  |     |  |  |  | 601,797   | 
|Salaries and social security charges                    |  |              |     |  |      |  | 2,784,715 |      |  |  |     |  |  |  | 2,008,234 |  |  |  |     |  |  |  | 1,382,145 | 
|Fees and external administrative services               |  |              |     |  |      |  | 678,425   |      |  |  |     |  |  |  | 503,108   |  |  |  |     |  |  |  | 294,051   | 
|Depreciation of bank premises and equipment             |  |              |     |  |      |  | 117,246   |      |  |  |     |  |  |  | 92,942    |  |  |  |     |  |  |  | 76,899    | 
|Personnel services                                      |  |              |     |  |      |  | 158,130   |      |  |  |     |  |  |  | 124,156   |  |  |  |     |  |  |  | 89,345    | 
|Rentals                                                 |  |              |     |  |      |  | 163,587   |      |  |  |     |  |  |  | 125,805   |  |  |  |     |  |  |  | 85,551    | 
|Electricity and communications                          |  |              |     |  |      |  | 191,664   |      |  |  |     |  |  |  | 135,573   |  |  |  |     |  |  |  | 106,439   | 
|Advertising and publicity                               |  |              |     |  |      |  | 359,251   |      |  |  |     |  |  |  | 280,486   |  |  |  |     |  |  |  | 189,596   | 
|Taxes                                                   |  |              |     |  |      |  | 1,329,765 |      |  |  |     |  |  |  | 935,030   |  |  |  |     |  |  |  | 608,485   | 
|Amortization of organization and development expenses   |  |              |     |  |      |  | 198,747   |      |  |  |     |  |  |  | 104,597   |  |  |  |     |  |  |  | 63,132    | 
|Maintenance and repair expenses                         |  |              |     |  |      |  | 127,795   |      |  |  |     |  |  |  | 96,394    |  |  |  |     |  |  |  | 67,274    | 
|Amortization of Amparo claims                         |  |              |     |  |      |  | 16,452    |      |  |  |     |  |  |  | 6,933     |  |  |  |     |  |  |  | 280,946   | 
|Other Provisions and reserves                           |  |              |     |  |      |  | 166,991   |      |  |  |     |  |  |  | 87,622    |  |  |  |     |  |  |  | 102,387   | 
|Other                                                   |  |              |     |  |      |  | 615,508   |      |  |  |     |  |  |  | 459,333   |  |  |  |     |  |  |  | 330,018   | 
|                                                        |  |              |     |  |      |  |           |      |  |  |     | 
|Total non-interest expense                              |  |              | Ps. |  |      |  | 8,103,923 |      |  |  | Ps. |  |  |  | 5,841,799 |  |  |  | Ps. |  |  |  | 4,278,065 | 
|                                                        |  |              |     |  |      |  |           |      |  |  |     | 
|Income before tax expense                               |  |              |     |  |      |  | 2,311,896 |      |  |  |     |  |  |  | 2,031,768 |  |  |  |     |  |  |  | 771,425   | 
|Income tax expense                                      |  |              |     |  |      |  | 789,278   |      |  |  |     |  |  |  | 753,863   |  |  |  |     |  |  |  | 258,191   | 
|                                                        |  |              |     |  |      |  |           |      |  |  |     | 
|Net Income                                              |  |              | Ps. |  |      |  | 1,522,618 |      |  |  | Ps. |  |  |  | 1,277,905 |  |  |  | Ps. |  |  |  | 513,234   | 
|                                                        |  |              |     |  |      |  |           |      |  |  |     | 
|Less: Net Loss attributable to non-controlling interest |  |              |     |  |      |  | 186,403   |      |  |  |     |  |  |  | 170,962   |  |  |  |     |  |  |  | 104,333   | 
|Net Income attributable to Controlling interest         |  |              | Ps. |  |      |  | 1,336,215 |      |  |  | Ps. |  |  |  | 1,106,943 |  |  |  | Ps. |  |  |  | 408,901   | 
|                                                        |  |              |     |  |      |  |           |      |  |  |     | 
|Net income per Ordinary Share in Argentine Pesos        |  |              |     |  |      |  | 1.076     |      |  |  |     |  |  |  | 0.892     |  |  |  |     |  |  |  | 0.329     | 
|                                                        |  |              |     |  |      |  |           |      |  |  |     | 



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##### Table of Contents

Grupo Financiero Galicia S.A. and Subsidiaries

Notes to the Consolidated Financial Statements

For the years ended December 31, 2012, 2011 and 2010

(Expressed in
thousands of Argentine pesos)



Argentine Central Bank rules also require certain classifications of assets and liabilities, which are
different from those required by Article 9. The following balance sheet presents Grupo Galicias balance sheet as of December 31, 2012 and 2011, as if they had followed Article 9 balance sheet disclosure requirements using Argentine
Banking GAAP.



|                                                                                          |  |              |     |  |      |  |            |   |  |  |     |  |  |  |            |  
|----------------------------------------------------------------------------------------- |  | ------------ | --- |  | ---- |  | ---------- | - |  |  | --- |  |  |  | ---------- | -
|                                                                                          |  | December 31, |    
|                                                                                          |  | 2012         |     |  | 2011 | 
|Assets:                                                                                   |  |              |     |  |      |  |            |   |  |  |     |  |  |  |            |  
|Cash and due from banks                                                                   |  |              | Ps. |  |      |  | 8,357,331  |   |  |  | Ps. |  |  |  | 6,430,617  |  
|Interest-bearing deposits in other banks                                                  |  |              |     |  |      |  | 277,528    |   |  |  |     |  |  |  | 65,981     |  
|Federal funds sold and securities purchased under resale agreements or similar agreements |  |              |     |  |      |  | 122,544    |   |  |  |     |  |  |  | 1,631,035  |  
|Trading account assets                                                                    |  |              |     |  |      |  | 3,448,310  |   |  |  |     |  |  |  | 5,295,723  |  
|Investment securities                                                                     |  |              |     |  |      |  | 3,208,173  |   |  |  |     |  |  |  | 2,808,772  |  
|Loans                                                                                     |  |              |     |  |      |  | 43,298,190 |   |  |  |     |  |  |  | 31,591,420 |  
|Allowances for loan losses                                                                |  |              |     |  |      |  | (1,731,954 | ) |  |  |     |  |  |  | (1,283,953 | )
|Miscellaneous receivables                                                                 |  |              |     |  |      |  | 822,593    |   |  |  |     |  |  |  | 762,489    |  
|Bank Premises and Equipment                                                               |  |              |     |  |      |  | 1,191,509  |   |  |  |     |  |  |  | 1,034,692  |  
|Intangible Assets                                                                         |  |              |     |  |      |  | 1,085,017  |   |  |  |     |  |  |  | 722,771    |  
|Other assets                                                                              |  |              |     |  |      |  | 3,572,953  |   |  |  |     |  |  |  | 2,445,497  |  
|                                                                                          |  |              |     |  |      |  |            |  
|Total assets                                                                              |  |              | Ps. |  |      |  | 63,652,194 |   |  |  | Ps. |  |  |  | 51,505,044 |  
|                                                                                          |  |              |     |  |      |  |            |  
|Liabilities and Shareholders Equity:                                                     |  |              |     |  |      |  |            |   |  |  |     |  |  |  |            |  
|Deposits                                                                                  |  |              | Ps. |  |      |  | 39,668,393 |   |  |  | Ps. |  |  |  | 29,899,642 |  
|Short-term borrowing                                                                      |  |              |     |  |      |  | 929,166    |   |  |  |     |  |  |  | 1,585,664  |  
|Other liabilities                                                                         |  |              |     |  |      |  | 506,669    |   |  |  |     |  |  |  | 409,195    |  
|Amounts payable for spot and forward purchases to be settled                              |  |              |     |  |      |  | 434,784    |   |  |  |     |  |  |  | 564,045    |  
|Other liabilities resulting from financial brokerage                                      |  |              |     |  |      |  | 8,223,250  |   |  |  |     |  |  |  | 8,263,663  |  
|Long-term debt                                                                            |  |              |     |  |      |  | 6,076,158  |   |  |  |     |  |  |  | 4,809,965  |  
|Miscellaneous Liabilities                                                                 |  |              |     |  |      |  | 1,773,553  |   |  |  |     |  |  |  | 1,316,297  |  
|Contingent liabilities                                                                    |  |              |     |  |      |  | 468,223    |   |  |  |     |  |  |  | 575,644    |  
|                                                                                          |  |              |     |  |      |  |            |  
|Total Liabilities                                                                         |  |              |     |  |      |  | 58,080,196 |   |  |  |     |  |  |  | 47,424,115 |  
|                                                                                          |  |              |     |  |      |  |            |  
|Common Stock                                                                              |  |              |     |  |      |  | 1,241,407  |   |  |  |     |  |  |  | 1,241,407  |  
|Other stockholders equity                                                                |  |              |     |  |      |  | 3,628,671  |   |  |  |     |  |  |  | 2,310,208  |  
|Non-controlling Interest                                                                  |  |              |     |  |      |  | 701,920    |   |  |  |     |  |  |  | 529,314    |  
|                                                                                          |  |              |     |  |      |  |            |  
|Total Shareholders Equity                                                                |  |              |     |  |      |  | 5,571,998  |   |  |  |     |  |  |  | 4,080,929  |  
|                                                                                          |  |              |     |  |      |  |            |  
|Total Liabilities and Equity                                                              |  |              | Ps. |  |      |  | 63,652,194 |   |  |  | Ps. |  |  |  | 51,505,044 |  
|                                                                                          |  |              |     |  |      |  |            |  



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##### Table of Contents

Grupo Financiero Galicia S.A. and Subsidiaries

Notes to the Consolidated Financial Statements

For the years ended December 31, 2012, 2011 and 2010

(Expressed in
thousands of Argentine pesos)



The carrying value and market value of each classification of Investment securities in the Article 9
balance sheet were as follows:



|                                                        |  |                   |       |  |                   |        |           |              |  |  |               |  |  |            |         |  |              |  |   |  |  |  |     |  |  |  |           |  |  |  |     |  |  |  |           |  |  |  |     |  |  |  |         |  |  |  |   |  |  |  |     |  |  |  |           | 
|------------------------------------------------------- |  | ----------------- | ----- |  | ----------------- | ------ | --------- | ------------ |  |  | ------------- |  |  | ---------- | ------- |  | ------------ |  | - |  |  |  | --- |  |  |  | --------- |  |  |  | --- |  |  |  | --------- |  |  |  | --- |  |  |  | ------- |  |  |  | - |  |  |  | --- |  |  |  | --------- | 
|                                                        |  | December 31, 2012 |       |  | December 31, 2011 |       
|                                                        |  | Carryingvalue     |       |  | Unrealized        |        |           | Market value |  |  | Carryingvalue |  |  | Unrealized |         |  | Market value | 
|                                                        |  |                   | Gains |  |                   | Losses |           |              |  |  | Gains         |  |  | Losses     |         | 
|Securities issued by the National Government            |  |                   |       |  |                   |        |           |              |  |  |               |  |  |            |         |  |              |  |   |  |  |  |     |  |  |  |           |  |  |  |     |  |  |  |           |  |  |  |     |  |  |  |         |  |  |  |   |  |  |  |     |  |  |  |           | 
|Bonar 2015 Bonds                                        |  |                   |       |  |                   |        | 558,045   |              |  |  |               |  |  |            | 191,135 |  |              |  |  |  |  |  |     |  |  |  | 601,045   |  |  |  |     |  |  |  | 779,731   |  |  |  |     |  |  |  | 294,145 |  |  |  |  |  |  |  |     |  |  |  | 849,254   | 
|GalTrust I                                              |  |                   |       |  |                   |        | 754,390   |              |  |  |               |  |  |            | 536,744 |  |              |  |  |  |  |  |     |  |  |  | 754,390   |  |  |  |     |  |  |  | 720,710   |  |  |  |     |  |  |  | 503,064 |  |  |  |  |  |  |  |     |  |  |  | 720,710   | 
|Other Debt Securities and Certificates of Participation |  |                   |       |  |                   |        |           |              |  |  |               |  |  |            |         |  |              |  |   |  |  |  |     |  |  |  |           |  |  |  |     |  |  |  |           |  |  |  |     |  |  |  |         |  |  |  |   |  |  |  |     |  |  |  |           | 
|Almafuerte Special Fund                                 |  |                   |       |  |                   |        | 176,173   |              |  |  |               |  |  |            | 8,917   |  |              |  |  |  |  |  |     |  |  |  | 176,173   |  |  |  |     |  |  |  | 174,091   |  |  |  |     |  |  |  | 3,602   |  |  |  |  |  |  |  |     |  |  |  | 177,693   | 
|Other assets                                            |  |                   |       |  |                   |        | 1,719,565 |              |  |  |               |  |  |            |        |  |              |  |  |  |  |  |     |  |  |  | 1,719,565 |  |  |  |     |  |  |  | 1,134,240 |  |  |  |     |  |  |  |        |  |  |  |  |  |  |  |     |  |  |  | 1,134,240 | 
|                                                        |  |                   |       |  |                   |        |           |              |  |  |               |  |  |            |         |  |              |  |   |  |  |  |     |  |  |  |           |  |  |  |     | 
|TOTAL                                                   |  |                   | Ps.   |  |                   |        | 3,208,173 |              |  |  | Ps.           |  |  |            | 736,796 |  |              |  |  |  |  |  | Ps. |  |  |  | 3,251,173 |  |  |  | Ps. |  |  |  | 2,808,772 |  |  |  | Ps. |  |  |  | 800,811 |  |  |  |  |  |  |  | Ps. |  |  |  | 2,881,897 | 
|                                                        |  |                   |       |  |                   |        |           |              |  |  |               |  |  |            |         |  |              |  |   |  |  |  |     |  |  |  |           |  |  |  |     | 

The maturities as of December 31, 2012, of the Investment securities included in the Article 9 balance sheet were as
follows:



|                             |  |                   |     |  |                      |  |           |                                        |  |  |                                          |  |  |                       |           |  |  |  |         |  |  |  |        | 
|---------------------------- |  | ----------------- | --- |  | -------------------- |  | --------- | -------------------------------------- |  |  | ---------------------------------------- |  |  | --------------------- | --------- |  |  |  | ------- |  |  |  | ------ | 
|                             |  | December 31, 2012 |    
|                             |  | CarryingValue     |     |  | Maturingwithin1 year |  |           | Maturing after1 year butwithin 5 years |  |  | Maturing after5 years butwithin 10 years |  |  | Maturingafter10
years |          
|Bonar 2015 Bonds Investments |  |                   |     |  |                      |  | 558,045   |                                        |  |  | 185,941                                  |  |  |                       | 372,104   |  |  |  |        |  |  |  |       | 
|Galtrust I                   |  |                   |     |  |                      |  | 754,390   |                                        |  |  | 39,317                                   |  |  |                       | 686,937   |  |  |  | 28,136  |  |  |  |       | 
|Almafuerte Special Fund      |  |                   |     |  |                      |  | 176,173   |                                        |  |  | 10,039                                   |  |  |                       | 166,134   |  |  |  |        |  |  |  |       | 
|Other assets                 |  |                   |     |  |                      |  | 1,719,565 |                                        |  |  | 1,123,054                                |  |  |                       | 365,683   |  |  |  | 168,548 |  |  |  | 62,280 | 
|                             |  |                   |     |  |                      |  |           |                                        |  |  |                                          |  |  |                       |           |  |  |  |         | 
|TOTAL                        |  |                   | Ps. |  |                      |  | 3,208,173 |                                        |  |  | 1,358,351                                |  |  |                       | 1,590,858 |  |  |  | 196,684 |  |  |  | 62,280 | 
|                             |  |                   |     |  |                      |  |           |                                        |  |  |                                          |  |  |                       |           |  |  |  |         | 

The following table presents realized gains and losses from AFS securities:



|                                |  |      |         |   |      |  |        |      |  |  |           | 
|------------------------------- |  | ---- | ------- | - | ---- |  | ------ | ---- |  |  | --------- | 
|Year ended December 31,         |  | 2012 |         |   | 2011 |  |        | 2010 | 
|Proceeds from sales             |  |      |        |   |      |  |       |      |  |  | 2,376,489 | 
|Gross realized gains            |  |      |        |   |      |  |       |      |  |  | 971,680   | 
|Net unrealized gains / (losses) |  |      | (64,015 | ) |      |  | 39,170 |      |  |  | 567,566   | 



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##### Table of Contents

Grupo Financiero Galicia S.A. and Subsidiaries

Notes to the Consolidated Financial Statements

For the years ended December 31, 2012, 2011 and 2010

(Expressed in
thousands of Argentine pesos)



24. Operations by Geographical Segment.

The main financial information, classified by country where transactions originate, is shown below. Most of the transactions originated in the Republic of Uruguay were with Argentine citizens and
enterprises, and were denominated in U.S. dollars. Transactions between different geographical segments have been eliminated for the purposes of this Note.



|                                                                      |  |              |     |  |      |  |            |      |  |  |     |  |  |  |            |   |  |  |     |  |  |  |            |  
|--------------------------------------------------------------------- |  | ------------ | --- |  | ---- |  | ---------- | ---- |  |  | --- |  |  |  | ---------- | - |  |  | --- |  |  |  | ---------- | -
|                                                                      |  | December 31, |    
|                                                                      |  | 2012         |     |  | 2011 |  |            | 2010 | 
|Total revenues:(*)                                                    |  |              |     |  |      |  |            |      |  |  |     |  |  |  |            |   |  |  |     |  |  |  |            |  
|Republic of Argentina                                                 |  |              | Ps. |  |      |  | 15,316,558 |      |  |  | Ps. |  |  |  | 10,846,006 |   |  |  | Ps. |  |  |  | 6,868,807  |  
|Republic of Uruguay                                                   |  |              |     |  |      |  | 2,362      |      |  |  |     |  |  |  | 16,063     |   |  |  |     |  |  |  | 8,195      |  
|Grand Cayman Island                                                   |  |              |     |  |      |  | 4,973      |      |  |  |     |  |  |  | 4,732      |   |  |  |     |  |  |  | 940        |  
|Net income (loss), net of monetary effects allocable to each country: |  |              |     |  |      |  |            |      |  |  |     |  |  |  |            |   |  |  |     |  |  |  |            |  
|Republic of Argentina                                                 |  |              |     |  |      |  | 1,339,953  |      |  |  |     |  |  |  | 1,107,687  |   |  |  |     |  |  |  | 418,066    |  
|Republic of Uruguay                                                   |  |              |     |  |      |  | (2,734     | )    |  |  |     |  |  |  | (3,967     | ) |  |  |     |  |  |  | (8,647     | )
|Grand Cayman Island                                                   |  |              |     |  |      |  | (1,004     | )    |  |  |     |  |  |  | 3,223      |   |  |  |     |  |  |  | (518       | )
|Total assets:                                                         |  |              |     |  |      |  |            |      |  |  |     |  |  |  |            |   |  |  |     |  |  |  |            |  
|Republic of Argentina                                                 |  |              |     |  |      |  | 63,389,181 |      |  |  |     |  |  |  | 51,102,871 |   |  |  |     |  |  |  | 35,538,519 |  
|Republic of Uruguay                                                   |  |              |     |  |      |  | 68,008     |      |  |  |     |  |  |  | 88,918     |   |  |  |     |  |  |  | 167,749    |  
|Grand Cayman Island                                                   |  |              |     |  |      |  | 1,082      |      |  |  |     |  |  |  | 1,237      |   |  |  |     |  |  |  | 1,795      |  
|Bank Premises and Equipment                                           |  |              |     |  |      |  |            |      |  |  |     |  |  |  |            |   |  |  |     |  |  |  |            |  
|Republic of Argentina                                                 |  |              |     |  |      |  | 1,191,509  |      |  |  |     |  |  |  | 1,034,670  |   |  |  |     |  |  |  | 947,648    |  
|Republic of Uruguay                                                   |  |              |     |  |      |  |           |      |  |  |     |  |  |  | 22         |   |  |  |     |  |  |  | 419        |  
|Miscellaneous assets                                                  |  |              |     |  |      |  |            |      |  |  |     |  |  |  |            |   |  |  |     |  |  |  |            |  
|Republic of Argentina                                                 |  |              |     |  |      |  | 184,740    |      |  |  |     |  |  |  | 163,063    |   |  |  |     |  |  |  | 81,363     |  
|Republic of Uruguay                                                   |  |              |     |  |      |  |           |      |  |  |     |  |  |  | 43         |   |  |  |     |  |  |  | 40         |  
|Goodwill                                                              |  |              |     |  |      |  |            |      |  |  |     |  |  |  |            |   |  |  |     |  |  |  |            |  
|Republic of Argentina                                                 |  |              |     |  |      |  | 8,888      |      |  |  |     |  |  |  | 10,827     |   |  |  |     |  |  |  | 23,467     |  
|Other intangible assets                                               |  |              |     |  |      |  |            |      |  |  |     |  |  |  |            |   |  |  |     |  |  |  |            |  
|Republic of Argentina                                                 |  |              |     |  |      |  | 1,076,129  |      |  |  |     |  |  |  | 711,944    |   |  |  |     |  |  |  | 430,648    |  
|Republic of Uruguay                                                   |  |              |     |  |      |  |           |      |  |  |     |  |  |  |           |   |  |  |     |  |  |  |           |  
|Geographical segment assets as a percentage of total assets           |  |              |     |  |      |  |            |      |  |  |     |  |  |  |            |   |  |  |     |  |  |  |            |  
|Republic of Argentina                                                 |  |              |     |  |      |  | 99.89      | %    |  |  |     |  |  |  | 99.83      | % |  |  |     |  |  |  | 99.53      | %
|Republic of Uruguay                                                   |  |              |     |  |      |  | 0.11       | %    |  |  |     |  |  |  | 0.17       | % |  |  |     |  |  |  | 0.47       | %
|Grand Cayman Island                                                   |  |              |     |  |      |  |           |      |  |  |     |  |  |  |           |   |  |  |     |  |  |  |           |  



|(*) | The caption Revenues includes financial income, income from services, income from insurance activities and miscellaneous income.
|--- | --------------------------------------------------------------------------------------------------------------------------------



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Grupo Financiero Galicia S.A. and Subsidiaries

Notes to the Consolidated Financial Statements

For the years ended December 31, 2012, 2011 and 2010

(Expressed in
thousands of Argentine pesos)



25. Financial Instruments with Off-Balance Sheet Risk.

The Group has been party to financial instruments with off-balance sheet risk in the normal course of its business in order to meet the financing needs of
its customers. These instruments expose the Bank to credit risk above and beyond the amounts recorded in the consolidated balance sheets. These financial instruments include commitments to extend credit, standby letters of credit, guarantees granted
and acceptances.

The Group uses the same credit policies in making commitments, conditional obligations and guarantees as it does for
granting loans. In managements opinion, the Groups outstanding commitments and guarantees do not represent unusual credit risk.

The Groups exposure to credit loss in the event of non-performance by the counterparty to the financial instrument for commitments to extend
credit, standby letters of credit, guarantees granted and acceptances is represented by the contractual notional amount of those investments.

A summary of the credit exposure related to these items is shown below:



|                             |  |              |     |  |      |  |           |  |  |  |     |  |  |  |           | 
|---------------------------- |  | ------------ | --- |  | ---- |  | --------- |  |  |  | --- |  |  |  | --------- | 
|                             |  | December 31, |    
|                             |  | 2012         |     |  | 2011 | 
|Commitments to extend credit |  |              | Ps. |  |      |  | 3,732,287 |  |  |  | Ps. |  |  |  | 2,552,994 | 
|Standby letters of credit    |  |              |     |  |      |  | 671,231   |  |  |  |     |  |  |  | 403,734   | 
|Guarantees granted           |  |              |     |  |      |  | 345,574   |  |  |  |     |  |  |  | 333,976   | 
|Acceptances                  |  |              |     |  |      |  | 88,546    |  |  |  |     |  |  |  | 116,370   | 

Commitments to extend credit are agreements to lend to a customer at a future date, subject to the meeting of the
contractual terms. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since many of the commitments are expected to expire without being drawn upon, total commitment amounts do not
necessarily represent actual future cash requirements of the Group. The Group evaluates each customers creditworthiness on a case-by-case basis. In addition to the above commitments, as of December 31, 2012 and 2011, the available
purchase limits for credit card holders amounted to Ps.53,251,404 and Ps. 36,378,671, respectively.

Standby letters of credit and guarantees
granted are conditional commitments issued by the Group to guarantee the performance of a customer to a third party.

Acceptances are
conditional commitments for foreign trade transactions.

The credit risk involved in issuing letters of credit and granting guarantees is
essentially the same as that involved in extending loan facilities to customers. In order to grant guarantees to its customers, the Group may require counter-guarantees. These financial customer guarantees are classified by type, as follows:



|                             |  |              |     |  |      |  |        |  |  |  |     |  |  |  |        | 
|---------------------------- |  | ------------ | --- |  | ---- |  | ------ |  |  |  | --- |  |  |  | ------ | 
|                             |  | December 31, |    
|                             |  | 2012         |     |  | 2011 | 
|Preferred counter-guarantees |  |              | Ps. |  |      |  | 16,848 |  |  |  | Ps. |  |  |  | 12,688 | 
|Other counter-guarantees     |  |              |     |  |      |  | 76,940 |  |  |  |     |  |  |  | 99,698 | 



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##### Table of Contents

Grupo Financiero Galicia S.A. and Subsidiaries

Notes to the Consolidated Financial Statements

For the years ended December 31, 2012, 2011 and 2010

(Expressed in
thousands of Argentine pesos)



The Group accounts for checks drawn on it and other banks, as well as other items in process of
collection, such as notes, bills and miscellaneous items, in memorandum accounts until such time when the related item clears or is accepted. In managements opinion, the risk of loss on these clearing transactions is not significant. The
amounts of clearing items in process were as follows:



|                                     |  |              |     |  |      |  |           |  |  |  |     |  |  |  |           | 
|------------------------------------ |  | ------------ | --- |  | ---- |  | --------- |  |  |  | --- |  |  |  | --------- | 
|                                     |  | December 31, |    
|                                     |  | 2012         |     |  | 2011 | 
|Checks drawn on the Bank             |  |              | Ps. |  |      |  | 984,235   |  |  |  | Ps. |  |  |  | 421,273   | 
|Checks drawn on the other Bank       |  |              |     |  |      |  | 1,154,848 |  |  |  |     |  |  |  | 659,759   | 
|Bills and other items for collection |  |              |     |  |      |  | 6,527,907 |  |  |  |     |  |  |  | 4,716,946 | 

As of December 31, 2012 and 2011, the trusts funds amounted to Ps.5,192,257 and Ps. 3,265,680, respectively.

In addition, the Group had securities in custody, which as of December 31, 2012 and 2011, amounted to Ps. 16,640,504 and Ps. 11,825,332,
respectively.

As of December 31, 2012, the Group also has off-balance sheet contractual obligations arising from the leasing of certain
properties used as a part of our distribution network. The estimated future lease payments in connection with these properties are as follows:



|               |  |  |           | 
|-------------- |  |  | --------- | 
|2013           |  |  | 114,260   | 
|2014           |  |  | 137,113   | 
|2015           |  |  | 165,735   | 
|2016           |  |  | 196,945   | 
|2017           |  |  | 217,777   | 
|2018 and After |  |  | 490,788   | 
|               |  |  |           | 
|Total          |  |  | 1,322,618 | 
|               |  |  |           | 

26. Derivative Financial Instruments

The Groups management of financial risks is carried out within the limits of the policies approved by the Board of Directors. Under those policies , derivatives are allowed, depending on market
conditions, to adjust risk exposures to the established limits, thus contributing to keep such exposures within the parameters set forth by said policies. The Group plans to continue to use these instruments in the future, as long as their use is
favorably assessed, in order to limit certain risk exposures.



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##### Table of Contents

Grupo Financiero Galicia S.A. and Subsidiaries

Notes to the Consolidated Financial Statements

For the years ended December 31, 2012, 2011 and 2010

(Expressed in
thousands of Argentine pesos)



The derivative instruments held by the Group as of December 31, 2012 and 2011 were as follows:



|                                            |  |                              |  |                             |           |  |                                     |  |           |                                                       |  |  |                                                       |   |  |                                 |        |   |                                 |  |        |   |  |  |        |  
|------------------------------------------- |  | ---------------------------- |  | --------------------------- | --------- |  | ----------------------------------- |  | --------- | ----------------------------------------------------- |  |  | ----------------------------------------------------- | - |  | ------------------------------- | ------ | - | ------------------------------- |  | ------ | - |  |  | ------ | -
|Type of Contract                            |  | Underlying                   |  | AverageWeightedMaturityTerm |           |  | NotionalAmountas
ofDecember 31,2012 |  |           | Net BookValue as ofDecember 31,2012Asset /(Liability) |  |  | Net BookValue as ofDecember 31,2011Asset /(Liability) |   |  | Fair Valueas ofDecember 31,2012 |        |   | Fair Valueas ofDecember 31,2011 | 
|FORWARDS (a)                                |  |                              |  |                             |           |  |                                     |  |           |                                                       |  |  |                                                       |   |  |                                 |        |   |                                 |  |        |   |  |  |        |  
|- Purchases                                 |  | Foreign currency             |  |                             | 2 months  |  |                                     |  | 3,586,121 |                                                       |  |  | (1,114                                                | ) |  |                                 | (2,794 | ) |                                 |  | (1,114 | ) |  |  | (2,794 | )
|- Sales                                     |  | Foreign currency             |  |                             | 2 months  |  |                                     |  | 1,546,126 |                                                       |  |  | 1,484                                                 |   |  |                                 | 3,035  |   |                                 |  | 1,484  |   |  |  | 3,035  |  
|FUTURES (b)                                 |  |                              |  |                             |           |  |                                     |  |           |                                                       |  |  |                                                       |   |  |                                 |        |   |                                 |  |        |   |  |  |        |  
|- Purchases                                 |  | Interest Rate                |  |                             | 1 months  |  |                                     |  | 20,000    |                                                       |  |  |                                                      |   |  |                                 |       |   |                                 |  |       |   |  |  |       |  
|- Sales                                     |  | Interest Rate                |  |                             | 2 months  |  |                                     |  | 102,000   |                                                       |  |  |                                                      |   |  |                                 |       |   |                                 |  |       |   |  |  |       |  
|FORWARDS - CLIENTS (c)                      |  |                              |  |                             |           |  |                                     |  |           |                                                       |  |  |                                                       |   |  |                                 |        |   |                                 |  |        |   |  |  |        |  
|- Purchases                                 |  | Foreign currency             |  |                             | 2 months  |  |                                     |  | 247,349   |                                                       |  |  | (985                                                  | ) |  |                                 | (768   | ) |                                 |  | (985   | ) |  |  | (768   | )
|- Sales                                     |  | Foreign currency             |  |                             | 2 months  |  |                                     |  | 272,839   |                                                       |  |  | 852                                                   |   |  |                                 | 8,372  |   |                                 |  | 852    |   |  |  | 8,372  |  
|FORWARD FOREIGN CURRENCY HEDGE CONTRACT (d) |  |                              |  |                             |          
|- Purchases                                 |  | Foreign currency             |  |                             |          |  |                                     |  |          |                                                       |  |  |                                                      |   |  |                                 | (860   | ) |                                 |  |       |   |  |  | (860   | )
|- Purchases                                 |  | Foreign currency             |  |                             |          |  |                                     |  |          |                                                       |  |  |                                                      |   |  |                                 | (467   | ) |                                 |  |       |   |  |  | (467   | )
|- Purchases                                 |  | Foreign currency             |  |                             |          |  |                                     |  |          |                                                       |  |  |                                                      |   |  |                                 | (1,024 | ) |                                 |  |       |   |  |  | (1,024 | )
|- Purchases                                 |  | Foreign currency             |  |                             |          |  |                                     |  |          |                                                       |  |  |                                                      |   |  |                                 | (2,160 | ) |                                 |  |       |   |  |  | (2,160 | )
|OPTIONS (e)                                 |  |                              |  |                             |           |  |                                     |  |           |                                                       |  |  |                                                       |   |  |                                 |        |   |                                 |  |        |   |  | 
|- Put option written Boden 2013 coupon      |  | Nationalgovernmentsecurities |  |                             | 18 months |  |                                     |  | 31,106    |                                                       |  |  |                                                      |   |  |                                 |       |   |                                 |  |       |   |  |  |       |  
|- Gold call options bought                  |  | Nationalgovernmentsecurities |  |                             | 5 months  |  |                                     |  | 81,560    |                                                       |  |  |                                                      |   |  |                                 |       |   |                                 |  |       |   |  |  |       |  
|- Gold call options written                 |  | Nationalgovernmentsecurities |  |                             | 5 months  |  |                                     |  | 89,768    |                                                       |  |  |                                                      |   |  |                                 |       |   |                                 |  |       |   |  |  |       |  
|INTEREST RATE SWAP (f)                      |  |                              |  |                             |           |  |                                     |  |           |                                                       |  |  |                                                       |   |  |                                 |        |   |                                 |  |        |   |  |  |        |  
|-Fixed for variable interest rate           |  | Other                        |  |                             | 3 months  |  |                                     |  | 125,000   |                                                       |  |  |                                                      |   |  |                                 |       |   |                                 |  |       |   |  |  |       |  
|-Variable for fixed interest rate           |  | Other                        |  |                             | 4 months  |  |                                     |  | 146,000   |                                                       |  |  |                                                      |   |  |                                 |       |   |                                 |  |       |   |  |  |       |  
|INTEREST RATE SWAP (g) clients              |  |                              |  |                             |           |  |                                     |  |           |                                                       |  |  |                                                       |   |  |                                 |        |   |                                 |  |       
|-Fixed for variable interest rate           |  | Other                        |  |                             | 14 months |  |                                     |  | 22,955    |                                                       |  |  | (246                                                  | ) |  |                                 |       |   |                                 |  | (246   | ) |  |  |       |  
|-Variable for fixed interest rate           |  | Other                        |  |                             | 15 months |  |                                     |  | 110,000   |                                                       |  |  | 204                                                   |   |  |                                 |       |   |                                 |  | 204    |   |  |  |       |  



|(a) | These transactions are made through recognized exchange markets, such as Mercado Abierto Electrónico (MAE) and Mercado a Término de Rosario (ROFEX).
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------



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Grupo Financiero Galicia S.A. and Subsidiaries

Notes to the Consolidated Financial Statements

For the years ended December 31, 2012, 2011 and 2010

(Expressed in
thousands of Argentine pesos)



The general settlement method for these transactions does not require delivery of the traded underlying
notional, rather, settlement is carried out on a daily basis for the difference, if any, between the closing price of the underlying and the closing price or value of the underlying corresponding to the previous day, the difference in price being
charged to income.

As of December 31, 2012 there are pending purchases-sales forwards transactions amounting to Ps (1,114) and Ps.
1,484 , respectively.

As of December 31, 2011 there are pending purchases-sales forwards transactions amounting to Ps (2,794) and
Ps. 3,035, respectively.

(b) These transactions are conducted within the trading environment created by the M,A,E. The underlying is the
Badlar rate for time deposits of 30 to 35 days and of more than one million Pesos of private banks. Settlement is carried on a daily basis for the difference between the forward price or value of the traded underlying asset and the closing price or
value, the difference in price being charged to income.

In case balances pending settlement exist, they are recorded under Other
Receivables from Financial Brokerage and/or Other Liabilities Resulting from Financial Brokerage, as the case may be.

As of
December 31, 2012 and 2011, there are not pending amounts recorded for purchases-sales futures transactions.

(c) These transactions have
been conducted directly with customers. The Group records under Other Receivables from Financial Brokerage and / or Other Liabilities Resulting from Financial Brokerage, as the case may be, the difference between the agreed
foreign currency exchange rate and such exchange rate at the end of the year according with the future prices published by Rofex.

(d) The
Group entered into forward foreign currency hedge contracts, aimed to hedge the risk associated with the exchange rate exposure of financial debt designated in U.S. Dollars.

The settlement of the outstanding transactions at the settlement date shall be carried out without the physical delivery of the currency. That is to say, it shall be by compensation or difference between
the spot exchange rate for settlement and the forward exchange rate.

(e) Put options: As established by Decree 1836/02 and Argentine Central
Bank regulations, in connection with the second exchange offered by the government to exchange restructured deposits for government bonds, the Bank granted an option to sell coupons to the holders of restructured deposits certificates who had opted
to receive Boden 2013 Bonds and Boden 2012 Bonds in exchange for their certificates.

The exercise price will be equal to that resulting from
converting to pesos the face value of each coupon in U.S. dollars at a rate of Ps. 1.40 per U.S. dollar adjusted by applying the CER, which arises from comparing the index at February 3, 2002 to that corresponding to the due date of the coupon.
That value shall in no case exceed the principal and interest amounts in pesos resulting from applying the face value of the coupon in U.S. dollars at the buying exchange rate quoted by Banco de la Nación Argentina (Banco Nación) on
the payment date of that coupon.

As of December 31, 2012 and 2011, the options bought and sold were recorded at their exercise price in
memorandum accounts. The premiums collected and/or paid have been accrued on a straight-line basis over the life of the contract.

Call
options: These transactions have been conducted with the purpose of hedging the variable yield of the deposits received by the Bank and set forth by the Argentine Central Bank.



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Grupo Financiero Galicia S.A. and Subsidiaries

Notes to the Consolidated Financial Statements

For the years ended December 31, 2012, 2011 and 2010

(Expressed in
thousands of Argentine pesos)



The deposit date, the term to exercise the option and the underlying asset are the as than those for the
related deposit. Notional amounts have been computed so that the offset value of derivative instruments is similar to the variable yield of the investment. Changes in the value of the underlying asset at the time of the arrangement and at fiscal
year-end, equivalent to the variable yield, have been recognized in Income and are recorded under Other Receivables Resulting from Financial Brokerage and/or under Other Liabilities Resulting from Financial Brokerage, as
appropriate. Premiums received and/or paid have accrued on a straight-line basis during the currency of the agreement.

As of
December 31, 2012, call options bought and written totaled Ps.81,560 and Ps. 89,768, respectively. These options have been recorded under Memorandum Accounts  Debit-Derivatives  Notional Value of Call Options Bought and
under Memorandum Accounts  Credit-Derivatives  Notional Value of Call Options Written.

(f) These transactions are
conducted within the environment created by the MAE, and the settlement thereof is carried out on a monthly basis, in pesos, for the difference between the cash flows calculated using a variable rate (Badlar for time deposits of 30 to 35 days of
private banks) and the cash flows calculated using a fixed rate, or vice versa, on the notional value traded, the difference in price being charged to income.

In case accrued balances pending settlement exist, they are recorded under Other Receivables from Financial Brokerage and/or Other Liabilities Resulting from Financial Brokerage,
as the case may be.

(g) These transactions have been conducted directly with customers pursuant to the above mentioned conditions.

27. Disclosure about Fair Value of Financial Instruments.

ASC 825, Disclosures about Fair Value of Financial Instruments requires disclosures of estimates of fair value of financial instruments. These estimates were made at the end of December 2012
and 2011. Because many of the Banks financial instruments do not have a readily trading market from which to determine fair value, the disclosures are based upon estimates regarding economic and current market conditions and risk
characteristics. Such estimates are subjective and involve matters of judgment and, therefore, are not precise and may not be reasonably comparable to estimates of fair value for similar instruments made by other financial institutions.

The estimated fair values do not include the value of assets and liabilities not considered financial instruments.

In order to determine the fair value, cash flows were discounted for each category or group of loans having similar characteristics, based on credit
risk, guarantees and/or maturities, using rates offered for similar loans by the Bank as of December 31, 2012 and 2011, respectively.



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Grupo Financiero Galicia S.A. and Subsidiaries

Notes to the Consolidated Financial Statements

For the years ended December 31, 2012, 2011 and 2010

(Expressed in
thousands of Argentine pesos)



|                                                                                        |  |                   |            |  |            |     |            |         |  |     |           |  |  |         |       |  |  |     |            | 
|--------------------------------------------------------------------------------------- |  | ----------------- | ---------- |  | ---------- | --- | ---------- | ------- |  | --- | --------- |  |  | ------- | ----- |  |  | --- | ---------- | 
|                                                                                        |  | December 31, 2012 |           
|                                                                                        |  | Book Value        |            |  | Fair Value |     |            | Level 1 |  |     | Level 2   |  |  | Level 3 |      
|Derivative activities: (see Note 26)                                                    |  |                   |            |  |            |     |            |         |  |     |           |  |  |         |       |  |  |     |            | 
|Assets                                                                                  |  | Ps.               | 2,540      |  |            | Ps. | 2,540      |         |  | Ps. | 1,688     |  |  | Ps.     | 852   |  |  | Ps. |           | 
|Liabilities                                                                             |  |                   | 2,345      |  |            |     | 2,345      |         |  |     | 1,360     |  |  |         | 985   |  |  |     |           | 
|Non derivative activities:                                                              |  |                   |            |  |            |     |            |         |  |     |           |  |  |         |       |  |  |     |            | 
|Assets:                                                                                 |  |                   |            |  |            |     |            |         |  |     |           |  |  |         |       |  |  |     |            | 
|Cash and due from banks (1)                                                             |  | Ps.               | 8,345,015  |  |            | Ps. | 8,345,015  |         |  | Ps. | 8,345,015 |  |  |         |      |  |  | Ps. |           | 
|Government securities (2)                                                               |  |                   |            |  |            |     |            |         |  |     |           |  |  |         |       |  |  |     |            | 
|At fair market value                                                                    |  |                   | 118,655    |  |            |     | 118,655    |         |  |     | 118,655   |  |  |         |      |  |  |     |           | 
|At acquisition cost plus IRR                                                            |  |                   | 3,508,301  |  |            |     | 3,553,087  |         |  |     | 3,309,598 |  |  |         |      |  |  |     | 243,489    | 
|Private Securities                                                                      |  |                   | 188        |  |            |     | 188        |         |  |     | 188       |  |  |         |      |  |  |     |           | 
|Loans (3)                                                                               |  |                   | 42,592,979 |  |            |     | 43,481,056 |         |  |     |           |  |  |         |       |  |  |     | 43,481,056 | 
|Others (4)                                                                              |  |                   | 4,539,610  |  |            |     | 4,430,428  |         |  |     | 727,433   |  |  |         |      |  |  |     | 3,702,995  | 
|Liabilities:                                                                            |  |                   |            |  |            |     |            |         |  |     |           |  |  |         |       |  |  |     |            | 
|Deposits (5)                                                                            |  | Ps.               | 39,945,180 |  |            | Ps. | 39,943,527 |         |  | Ps. |          |  |  |         |      |  |  | Ps. | 39,943,527 | 
|Other liabilities resulting from financial                                              |  |                   |            |  |            |     |            |         |  |     |           |  |  |         |       |  |  |     |            | 
|Intermediation:                                                                         |  |                   |            |  |            |     |            |         |  |     |           |  |  |         |       |  |  |     |            | 
|Banks and international entities and Loans from Domestic Financial Institutions (6) and |  |                   |            |  |            |     |            |         |  |     |           |  |  |         |       |  |  |     |            | 
|Negotiable obligations (7)                                                              |  |                   | 7,136,525  |  |            |     | 6,728,040  |         |  |     | 2,281,072 |  |  |         |      |  |  |     | 4,446,968  | 
|Others (8)                                                                              |  | Ps.               | 7,142,787  |  |            | Ps. | 7,131,569  |         |  | Ps. | 161,220   |  |  |         |      |  |  | Ps. | 6,970,349  | 
|                                                                                        | 
|                                                                                        |  | December 31, 2011 |           
|                                                                                        |  | Book Value        |            |  | Fair Value |     |            | Level 1 |  |     | Level 2   |  |  | Level 3 |      
|Derivative activities: (see Note 26)                                                    |  |                   |            |  |            |     |            |         |  |     |           |  |  |         |       |  |  |     |            | 
|Assets                                                                                  |  | Ps.               | 11,407     |  |            | Ps. | 11,407     |         |  | Ps. | 3,035     |  |  | Ps.     | 8,372 |  |  | Ps. |           | 
|Liabilities                                                                             |  |                   | 8,073      |  |            |     | 8,073      |         |  |     | 2,794     |  |  |         | 5,279 |  |  |     |           | 
|Non derivative activities:                                                              |  |                   |            |  |            |     |            |         |  |     |           |  |  |         |       |  |  |     |            | 
|Assets:                                                                                 |  |                   |            |  |            |     |            |         |  |     |           |  |  |         |       |  |  |     |            | 
|Cash and due from banks (1)                                                             |  | Ps.               | 6,418,891  |  |            | Ps. | 6,418,891  |         |  | Ps. | 6,418,891 |  |  |         |      |  |  | Ps. |           | 
|Government securities (2)                                                               |  |                   |            |  |            |     |            |         |  |     |           |  |  |         |       |  |  |     |            | 
|At fair market value                                                                    |  |                   | 2,370,139  |  |            |     | 2,370,139  |         |  |     | 2,370,139 |  |  |         |      |  |  |     |           | 
|At acquisition cost plus IRR                                                            |  |                   | 2,857,596  |  |            |     | 2,886,192  |         |  |     | 2,886,192 |  |  |         |      |  |  |     |           | 
|Private Securities                                                                      |  |                   | 3,128      |  |            |     | 3,128      |         |  |     | 3,128     |  |  |         |      |  |  |     |           | 
|Loans (3)                                                                               |  |                   | 30,904,527 |  |            |     | 31,118,836 |         |  |     |          |  |  |         |      |  |  |     | 31,118,836 | 
|Others (4)                                                                              |  |                   | 5,162,002  |  |            |     | 5,111,782  |         |  |     | 661,702   |  |  |         |      |  |  |     | 4,450,080  | 
|Liabilities:                                                                            |  |                   |            |  |            |     |            |         |  |     |           |  |  |         |       |  |  |     |            | 
|Deposits (5)                                                                            |  | Ps.               | 30,135,137 |  |            | Ps. | 30,122,198 |         |  | Ps. |          |  |  |         |      |  |  | Ps. | 30,122,198 | 
|Other liabilities resulting from financial                                              |  |                   |            |  |            |     |            |         |  |     |           |  |  |         |       |  |  |     |            | 
|Intermediation:                                                                         |  |                   |            |  |            |     |            |         |  |     |           |  |  |         |       |  |  |     |            | 
|Banks and international entities and Loans from Domestic Financial Institutions (6) and |  |                   |            |  |            |     |            |         |  |     |           |  |  |         |       |  |  |     |            | 
|Negotiable obligations (7)                                                              |  |                   | 6,487,448  |  |            |     | 6,269,460  |         |  |     |          |  |  |         |      |  |  |     | 6,269,460  | 
|Others (8)                                                                              |  | Ps.               | 8,415,982  |  |            | Ps. | 7,905,956  |         |  | Ps. | 1,559,308 |  |  |         |      |  |  | Ps. | 6,346,648  | 



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##### Table of Contents

Grupo Financiero Galicia S.A. and Subsidiaries

Notes to the Consolidated Financial Statements

For the years ended December 31, 2012, 2011 and 2010

(Expressed in
thousands of Argentine pesos)



The following is a description of the estimating techniques applied:

(1) Cash and due from banks: By definition, cash and due from banks are short-term and do not possess credit loss risk. The carrying values
as of December 31, 2012 and 2011 are a reasonable estimate of fair value and are classified within level 1 of the valuation hierarchy.

(2) Government securities: As of December 31, 2012 and 2011 holdings recorded at fair market value correspond to government
bonds and securities issued by Argentine Central Bank which are carried at fair value. As of December 31, 2012 and 2011 holdings recorded at their acquisition cost plus the IRR correspond mainly to Bonar 2015 bonds and securities issued by
Argentine Central Bank which fair value corresponds to their quoted market value.

Holding recorded at fair value: Where quoted prices are
available in an active market, securities are classified within level 1 of the valuation hierarchy. Level 1 securities includes national and government bonds, instruments issued by BCRA and corporate securities.

Other investments securities: as quoted market prices are not available, then fair values are estimated by using a discount cash flow model which
includes assumptions based upon projected finance charges related to the securitized assets, estimated net credit losses, prepayment assumptions and contractual interest paid to third-party investors. These are classified within level 3 of the
valuation hierarchy. See note 35.p.

(3) Loans: The fair values of loans are estimated for groups of similar characteristics,
including type of loan, credit quality incorporating the credit risk factor. For floating- or adjustable-rate loans, which mature or are repriced within a short period of time, the carrying values are considered to be a reasonable estimate of fair
values. For fixed-rate loans, market prices are not generally available and the fair values are estimated discounting the estimated future cash flows based on the contracted maturity of the loans. The discount rates are based on the current market
rates corresponding to the applicable maturity. For nonperforming loans, the fair values are generally determined on an individual basis by discounting the estimated future cash flows and may be based on the appraisal value of underlying collateral
as appropriate. The fair value of loans is classified as Level 3 of the valuation hierarchy where significant unobservable inputs were used to calculate the fair value. The valuation technique used to obtain the fair value was an income
approach using discounted cash flows. No changes in the valuation technique took place during the year.

(4) Others: Includes
other receivables from financial brokerage and equity investments in other companies. A majority of the items include purchases of government securities held for investment purposes for which fair value is determined by the quoted market value of
the underlying government securities, mostly Bonar 2015 Bonds and Securities issued by the Argentine Central Bank. This caption also includes financial trusts certificates of participation for which their fair value is estimated using valuation
techniques to convert the future amounts to a single discounted present amount. The measurement is based on the value indicated by current market expectation about those future amounts. The estimation of the cash flows is based on the future cash
flows from the securitized assets, considering the prepayments, historical loan performance, etc, Equity investments in companies where significant influence is exercised are not within the scope of ASC 825, Financial Instruments, Equity investments
in other companies are carried at market value less costs to sell.



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##### Table of Contents

Grupo Financiero Galicia S.A. and Subsidiaries

Notes to the Consolidated Financial Statements

For the years ended December 31, 2012, 2011 and 2010

(Expressed in
thousands of Argentine pesos)



Securitizations include the consolidated assets of Galtrust I. The fair value was estimated by using the
discounted cash flows of the assets. Therefore, these are classified within level 3 of the valuation hierarchy. The valuation technique used to obtain the fair value was an income approach. The estimation of the cash flows is based on the future
cash flows from the securitized assets, considering the prepayments, historical loan performance, discount rates are based on the current market rates for similar assets. No changes in the valuation technique took place during the year. See note
35.p.

Other assets were classified as Level 3 of the valuation hierarchy where significant unobservable inputs were used to calculate the
fair value. The valuation technique used to obtain the fair value was an income approach using discounted cash flows based on contractual cash flows using current market rates for instruments with similar characteristics. No changes in the valuation
technique took place during the year.

(5) Deposits: The fair value of deposit liabilities on demand and savings account
deposits is similar to its book value. The fair value of time deposits was calculated by discounting contractual cash flows using current market rates for instruments with similar maturities.

The fair value of deposits is classified as Level 3 of the valuation hierarchy where significant unobservable inputs were used to calculate the fair value. The valuation technique used to
obtain the fair value was an income approach using discounted cash flows. No changes in the valuation technique took place during the year. For floating- or adjustable-rate deposits, which mature or are repriced within a short period of time, the
carrying values are considered to be a reasonable estimate of fair values. For fixed-rate deposits, market prices are not generally available and the fair values are estimated discounting the estimated future cash flows based on the contracted
maturity of the deposits. The discount rates are based on the current market rates corresponding to the applicable maturity

(6) Banks
and international entities and loans from domestic financial institutions: Includes credit lines borrowed under different credit arrangements from local and foreign banks and entities. Most of them were restructured as of May 2004. As of
December 2012 and 2011, when no quoted market prices were available, the estimated fair value has been calculated by discounting the contractual cash flows of these liabilities at estimated market rates.

The fair value of Banks and international entities and loans from domestic financial institutions are classified as Level 3 of the valuation
hierarchy where significant unobservable inputs were used to calculate the fair value. The valuation technique used to obtain the fair value was an income approach using discounted cash flows. No changes in the valuation technique took place during
the year.

(7) Negotiable obligations: As of December 31, 2012 and 2011, the fair value of the negotiable obligations was
determined based on quoted market prices and when no quoted market prices were available, the estimated fair value has been calculated by discounting the contractual cash flows of these liabilities at estimated market rates.

Negotiable Obligations where quoted market are available are classified within level 1 of the valuation hierarchy.

The fair value of Negotiable obligation where no quoted market are available are classified as Level 3 of the valuation hierarchy where
significant unobservable inputs were used to calculate the fair value. The valuation technique used to obtain the fair value was an income approach using discounted cash flows. No changes in the valuation technique took place during the year.



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Grupo Financiero Galicia S.A. and Subsidiaries

Notes to the Consolidated Financial Statements

For the years ended December 31, 2012, 2011 and 2010

(Expressed in
thousands of Argentine pesos)



(8) Others: Includes other liabilities resulting from financial brokerage. Their fair
value was estimated at the expected future cash flows based on contractual maturity discounted at the estimated market rates of similar liabilities at year-end.

The fair value of negotiable others is classified as Level 3 of the valuation hierarchy where significant unobservable inputs were used to calculate the fair value. The valuation technique
used to obtain the fair value was an income approach using discounted cash flows. No changes in the valuation technique took place during the year.

28. Situation of Banco Galicia Uruguay S.A. (in liquidation).

During fiscal year 2009,
Banco Galicia Uruguay S.A. (in liquidation) wholly repaid in advance the debt restructuring plan entered into with its creditors. Therefore and having fulfilled its obligations, its shareholders have resolved, at the Shareholders Meeting held
on June 30, 2010, to voluntarily dissolve and liquidate the company.

Furthermore, taking into consideration the financial condition and
the evolution estimated in the liquidation process, shareholders decided to reduce the companys computable capital for a value equal to US$2,069 through the voluntary redemption of shares, which was carried out on October 28, 2010.

Pursuant to current regulations, the corporate name is, as from said date, Banco Galicia Uruguay S.A. (in liquidation).

At fiscal year-end, Banco Galicia Uruguay S.A. (in liquidation)s Shareholders Equity amounted to Ps.55,670.

29. Preferred Liabilities of the former Banco Almafuerte Coop. Ltdo.

As a consequence of the dissolution of former Banco Almafuerte Coop. Ltdo., the Bank assumed certain preferred liabilities corresponding to five branches of said financial institution. As a counterpart,
the Bank received a Class A Participation Certificate of the Nues Trust Fund and has been involved in the creation of a Special Fund. Both transactions were implemented pursuant to Resolution No. 659. dated November 27, 1998,
adopted by the Board of Directors of the Argentine Central Bank within the framework of Section 35 bis. section II, clauses a) and b) of the Financial Institutions Law.

On June 30, 2006, the holders of Class A Participation Certificates of the Nues Trust and the contributors to the Special Fund subscribed a new agreement in order to achieve the total
repayment of unpaid balances corresponding to Class A Participation Certificates and the subsequent liquidation of the Special Fund.

On July 6, 2010, the outstanding balance of Class A participation certificates was fully paid and the Special Funds balance was partially paid, thus generating a remaining balance
equal to the original contribution to the fund.

As of December 31, 2012 and 2011 the Special Funds balances amount to Ps. 176,173
and Ps. 174,091, respectively.

As of December 31, 2012 and 2011 the underlying assets of the Special Fund were invested in Bonar 2014
Bonds amounting to Ps. 391,496 and to Ps. 394,875, respectively. As of December 31, 2012 and 2011 the Bank held 45% of the Special Fund.



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##### Table of Contents

Grupo Financiero Galicia S.A. and Subsidiaries

Notes to the Consolidated Financial Statements

For the years ended December 31, 2012, 2011 and 2010

(Expressed in
thousands of Argentine pesos)



30. Financial Trusts.

a) Financial trusts with the Bank as trustee outstanding at fiscal year-end:



|           |  |               |  |                         |  |                                |  |                                                       |  |                      |  |                                               |  |                  
|---------- |  | ------------- |  | ----------------------- |  | ------------------------------ |  | ----------------------------------------------------- |  | -------------------- |  | --------------------------------------------- |  | -----------------
|Name       |  | Issuance
Date |  | Estimated maturity
date |  | Trustee                        |  | Trust assets                                          |  | Portfoliotransferred |  | Book value of securities held in ownportfolio
|           |  |               |  |                         |  | 12.31.12                       |  | 12.31.11                                             
|Galtrust I |  | 10.13.00      |  | 10.10.15                |  | First Trust of New York N.A.   |  | Secured Bonds in Pesos at 2% due 2018 (1)             |  | U.S. 490,224 (*)     |  | Ps.       673,981                             |  | Ps.       538,768
|Galicia    |  | 04.16.02      |  | 05.06.32                |  | Bapro Mandatos y Negocios S.A. |  | National Government Bonds in Pesos at 2% due 2014 (2) |  | Ps.     108,000      |  | Ps.      136,692                              |  | Ps.      121,520 
|           |  |               |  |                         |  |                                |  |                                                       |  |                      |  |                                               |  |                  
|           |  |               |  |                         |  |                                |  |                                                       |  | Total                |  | Ps.      810,673                              |  | Ps.      660,288 
|           |  |               |  |                         |  |                                |  |                                                       |  |                      |  |                                               |  |                  



|(*) | The remaining US$ 9,776 was transferred in cash.
|--- | ------------------------------------------------

|(1) | In exchange for loans to the Provincial Governments.
|--- | ----------------------------------------------------

|(2) | In exchange for secured loans.
|--- | ------------------------------

b) As of
December 31, 2012 and December 31, 2011, the Bank records financial trusts in own portfolio:



| |  |  | Received as loans repayment for Ps.143,911 and Ps.112,924, respectively.
| | - |  | ------------------------------------------------------------------------



| |  |  | Acquired as investments for Ps.305,648 and Ps.315,641, respectively.
| | - |  | --------------------------------------------------------------------

c) Trust Activities



| |  |  | Trust contracts for purposes of guaranteeing compliance with obligations:
| | - |  | -------------------------------------------------------------------------

Purpose: in order to guarantee compliance with contractual obligations, the parties to these agreements have agreed to deliver to the Bank, amounts as fiduciary property, to be invested according to the
following detail:



|                 |  |                           |  |                                 |         |  |                   |         
|---------------- |  | ------------------------- |  | ------------------------------- | ------- |  | ----------------- | --------
|Date of Contract |  | Trustor                   |  | Balances of 
TrustFunds12.31.12 |         |  | Maturity Date
(1)
|04.10.07         |  | Sullair                   |  |                                 | 7       |  |                   | 01.31.13
|02.12.08         |  | Sinteplast                |  |                                 | 8       |  |                   | 01.28.13
|12.21.09         |  | Las Blondas               |  |                                 | 7       |  |                   | 04.30.14
|12.07.10         |  | Aceitero Trust Fund       |  |                                 | 3,687   |  |                   | 12.31.12
|12.20.10         |  | Tecsan II                 |  |                                 | 5,812   |  |                   | 12.28.13
|07.26.11         |  | Tecsan III                |  |                                 | 95,830  |  |                   | 07.28.16
|10.21.11         |  | Coop. de Trab. Portuarios |  |                                 | 1,000   |  |                   | 10.21.13
|03.21.12         |  | Latinoamericana III       |  |                                 | 20,464  |  |                   | 04.30.15
|03.29.12         |  | Benito Roggio II          |  |                                 | 100,000 |  |                   | 03.30.15
|                 |  |                           |  |                                 |         |  |                   |         
|                 |  | Total                     |  | Ps.                             | 226,815 |  |                   |         
|                 |  |                           |  |                                 |         |  |                   |         



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##### Table of Contents

Grupo Financiero Galicia S.A. and Subsidiaries

Notes to the Consolidated Financial Statements

For the years ended December 31, 2012, 2011 and 2010

(Expressed in
thousands of Argentine pesos)



|(1) | These amounts shall be released monthly until settlement date of trustor obligations or maturity date, whichever occurs first.
|--- | ------------------------------------------------------------------------------------------------------------------------------



| |  |  | Financial trust contracts:
| | - |  | --------------------------

Purpose: to administer and exercise the fiduciary ownership of the trust assets until the redemption of debt securities and participation certificates:



|                 |  |                          |  |                                 |           |  |               |  |   |  |  |              
|---------------- |  | ------------------------ |  | ------------------------------- | --------- |  | ------------- |  | - |  |  | -------------
|Date of Contract |  | Trust                    |  | Balances of Trust Funds12.31.12 |           |  | Maturity Date
|                 |  | Ps.                      |  |                                 | US$       |  |              
|07.13.05         |  | Rumbo Norte I            |  |                                 | 113       |  |               |  | 4 |  |  | 03.31.2013(3)
|10.12.05         |  | Hydro I                  |  |                                 | 10,118    |  |               |  |  |  |  | 09.05.17(2)  
|12.05.06         |  | Faid 2011                |  |                                 | 919       |  |               |  |  |  |  | 06.30.2013(3)
|12.06.06         |  | Gas I                    |  |                                 | 19,432    |  |               |  |  |  |  | 12.31.13(3)  
|09.05.07         |  | Saturno VII              |  |                                 | 109       |  |               |  |  |  |  | 03.31.2013(3)
|05.06.08         |  | Agro Nitralco II         |  |                                 | 1,191     |  |               |  |  |  |  | 06.30.2013(3)
|05.14.09         |  | Gas II                   |  |                                 | 4,677,057 |  |               |  |  |  |  | 12.31.2022(3)
|02.10.11         |  | Cag S.A.                 |  |                                 | 36,283    |  |               |  |  |  |  | 06.30.2013(3)
|03.22.11         |  | Atanor                   |  |                                 | 67        |  |               |  |  |  |  | 03.31.2013(3)
|04.25.11         |  | Faid 2015                |  |                                 | 66,536    |  |               |  |  |  |  | 02.29.16(3)  
|06.08.11         |  | Mila III                 |  |                                 | 22,254    |  |               |  |  |  |  | 10.31.16(3)  
|09.01.11         |  | Mila IV                  |  |                                 | 28,739    |  |               |  |  |  |  | 06.30.17(3)  
|09.14.11         |  | Cag S.A. II              |  |                                 | 41,779    |  |               |  |  |  |  | 12.31.2013(3)
|10.07.11         |  | Sursem III               |  |                                 | 10,871    |  |               |  |  |  |  | 09.30.2013(3)
|11.02.11         |  | Fideicred Agro I         |  |                                 | 50        |  |               |  |  |  |  | 03.31.2013(3)
|05.31.12         |  | Fideicomiso Agro Serie I |  |                                 | 44,298    |  |               |  |  |  |  | 05.31.16(3)  
|12.27.12         |  | Pla                      |  |                                 | 5,602     |  |               |  |   |  |  | 05.31.16(3)  
|                 |  |                          |  |                                 |           |  |               |  |   |  |  |              
|                 |  | Total                    |  |                                 | 4,965,418 |  |               |  | 4 |  |  |              
|                 |  |                          |  |                                 |           |  |               |  |   |  |  |              



|(2) | These amounts shall be released monthly until redemption of debt securities.
|--- | ----------------------------------------------------------------------------

|(3) | Estimated date, since maturity date shall occur at the time of the distribution of all of the trust assets.
|--- | -----------------------------------------------------------------------------------------------------------

d) Banco de Galicia y Buenos Aires S.A. ́s activities as Security Agent:

d.1) Under the terms and conditions for the issuance of Negotiable Obligations Class I for a F.V. of US$ 25,000 corresponding to INVAP S.E., Banco de Galicia y Buenos Aires S.A. entered into an agreement
with the latter whereby the Bank undertakes the function of Security Agent.

Pursuant to the terms set forth in the above agreement, INVAP
S.E. granted in rem rights with first pledge and privilege over payment rights and any other credit right owned by INVAP S.E. in favor of the Security Agent and in representation of the holders of the secured obligations, in order that the latter
can guarantee compliance thereof until the redemption of such Negotiable Obligations.

The Bank, in its capacity as Security Agent, is in
charge of the administration of pledged banking accounts, authorized investments, and also carries out all functions specified under the terms and conditions of the agreement. Pledged balances as of December 31, 2012 amount to US$ 26,311 and
Ps. 75, while as of December 31, 2011 said balances amounted to US$ 38,063 and Ps. 57.

d.2) On April 8, 2011 Banco de Galicia y
Buenos Aires S.A. was appointed Security Agent to custody the National Treasurys endorsement guarantees in favor of ENARSA (Energía Argentina SA) that were assigned in favor of Nación Fideicomisos SA in its capacity
of Trustee of ENARSA-BARRAGAN and ENARSA-BRIGADIER LOPEZ financial trusts.



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##### Table of Contents

Grupo Financiero Galicia S.A. and Subsidiaries

Notes to the Consolidated Financial Statements

For the years ended December 31, 2012, 2011 and 2010

(Expressed in
thousands of Argentine pesos)



Said endorsement guarantees secure the payment of all obligations arising from the above-mentioned
trusts.

The Bank, in its capacity as Security Agent, will custody the documents regarding the National Treasurys endorsement guarantees
and will be in charge of managing all legal and notarial proceedings with respect to the enforcement thereof.

As of December 31, 2012
and 2011, the balances recorded from these transactions amount to US$ 1,364,097 and Ps. 408.

31. Segment Reporting.

The Group has disclosed its segment information in accordance with the Disclosures about Segments of an Enterprise and Related Information ASC
280-10, Operating segments are defined as components of an enterprise about which separate financial information is available and which is regularly reviewed by the Chief Operating Decision Maker in deciding how to allocate resources and in
assessing performance. Reportable segments consist of one or more operating segments with similar economic characteristics, distribution systems and regulatory environments. The information provided for Segment Reporting is based on internal reports
used by the Chief Operating Decision Maker.

The Group measures the performance of each of its business segments primarily in terms of
Net income in accordance with the regulatory reporting requirements of the Argentine Central Bank. Net income and other segment information are based on Argentine Banking GAAP and are consistent with the presentation of the Groups
consolidated financial statements.

The following summarizes the aggregation of Grupo Financiero Galicias operating segments into
reportable segments:

Banking: corresponds to the results of our banking business and represents the accounts of Banco de Galicia y
Buenos Aires S.A. consolidated line by line with Banco Galicia Uruguay S.A. and it subsidiaries. The results Galicia Valores S.A. Sociedad de Bolsa, and Galicia Administradora de Fondos S.A. Sociedad Gerente de Fondos Comunes de Inversión,
which are controlled by the Bank are shown under income from equity investments.

Regional Credit Cards: shows the results of our
regional credit card and consumer finance business and represents the accounts of Tarjetas Regionales S.A. consolidated with its subsidiaries. As of December 31, 2012, Tarjetas Regionales S.A,s main subsidiaries were Tarjeta Naranja S.A,
and Tarjetas Cuyanas S.A.

CFA Personal Loans: shows the results of Compañía Financiera Argentina S.A. This Company was
incorporated as of June 30, 2010 in the consolidated financial statements of the Bank.

Insurance: includes the results of our
insurance business and represents the accounts of Sudamericana Holding S.A. and its subsidiaries, including the results of the 12.5% interest owned by the Bank. As of December 31, 2012, Grupo Financiero Galicia S.A. maintained, through
Sudamericana Holding S.A., controlling interests in Galicia Vida Compañía de Seguros S.A., Galicia Retiro Compañía de Seguros S.A. and Sudamericana Asesores de Seguros S.A.

Other Grupo Businesses: shows the results of Galicia Warrants S.A., Net Investment S.A. (in both cases, including the 12.5% interest of the Bank)
and Galval Agente de Valores S.A.

The column Adjustments comprises (i) intercompany transactions between us and our
consolidated subsidiaries and among these companies, if corresponding, which are eliminated in our consolidated income statement; (ii) adjustments to compensate for not showing the results of Galicia Valores S.A.



F-53



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##### Table of Contents

Grupo Financiero Galicia S.A. and Subsidiaries

Notes to the Consolidated Financial Statements

For the years ended December 31, 2012, 2011 and 2010

(Expressed in
thousands of Argentine pesos)



Sociedad de Bolsa, Galicia Administradora de Fondos S.A. Sociedad Gerente de Fondos Comunes de Inversión consolidated line by line with Banco Galicia but as income from equity investments,
while in our consolidated financial statements, the accounts of these companies are shown line by line; (iii) the results corresponding to Non-controlling interests in the Bank and (iv) all of our stand alone income and expenses, including
goodwill amortization, different from income from our interests in our subsidiaries.



|                                 |  |         |            |   |                     |  |           |                  |  |  |           |  |  |                        |         |   |             |  |        |                   |  |  |            |   |  |  |            |  
|-------------------------------- |  | ------- | ---------- | - | ------------------- |  | --------- | ---------------- |  |  | --------- |  |  | ---------------------- | ------- | - | ----------- |  | ------ | ----------------- |  |  | ---------- | - |  |  | ---------- | -
|In Pesos Thousands               |  | Banking |            |   | RegionalCreditCards |  |           | CFAPersonalLoans |  |  | Insurance |  |  | OtherGruposBusinesses |         |   | Adjustments |  |        | ConsolidatedTotal | 
|Year ended December 31, 2012     |  |         |            |   |                     |  |           |                  |  |  |           |  |  |                        |         |   |             |  |        |                   |  |  |            |   |  |  |            |  
|Net Financial Income             |  |         | 3,188,411  |   |                     |  | 1,169,228 |                  |  |  | 792,607   |  |  |                        | 54,247  |   |             |  | 275    |                   |  |  | (16,390    | ) |  |  | 5,188,378  |  
|Net Income from Services         |  |         | 1,477,162  |   |                     |  | 2,052,836 |                  |  |  | 80,011    |  |  |                        |        |   |             |  | 23,197 |                   |  |  | (433,196   | ) |  |  | 3,200,010  |  
|Net Operating Revenue            |  |         | 4,665,573  |   |                     |  | 3,222,064 |                  |  |  | 872,618   |  |  |                        | 54,247  |   |             |  | 23,472 |                   |  |  | (449,586   | ) |  |  | 8,388,388  |  
|Provisions for Loan Losses       |  |         | 593,295    |   |                     |  | 580,143   |                  |  |  | 173,864   |  |  |                        |        |   |             |  |       |                   |  |  |           |   |  |  | 1,347,302  |  
|Administrative Expenses          |  |         | 3,094,587  |   |                     |  | 2,014,055 |                  |  |  | 524,948   |  |  |                        | 131,821 |   |             |  | 12,856 |                   |  |  | (4,633     | ) |  |  | 5,773,634  |  
|Net Operating Income             |  |         | 977,691    |   |                     |  | 627,866   |                  |  |  | 173,806   |  |  |                        | (77,574 | ) |             |  | 10,616 |                   |  |  | (444,953   | ) |  |  | 1,267,452  |  
|Income from Equity Investment    |  |         |            |   |                     |  |           |                  |  |  |           |  |  |                        |         |   |             |  |        |                   |  |  |            |   |  |  |            |  
|Tarjetas Regionales SA           |  |         | 342,432    |   |                     |  |          |                  |  |  |          |  |  |                        |        |   |             |  |       |                   |  |  | (342,432   | ) |  |  |           |  
|Compañía Financiera Argentina SA |  |         | 304,155    |   |                     |  |          |                  |  |  |          |  |  |                        |        |   |             |  |       |                   |  |  | (304,155   | ) |  |  |           |  
|Sudamericana                     |  |         | 14,431     |   |                     |  |          |                  |  |  |          |  |  |                        |        |   |             |  |       |                   |  |  | (14,431    | ) |  |  |           |  
|Others                           |  |         | 35,839     |   |                     |  |          |                  |  |  |          |  |  |                        |        |   |             |  |       |                   |  |  | 81,581     |   |  |  | 117,420    |  
|Other Income (Loss)              |  |         | (31,434    | ) |                     |  | 167,728   |                  |  |  | 136,221   |  |  |                        | 257,108 |   |             |  | 1,623  |                   |  |  | 395,778    |   |  |  | 927,024    |  
|Non-controlling interests        |  |         |           |   |                     |  | (9,779    | )                |  |  |          |  |  |                        |        |   |             |  |       |                   |  |  | (176,624   | ) |  |  | (186,403   | )
|Pre-tax Income                   |  |         | 1,643,114  |   |                     |  | 785,815   |                  |  |  | 310,027   |  |  |                        | 179,534 |   |             |  | 12,239 |                   |  |  | (805,236   | ) |  |  | 2,125,493  |  
|Income tax provision             |  |         | 342,000    |   |                     |  | 351,010   |                  |  |  | 94,003    |  |  |                        | 63,785  |   |             |  | 4,375  |                   |  |  | (65,895    | ) |  |  | 789,278    |  
|Net Income                       |  |         | 1,301,114  |   |                     |  | 434,805   |                  |  |  | 216,024   |  |  |                        | 115,749 |   |             |  | 7,864  |                   |  |  | (739,341   | ) |  |  | 1,336,215  |  
|Average:                         |  |         |            |   |                     |  |           |                  |  |  |           |  |  |                        |         |   |             |  |        |                   |  |  |            |   |  |  |            |  
|Private Loans                    |  |         | 25,871,770 |   |                     |  | 7,300,469 |                  |  |  | 2,040,344 |  |  |                        |        |   |             |  |       |                   |  |  | (15,715    | ) |  |  | 35,196,868 |  
|Deposits                         |  |         | 32,220,440 |   |                     |  |          |                  |  |  | 699,384   |  |  |                        |        |   |             |  |       |                   |  |  | (1,296     | ) |  |  | 32,918,528 |  
|End of Period:                   |  |         |            |   |                     |  |           |                  |  |  |           |  |  |                        |         |   |             |  |        |                   |  |  |            |   |  |  |            |  
|Assets                           |  |         | 52,632,797 |   |                     |  | 9,785,157 |                  |  |  | 3,225,719 |  |  |                        | 563,206 |   |             |  | 41,081 |                   |  |  | (2,789,689 | ) |  |  | 63,458,271 |  
|Equity                           |  |         | 4,959,619  |   |                     |  | 1,797,194 |                  |  |  | 993,752   |  |  |                        | 191,121 |   |             |  | 20,575 |                   |  |  | (3,092,183 | ) |  |  | 4,870,078  |  



F-54



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##### Table of Contents

Grupo Financiero Galicia S.A. and Subsidiaries

Notes to the Consolidated Financial Statements

For the years ended December 31, 2012, 2011 and 2010

(Expressed in
thousands of Argentine pesos)



|                                 |  |         |            |  |                     |  |           |                  |  |  |           |  |  |                        |         |   |             |  |        |                   |  |  |            |   |  |  |            |  
|-------------------------------- |  | ------- | ---------- |  | ------------------- |  | --------- | ---------------- |  |  | --------- |  |  | ---------------------- | ------- | - | ----------- |  | ------ | ----------------- |  |  | ---------- | - |  |  | ---------- | -
|In Pesos Thousands               |  | Banking |            |  | RegionalCreditCards |  |           | CFAPersonalLoans |  |  | Insurance |  |  | OtherGruposBusinesses |         |   | Adjustments |  |        | ConsolidatedTotal | 
|Year ended December 31, 2011     |  |         |            |  |                     |  |           |                  |  |  |           |  |  |                        |         |   |             |  |        |                   |  |  |            |   |  |  |            |  
|Net Financial Income             |  |         | 2,362,549  |  |                     |  | 701,587   |                  |  |  | 655,534   |  |  |                        | 47,510  |   |             |  | 680    |                   |  |  | (24,317    | ) |  |  | 3,743,543  |  
|Net Income from Services         |  |         | 1,095,450  |  |                     |  | 1,571,092 |                  |  |  | 36,014    |  |  |                        |        |   |             |  | 19,182 |                   |  |  | (270,035   | ) |  |  | 2,451,703  |  
|Net Operating Revenue            |  |         | 3,457,999  |  |                     |  | 2,272,679 |                  |  |  | 691,548   |  |  |                        | 47,510  |   |             |  | 19,862 |                   |  |  | (294,352   | ) |  |  | 6,195,246  |  
|Provisions for Loan Losses       |  |         | 494,109    |  |                     |  | 270,390   |                  |  |  | 78,871    |  |  |                        |        |   |             |  |       |                   |  |  |           |   |  |  | 843,370    |  
|Administrative Expenses          |  |         | 2,302,358  |  |                     |  | 1,402,148 |                  |  |  | 373,481   |  |  |                        | 103,214 |   |             |  | 21,786 |                   |  |  | 2,224      |   |  |  | 4,205,211  |  
|Net Operating Income             |  |         | 661,532    |  |                     |  | 600,141   |                  |  |  | 239,196   |  |  |                        | (55,704 | ) |             |  | (1,924 | )                 |  |  | (296,576   | ) |  |  | 1,146,665  |  
|Income from Equity Investment    |  |         |            |  |                     |  |           |                  |  |  |           |  |  |                        |         |   |             |  |        |                   |  |  |            |   |  |  |            |  
|Tarjetas Regionales SA           |  |         | 347,019    |  |                     |  |          |                  |  |  |          |  |  |                        |        |   |             |  |       |                   |  |  | (347,019   | ) |  |  |           |  
|Compañía Financiera Argentina SA |  |         | 315,026    |  |                     |  |          |                  |  |  |          |  |  |                        |        |   |             |  |       |                   |  |  | (315,026   | ) |  |  |           |  
|Sudamericana                     |  |         | 11,285     |  |                     |  |          |                  |  |  |          |  |  |                        |        |   |             |  |       |                   |  |  | (11,285    | ) |  |  |           |  
|Others                           |  |         | 17,711     |  |                     |  |          |                  |  |  |          |  |  |                        |        |   |             |  |       |                   |  |  | 114,985    |   |  |  | 132,696    |  
|Other Income (Loss)              |  |         | 80,389     |  |                     |  | 141,202   |                  |  |  | 94,513    |  |  |                        | 199,005 |   |             |  | 3,808  |                   |  |  | 233,490    |   |  |  | 752,407    |  
|Non-controlling interests        |  |         |           |  |                     |  | (106,418  | )                |  |  |          |  |  |                        |        |   |             |  |       |                   |  |  | (64,544    | ) |  |  | (170,962   | )
|Pre-tax Income                   |  |         | 1,432,962  |  |                     |  | 634,925   |                  |  |  | 333,709   |  |  |                        | 143,301 |   |             |  | 1,884  |                   |  |  | (685,975   | ) |  |  | 1,860,806  |  
|Income tax provision             |  |         | 325,700    |  |                     |  | 287,906   |                  |  |  | 111,143   |  |  |                        | 50,330  |   |             |  | 2,586  |                   |  |  | (23,802    | ) |  |  | 753,863    |  
|Net Income                       |  |         | 1,107,262  |  |                     |  | 347,019   |                  |  |  | 222,566   |  |  |                        | 92,971  |   |             |  | (702   | )                 |  |  | (662,173   | ) |  |  | 1,106,943  |  
|Average:                         |  |         |            |  |                     |  |           |                  |  |  |           |  |  |                        |         |   |             |  |        |                   |  |  |            |   |  |  |            |  
|Private Loans                    |  |         | 19,608,300 |  |                     |  | 5,087,467 |                  |  |  | 1,522,954 |  |  |                        |        |   |             |  |       |                   |  |  |           |   |  |  | 26,218,721 |  
|Deposits                         |  |         | 25,146,838 |  |                     |  |          |                  |  |  | 289,384   |  |  |                        |        |   |             |  |       |                   |  |  | (8,031     | ) |  |  | 25,428,191 |  
|End of Period:                   |  |         |            |  |                     |  |           |                  |  |  |           |  |  |                        |         |   |             |  |        |                   |  |  |            |   |  |  |            |  
|Assets                           |  |         | 43,324,590 |  |                     |  | 7,306,208 |                  |  |  | 2,326,969 |  |  |                        | 390,391 |   |             |  | 39,831 |                   |  |  | (2,194,963 | ) |  |  | 51,193,026 |  
|Equity                           |  |         | 3,602,824  |  |                     |  | 1,099,184 |                  |  |  | 954,067   |  |  |                        | 135,072 |   |             |  | 21,334 |                   |  |  | (2,260,866 | ) |  |  | 3,551,615  |  



F-55



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##### Table of Contents

Grupo Financiero Galicia S.A. and Subsidiaries

Notes to the Consolidated Financial Statements

For the years ended December 31, 2012, 2011 and 2010

(Expressed in
thousands of Argentine pesos)



|                                 |  |         |            |   |                     |  |           |                  |  |  |           |  |  |                        |         |   |             |  |        |                   |  |  |            |   |  |  |            |  
|-------------------------------- |  | ------- | ---------- | - | ------------------- |  | --------- | ---------------- |  |  | --------- |  |  | ---------------------- | ------- | - | ----------- |  | ------ | ----------------- |  |  | ---------- | - |  |  | ---------- | -
|In Pesos Thousands               |  | Banking |            |   | RegionalCreditCards |  |           | CFAPersonalLoans |  |  | Insurance |  |  | OtherGruposBusinesses |         |   | Adjustments |  |        | ConsolidatedTotal | 
|Year ended December 31, 2010     |  |         |            |   |                     |  |           |                  |  |  |           |  |  |                        |         |   |             |  |        |                   |  |  |            |   |  |  |            |  
|Net Financial Income             |  |         | 1,426,748  |   |                     |  | 503,385   |                  |  |  | 282,021   |  |  |                        | 28,656  |   |             |  | (738   | )                 |  |  | (37,861    | ) |  |  | 2,202,211  |  
|Net Income from Services         |  |         | 880,591    |   |                     |  | 1,040,109 |                  |  |  | 25,902    |  |  |                        |        |   |             |  | 12,835 |                   |  |  | (177,560   | ) |  |  | 1,781,877  |  
|Net Operating Revenue            |  |         | 2,307,339  |   |                     |  | 1,543,494 |                  |  |  | 307,923   |  |  |                        | 28,656  |   |             |  | 12,097 |                   |  |  | (215,421   | ) |  |  | 3,984,088  |  
|Provisions for Loan Losses       |  |         | 307,240    |   |                     |  | 199,461   |                  |  |  | 44,823    |  |  |                        |        |   |             |  |       |                   |  |  |           |   |  |  | 551,524    |  
|Administrative Expenses          |  |         | 1,693,034  |   |                     |  | 905,035   |                  |  |  | 159,165   |  |  |                        | 56,188  |   |             |  | 17,351 |                   |  |  | 14,541     |   |  |  | 2,845,314  |  
|Net Operating Income             |  |         | 307,065    |   |                     |  | 438,998   |                  |  |  | 103,935   |  |  |                        | (27,532 | ) |             |  | (5,254 | )                 |  |  | (229,962   | ) |  |  | 587,250    |  
|Income from Equity Investment    |  |         |            |   |                     |  |           |                  |  |  |           |  |  |                        |         |   |             |  |        |                   |  |  |            |   |  |  |            |  
|Tarjetas Regionales SA           |  |         | 270,494    |   |                     |  |          |                  |  |  |           |  |  |                        |        |   |             |  |       |                   |  |  | (270,494   | ) |  |  |           |  
|Compañía Financiera Argentina SA |  |         | 133,277    |   |                     |  |          |                  |  |  |          |  |  |                        |        |   |             |  |       |                   |  |  | (133,277   | ) |  |  |           |  
|Sudamericana                     |  |         | 4,023      |   |                     |  |          |                  |  |  |          |  |  |                        |        |   |             |  |       |                   |  |  | (4,023     | ) |  |  |           |  
|Others                           |  |         | 13,665     |   |                     |  |          |                  |  |  |          |  |  |                        |        |   |             |  |       |                   |  |  | 48,389     |   |  |  | 62,054     |  
|Other Income (Loss)              |  |         | (259,390   | ) |                     |  | 101,716   |                  |  |  | 37,473    |  |  |                        | 75,102  |   |             |  | 4,602  |                   |  |  | 162,618    |   |  |  | 122,121    |  
|Non-controlling interests        |  |         |           |   |                     |  | (78,417   | )                |  |  |          |  |  |                        |        |   |             |  |       |                   |  |  | (25,916    | ) |  |  | (104,333   | )
|Pre-tax Income                   |  |         | 469,134    |   |                     |  | 462,297   |                  |  |  | 141,408   |  |  |                        | 47,570  |   |             |  | (652   | )                 |  |  | (452,665   | ) |  |  | 667,092    |  
|Income tax provision             |  |         |           |   |                     |  | 191,803   |                  |  |  | 51,195    |  |  |                        | 16,269  |   |             |  | 1,303  |                   |  |  | (2,379     | ) |  |  | 258,191    |  
|Net Income                       |  |         | 469,134    |   |                     |  | 270,494   |                  |  |  | 90,213    |  |  |                        | 31,301  |   |             |  | (1,955 | )                 |  |  | (450,286   | ) |  |  | 408,901    |  
|Average:                         |  |         |            |   |                     |  |           |                  |  |  |           |  |  |                        |         |   |             |  |        |                   |  |  |            |   |  |  |            |  
|Private Loans                    |  |         | 12,818,609 |   |                     |  | 3,341,756 |                  |  |  | 640,405   |  |  |                        |        |   |             |  |       |                   |  |  | 2          |   |  |  | 16,800,722 |  
|Deposits                         |  |         | 18,111,998 |   |                     |  |          |                  |  |  | 116,499   |  |  |                        |        |   |             |  |       |                   |  |  | (13,095    | ) |  |  | 18,215,402 |  
|End of Period:                   |  |         |            |   |                     |  |           |                  |  |  |           |  |  |                        |         |   |             |  |        |                   |  |  |            |   |  |  |            |  
|Assets                           |  |         | 30,212,422 |   |                     |  | 4,888,094 |                  |  |  | 1,754,255 |  |  |                        | 293,886 |   |             |  | 37,810 |                   |  |  | (1,478,404 | ) |  |  | 35,708,063 |  
|Equity                           |  |         | 2,595,660  |   |                     |  | 812,252   |                  |  |  | 787,460   |  |  |                        | 105,102 |   |             |  | 22,599 |                   |  |  | (1,853,573 | ) |  |  | 2,469,500  |  

32. Agreement for the purchases of shares.

The Argentine Central Banks Board of Directors, through Resolution No, 124 dated June 7, 2010, authorized the Bank to purchase 95% of the shares belonging to the following companies:
Compañía Financiera Argentina S.A., Cobranzas y Servicios S.A. and Procesadora Regional S.A. (former Universal Processing Center S.A.), Furthermore, through the above-mentioned resolution the Argentine Central Bank authorized the
subsidiary Tarjetas Regionales S.A. to purchase the remaining 5% of the shares belonging to said companies.

The total purchase price paid
amounted to Ps.328,279 for Compañía Financiera Argentina, Ps.835 for Cobranzas y Servicios S.A. and Ps.4,809 for Procesadora Regional S.A. (former Universal Processing Center S.A.).

Pursuant to the Argentine Central Bank regulations, and due to the difference between the acquisition cost and the value of assets and liabilities
purchased as of June 30, 2010, valued in line with those that belong to the Group, a negative goodwill amounting to Ps.500,608 was recorded by Compañía Financiera Argentina S.A. and a negative goodwill of Ps.16,764 was recorded by
Cobranzas y Servicios S.A., both of which were recorded in the caption Liabilities-Provisions.



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##### Table of Contents

Grupo Financiero Galicia S.A. and Subsidiaries

Notes to the Consolidated Financial Statements

For the years ended December 31, 2012, 2011 and 2010

(Expressed in
thousands of Argentine pesos)



The negative goodwill is charged to Income on a straight-line basis during 60 months, pursuant to the
Argentine Central Bank regulations in that regard.

Additional disclosures for business combinations as required by ASC 805-10-50-2 (h)

The table below presents unaudited condensed income statement data of CFA (Compañía Financiera Argentina S.A., Cobranzas
y Servicios S.A. and Procesadora Regional S.A. are collectively refer to as CFA) for the six-month period ending December 31, 2010, which represents the results of CFA since the acquisition date included in Grupo Galicias
consolidated income statement for the year ended December 31, 2010.



|                           |  |                                                                                     |          |  
|-------------------------- |  | ----------------------------------------------------------------------------------- | -------- | -
|                           |  | Condensed income statement of CFA forthe six-month period 
ending December 31, 2010 |         
|Net financial income       |  |                                                                                     | 282,021  |  
|Net Income from services   |  |                                                                                     | 25,902   |  
|Net operating revenue      |  |                                                                                     | 307,923  |  
|Provisions for loan losses |  |                                                                                     | (44,823  | )
|Administrative expenses    |  |                                                                                     | (159,165 | )
|Net operating income       |  |                                                                                     | 103,935  |  
|Other income loss          |  |                                                                                     | 37,473   |  
|Non-controlling interest   |  |                                                                                     |         |  
|Pre-tax income             |  |                                                                                     | 141,408  |  
|Income tax provision       |  |                                                                                     | (51,195  | )
|Net Income                 |  |                                                                                     | 90,213   |  
|                           |  |                                                                                     |          |  

The table below presents the unaudited pro forma condensed consolidated income statement for the year ended
December 31, 2010 which give effect to Grupo Galicias acquisition of CFA as if it had occurred on January 1, 2010.

The
unaudited pro forma condensed consolidated income statement presented below is derived from the historical financial statements of CFA and Grupo Galicias in accordance with Argentina Banking GAAP. Such unaudited pro forma consolidated
financial information does not include eliminations related to transactions between Grupo Galicia and CFA, the anticipated realization of cost savings from any operating efficiencies, synergies or restructurings resulting from the integration of
CFA.

Grupo Galicia believes that the assumptions used to derive the unaudited pro forma condensed consolidated income statement are
reasonable given the information available; however, such assumptions are subject to change and the effect of any such change could be material. The unaudited pro forma condensed consolidated income statement has been provided for information
purposes only and is not necessarily indicative of the financial condition or results of operations that would have been achieved had the transaction actually been completed on the dates indicated and do not purport to be indicative of results of
operations at any future date or for any future period.



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Grupo Financiero Galicia S.A. and Subsidiaries

Notes to the Consolidated Financial Statements

For the years ended December 31, 2012, 2011 and 2010

(Expressed in
thousands of Argentine pesos)



|                           |  |                                                                                                                   |            |  
|-------------------------- |  | ----------------------------------------------------------------------------------------------------------------- | ---------- | -
|                           |  | Unaudited pro-formacondensed 
income statementof Grupo Galicia for thetwelve-month period endingDecember 31, 2010 |           
|Net financial income       |  |                                                                                                                   | 2,453,977  |  
|Net Income from services   |  |                                                                                                                   | 1,807,430  |  
|Net operating revenue      |  |                                                                                                                   | 4,261,407  |  
|Provisions for loan losses |  |                                                                                                                   | (681,602   | )
|Administrative expenses    |  |                                                                                                                   | (2,999,289 | )
|Net operating income       |  |                                                                                                                   | 580,516    |  
|Other income               |  |                                                                                                                   | 194,764    |  
|Non-controlling interest   |  |                                                                                                                   | (104,333   | )
|Pre-tax income             |  |                                                                                                                   | 670,947    |  
|Income tax provision       |  |                                                                                                                   | (283,428   | )
|Net Income                 |  |                                                                                                                   | 387,519    |  
|                           |  |                                                                                                                   |            |  

33. Differences between the Argentine Central Banks regulations and Argentine GAAP in the Autonomous City of
Buenos Aires.

The main differences between the Argentine Central Banks regulations and Argentine GAAP are detailed below:

Bonar 2015 Bonds in Holdings recorded at their acquisition cost plus IRR

In January 2010, Bonar 2015 with a face value of Ps.668,178 were recorded in this item, from which face value Ps.627,178 were valued at their acquisition
cost increased according to the internal rate of return (IRR) and face value Ps.41,000 were valued at fair values as of the previous fiscal year-end, Holdings of these securities are valued at their acquisition cost at the closing of operations on
the day before they were recognized. Consequently, the recognition of face value Ps.627,178 generated income for Ps.240,624.

As of
December 31, 2012, these holdings have been valued at their acquisition cost increased on an exponential basis according to their IRR. Under Argentine GAAP these securities should be valued at market price, the Banks Shareholders
Equity would have been increased by Ps.43,000 as of December 31, 2012.

Conversion of financial statements

The conversion into pesos of the financial statements of the foreign branches and subsidiaries for the purpose of their consolidation with Banco
Galicias financial statements, made in accordance with Argentine Central Bank regulations differ from Argentine GAAP (Technical Pronouncement No. 18). Argentine GAAP requires that:

a) The measurements in the financial statements that are stated in fiscal year-end foreign currency (current values, recoverable values) be converted into pesos at the balance sheet date exchange rate;
and

b) The measurements that are stated in foreign currency of periods predating the closing date (for example: those which represent
historical costs, income, expenses) in the financial statements be converted into pesos at the pertinent historical exchange rates, restated at fiscal year-end currency due to the application of Technical Pronouncement No. 17, Quotation
differences arising from conversion of the financial statements are treated as financial income or losses, as the case may be.

The
application of this criterion instead of that mentioned in Note 2.2 does not have a significant impact on the Groups financial statements.



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##### Table of Contents

Grupo Financiero Galicia S.A. and Subsidiaries

Notes to the Consolidated Financial Statements

For the years ended December 31, 2012, 2011 and 2010

(Expressed in
thousands of Argentine pesos)



Allowance for loan losses  Non-financial public sector

Current Argentine Central Bank regulations on the establishment of allowances provide that receivables from the public sector are not subject to
allowances for uncollectibility risk. Under Argentine GAAP, those allowances must be estimated based on the recoverability risk of those assets.

Negative Goodwill

As of December 31, 2012 and 2011, the Bank have recorded a
negative goodwill (net of the accumulated amortizations) for Ps.247,808 and Ps.346,931, respectively, thus regularizing the equity investments. This negative goodwill stems from the difference between the acquisition cost paid by the companies
Compañía Financiera Argentina S.A. and Cobranzas y Servicios S.A. and their equity method value estimated at the time of the purchase.

Pursuant to the Argentine Central Bank regulations, the negative goodwill is recorded regularizing the equity investment and subsequently charged to income on a straight-line basis during 60 months.
Pursuant to Argentine GAAP, negative goodwill should be recognized as a gain at the time of the purchase.

Accounting for income tax
according to the deferred tax method

The Bank determines the Income Tax charge by applying the statutory tax rate to the estimated
taxable income, without considering the effect of any temporary differences between accounting and tax results.

Under Argentine GAAP, income
tax must be recognized using the deferred tax method and, therefore, deferred tax assets or liabilities must be established based on the aforementioned temporary differences. In addition, unused tax loss carryforwards or fiscal credits that may be
offset against future taxable income should be recognized as deferred assets, provided that taxable income is likely to be generated.

Adoption of the International Financial Reporting Standards by the National Securities Commission

The international financial reporting standards adopted by the National Securities Commission (C.N.V.) are not applicable to Banco de Galicia y Buenos
Aires S.A., Galicia Seguros S.A. and Galicia Retiro S.A., This is due to the fact that the C.N.V. holds the position to accept accounting criteria set forth by other regulatory or control bodies, such as those established by the Argentine Central
Bank for the companies included in the Financial Institutions Law and those established by the Argentine Superintendency of Insurance for insurance companies.

It is worth noting that Technical Pronouncement No. 26 waives the compulsory application of the International Financial Reporting Standards to companies regarding which, even if they have negotiable
securities within the public offering system, whether because of their capital or else their negotiable obligations, the C.N.V. holds the position to accept accounting criteria set forth by other regulatory or control bodies, such as companies
included in the Financial Institutions Law and insurance companies.

In line with the aforementioned, on April 28, 2010, the
Companys Board of Directors approved the specific implementation plan, which excluded Banco de Galicia y Buenos Aires S.A. and the insurance companies.

Later, on November 24, 2011, the C.N.V. issued General Resolution No. 595 through which companies that invest in banks and insurance companies are exempted from the mandatory adoption of the
I.F.R.S. Therefore, due to the fact that Banco de Galicia y Buenos Aires S.A. is the Companys main equity investment, a financial institution subject to the Argentine Central Bank regulations, the Company will continue following the valuation
and disclosure criteria applied by Banco de Galicia y Buenos Aires S.A. for the presentation of the consolidated financial statements. Therefore, on January 24, 2012, the Companys Board of Directors decided to suspend the application of
the implementation plan.



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Grupo Financiero Galicia S.A. and Subsidiaries

Notes to the Consolidated Financial Statements

For the years ended December 31, 2012, 2011 and 2010

(Expressed in
thousands of Argentine pesos)



Tarjeta Naranja S.A. and Tarjetas Cuyanas S.A., institutions which are both included in the public
offering system because of their Negotiable Obligations pursuant to Law No.17811 have applied the I.F.R.S as from January 1, 2012.

34. Subsequent events

On April 15,
2013, our shareholders held a shareholders meeting during which they approved the payment of dividends in cash in the amount of Ps. 24.3 million which represents 1.96% with regard to 1,241,407,017 class A and B
ordinary shares with a face value of Ps.1 each.

35. Summary of Significant Differences between Argentine Central Bank Rules and United
States Accounting Principles.

The following is a description of the significant differences between Argentine Banking GAAP and U.S. GAAP:

a. Income tax.

Argentine
Central Bank regulations do not require the recognition of deferred tax assets and liabilities and, therefore, income taxes for Banco Galicia and CFA are recognized on the basis of amounts due in accordance with Argentine tax regulations. However,
Grupo Galicia and Grupo Galicias non-bank subsidiaries apply the deferred income tax method. As a result, Grupo Galicia and its non-banking subsidiaries have recognized a deferred tax asset as of December 31, 2012 and 2011.

In addition, the Group records as an asset the credit related with Minimum Presumed Income Tax amounting to Ps. 15,022 and Ps. 186,408 as of
December 31, 2012 and 2011 respectively. The MPIT credit will be computable as a down payment of any income tax excess over minimum notional income tax through the next ten years.

For the purposes of U.S. GAAP reporting, Grupo Galicia applies ASC 740-10 Accounting for Income Taxes. Under this guidance, income tax is recognized based on the assets and liabilities method
whereby deferred tax assets and liabilities are established for temporary differences between the financial reporting and tax basis of Grupo Galicias assets and liabilities. Deferred tax assets are recognized if it is more likely than not that
such assets will be realized. As such, the US GAAP adjustment included: a) Deferred Income Taxes for banking companies not recorded for local purposes and; b) tax effects on the USGAAP adjustments including in the reconciliation.



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##### Table of Contents

Grupo Financiero Galicia S.A. and Subsidiaries

Notes to the Consolidated Financial Statements

For the years ended December 31, 2012, 2011 and 2010

(Expressed in
thousands of Argentine pesos)



Deferred tax assets (liabilities) are summarized as follows:



|                                                 |  |                                           |     |  |                                          |  |          |                            |  |  |     |  |  |  |         |   |  |  |     |  |  |  |          |  
|------------------------------------------------ |  | ----------------------------------------- | --- |  | ---------------------------------------- |  | -------- | -------------------------- |  |  | --- |  |  |  | ------- | - |  |  | --- |  |  |  | -------- | -
|                                                 |  | December 31, 2012                         |    
|                                                 |  | ASC 740-10applied
toArgentineGAAPbalances |     |  | ASC 740-10applied to U.S.GAAPadjustments |  |          | U.S. GAAPDeferred Taxtotal | 
|Deferred tax assets                              |  |                                           |     |  |                                          |  |          |                            |  |  |     |  |  |  |         |   |  |  |     |  |  |  |          |  
|Allowance for loan losses  private sector       |  |                                           |     |  |                                          |  | 264,491  |                            |  |  |     |  |  |  | (10,621 | ) |  |  |     |  |  |  | 253,870  |  
|Intangible assets                                |  |                                           |     |  |                                          |  | 997      |                            |  |  |     |  |  |  | 91,182  |   |  |  |     |  |  |  | 92,179   |  
|Impairment of fixed assets and foreclosed assets |  |                                           |     |  |                                          |  |         |                            |  |  |     |  |  |  | 18,622  |   |  |  |     |  |  |  | 18,622   |  
|Debt restructuring                               |  |                                           |     |  |                                          |  |         |                            |  |  |     |  |  |  | 8,764   |   |  |  |     |  |  |  | 8,764    |  
|Liabilities                                      |  |                                           |     |  |                                          |  | 125,990  |                            |  |  |     |  |  |  |        |   |  |  |     |  |  |  | 125,990  |  
|Others                                           |  |                                           |     |  |                                          |  | (8,145   | )                          |  |  |     |  |  |  | 34,895  |   |  |  |     |  |  |  | 26,750   |  
|                                                 |  |                                           |     |  |                                          |  |          |                            |  |  |     | 
|Total gross deferred tax assets                  |  |                                           | Ps. |  |                                          |  | 383,333  |                            |  |  | Ps. |  |  |  | 142,842 |   |  |  | Ps. |  |  |  | 526,175  |  
|Deferred tax liabilities:                        |  |                                           |     |  |                                          |  |          |                            |  |  |     |  |  |  |         |   |  |  |     |  |  |  |          |  
|Investments                                      |  |                                           |     |  |                                          |  | (1,012   | )                          |  |  |     |  |  |  | (15,674 | ) |  |  |     |  |  |  | (16,686  | )
|Others                                           |  |                                           |     |  |                                          |  | (97,870  | )                          |  |  |     |  |  |  |        |   |  |  |     |  |  |  | (97,870  | )
|                                                 |  |                                           |     |  |                                          |  |          |                            |  |  |     | 
|Total gross deferred tax liabilities             |  |                                           | Ps. |  |                                          |  | (98,882  | )                          |  |  | Ps. |  |  |  | (15,674 | ) |  |  | Ps. |  |  |  | (114,556 | )
|                                                 |  |                                           |     |  |                                          |  |          |                            |  |  |     | 
|Net deferred income tax asset                    |  |                                           | Ps. |  |                                          |  | 284,451  |                            |  |  | Ps. |  |  |  | 127,168 |   |  |  | Ps. |  |  |  | 411,619  |  
|                                                 |  |                                           |     |  |                                          |  |          |                            |  |  |     | 
|                                                 | 
|                                                 |  | December 31, 2011                         |    
|                                                 |  | ASC 740-10applied
toArgentineGAAPbalances |     |  | ASC 740-10applied to U.S.GAAPadjustments |  |          | U.S. GAAPDeferred Taxtotal | 
|Deferred tax assets                              |  |                                           |     |  |                                          |  |          |                            |  |  |     |  |  |  |         |   |  |  |     |  |  |  |          |  
|Allowance for loan losses  private sector       |  |                                           |     |  |                                          |  | 237,743  |                            |  |  |     |  |  |  | (7,379  | ) |  |  |     |  |  |  | 230,364  |  
|Intangible assets                                |  |                                           |     |  |                                          |  | 1,326    |                            |  |  |     |  |  |  | 73,851  |   |  |  |     |  |  |  | 75,177   |  
|Impairment of fixed assets and foreclosed assets |  |                                           |     |  |                                          |  |         |                            |  |  |     |  |  |  | 19,110  |   |  |  |     |  |  |  | 19,110   |  
|Debt restructuring                               |  |                                           |     |  |                                          |  |         |                            |  |  |     |  |  |  | 14,924  |   |  |  |     |  |  |  | 14,924   |  
|Investments                                      |  |                                           |     |  |                                          |  | 13,146   |                            |  |  |     |  |  |  |        |   |  |  |     |  |  |  | 13,146   |  
|Liabilities                                      |  |                                           |     |  |                                          |  | 93,314   |                            |  |  |     |  |  |  |        |   |  |  |     |  |  |  | 93,314   |  
|Others                                           |  |                                           |     |  |                                          |  | 46,441   |                            |  |  |     |  |  |  | 41,178  |   |  |  |     |  |  |  | 87,619   |  
|                                                 |  |                                           |     |  |                                          |  |          |                            |  |  |     | 
|Total gross deferred tax assets                  |  |                                           | Ps. |  |                                          |  | 391,970  |                            |  |  | Ps. |  |  |  | 141,684 |   |  |  | Ps. |  |  |  | 533,654  |  
|Deferred tax liabilities:                        |  |                                           |     |  |                                          |  |          |                            |  |  |     |  |  |  |         |   |  |  |     |  |  |  |          |  
|Investments                                      |  |                                           |     |  |                                          |  |         |                            |  |  |     |  |  |  | (29,272 | ) |  |  |     |  |  |  | (29,272  | )
|Others                                           |  |                                           |     |  |                                          |  | (102,495 | )                          |  |  |     |  |  |  |        |   |  |  |     |  |  |  | (102,495 | )
|                                                 |  |                                           |     |  |                                          |  |          |                            |  |  |     | 
|Total gross deferred tax liabilities             |  |                                           | Ps. |  |                                          |  | (102,495 | )                          |  |  | Ps. |  |  |  | (29,272 | ) |  |  | Ps. |  |  |  | (131,767 | )
|                                                 |  |                                           |     |  |                                          |  |          |                            |  |  |     | 
|Net deferred income tax asset                    |  |                                           | Ps. |  |                                          |  | 289,475  |                            |  |  | Ps. |  |  |  | 112,412 |   |  |  | Ps. |  |  |  | 401,887  |  
|                                                 |  |                                           |     |  |                                          |  |          |                            |  |  |     | 



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##### Table of Contents

Grupo Financiero Galicia S.A. and Subsidiaries

Notes to the Consolidated Financial Statements

For the years ended December 31, 2012, 2011 and 2010

(Expressed in
thousands of Argentine pesos)



The following table accounts for the difference between the actual tax provision and the amounts
obtained by applying the statutory income tax rate in Argentina to income before income tax, calculated on the basis of U.S. GAAP for the fiscal years ended December 31, 2012, 2011 and 2010:



|                                                   |  |              |     |  |      |  |           |      |  |  |     |  |  |  |           |   |  |  |     |  |  |  |           |  
|-------------------------------------------------- |  | ------------ | --- |  | ---- |  | --------- | ---- |  |  | --- |  |  |  | --------- | - |  |  | --- |  |  |  | --------- | -
|                                                   |  | December 31, |    
|                                                   |  | 2012         |     |  | 2011 |  |           | 2010 | 
|Income before taxes and non - controlling interest |  |              | Ps. |  |      |  | 2,275,736 |      |  |  | Ps. |  |  |  | 1,737,935 |   |  |  | Ps. |  |  |  | 3,035,816 |  
|Tax rate in force                                  |  |              |     |  |      |  | 35        | %    |  |  |     |  |  |  | 35        | % |  |  |     |  |  |  | 35        | %
|Result for the year at the tax rate                |  |              |     |  |      |  | 796,508   |      |  |  |     |  |  |  | 608,277   |   |  |  |     |  |  |  | 1,062,536 |  
|Permanent tax differences                          |  |              |     |  |      |  | (16,962   | )    |  |  |     |  |  |  | 70,478    |   |  |  |     |  |  |  | (554,414  | )
|                                                   |  |              |     |  |      |  |           |      |  |  |     | 
|Income tax expense                                 |  |              | Ps. |  |      |  | 779,546   |      |  |  | Ps. |  |  |  | 678,755   |   |  |  | Ps. |  |  |  | 508,122   |  
|                                                   |  |              |     |  |      |  |           |      |  |  |     | 

According to the taxable income projections, the Group estimates that it is more likely than not that it will recover the
temporary differences and the credit recorded regarding Presumed Minimum Income Tax (See note 2.12) with future taxable income. Therefore, no valuation allowance was provided against the deferred tax assets and presumed minimum income tax.

Regarding the Presumed Minimum Income Tax as of December 21, 2009 based on the analysis performed, the Group believed that it was more
likely that not it would recover only the net operating tax loss carryforward and the temporary differences, with future taxable income. Therefore, a valuation allowance was provided against it. As of December 31, 2010, the Group believed that
it was more likely that not it would recover the net operating tax loss carryforward, the temporary differences and Presume Minimum Income Tax with future taxable income. Among other factors, the Group considered that the taxable income, mainly due
to the sales of national government bonds has consumed the total tax loss carryforward. In addition, according to the taxable income projections, the Group estimated that the presumed minimum income tax would be utilized during 2011 and 2012.
Therefore, no valuation allowance was provided against presumed minimum income tax. Therefore, the 2010 U.S. GAAP net income reconciliation includes the reversal of the 2009 shareholders equity adjustment for Ps. 328,619.

ASC 740-10 also provides guidance on derecognition, classification, interest and penalties, accounting in interim periods, disclosure and transition for
uncertain tax positions taken or expected to be taken in a tax return. As of December 31, 2012 and 2011, there were no uncertain tax positions.

The Group classifies income tax-related interest and penalties as income taxes in the financial statements.

The following table shows the tax years open for examination as of December 31, 2012, by major tax jurisdictions in which the Group operates:



|             |  |            
|------------ |  | -----------
|Jurisdiction |  | Tax year   
|Argentina    |  | 2008  2012
|Uruguay      |  | 2008  2012

The table below includes the amount of tax (expense)/benefit of each component of OCI for the year end December 31,
2012, 2011 and 2010:



|                              |  |                               |         |   |      |  |         |      |  |  |          |  
|----------------------------- |  | ----------------------------- | ------- | - | ---- |  | ------- | ---- |  |  | -------- | -
|                              |  | For the year end December 31, |        
|                              |  | 2012                          |         |   | 2011 |  |         | 2010 | 
|Compensatory Bonds Received   |  |                               |        |   |      |  |        |      |  |  | (290,542 | )
|Discount Bonds                |  |                               |        |   |      |  |        |      |  |  | (46,273  | )
|Bonar 2015 - Bonds            |  |                               | (36,054 | ) |      |  | 33,408  |      |  |  | 39,781   |  
|Galtrust I                    |  |                               | 11,788  |   |      |  | (22,068 | )    |  |  | 130,363  |  
|Others                        |  |                               | 3,246   |   |      |  | 1,662   |      |  |  | (19,819  | )
|                              |  |                               |         |   |      |  |         |      |  |  |          |  
|Tax Effect (expense) /benefit |  |                               | (21,020 | ) |      |  | 13,002  |      |  |  | (186,490 | )
|                              |  |                               |         |   |      |  |         |      |  |  |          |  



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##### Table of Contents

Grupo Financiero Galicia S.A. and Subsidiaries

Notes to the Consolidated Financial Statements

For the years ended December 31, 2012, 2011 and 2010

(Expressed in
thousands of Argentine pesos)



b. Commissions on loans.

Under Argentine Banking GAAP, the Bank does not defer loan origination fees and costs. In accordance with U.S. GAAP under ASC 310, loan origination fees net of certain direct loan origination costs should
be recognized over the life of the related loan as an adjustment of yield.

Therefore the Shareholders Equity adjustment between
Argentine Banking GAAP and U.S. GAAP as of December 31, 2012 and 2011 amounted to Ps. (98,888) and Ps. (118,544) respectively.

c. Intangible assets.

Goodwill
 Amortization and impairment

The following table summarizes the U.S. GAAP shareholders equity adjustments as of
December 31, 2012 and 2011:



|                              |  |              |     |  |      |  |        |   |  |  |     |  |  |  |        |  
|----------------------------- |  | ------------ | --- |  | ---- |  | ------ | - |  |  | --- |  |  |  | ------ | -
|                              |  | December 31, |    
|                              |  | 2012         |     |  | 2011 | 
|Goodwill impairment (1)       |  |              |     |  |      |  | (3,028 | ) |  |  |     |  |  |  | (3,688 | )
|Reversal of amortizations (2) |  |              |     |  |      |  | 45,693 |   |  |  |     |  |  |  | 44,414 |  
|                              |  |              |     |  |      |  |        |  
|Total                         |  |              | Ps. |  |      |  | 42,665 |   |  |  | Ps. |  |  |  | 40,726 |  
|                              |  |              |     |  |      |  |        |  



|(1) | The amount includes goodwill recognized under Argentine Banking GAAP, which should be reversed for U.S. GAAP purposes.
|--- | ----------------------------------------------------------------------------------------------------------------------

|(2) | Goodwill is amortized for Argentine Banking GAAP purposes. Under U.S. GAAP, according to ASC 350-20, since June 30, 2001, goodwill is no longer amortized. ASC 350
requires that goodwill should be reviewed annually for impairment or whenever events or changes in circumstances indicate that the carrying amount may not be recoverable, and adjusted in case that an impairment is detected. Goodwill amortization
recorded under Argentine Banking GAAP has been reversed for U.S. GAAP purposes. During the year ended December 31, 2012 and 2011, no impairment was recorded.
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Negative Goodwill  Compañía Financiera Argentina S.A. and Cobranzas y Servicios S.A.

As described in note 32, due to the difference between the acquisition cost and the estimated fair value of assets and liabilities acquired as of June 30, 2010, for the purchase of
Compañía Financiera Argentina S.A. and Cobranzas y Servicios S.A. the Group recorded negative goodwill amounting to Ps.500,608 by Compañía Financiera Argentina S.A. and Ps.16,764 by Cobranzas y Servicios S.A.,
respectively, under the caption Liabilities-Provisions. The negative goodwill is subsequently charged to Income on a straight-line basis over 60 months.

Under U.S. GAAP, ASC 805 requires the acquisition of the controlling interest of Compañía Financiera Argentina and Cobranzas y Servicios S.A. to be accounted for as a business combination
applying the purchase method, recognizing all net assets acquired at their fair value.

Considering that the net assets acquired were
originally recorded at their fair value under Argentine Banking GAAP, no adjustments for U.S. GAAP purposes were recorded in this regard. However, the negative goodwill recorded as a liability and being amortized over a 60 months period under
Argentine Banking GAAP, has been fully recognized as a gain in the 2010 consolidated statement of income for U.S. GAAP purposes under the caption Miscellaneous Income.



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##### Table of Contents

Grupo Financiero Galicia S.A. and Subsidiaries

Notes to the Consolidated Financial Statements

For the years ended December 31, 2012, 2011 and 2010

(Expressed in
thousands of Argentine pesos)



In addition, the amortization of negative goodwill recorded under Argentine Banking GAAP has been
reversed for U.S. GAAP purposes.

As of December 31, 2012 and 2011, the Group has a balance of Ps. 247,808 and Ps. 346,931 respectively,
related to the negative goodwill which has been reversed for U.S. GAAP purposes.

Software costs

Under U.S. GAAP, ASC 850-40 defines three stages for the costs of computer software developed or obtained for internal use: the preliminary project stage,
the application development stage and the post-implementation operation stage. Only the second stage costs should be capitalized. Under Argentine Banking GAAP, the Bank capitalized costs relating to all three of the stages of software development.

Therefore the Shareholders Equity adjustment between Argentine Banking GAAP and U.S. GAAP as of December 31, 2012 and 2011 is as
follows:



|                                                 |  |              |     |  |      |  |          |   |  |  |     |  |  |  |          |  
|------------------------------------------------ |  | ------------ | --- |  | ---- |  | -------- | - |  |  | --- |  |  |  | -------- | -
|                                                 |  | December 31, |    
|                                                 |  | 2012         |     |  | 2011 | 
|Capitalized cost expensed for U.S. GAAP purposes |  |              |     |  |      |  | (309,608 | ) |  |  |     |  |  |  | (232,638 | )
|Amortization adjustments                         |  |              |     |  |      |  | 49,088   |   |  |  |     |  |  |  | 21,635   |  
|                                                 |  |              |     |  |      |  |          |  
|Total                                            |  |              | Ps. |  |      |  | (260,520 | ) |  |  | Ps. |  |  |  | (211,003 | )
|                                                 |  |              |     |  |      |  |          |  

d. Loan loss reserves.

(i) Loans  Non-financial national public sector

During the fiscal year ended
December 31, 2001, and as a consequence of Decree No. 1387/01, effective as of November 6, 2001, the Bank swapped part of its Argentine public-sector debt instruments, under the Promissory Note/Bond program, for secured loans.

During January 2009 the National Government offered a public debt swap, including secured loans set forth in Decree No. 1387/01 and
other debt securities. Regarding such measure, the Bank took part in an exchange of National Secured Loans DUE:2009-7%, Bond Promissory Note G+580 Mega (fixed rate), for other public sector assets pursuant to their market prices.

Under Argentine Banking GAAP, the Secured Loans have been valued on the basis of the highest value that arises from the difference between
the present value, informed by the Argentine Central Bank, and their net book value. The latter value is the book value recorded as of January 31, 2009, increased monthly by the IRR and adjusted by the CER, net of charged financial services
received. In the case that these Secured Loans present value is lower than their book value, the monthly accrual is charged to an asset regularizing account. Such account shall be reversed by charging its balance to Income as long as such
balance is higher than the positive difference existing between the present value and the net book value, as recorded in the previous fiscal year.

In accordance with U.S. GAAP, specifically ASC 310-20, satisfaction of one monetary asset (in this case a loan or debt security) by the receipt of another monetary asset (in this case a secured loan) for
the creditor is generally based on the market value of the asset received in satisfaction of the debt (an extinguishment). In this particular case, the secured loan being received is substantially different in structure and in interest rates than
the debt securities swapped. Therefore, the fair value of the loans was determined on the balance sheet date based on the contractual cash flows of the loan received discounted at an estimated market rate. The estimated fair value of the loan
received constitutes the cost basis of the asset. Any difference between the old asset and the fair value of the new asset is recognized as a gain or loss. The difference between the cost basis and amounts expected to be collected is being amortized
on an effective yield basis over the life on the loan.



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##### Table of Contents

Grupo Financiero Galicia S.A. and Subsidiaries

Notes to the Consolidated Financial Statements

For the years ended December 31, 2012, 2011 and 2010

(Expressed in
thousands of Argentine pesos)



During the year ended December 31, 2010 the Bank sold its position in these loans. Therefore, as of
December 31, 2012 and 2011, the shareholders equity does not include a reconciliation item related to the above mentioned adjustment.

(ii) Loans to the non-financial private sector and residents abroad

For the purposes of
analyzing our loan loss reserve under U.S. GAAP, the Bank divides the loan portfolio into performing and non-performing commercial and consumer loans.

The non-performing commercial loan portfolio is comprised of loans falling into the following classifications of the Argentine Central Bank:



| |  |  | With Problems
| | - |  | ---------------



| |  |  | High Risk of Insolvency
| | - |  | -------------------------



| |  |  | Uncollectible
| | - |  | ---------------

The Bank applies ASC 310-10 to all commercial loans classified as With problems, High Risk of Insolvency and
Uncollectible. Additionally it is also considered in the assessment, however is not a determining factor, if commercial loans are more than 90 days past due. All non-performing commercial loans are individually assessed for impairment.
All other commercial and consumer loans are assessed on a collective basis.

The allowance for significant non-performing commercial loans is
measured based on the present value of estimated future cash flows discounted at the original effective loan rate or on the fair value of the collateral net of estimated costs to sell in the case where the loan is considered collateral-dependent. An
allowance for impaired loans is provided when estimated future cash flows discounted at their original effective rate or collateral fair value is lower than book value.

To calculate the allowance required for all other commercial and consumer impaired loans and unimpaired loans, the Bank performs an analysis of historical losses from consumer and performing commercial
loan portfolios in order to estimate losses for U.S. GAAP purposes, resulting from loan losses that had been incurred in such loan portfolios at the balance sheet date but which had not been individually identified. Loss estimates are analyzed by
loan type and thus for homogeneous groups of clients. Such historical ratios are updated to incorporate the most recent data reflecting current economic conditions, industry performance trends, geographic or obligor concentrations within each
portfolio segment, and any other pertinent information that may affect the estimation of the allowance for loan losses. Many factors can affect the Banks estimates of allowance for loan losses, including volatility of default probability,
migrations and estimated loss severity.

Allowances on homogeneous loan portfolios are established based on probability of default, which is
defined as the probability of the debtor within a specific loan portfolio or segment and rating, defaulting on its obligations within the next twelve (12) months. Under U.S. GAAP, this probability of default is determined by analyzing estimated
defaults or foreclosures based on portfolio trends, historical losses, and clients payment behavior.



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##### Table of Contents

Grupo Financiero Galicia S.A. and Subsidiaries

Notes to the Consolidated Financial Statements

For the years ended December 31, 2012, 2011 and 2010

(Expressed in
thousands of Argentine pesos)



a. Allowance for Credit Losses and Recorded Investments in Financial Receivables

The following table presents the allowance for loan losses and the related carrying amount of Financial Receivables for the years ended
December 31, 2012 and 2011 respectively:



|                                                      |  |                         |            |   |                          |     |                  |       |  |     |                  |  
|----------------------------------------------------- |  | ----------------------- | ---------- | - | ------------------------ | --- | ---------------- | ----- |  | --- | ---------------- | -
|                                                      |  | As of December 31, 2012 |           
|                                                      |  | ConsumerLoan Portfolio  |            |   | Commercial LoanPortfolio |     |                  | Total | 
|Allowances for loan losses:                           |  | Ps.                     |            |   |                          | Ps. |                  |       |  | Ps. |                  |  
|Beginning balance                                     |  |                         | 1,130,909  |   |                          |     | 148,568          |       |  |     | 1,279,477        |  
|Charge-offs                                           |  |                         | (761,795   | ) |                          |     | (73,363          | )     |  |     | (835,158         | )
|Recoveries                                            |  |                         | (60,375    | ) |                          |     |                  |       |  |     | (60,375          | )
|Foreign Exchange effect and other adjustments         |  |                         | 48,848     |   |                          |     |                 |       |  |     | 48,848           |  
|Provision                                             |  |                         | 1,276,262  |   |                          |     | 22,020           |       |  |     | 1,298,282        |  
|                                                      |  |                         |            |   |                          |     |                  |       |  |     |                  |  
|Ending balance                                        |  | Ps.                     | 1,633,849  |   |                          | Ps. | 97,225           |       |  | Ps. | 1,731,074        |  
|                                                      |  |                         |            |   |                          |     |                  |       |  |     |                  |  
|Ending balance- individually evaluated for impairment |  |                         |           |   |                          |     | 70,558           |       |  |     | 70,558           |  
|Ending balance- collectively evaluated for impairment |  |                         | 1,633,849  |   |                          |     | 26,667           |       |  |     | 1,660,516        |  
|                                                      |  |                         |            |   |                          |     |                  |       |  |     |                  |  
|Financing receivables:                                |  |                         |            |   |                          |     |                  |       |  |     |                  |  
|Ending balance                                        |  |                         | 28,806,645 |   |                          |     | 17,559,914       |       |  |     | 46,366,559       |  
|                                                      |  |                         |            |   |                          |     |                  |       |  |     |                  |  
|Ending balance: individually evaluated for impairment |  |                         |           |   |                          |     | 115,551          |       |  |     | 115,551          |  
|Ending balance: collectively evaluated for impairment |  | Ps.                     | 28,806,645 |   |                          | Ps. | 17,444,363       |       |  | Ps. | 46,251,008       |  
|                                                      |  |                         |            |   |                          |     |                  |       |  |     |                  |  
|                                                      | 
|                                                      |  | As of December 31, 2011 |           
|                                                      |  | ConsumerLoan Portfolio  |            |   | Commercial LoanPortfolio |     |                  | Total | 
|Allowances for loan losses:                           |  |                         |            |   |                          |     |                  |       |  |     |                  |  
|Beginning balance                                     |  | Ps.                     | 729,212    |   |                          | Ps. | 75,474           |       |  | Ps. | 804,686          |  
|Charge-offs                                           |  |                         | (457,741   | ) |                          |     | (94,746          | )     |  |     | (552,487         | )
|Recoveries                                            |  |                         | (22,146    | ) |                          |     |                 |       |  |     | (22,146          | )
|Foreign Exchange effect and other adjustments         |  |                         | 30         |   |                          |     |                 |       |  |     | 30               |  
|Provision                                             |  |                         | 881,554    |   |                          |     | 167,840          |       |  |     | 1,049,394        |  
|                                                      |  |                         |            |   |                          |     |                  |       |  |     |                  |  
|Ending balance                                        |  | Ps.                     | 1,130,909  |   |                          | Ps. | 148,568          |       |  | Ps. | 1,279,477        |  
|                                                      |  |                         |            |   |                          |     |                  |       |  |     |                  |  
|Ending balance- individually evaluated for impairment |  |                         |           |   |                          |     | 40,475           |       |  |     | 40,475           |  
|Ending balance- collectively evaluated for impairment |  |                         | 1,130,909  |   |                          |     | 108,093          |       |  |     | 1,239,002        |  
|                                                      |  |                         |            |   |                          |     |                  |       |  |     |                  |  
|Financing receivables:                                |  |                         |            |   |                          |     |                  |       |  |     |                  |  
|Ending balance                                        |  | Ps.                     | 20,204,801 |   |                          |     | Ps    13,352,209 |       |  |     | Ps    33,557,010 |  
|                                                      |  |                         |            |   |                          |     |                  |       |  |     |                  |  
|Ending balance: individually evaluated for impairment |  |                         |           |   |                          |     | 81,054           |       |  |     | 81,054           |  
|Ending balance: collectively evaluated for impairment |  |                         | 20,204,801 |   |                          |     | 13,271,155       |       |  |     | 33,475,956       |  
|                                                      |  |                         |            |   |                          |     |                  |       |  |     |                  |  

b. Loan Charge-off s and recoveries

Under Argentine Banking GAAP, recoveries on previously charged-off loans are recorded directly to income and the amount of charged-off loans in excess of amounts specifically allocated is recorded as a
direct charge to the income statement. The Bank does not partially charge off troubled loans until final disposition of the loan, rather, the allowance is maintained on a loan-by-loan basis for its estimated settlement value. Under U.S. GAAP, all
charge off and recovery activity is recorded through the allowance for loan loss account. Further, loans are



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##### Table of Contents

Grupo Financiero Galicia S.A. and Subsidiaries

Notes to the Consolidated Financial Statements

For the years ended December 31, 2012, 2011 and 2010

(Expressed in
thousands of Argentine pesos)



generally charged to the allowance account when all or part of the loan is considered uncollectible. In connection with loans in judicial proceedings, resolution through the judicial system may
span several years. Loans in judicial proceedings, greater than three years as of December 31, 2012, 2011 and 2010, amounted to Ps. 11,284, Ps.5,966 and Ps. 5,061, respectively. Under U.S. GAAP these loans were completely provisioned. The Bank
also classified loans, many of which are in judicial proceedings, which amounted to approximately Ps. 233,261, Ps. 144,103 and Ps.178,400 as of December 31, 2012, 2011 and 2010, respectively, as uncollectible, although the Bank may hold
preferred guarantees. Therefore, the balance of loans and allowance for loan losses would be decreased by these amounts. There is no impact on the Statements of Income or Shareholders equity considering that the Bank ́s practice involves
a reclassification with no income impact.

c. Impaired Loans

ASC 310, requires a creditor to measure impairment of a loan based on the present value of expected future cash flows discounted at the loans effective interest rate, or at the loans
observable market price or the fair value of the collateral if the loan is collateral dependent. This Statement is applicable to all loans (including those restructured in a troubled debt restructuring involving amendment of terms), except large
groups of smaller-balance homogenous loans that are collectively evaluated for impairment. Loans are considered impaired when, based on Managements evaluation, a borrower will not be able to fulfill its obligation under the original loan
terms.

The following table discloses the amounts of loans considered impaired in accordance with ASC 310, as of December 31, 2012 and
2011:



|                                    |  |                         |    |  |                        |  |         |                  |  |  |    |  |  |  |         |  |  |  |    |  |  |  |        | 
|----------------------------------- |  | ----------------------- | -- |  | ---------------------- |  | ------- | ---------------- |  |  | -- |  |  |  | ------- |  |  |  | -- |  |  |  | ------ | 
|                                    |  | As of December 31, 2012 |   
|                                    |  | RecordedInvestment      |    |  | UnpaidPrincipalBalance |  |         | RelatedAllowance | 
|With no related allowance recorded: |  |                         |    |  |                        |  |         |                  |  |  |    |  |  |  |         |  |  |  |    |  |  |  |        | 
|Commercial                          |  |                         |    |  |                        |  |         |                  |  |  |    |  |  |  |         |  |  |  |    |  |  |  |        | 
|Impaired Loans                      |  |                         | Ps |  |                        |  | 6,180   |                  |  |  | Ps |  |  |  | 6,007   |  |  |  | Ps |  |  |  |       | 
|With an allowance recorded:         |  |                         |    |  |                        |  |         |                  |  |  |    |  |  |  |         |  |  |  |    |  |  |  |        | 
|Commercial                          |  |                         |    |  |                        |  |         |                  |  |  |    |  |  |  |         |  |  |  |    |  |  |  |        | 
|Impaired Loans                      |  |                         | Ps |  |                        |  | 109,371 |                  |  |  | Ps |  |  |  | 104,025 |  |  |  | Ps |  |  |  | 70,558 | 
|                                    |  |                         |    |  |                        |  |         |                  |  |  |    | 
|Total                               |  |                         | Ps |  |                        |  | 115,551 |                  |  |  | Ps |  |  |  | 110,032 |  |  |  | Ps |  |  |  | 70,558 | 
|                                    |  |                         |    |  |                        |  |         |                  |  |  |    | 
|                                    | 
|                                    |  | As of December 31, 2011 |   
|                                    |  | RecordedInvestment      |    |  | UnpaidPrincipalBalance |  |         | RelatedAllowance | 
|With no related allowance recorded: |  |                         |    |  |                        |  |         |                  |  |  |    |  |  |  |         |  |  |  |    |  |  |  |        | 
|Commercial                          |  |                         |    |  |                        |  |         |                  |  |  |    |  |  |  |         |  |  |  |    |  |  |  |        | 
|Impaired Loans                      |  |                         | Ps |  |                        |  | 7,334   |                  |  |  | Ps |  |  |  | 5,460   |  |  |  |    |  |  |  |       | 
|With an allowance recorded:         |  |                         |    |  |                        |  |         |                  |  |  |    |  |  |  |         |  |  |  |    |  |  |  |        | 
|Commercial                          |  |                         |    |  |                        |  |         |                  |  |  |    |  |  |  |         |  |  |  |    |  |  |  |        | 
|Impaired Loans                      |  |                         | Ps |  |                        |  | 73,720  |                  |  |  | Ps |  |  |  | 68,957  |  |  |  | Ps |  |  |  | 40,475 | 
|                                    |  |                         |    |  |                        |  |         |                  |  |  |    | 
|Total                               |  |                         | Ps |  |                        |  | 81,054  |                  |  |  | Ps |  |  |  | 74,417  |  |  |  | Ps |  |  |  | 40,475 | 
|                                    |  |                         |    |  |                        |  |         |                  |  |  |    | 

The average recorded investments for impaired loans were Ps. 105,986 and Ps. 127,186 for the years ended
December 31, 2012 and 2011, respectively.



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##### Table of Contents

Grupo Financiero Galicia S.A. and Subsidiaries

Notes to the Consolidated Financial Statements

For the years ended December 31, 2012, 2011 and 2010

(Expressed in
thousands of Argentine pesos)



The interest income recognized on impaired loans amounted to Ps. 7,738, Ps. 6,495 and Ps. 3,451 for the
years ended December 31, 2012, 2011 and 2010, respectively.

d. Non-accrual Loans

Non-Accrual loans are defined as those loans in the categories of: (a) Consumer portfolio: Medium Risk, High Risk and
Uncollectible and (b) Commercial portfolio: With problems, High Risk of Insolvencyand Uncollectible.

The following table represents the amounts of nonaccruals, segregated by class of loans, as of December 31, 2012 and 2011, respectively:



|                        |  |                    |    |  |      |  |           |  |  |  |    |  |  |  |         | 
|----------------------- |  | ------------------ | -- |  | ---- |  | --------- |  |  |  | -- |  |  |  | ------- | 
|                        |  | As of December 31, |   
|                        |  | 2012               |    |  | 2011 | 
|Consumer                |  |                    |    |  |      |  |           |  |  |  |    |  |  |  |         | 
|Advances                |  |                    | Ps |  |      |  | 43,648    |  |  |  | Ps |  |  |  | 32,052  | 
|Promissory Notes        |  |                    |    |  |      |  | 41,998    |  |  |  |    |  |  |  | 21,929  | 
|Mortgage Loans          |  |                    |    |  |      |  | 7,974     |  |  |  |    |  |  |  | 5,835   | 
|Personal Loans          |  |                    |    |  |      |  | 314,461   |  |  |  |    |  |  |  | 184,800 | 
|Credit Card Loans       |  |                    |    |  |      |  | 713,462   |  |  |  |    |  |  |  | 328,589 | 
|Other Loans             |  |                    |    |  |      |  | 10,309    |  |  |  |    |  |  |  | 7,176   | 
|                        |  |                    |    |  |      |  |           | 
|Total Consumer          |  |                    | Ps |  |      |  | 1,131,852 |  |  |  | Ps |  |  |  | 580,381 | 
|                        |  |                    |    |  |      |  |           | 
|Commercial              |  |                    |    |  |      |  |           |  |  |  |    |  |  |  |         | 
|Impaired Loans          |  |                    |    |  |      |  | 71,132    |  |  |  |    |  |  |  | 52,295  | 
|                        |  |                    |    |  |      |  |           | 
|Total Commercial        |  |                    | Ps |  |      |  | 71,132    |  |  |  | Ps |  |  |  | 52,295  | 
|                        |  |                    |    |  |      |  |           | 
|Total Non-accrual loans |  |                    | Ps |  |      |  | 1,247,403 |  |  |  | Ps |  |  |  | 632,676 | 
|                        |  |                    |    |  |      |  |           | 

An aging analysis of past due loans, segregated by class of loans, as of December 31, 2012 and 2011 were as follows:



|                       |  |                         |         |  |              |  |         |              |  |  |                 |  |  |               |         |  |         |  |           |                |  |  |            |  |  |  |            | 
|---------------------- |  | ----------------------- | ------- |  | ------------ |  | ------- | ------------ |  |  | --------------- |  |  | ------------- | ------- |  | ------- |  | --------- | -------------- |  |  | ---------- |  |  |  | ---------- | 
|                       |  | As of December 31, 2012 |        
|                       |  | 30-90                   |         |  | 91-180       |  |         | 181-360      |  |  |                 |  |  |               |         |  |         |  |           |                | 
|                       |  | Days PastDue            |         |  | Days PastDue |  |         | Days PastDue |  |  | Greaterthan 360 |  |  | Total PastDue |         |  | Current |  |           | TotalFinancing | 
|Consumer               |  |                         |         |  |              |  |         |              |  |  |                 |  |  |               |         |  |         |  |           |                |  |  |            |  |  |  |            | 
|Advances               |  |                         | 14,946  |  |              |  | 15,499  |              |  |  | 22,105          |  |  |               | 6,044   |  |         |  | 58,594    |                |  |  | 472,242    |  |  |  | 530,836    | 
|Promissory Notes       |  |                         | 15,267  |  |              |  | 15,256  |              |  |  | 19,201          |  |  |               | 7,541   |  |         |  | 57,265    |                |  |  | 1,785,904  |  |  |  | 1,843,169  | 
|Mortgage Loans         |  |                         | 6,214   |  |              |  | 2,808   |              |  |  | 1,159           |  |  |               | 4,007   |  |         |  | 14,188    |                |  |  | 456,840    |  |  |  | 471,028    | 
|Personal Loans         |  |                         | 233,802 |  |              |  | 142,136 |              |  |  | 162,420         |  |  |               | 9,905   |  |         |  | 548,263   |                |  |  | 7,377,987  |  |  |  | 7,926,250  | 
|Credit Card Loans      |  |                         | 448,922 |  |              |  | 283,494 |              |  |  | 394,052         |  |  |               | 35,916  |  |         |  | 1,162,384 |                |  |  | 16,528,710 |  |  |  | 17,691,094 | 
|Other Loans            |  |                         | 4,966   |  |              |  | 5,701   |              |  |  | 3,441           |  |  |               | 1,167   |  |         |  | 15,275    |                |  |  | 328,993    |  |  |  | 344,268    | 
|                       |  |                         |         |  |              |  |         |              |  |  |                 |  |  |               |         |  |         |  |           |                |  |  |            |  |  |  |            | 
|Total Consumer Loans   |  |                         | 724,117 |  |              |  | 464,894 |              |  |  | 602,378         |  |  |               | 64,580  |  |         |  | 1,855,969 |                |  |  | 26,950,676 |  |  |  | 28,806,645 | 
|Commercial:            |  |                         |         |  |              |  |         |              |  |  |                 |  |  |               |         |  |         |  |           |                |  |  |            |  |  |  |            | 
|Performing Loans       |  |                         |        |  |              |  |        |              |  |  |                |  |  |               |        |  |         |  |          |                |  |  | 17,444,363 |  |  |  | 17,444,363 | 
|Impaired loans         |  |                         |        |  |              |  | 3,145   |              |  |  | 55,999          |  |  |               | 56,407  |  |         |  | 115,551   | (1)            |  |  |           |  |  |  | 115,551    | 
|                       |  |                         |         |  |              |  |         |              |  |  |                 |  |  |               |         |  |         |  |           |                |  |  |            |  |  |  |            | 
|Total Commercial Loans |  |                         |        |  |              |  | 3,145   |              |  |  | 55,999          |  |  |               | 56,407  |  |         |  | 115,551   |                |  |  | 17,444,363 |  |  |  | 17,559,914 | 
|                       |  |                         |         |  |              |  |         |              |  |  |                 |  |  |               |         |  |         |  |           |                |  |  |            |  |  |  |            | 
|Total                  |  |                         | 724,117 |  |              |  | 468,039 |              |  |  | 658,377         |  |  |               | 120,987 |  |         |  | 1,971,520 |                |  |  | 44,395,039 |  |  |  | 46,366,559 | 
|                       |  |                         |         |  |              |  |         |              |  |  |                 |  |  |               |         |  |         |  |           |                |  |  |            |  |  |  |            | 



F-68



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##### Table of Contents

Grupo Financiero Galicia S.A. and Subsidiaries

Notes to the Consolidated Financial Statements

For the years ended December 31, 2012, 2011 and 2010

(Expressed in
thousands of Argentine pesos)



|                       |  |                         |         |  |              |  |         |              |  |  |                 |  |  |               |        |  |         |  |           |                |  |  |            |  |  |  |            | 
|---------------------- |  | ----------------------- | ------- |  | ------------ |  | ------- | ------------ |  |  | --------------- |  |  | ------------- | ------ |  | ------- |  | --------- | -------------- |  |  | ---------- |  |  |  | ---------- | 
|                       |  | As of December 31, 2011 |        
|                       |  | 30-90                   |         |  | 91-180       |  |         | 181-360      |  |  |                 |  |  |               |        |  |         |  |           |                | 
|                       |  | Days PastDue            |         |  | Days PastDue |  |         | Days PastDue |  |  | Greaterthan 360 |  |  | Total PastDue |        |  | Current |  |           | TotalFinancing | 
|Consumer               |  |                         |         |  |              |  |         |              |  |  |                 |  |  |               |        |  |         |  |           |                |  |  |            |  |  |  |            | 
|Advances               |  |                         | 8,568   |  |              |  | 8,600   |              |  |  | 15,796          |  |  |               | 7,656  |  |         |  | 40,620    |                |  |  | 292,518    |  |  |  | 333,138    | 
|Promissory Notes       |  |                         | 4,613   |  |              |  | 5,975   |              |  |  | 8,722           |  |  |               | 7,232  |  |         |  | 26,542    |                |  |  | 974,345    |  |  |  | 1,000,887  | 
|Mortgage Loans         |  |                         | 4,784   |  |              |  | 1,343   |              |  |  | 517             |  |  |               | 3,975  |  |         |  | 10,619    |                |  |  | 450,328    |  |  |  | 460,947    | 
|Personal Loans         |  |                         | 135,295 |  |              |  | 85,069  |              |  |  | 90,324          |  |  |               | 9,407  |  |         |  | 320,095   |                |  |  | 5,343,315  |  |  |  | 5,663,410  | 
|Credit Card Loans      |  |                         | 240,774 |  |              |  | 143,001 |              |  |  | 175,776         |  |  |               | 9,812  |  |         |  | 569,363   |                |  |  | 11,894,259 |  |  |  | 12,463,622 | 
|Other Loans            |  |                         | 1,972   |  |              |  | 2,297   |              |  |  | 1,209           |  |  |               | 3,670  |  |         |  | 9,148     |                |  |  | 273,649    |  |  |  | 282,797    | 
|                       |  |                         |         |  |              |  |         |              |  |  |                 |  |  |               |        |  |         |  |           |                |  |  |            |  |  |  |            | 
|Total Consumer Loans   |  |                         | 396,006 |  |              |  | 246,285 |              |  |  | 292,344         |  |  |               | 41,752 |  |         |  | 976,387   |                |  |  | 19,228,414 |  |  |  | 20,204,801 | 
|                       |  |                         |         |  |              |  |        
|Commercial:            |  |                         |         |  |              |  |         |              |  |  |                 |  |  |               |        |  |         |  |           |                |  |  |            |  |  |  |            | 
|Performing Loans       |  |                         |        |  |              |  |        |              |  |  |                |  |  |               |       |  |         |  |          |                |  |  | 13,271,155 |  |  |  | 13,271,155 | 
|Impaired loans         |  |                         |        |  |              |  | 4,815   |              |  |  | 37,370          |  |  |               | 38,869 |  |         |  | 81,054    | (1)            |  |  |           |  |  |  | 81,054     | 
|                       |  |                         |         |  |              |  |         |              |  |  |                 |  |  |               |        |  |         |  |           |                |  |  |            |  |  |  |            | 
|Total Commercial Loans |  |                         |        |  |              |  | 4,815   |              |  |  | 37,370          |  |  |               | 38,869 |  |         |  | 81,054    |                |  |  | 13,271,155 |  |  |  | 13,352,209 | 
|                       |  |                         |         |  |              |  |         |              |  |  |                 |  |  |               |        |  |         |  |           |                |  |  |            |  |  |  |            | 
|Total                  |  |                         | 396,006 |  |              |  | 251,100 |              |  |  | 329,714         |  |  |               | 80,621 |  |         |  | 1,057,441 |                |  |  | 32,499,569 |  |  |  | 33,557,010 | 
|                       |  |                         |         |  |              |  |         |              |  |  |                 |  |  |               |        |  |         |  |           |                |  |  |            |  |  |  |            | 



| | (1) | Includes Ps. 71,132 and Ps. 52,292 of non-accruing impaired loans as of December 31, 2012 and 2011.
| | --- | ---------------------------------------------------------------------------------------------------

e. Credit Quality Indicators

The following tables contain the loan portfolio classification by credit quality indicator set forth by the Argentine Central Bank,



|                           |  |                                                                                                                                                                                                                                                                                                                                                                                                                  
|-------------------------- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Commercial Portfolio:      |  |                                                                                                                                                                                                                                                                                                                                                                                                                  
|                           | 
|Loan Classification        |  | Description                                                                                                                                                                                                                                                                                                                                                                                                      
|1, Normal Situation        |  | The debtor is widely able to meet its financial obligations, demonstrating significant cash flows, a liquid financial situation, an adequate financial structure, a timely payment
record, competent management, available information in a timely, accurate manner and satisfactory internal controls, The debtor is in the upper 50% of a sector of activity that is operating properly and has good prospects.
|                           | 
|2, With Special Follow-up  |  | Cash flow analysis reflects that the debt may be repaid even though it is possible that the customers future payment ability may deteriorate without a proper
follow-up.                                                                                                                                                                                                                                        
|                           |  | This category is divided into two subcategories:                                                                                                                                                                                                                                                                                                                                                                 
|                           |  | (2,a), Under Observation.                                                                                                                                                                                                                                                                                                                                                                                        
|                           |  | (2,b), Under Negotiation or Refinancing Agreements.                                                                                                                                                                                                                                                                                                                                                              
|                           | 
|3, With Problems           |  | Cash flow analysis evidences problems to repay the debt, and therefore, if these problems are not solved, there may be some losses.                                                                                                                                                                                                                                                                              
|                           | 
|4, High Risk of Insolvency |  | Cash flow analysis evidences that repayment of the full debt is highly unlikely.                                                                                                                                                                                                                                                                                                                                 
|                           | 
|5, Uncollectible           |  | The amounts in this category are deemed total losses, Even                                                                                                                                                                                                                                                                                                                                                       



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##### Table of Contents

Grupo Financiero Galicia S.A. and Subsidiaries

Notes to the Consolidated Financial Statements

For the years ended December 31, 2012, 2011 and 2010

(Expressed in
thousands of Argentine pesos)



|                                                                                                       |  |                                                                                                                                                                                                                                                                                                                                         
|------------------------------------------------------------------------------------------------------ |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|                                                                                                       |  | though these assets may be recovered under certain future circumstances, inability to make payments is evident at the date of the analysis, It includes loans to insolvent or
bankrupt borrowers.                                                                                                                                       
|                                                                                                      
|Credit quality indicators for the commercial portfolio are reviewed, at a minimum, on an annual basis,
|                                                                                                       | 
|Consumer Portfolio:                                                                                    |  |                                                                                                                                                                                                                                                                                                                                         
|                                                                                                       | 
|Loan Classification                                                                                    |  | Description                                                                                                                                                                                                                                                                                                                             
|1. Normal Situation                                                                                    |  | Loans with timely repayment or arrears not exceeding 31 days, both of principal and interest,                                                                                                                                                                                                                                           
|                                                                                                       | 
|2. Low Risk                                                                                            |  | Occasional late payments, with a payment in arrears of more than 32 days and up to 90 days, A customer classified as Normal having been refinanced may be
recategorized within this category, as long as he amortizes one principal installment (whether monthly or bimonthly) or repays 5% of principal,                             
|                                                                                                       | 
|3. Medium Risk                                                                                         |  | Some inability to make payments, with arrears of more than 91 days and up to 180 days, A customer classified as Low Risk having been refinanced may be recategorized
within this category, as long as he amortizes two principal installments (whether monthly or bimonthly) or repays 5% of principal.                               
|                                                                                                       | 
|4. High Risk                                                                                           |  | Judicial proceedings demanding payment have been initiated or arrears of more than 180 days and up to one year. A customer classified as Medium Risk having been
refinanced may be recategorized within this category, as long as he amortizes three principal installments (whether monthly or bimonthly) or repays 10% of principal.
|                                                                                                       | 
|5,. Uncollectible                                                                                      |  | Loans to insolvent or bankrupt borrowers, or subject to judicial proceedings, with little or no possibility of collection, or with arrears in excess of one year.                                                                                                                                                                       

Credit quality indicators for the consumer portfolio are reviewed on a monthly basis.



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##### Table of Contents

Grupo Financiero Galicia S.A. and Subsidiaries

Notes to the Consolidated Financial Statements

For the years ended December 31, 2012, 2011 and 2010

(Expressed in
thousands of Argentine pesos)



The following table shows the loan balances categorized by credit quality indicators for the years ended
December 31, 2012 and 2011:



|                            |  |                         |            |  |                                  |  |         |                             |  |  |                                    |  |  |               |         |  |       |  |        |  |  |  |            | 
|--------------------------- |  | ----------------------- | ---------- |  | -------------------------------- |  | ------- | --------------------------- |  |  | ---------------------------------- |  |  | ------------- | ------- |  | ----- |  | ------ |  |  |  | ---------- | 
|                            |  | As of December 31, 2012 |           
|                            |  | 1                     |            |  | 2                              |  |         | 3                         |  |  | 4                                |  |  | 5           |         |  |       | 
|                            |  | NormalSituation         |            |  | With specialfollow-up orLow Risk |  |         | With problemsor Medium Risk |  |  | High risk ofinsolvency orHigh risk |  |  | Uncollectible |         |  | Total | 
|Consumer                    |  |                         |            |  |                                  |  |         |                             |  |  |                                    |  |  |               |         |  |       |  |        |  |  |  |            | 
|Advances                    |  |                         | 472,242    |  |                                  |  | 14,946  |                             |  |  | 15,499                             |  |  |               | 22,105  |  |       |  | 6,045  |  |  |  | 530,836    | 
|Promissory Notes            |  |                         | 1,785,904  |  |                                  |  | 15,267  |                             |  |  | 15,256                             |  |  |               | 19,201  |  |       |  | 7,541  |  |  |  | 1,843,169  | 
|Mortgage Loans              |  |                         | 456,840    |  |                                  |  | 6,214   |                             |  |  | 2,808                              |  |  |               | 1,159   |  |       |  | 4,007  |  |  |  | 471,028    | 
|Personal Loans              |  |                         | 7,377,987  |  |                                  |  | 233,802 |                             |  |  | 142,136                            |  |  |               | 162,420 |  |       |  | 9,905  |  |  |  | 7,926,250  | 
|Credit Card Loans           |  |                         | 16,528,710 |  |                                  |  | 448,922 |                             |  |  | 283,494                            |  |  |               | 394,052 |  |       |  | 35,916 |  |  |  | 17,691,094 | 
|Other Loans                 |  |                         | 328,993    |  |                                  |  | 4,966   |                             |  |  | 5,701                              |  |  |               | 3,441   |  |       |  | 1,167  |  |  |  | 344,268    | 
|                            |  |                         |            |  |                                  |  |         |                             |  |  |                                    |  |  |               |         |  |       |  |        |  |  |  |            | 
|Total Consumer Loans        |  |                         | 26,950,676 |  |                                  |  | 724,117 |                             |  |  | 464,894                            |  |  |               | 602,378 |  |       |  | 64,580 |  |  |  | 28,806,645 | 
|Commercial:                 |  |                         |            |  |                                  |  |         |                             |  |  |                                    |  |  |               |         |  |       |  |        |  |  |  |            | 
|Performing loans            |  |                         | 17,394,248 |  |                                  |  | 50,115  |                             |  |  |                                   |  |  |               |        |  |       |  |       |  |  |  | 17,444,363 | 
|Impaired loans              |  |                         |           |  |                                  |  | 44,419  |                             |  |  | 45,806                             |  |  |               | 23,532  |  |       |  | 1,794  |  |  |  | 115,551    | 
|                            |  |                         |            |  |                                  |  |         |                             |  |  |                                    |  |  |               |         |  |       |  |        |  |  |  |            | 
|Total Commercial Loans      |  |                         | 17,394,248 |  |                                  |  | 94,534  |                             |  |  | 45,806                             |  |  |               | 23,532  |  |       |  | 1,794  |  |  |  | 17,559,914 | 
|                            |  |                         |            |  |                                  |  |         |                             |  |  |                                    |  |  |               |         |  |       |  |        |  |  |  |            | 
|Total Financing Receivables |  |                         | 44,344,924 |  |                                  |  | 818,651 |                             |  |  | 510,700                            |  |  |               | 625,910 |  |       |  | 66,374 |  |  |  | 46,366,559 | 
|                            |  |                         |            |  |                                  |  |         |                             |  |  |                                    |  |  |               |         |  |       |  |        |  |  |  |            | 
|                            | 
|                            |  | As of December 31, 2011 |           
|                            |  | 1                     |            |  | 2                              |  |         | 3                         |  |  | 4                                |  |  | 5           |         |  |       | 
|                            |  | NormalSituation         |            |  | With specialfollow-up orLow Risk |  |         | With problemsor Medium Risk |  |  | High risk ofinsolvency orHigh risk |  |  | Uncollectible |         |  | Total | 
|Consumer                    |  |                         |            |  |                                  |  |         |                             |  |  |                                    |  |  |               |         |  |       |  |        |  |  |  |            | 
|Advances                    |  |                         | 292,518    |  |                                  |  | 8,568   |                             |  |  | 8,600                              |  |  |               | 15,796  |  |       |  | 7,656  |  |  |  | 333,138    | 
|Promissory Notes            |  |                         | 974,345    |  |                                  |  | 4,613   |                             |  |  | 5,975                              |  |  |               | 8,722   |  |       |  | 7,232  |  |  |  | 1,000,887  | 
|Mortgage Loans              |  |                         | 450,328    |  |                                  |  | 4,784   |                             |  |  | 1,343                              |  |  |               | 517     |  |       |  | 3,975  |  |  |  | 460,947    | 
|Personal Loans              |  |                         | 5,343,315  |  |                                  |  | 135,295 |                             |  |  | 85,069                             |  |  |               | 90,324  |  |       |  | 9,407  |  |  |  | 5,663,410  | 
|Credit Card Loans           |  |                         | 11,894,259 |  |                                  |  | 240,774 |                             |  |  | 143,001                            |  |  |               | 175,776 |  |       |  | 9,812  |  |  |  | 12,463,622 | 
|Other Loans                 |  |                         | 273,649    |  |                                  |  | 1,972   |                             |  |  | 2,297                              |  |  |               | 1,209   |  |       |  | 3,670  |  |  |  | 282,797    | 
|                            |  |                         |            |  |                                  |  |         |                             |  |  |                                    |  |  |               |         |  |       |  |        |  |  |  |            | 
|Total Consumer Loans        |  |                         | 19,228,414 |  |                                  |  | 396,006 |                             |  |  | 246,285                            |  |  |               | 292,344 |  |       |  | 41,752 |  |  |  | 20,204,801 | 
|Commercial:                 |  |                         |            |  |                                  |  |         |                             |  |  |                                    |  |  |               |         |  |       |  |        |  |  |  |            | 
|Performing loans            |  |                         | 13,228,490 |  |                                  |  | 42,665  |                             |  |  |                                   |  |  |               |        |  |       |  |       |  |  |  | 13,271,155 | 
|Impaired loans              |  |                         |           |  |                                  |  | 28,759  |                             |  |  | 11,547                             |  |  |               | 37,880  |  |       |  | 2,868  |  |  |  | 81,054     | 
|                            |  |                         |            |  |                                  |  |         |                             |  |  |                                    |  |  |               |         |  |       |  |        |  |  |  |            | 
|Total Commercial Loans      |  |                         | 13,228,490 |  |                                  |  | 71,424  |                             |  |  | 11,547                             |  |  |               | 37,880  |  |       |  | 2,868  |  |  |  | 13,352,209 | 
|                            |  |                         |            |  |                                  |  |         |                             |  |  |                                    |  |  |               |         |  |       |  |        |  |  |  |            | 
|Total Financing Receivables |  |                         | 32,456,904 |  |                                  |  | 467,430 |                             |  |  | 257,832                            |  |  |               | 330,224 |  |       |  | 44,620 |  |  |  | 33,557,010 | 
|                            |  |                         |            |  |                                  |  |         |                             |  |  |                                    |  |  |               |         |  |       |  |        |  |  |  |            | 

Loans are considered non-accrual when they are categorized by credit quality as with problems or medium
risk or worst.



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##### Table of Contents

Grupo Financiero Galicia S.A. and Subsidiaries

Notes to the Consolidated Financial Statements

For the years ended December 31, 2012, 2011 and 2010

(Expressed in
thousands of Argentine pesos)



As of December 31, 2012 and 2011, the total shareholders equity adjustment for loan
impairment-private sector was as follows:



|                  |  |                       |     |  |           |  |           |            |  |  |     |  |  |  |           |  |  |  |     |  |  |  |        | 
|----------------- |  | --------------------- | --- |  | --------- |  | --------- | ---------- |  |  | --- |  |  |  | --------- |  |  |  | --- |  |  |  | ------ | 
|                  |  | ArgentineBanking GAAP |     |  | U.S. GAAP |  |           | Adjustment | 
|December 31, 2011 |  |                       | Ps. |  |           |  | 1,300,565 |            |  |  | Ps. |  |  |  | 1,279,477 |  |  |  | Ps. |  |  |  | 21,088 | 
|Variances         |  |                       |     |  |           |  | 460,855   |            |  |  |     |  |  |  | 451,597   |  |  |  |     |  |  |  | 9,258  | 
|                  |  |                       |     |  |           |  |           |            |  |  |     | 
|December 31, 2012 |  |                       | Ps. |  |           |  | 1,761,420 |            |  |  | Ps. |  |  |  | 1,731,074 |  |  |  | Ps. |  |  |  | 30,346 | 
|                  |  |                       |     |  |           |  |           |            |  |  |     | 

f. Trouble Debt Restructuring disclosures

In 2012 there were seven restructuring transactions affecting commercial debtors whose financial situation had deteriorated. As of the date of issuance
of these Consolidated Financial Statements, four of these debtors are in default of their payment obligations.

As for the consumer segment,
all the restructuring transactions effected during 2012 had the following characteristics: (i) the debtor had paid, at a minimum, one installment in advance in order to qualify to the restructuring of its debt; (ii) the Bank, CFA and the
Regional Cards made sure before the restructuring that the debtors monthly payment capacity would be able to absorb the new monthly paying obligation resulting from the restructuring; (iii) the guarantees in force were in all cases
maintained or, in the case of loans without guarantees, the execution capacity for the loan was improved; and (iv) all the restructurings currently in force are arranged in consecutive monthly payments, with a minimum of six months and a
maximum of 60 months.

The following table presents for the period ended as of December 31, 2012, the financing
receivables modified as troubled debt restructurings within during this period:



|                   |  |                |        |  |                    |  |         |            |  |  |         | 
|------------------ |  | -------------- | ------ |  | ------------------ |  | ------- | ---------- |  |  | ------- | 
|                   |  | 2012           |       
|                   |  | Number ofLoans |        |  | Investmentrecorded |  |         | Allowances | 
|Commercial         |  |                |        |  |                    |  |         |            |  |  |         | 
|Performing loans   |  |                | 1      |  |                    |  | 61      |            |  |  |        | 
|Impaired loans     |  |                | 3      |  |                    |  | 9,620   |            |  |  | 2,241   | 
|                   |  |                |        |  |                    |  |         |            |  |  |         | 
|Total Commercial   |  |                | 4      |  |                    |  | 9,681   |            |  |  | 2,241   | 
|Consumer           |  |                |        |  |                    |  |         |            |  |  |         | 
|Advances           |  |                | 387    |  |                    |  | 7,950   |            |  |  | 630     | 
|Promissory Notes   |  |                | 1,545  |  |                    |  | 29,029  |            |  |  | 9,756   | 
|Mortgage Loans     |  |                | 4      |  |                    |  | 595     |            |  |  | 40      | 
|Personal Loans     |  |                | 5,498  |  |                    |  | 90,712  |            |  |  | 16,655  | 
|Credit Cards Loans |  |                | 38,809 |  |                    |  | 174,608 |            |  |  | 71,006  | 
|Other Loans        |  |                | 3      |  |                    |  | 1,229   |            |  |  | 1,077   | 
|                   |  |                |        |  |                    |  |         |            |  |  |         | 
|Total Consumer     |  |                | 46,246 |  |                    |  | 304,123 |            |  |  | 99,164  | 
|                   |  |                |        |  |                    |  |         |            |  |  |         | 
|TOTAL              |  |                | 46,250 |  |                    |  | 313,804 |            |  |  | 101,405 | 
|                   |  |                |        |  |                    |  |         |            |  |  |         | 



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##### Table of Contents

Grupo Financiero Galicia S.A. and Subsidiaries

Notes to the Consolidated Financial Statements

For the years ended December 31, 2012, 2011 and 2010

(Expressed in
thousands of Argentine pesos)



The following table presents for the period ended as of December 31, 2012, the
financing receivables modified as troubled debt restructurings within the previous 12 months and for which there was a payment default during that period:



|                   |  |                |        |  |                    |  |         |            |  |  |        | 
|------------------ |  | -------------- | ------ |  | ------------------ |  | ------- | ---------- |  |  | ------ | 
|                   |  | 2012           |       
|                   |  | Number ofLoans |        |  | Investmentrecorded |  |         | Allowances | 
|Commercial         |  |                |        |  |                    |  |         |            |  |  |        | 
|Performing loans   |  |                | 1      |  |                    |  | 61      |            |  |  |       | 
|Impaired loans     |  |                | 3      |  |                    |  | 9,620   |            |  |  | 2,241  | 
|                   |  |                |        |  |                    |  |         |            |  |  |        | 
|Total Commercial   |  |                | 4      |  |                    |  | 9,681   |            |  |  | 2,241  | 
|                   |  |                |       
|Consumer           |  |                |        |  |                    |  |         |            |  |  |        | 
|Advances           |  |                | 387    |  |                    |  | 7,950   |            |  |  | 630    | 
|Promissory Notes   |  |                | 1,530  |  |                    |  | 28,563  |            |  |  | 9,521  | 
|Mortgage Loans     |  |                |       |  |                    |  |        |            |  |  |       | 
|Personal Loans     |  |                | 1,503  |  |                    |  | 55,004  |            |  |  | 14,379 | 
|Credit Cards Loans |  |                | 33,092 |  |                    |  | 115,020 |            |  |  | 60,676 | 
|Other Loans        |  |                | 3      |  |                    |  | 1,229   |            |  |  | 1,077  | 
|                   |  |                |        |  |                    |  |         |            |  |  |        | 
|Total Consumer     |  |                | 36,515 |  |                    |  | 207,766 |            |  |  | 86,283 | 
|                   |  |                |        |  |                    |  |         |            |  |  |        | 
|TOTAL              |  |                | 36,519 |  |                    |  | 217,447 |            |  |  | 88,524 | 
|                   |  |                |        |  |                    |  |         |            |  |  |        | 

e. Government securities and other investments

(i) Compensatory and Hedge bonds received and Hedge Bonds in connection with the compensation for foreign currency position and compensatory bonds
received and to be received in connection with the compensation for asymmetric pesification.

Argentine Central Bank
Communiqué A 3650 established the regulations necessary to implement the provisions of Decree No.905/02 in connection with the compensation of the negative effects of the conversion into pesos at different exchange rates of
financial institutions assets and liabilities and the resulting foreign currency mismatches left in their respective balance sheets.

In
order to acquire the Hedge Bond, the Bank enters into an advance with the Argentine Central Bank, with interest payable at CER plus 2%. In the case of the Hedge Bond and the related financing to be obtained from the Argentine Central Bank, the
transaction to acquire the Hedge Bond was retroactive to February 3, 2002. The Bank could withdraw its request to acquire the Hedge Bond prior to approval of the Argentine Central Bank and prior to the execution of the transaction.

Under U.S. GAAP, the activity of the compensation bonds has been reflected in the income statement considering that the compensation bonds were adjusted
to its market value. The activity includes (1) the effect of the exchange rate between the Argentine pesos and the U.S. dollars for the compensation bonds to be received, (2) the cancellation of certain amounts related to the disputes with
the Central Bank and (3) the payments made in satisfaction to the deposits held in Uruguay, and foreign debt restructuring.

During the
year ended December 31, 2010, all compensatory and hedge bonds were sold. Therefore, the 2010 U.S. GAAP net income reconciliation includes the reversal of the 2009 shareholders equity adjustment of Ps. 175,818 plus Ps. 830,119 of gains
previously recorded through other comprehensive income that are being realized and reversed through the income statement.



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##### Table of Contents

Grupo Financiero Galicia S.A. and Subsidiaries

Notes to the Consolidated Financial Statements

For the years ended December 31, 2012, 2011 and 2010

(Expressed in
thousands of Argentine pesos)



As of December 31, 2012 and 2011 the Shareholders Equity and Net Income, do not include any
reconciliation item related to Compensatory and Hedge Bond.

(ii) External Notes / Discount Bonds and GDP-Linked Negotiable Securities

In January 2006, the Bank accepted the offer to exchange its External Notes, for Discount Bonds in Pesos and GDP-Linked
Negotiable Securities issued under Argentine debt restructuring. The Bank received the new instrument for an original principal amount equal to 33.7% for the External Notes carrying value as of December 31, 2004.

Under Argentine Banking GAAP, the Discount Bonds and GDP  Linked Negotiable Securities have been recorded at the lower of the total future nominal
cash payments up to maturity, specified by the terms and conditions of the new securities, and the carrying value of the securities tendered as of March 17, 2005, equivalent to the present value of the Bogar Bonds cash flows at that date.

During the year ended December 31, 2010, the Discount Bonds and GDP-Linked Negotiable Securities were sold. Therefore, the 2010 U.S.
GAAP net income reconciliation includes the reversal of the 2009 shareholders equity adjustment of Ps. 284,111 plus Ps. 132,209 of gains previously recorded through other comprehensive income that are being realized and reversed through the
income statement.

As of December 31, 2012 and 2011 the Shareholders Equity and Net Income, do not include any reconciliation item
related to Discount Bonds and GDP  Linked Negotiable Securities.

(iii) Bonar 2015 Bonds

The Bank exchanged National Government Bonds in Pesos at 2% due 2014 (Boden 2014 Bonds) with a face value of Ps.683,647 (recorded in the Banks
Shareholders equity in February 2009 within the scope of an exchange transaction of National Secured Loans at market price) for Bonar 2015 Bonds with a face value of Ps.912,669.

Under Argentine Banking GAAP, the bonds related to public debt instruments subscribed, were stated in the Shareholders Equity at the value these exchanged securities had been recorded.

In accordance with U.S. GAAP, specifically ASC 310-20, satisfaction of one monetary asset by the receipt of another monetary asset for the creditor is
generally based on the market value of the asset received in satisfaction of the debt (an extinguishment). In this particular case, the securities being received are substantially different in structure and in interest rates than the debt securities
swapped. Therefore, such amounts should initially be recognized at their fair value. The estimated fair value of the securities received will constitute the cost basis of the asset. Any difference between the old asset and the fair value of the new
asset is recognized as a gain or loss.

As of December 31, 2012 and 2011, the bonds have been recorded at their acquisition cost
increased according to the accrual of their internal rate of return (IRR) under Argentine Banking GAAP.



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##### Table of Contents

Grupo Financiero Galicia S.A. and Subsidiaries

Notes to the Consolidated Financial Statements

For the years ended December 31, 2012, 2011 and 2010

(Expressed in
thousands of Argentine pesos)



Under U.S. GAAP, the BONAR 2015 bonds were considered as available for sale securities and recorded at
fair value with the unrealized gains or losses recognized as a charge or credit to equity through other comprehensive income.



|                 |  |                        |         |  |                                   |  |         |                                      |  |  |                |  |  |                               |         |  |                        |  |        |                                   |  |  |                                      |  |  |                |         |  |                               |  |         |  |  |  |         |  |  |  |        | 
|---------------- |  | ---------------------- | ------- |  | --------------------------------- |  | ------- | ------------------------------------ |  |  | -------------- |  |  | ----------------------------- | ------- |  | ---------------------- |  | ------ | --------------------------------- |  |  | ------------------------------------ |  |  | -------------- | ------- |  | ----------------------------- |  | ------- |  |  |  | ------- |  |  |  | ------ | 
|                 |  | 2012                   |         |  | 2011                              | 
|                 |  | AmortizedCost U.S.GAAP |         |  | BookValueArgentineBankingGAAP (*) |  |         | Fair Value Book valueunder U.S.GAAP |  |  | UnrealizedGain |  |  | ShareholdersequityAdjustment |         |  | AmortizedCost U.S.GAAP |  |        | BookValueArgentineBankingGAAP (*) |  |  | Fair Value Book valueunder U.S.GAAP |  |  | UnrealizedGain |         |  | ShareholdersequityAdjustment | 
|                 |  | (In thousands of Ps.)  |        
|Bonar 2015
Bonds |  |                        | 409,910 |  |                                   |  | 558,045 |                                      |  |  | 601,045        |  |  |                               | 191,135 |  |                        |  | 43,000 |                                   |  |  | 555,109                              |  |  |                | 779,731 |  |                               |  | 849,254 |  |  |  | 294,145 |  |  |  | 69,523 | 



|(*) | Under Argentine banking GAAP, Bonar 2015 is recorded in the captions Holdings recorded at their acquisition cost plus IRR, other receivable from
financial brokerage and miscellaneous assets.
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

(iv) Other investments

The following table summarizes the U.S. GAAP adjustment related to other investments, as of December 31, 2012 and 2011:



|                                                    |  |                                 |                       |  |                                      |  |           |                                |  |  |                                 |   |  |                                      |           |  |                                |  |           |  |  |  |        |  
|--------------------------------------------------- |  | ------------------------------- | --------------------- |  | ------------------------------------ |  | --------- | ------------------------------ |  |  | ------------------------------- | - |  | ------------------------------------ | --------- |  | ------------------------------ |  | --------- |  |  |  | ------ | -
|                                                    |  | 2012                            |                       |  | 2011                                 | 
|                                                    |  | Book ValueArgentineBanking GAAP |                       |  | Fair Value Book valueunder U.S.GAAP |  |           | ShareholderssEquityAdjustment |  |  | Book ValueArgentineBanking GAAP |   |  | Fair Value Book valueunder U.S.GAAP |           |  | ShareholderssEquityAdjustment | 
|                                                    |  |                                 | (in thousands of Ps,) |  |                                      |  |           |                               
|Almafuerte Special Fund                             |  |                                 | 176,173               |  |                                      |  | 176,173   |                                |  |  |                                |   |  |                                      | 174,091   |  |                                |  | 177,693   |  |  |  | 3,602  |  
|Securities issued by BCRA and provinces governments |  |                                 | 3,492,253             |  |                                      |  | 3,494,139 |                                |  |  | 1,786                           |   |  |                                      | 3,551,937 |  |                                |  | 3,566,052 |  |  |  | 14,115 |  
|Others                                              |  |                                 | 23,691                |  |                                      |  | 18,754    |                                |  |  | (4,937                          | ) |  |                                      | 23,691    |  |                                |  | 20,744    |  |  |  | (2,947 | )
|                                                    |  |                                 |                       |  |                                      |  |           |                                |  |  |                                 |   |  |                                      |           |  |                                |  |           |  |  |  |        |  
|Total                                               |  |                                 | 3,692,217             |  |                                      |  | 3,689,066 |                                |  |  | (3,151                          | ) |  |                                      | 3,749,719 |  |                                |  | 3,764,489 |  |  |  | 14,770 |  
|                                                    |  |                                 |                       |  |                                      |  |           |                                |  |  |                                 |   |  |                                      |           |  |                                |  |           |  |  |  |        |  

Almafuerte Special Fund

Under Argentine Banking GAAP, Almafuerte Special Fund was accounted for at their acquisition cost increased on an exponential basis according to their I.R.R In the case the market value of each instrument
is lower than its book value, 50% of the monthly accrual of the I.R.R. must be charged against an asset offset account. Said offset account shall be reversed by charging to income to the extent its balance exceeds the positive difference between the
market value and book value.

Under U.S. GAAP, the Special Fund was classified as available-for-sale securities, and therefore, recognized at
fair value with changes in other comprehensive income.



|           |  |                        |                       |                                   |  |                                      |  |  |                |  |                               |  |                        |  |                                   |   |                                      |         |                |         |                               |  |         |  |  |       |  |       |  |  |  |  |  |  |  |  |  |  |  |  |  | 
|---------- |  | ---------------------- | --------------------- | --------------------------------- |  | ------------------------------------ |  |  | -------------- |  | ----------------------------- |  | ---------------------- |  | --------------------------------- | - | ------------------------------------ | ------- | -------------- | ------- | ----------------------------- |  | ------- |  |  | ----- |  | ----- |  |  |  |  |  |  |  |  |  |  |  |  |  | 
|           |  | 2012                   |                       | 2011                             
|           |  | AmortizedCost U.S.GAAP |                       | BookValueArgentineBankingGAAP (*) |  | Fair Value Book valueunder U.S.GAAP |  |  | UnrealizedGain |  | ShareholdersequityAdjustment |  | AmortizedCost U.S.GAAP |  | BookValueArgentineBankingGAAP (*) |   | Fair Value Book valueunder U.S.GAAP |         | UnrealizedGain |         | ShareholdersequityAdjustment
|           |  |                        | (In thousands of Ps.)
|Almafuerte |  |                        | 167,256               |                                   |  | 176,173                              |  |  | 176,173        |  |                               |  | 8,917                  |  |                                   |  |                                      | 174,091 |                | 174,091 |                               |  | 177,693 |  |  | 3,602 |  | 3,602



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##### Table of Contents

Grupo Financiero Galicia S.A. and Subsidiaries

Notes to the Consolidated Financial Statements

For the years ended December 31, 2012, 2011 and 2010

(Expressed in
thousands of Argentine pesos)



As of December 31, 2012 and 2011 there are not unrealized losses on this investment.

Securities issued by BCRA

As of
December 31, 2012 and 2011 under Argentine Banking GAAP the Group holds securities issued by the Argentine Central Bank, which were classified under the caption Securities issued by the Argentine Central Bank, and recorded at its
fair value or their cost plus accrued interest determined on an exponentially basis according to their internal rate of return (IRR) according to the volatility published by the Argentine Central Bank. For U.S. GAAP purposes, all these securities
were classified as trading and accounted for at its fair value with changes recorded in the income statement.

f. Items in process of
collection

The Bank does not give accounting recognition to checks drawn on the Bank or other banks, or other items to be collected until
such time as the related item clears or is accepted. Such items are recorded by the Bank in memorandum accounts. U.S. banks, however, account for such items through balance sheet clearing accounts at the time the items are presented to the Bank.

Grupo Galicias assets and liabilities would be increased by approximately Ps. 8,666,990, Ps. 5,797,978 and Ps. 4,524,520 applying U.S.
GAAP at December 31, 2012, 2011 and 2010, respectively.

g. Compensation related to the payment of deposits

Financial institutions have requested the Government for compensation for the losses generated from the payment of deposits pursuant to judicial orders at
the free market exchange rate, which was higher than that established by the government for conversion into pesos of the financial institutions assets and liabilities.

Through Communiqué A 3916, the Argentine Central Bank allowed the recording of an intangible asset for the difference between the amount paid by financial institutions pursuant to
judicial orders and the amount resulting from the conversion into pesos of the dollar balance of the deposits reimbursed at the Ps.1.40 per U.S. dollar exchange rate (adjusted by CER and interest accrued until the date of the reimbursement). The
corresponding amount must be amortized over 60 months beginning April 2003. As of December 31, 2009, the amount recorded under Intangible Assets, net of accumulated amortization, was Ps. 259,053. During the fiscal year ended
December 31, 2010, these amounts were totally amortized.

As of the date of preparation of these financial statements, neither the
Supreme Court nor the National Government has taken any measures to compensate for these issues.

Under U.S. GAAP, the right to obtain this
compensation is not considered an asset. As of December 31, 2012 and 2011, the shareholders equity does not include any reconciliation item considering the total amortization of the assets, under Argentine Central Bank rules.



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##### Table of Contents

Grupo Financiero Galicia S.A. and Subsidiaries

Notes to the Consolidated Financial Statements

For the years ended December 31, 2012, 2011 and 2010

(Expressed in
thousands of Argentine pesos)



h. Securitizations.

The following table summarizes the adjustment for U.S. GAAP purposes related to securitization transactions as of December 31, 2012 and 2011:



|                            |  |                                |                       |  |                                      |  |         |                                         |  |  |                                |   |  |                                      |         |  |                                         |  |         |  |  |  |         |  
|--------------------------- |  | ------------------------------ | --------------------- |  | ------------------------------------ |  | ------- | --------------------------------------- |  |  | ------------------------------ | - |  | ------------------------------------ | ------- |  | --------------------------------------- |  | ------- |  |  |  | ------- | -
|                            |  | 2012                           |                       |  | 2011                                 | 
|                            |  | Book ValueArgentineBankingGAAP |                       |  | Fair Value Book valueunder U.S.GAAP |  |         | U.S. GAAPShareholderssEquityAdjustment |  |  | Book ValueArgentineBankingGAAP |   |  | Fair Value Book valueunder U.S.GAAP |         |  | U.S. GAAPShareholderssEquityAdjustment | 
|                            |  |                                | (in thousands of Ps,) |  |                                      |  |         |                                        
|Galtrust I (1)              |  |                                | 673,981               |  |                                      |  | 673,981 |                                         |  |  |                               |   |  |                                      | 538,768 |  |                                         |  | 538,768 |  |  |  |        |  
|Financial Trust Galicia (2) |  |                                | 136,692               |  |                                      |  | 75,682  |                                         |  |  | (61,010                        | ) |  |                                      | 121,520 |  |                                         |  | 22,000  |  |  |  | (99,520 | )
|                            |  |                                |                       |  |                                      |  |         |                                         |  |  |                                |   |  |                                      |         |  |                                         |  |         |  |  |  |         |  
|Total                       |  |                                | 810,673               |  |                                      |  | 749,663 |                                         |  |  | (61,010                        | ) |  |                                      | 660,288 |  |                                         |  | 560,768 |  |  |  | (99,520 | )
|                            |  |                                |                       |  |                                      |  |         |                                         |  |  |                                |   |  |                                      |         |  |                                         |  |         |  |  |  |         |  

(1) Financial trust Galtrust I

The financial trust Galtrust I was created in October 2000 in connection with the securitization of provincial loans for a total amount of Ps.1,102 million. The securitized loans were from the
portfolio of loans granted to provincial governments, guaranteed by the federal tax revenues shared with the provincial governments.

During
2002, the portfolio of loans included and the related retained interest in Galtrust I were subject to the pesification. As a result the retained interest in the trust was converted into pesos at an exchange rate of 1.40 to 1 and the interest rate
for their debt securities changed to CER plus 10%. During 2003, Galtrust I had swapped its provincial loans for Bogar Bonds.

Under Argentine
Banking GAAP, this transaction was accounted for as sales and the debt securities and certificates retained by the Bank are accounted for at cost plus accrued interest for the debt securities, and the equity method is used to account for the
residual interest in the trust.

The retained interest in the trust was recorded under Argentine Central Bank rules in the Other
Receivables from Financial Brokerage, and its balance as of December 31, 2012 and 2011, was Ps. 673,981 and Ps. 538,768, respectively.

As of December 31, 2012 and 2011, under Argentine Banking GAAP, the Group recorded certain reserves to adjust the equity method used to account for the residual interest in the trust, to its fair
value.

The fair value of these securities was determined on the balance sheet date, based on an internal valuation technique estimating
future cash flows for this certificate of participation, discount at a present value with a rate comparable with internal rates of return of other CER adjusted bonds. Such fair value constituted the new cost basis for this investment.

In accordance with ASC 810, the Group was deemed to be the primary beneficiary of this trust and, therefore, the Bank reconsolidated the assets and
liabilities of the mentioned trust. Upon consolidation, the Bogar Bonds were classified as available-for-sale securities and measured at fair value with changes recorded in other comprehensive income. Since the fair value of the residual interest in
the trust recorded under Argentine Central Bank rules was determined based on the fair value of the Bogar Bonds, recorded as an assets in the trust, there is no difference in the measurement basis of the net assets held and recorded under Argentine
Central Bank rules and the assets and liabilities recorded under U.S. GAAP. The only difference between both standards is that under U.S. GAAP, changes in the fair value of the Bogar Bonds are recorded in other comprehensive income, while under
Argentine Banking GAAP; changes are recorded in the consolidated income statement.



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##### Table of Contents

Grupo Financiero Galicia S.A. and Subsidiaries

Notes to the Consolidated Financial Statements

For the years ended December 31, 2012, 2011 and 2010

(Expressed in
thousands of Argentine pesos)



(2) Financial Trust Galicia

Under this trust, National Government Promissory Notes in pesos at 2% due 2014 for Ps.108,000 were transferred and a Certificate of Participation and Debt Securities were received in exchange. Those
National Government Promissory Notes were previously received in exchange of National Secured Loans held by the Group.

For Argentine Banking
GAAP purposes, the debt securities and certificates retained by the Bank are accounted for at cost plus accrued interest for the debt securities, and the equity method is used to account for the residual interest in the trust. The cost of these
securities was determined based on the book value of the Promissory Notes transferred.

This transfer was not considered a true sale for U.S.
GAAP purposes, and therefore, it was recorded as a secured borrowing in accordance with ASC 860. Therefore, the Bank recognized in its consolidated balance sheet, the Promissory Notes transferred to the financial trust.

Under U.S. GAAP, the Promissory notes were classified as loans recorded at amortized cost with the corresponding loan loss reserve, if applicable. The
U.S. GAAP adjustment is related to the difference between the cost basis used under both standards. For Argentine Banking GAAP, the cost was determined based on the carrying value of National Secured Loans previously held and exchanged for the
Promissory Notes, while under U.S. GAAP, the cost was determined based on the fair value of each National Secured Loans transferred in exchange of the Promissory Notes received.

Additional information required by U.S. GAAP

The table below presents the
aggregated assets and liabilities of the financial trusts which have been consolidated for U.S. GAAP purposes:



|                                           |  |              |     |  |      |  |           |  |  |  |     |  |  |  |         | 
|------------------------------------------ |  | ------------ | --- |  | ---- |  | --------- |  |  |  | --- |  |  |  | ------- | 
|                                           |  | December 31, |    
|                                           |  | 2012         |     |  | 2011 | 
|Cash and due from banks                    |  |              | Ps. |  |      |  | 11,783    |  |  |  | Ps. |  |  |  | 11,193  | 
|Government securities and Promissory Notes |  |              |     |  |      |  | 987,970   |  |  |  |     |  |  |  | 961,038 | 
|Other assets                               |  |              |     |  |      |  | 4,843     |  |  |  |     |  |  |  | 75      | 
|                                           |  |              |     |  |      |  |           | 
|Total Assets                               |  |              | Ps. |  |      |  | 1,004,596 |  |  |  | Ps. |  |  |  | 972,306 | 
|                                           |  |              |     |  |      |  |           | 
|Debt Securities                            |  |              | Ps. |  |      |  | 204,365   |  |  |  | Ps. |  |  |  | 324,332 | 
|Certificates of Participation              |  |              |     |  |      |  | 799,994   |  |  |  |     |  |  |  | 647,790 | 
|Other liabilities                          |  |              |     |  |      |  | 237       |  |  |  |     |  |  |  | 184     | 
|                                           |  |              |     |  |      |  |           | 
|Total Liabilities                          |  |              | Ps. |  |      |  | 1,004,596 |  |  |  | Ps. |  |  |  | 972,306 | 
|                                           |  |              |     |  |      |  |           | 

The Groups maximum loss exposure, which amounted to Ps. 1,004,596 and Ps. 972,306 as of December 31, 2012 and
2011, respectively is based on the unlikely events that all of the assets in the VIEs become worthless and incorporates potential losses associated with assets recorded on the Groups balance sheet.

Other transfers of financial assets accounted for as sales under U.S. GAAP

As of December 31, 2009, the Bank has entered into different securitizations that were accounted for as sales under Argentine Banking GAAP. The transfers of financial assets related to the creation
of certain trusts were considered sales for U.S. GAAP purposes under ASC 860 and for that reason debt securities and certificates retained by the Bank are considered to be available for sale securities under U.S. GAAP.



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Grupo Financiero Galicia S.A. and Subsidiaries

Notes to the Consolidated Financial Statements

For the years ended December 31, 2012, 2011 and 2010

(Expressed in
thousands of Argentine pesos)



As of December 31, 2010 these financial trusts had been liquidated. Therefore, the 2010 U.S. GAAP
net income reconciliation includes the reversal of the previous year ́s adjustments.

As of December 31, 2012 and 2011 the Group has
not issued new financial trusts accounted for as sales under U.S. GAAP.

i. Acceptances.

Under Argentine Banking GAAP, acceptances are accounted for in memorandum accounts. Under U.S. GAAP, third party liability for acceptances should be
included in Other Receivables Resulting from Financial Brokerage representing Group customers liabilities on outstanding drafts or bills of exchange that have been accepted by the Group. Acceptances should be included in
Other Liabilities Resulting from Financial Brokerage representing the Groups liability to remit payment upon the presentation of the accepted drafts or bills of exchange.

The Groups assets and liabilities would be increased by approximately Ps. 88,546, Ps.116,370 and Ps.111,744, had U.S. GAAP been applied as of December 31, 2012, 2011 and 2010, respectively.

j. Impairment of real estate properties and foreclosed assets.

Under Argentine Banking GAAP, real estate properties and foreclosed assets are carried at cost adjusted by depreciation over the life of the assets. In accordance with ASC 360-10 Impairment of
Long-lived Assets, such assets are additionally subject to: recognition of an impairment loss if the carrying amounts of those assets are not recoverable from their undiscounted cash flows and an impairment loss measured as the difference
between the carrying amount and fair value of the assets.

The Group evaluates potential impairment loss relating to long-lived assets by
comparing their carrying amounts with the undiscounted future expected cash flows generated by the assets over the remaining life of the assets. If the sum of the expected future undiscounted cash flows is less than the carrying amount of the asset,
a loss is recognized for the difference between the fair value and carrying value of the assets. Testing whether an asset is impaired and measuring the impairment loss is performed for asset groupings at the lowest level for which there are
identifiable cash flows that are largely independent of the cash flows generated by other asset groups.

Long-lived assets are reviewed for
impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. In 2002, the Group determined that the uncertainty of the Argentine economic situation had a significant impact on the recoverability of
its long-lived assets and evaluated its properties for impairment. An impairment loss was recorded in 2002.

Foreclosed assets are carried at
the lower of cost and market. In 2002, the Group recorded a valuation allowance reflecting a decrease in the market values of its foreclosed properties.

In 2012 and 2011, no additional impairment was recorded in real estate properties and foreclosed assets.

The Argentine Banking GAAP depreciation for 2012 and 2011 of the assets impaired in 2002 have been reversed for U.S. GAAP purposes.

Therefore the Shareholders Equity adjustment between Argentine Banking GAAP and U.S. GAAP as of December 31, 2012 and 2011 amounted to Ps. (53,205) and Ps. (54,600) respectively.



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Grupo Financiero Galicia S.A. and Subsidiaries

Notes to the Consolidated Financial Statements

For the years ended December 31, 2012, 2011 and 2010

(Expressed in
thousands of Argentine pesos)



k. Equity investments in other companies

Under Argentine Banking GAAP, the equity investments in companies where significant influence exists are accounted for under the equity method. The remaining investments have been accounted for under the
cost method, taking their equity method value as a limit in book value.

For U.S. GAAP purposes, under ASC 320, the Group should determine if
any factors are present that might indicate the fair value of the investment has been negatively impacted during the fiscal year. If it is determined that the fair value of an investment is less than the related companys value, an impairment
of the investment must be recognized.

As of December 31, 2012 and 2011, the group concluded that the carrying amount of certain
investments would not be recoverable and therefore an impairment loss was recorded for U.S. GAAP purposes.

Therefore the Shareholders
Equity adjustment between Argentine Banking GAAP and U.S. GAAP as of December 31, 2012 and 2011 amounted to Ps. (15,232) and Ps. (21,489) respectively.

l. Financial Guarantees

Exchange of deposits with the financial system
II - Written Options.

Pursuant to the decree 1836/02 and the Argentine Central Bank Communiqué A 3828, the Bank
entered into an exchange offer to exchange restructured deposit certificates (CEDROS) for Boden 2012 Bonds and Boden 2013 Bonds. The Boden Bonds offered to the holders of CEDROS are unsecured government bonds denominated in U.S. dollars.
As a part of the restructuring, the Bank granted an option to sell coupons to the holders of restructured deposits certificates that had opted to receive Boden 2013 Bonds and Boden 2012 Bonds in exchange for their certificates.

The exercise price will be equal to that resulting from converting to pesos the face value of each coupon in U.S. dollars at a rate of Ps.1.40 per U.S.
dollar adjusted by applying the CER, which arises from comparing the index at February 3, 2002 to that corresponding to the due date of the coupon. That value shall in no case exceed the principal and interest amounts in pesos resulting from
applying the face value of the coupon in U.S. dollars at the buying exchange rate quoted by Banco de la Nación Argentina (Banco Nación) on the payment date of that coupon.

Under Argentine Banking GAAP, these options were recorded off-balance. For U.S. GAAP, these options are treated as derivatives, and therefore, the Bank recorded the fair value of such options in
accordance with the requirements of ASC 815, with changes in fair value recorded though earnings. As of December 31, 2012 and 2011 the Group has not recorded any balance related to these options.

Other Financial Guarantees.

During 2012 and 2011, the Company entered into different agreements to guarantee lines of credit of selected customers amounting to Ps. 850,691 and Ps. 810,085, respectively. As of December 31, 2012
and 2011, guarantees granted by the Bank amounted to Ps. 302,636 and Ps. 258,168, respectively.

Under Argentine Banking GAAP the guarantees
are recorded in memorandum accounts. As of December 31, 2012 and 2011, for U.S. GAAP purposes the Bank recognized a liability for the fair value of the obligations assumed at its inception in accordance with the requirements of ASC 460. Such
liabilities are being amortized over the expected term of the guarantee. As of December 31, 2012 and 2011, the fair value of the guarantees less the estimated proceeds from collateral amounted to Ps. (813) and Ps. 892 respectively.



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Grupo Financiero Galicia S.A. and Subsidiaries

Notes to the Consolidated Financial Statements

For the years ended December 31, 2012, 2011 and 2010

(Expressed in
thousands of Argentine pesos)



As of December 31, 2011 the Group registered an adjustment in Shareholders Equity related to
difference in accounting of a contingent liability of a client between Argentine Banking GAAP and US GAAP

As of December 31, 2012
and 2011, the Group maintained the following guarantees:



|                     |  |                              |         |  |                                           |     |        |                     |  |     |      |  
|-------------------- |  | ---------------------------- | ------- |  | ----------------------------------------- | --- | ------ | ------------------- |  | --- | ---- | -
|                     |  | 2012                         |        
|                     |  | MaximumPotentialPayments (*) |         |  | EstimatedProceedsFrom collateralRecourse  |     |        | U.S. GAAPAdjustment | 
|Financial guarantees |  |                              | 316,620 |  |                                           |     | 13,450 |                     |  |     | (813 | )
|                     |  |                              |         |  |                                           |     |        |                     |  |     |      |  
|                     |  | Ps.                          | 316,620 |  |                                           | Ps. | 13,450 |                     |  | Ps. | (813 | )
|                     |  |                              |         |  |                                           |     |        |                     |  |     |      |  
|                     | 
|                     |  | 2011                         |        
|                     |  | MaximumPotentialPayments (*) |         |  | EstimatedProceedsFrom collateral
Recourse |     |        | U.S. GAAPAdjustment | 
|Financial guarantees |  |                              | 258,168 |  |                                           |     | 10,825 |                     |  |     | 892  |  
|                     |  |                              |         |  |                                           |     |        |                     |  |     |      |  
|                     |  | Ps.                          | 258,168 |  |                                           | Ps. | 10,825 |                     |  | Ps. | 892  |  
|                     |  |                              |         |  |                                           |     |        |                     |  |     |      |  



|(*) | The maximum potential payments represent a worse-case scenario, and do not necessarily reflect expected results. Estimated proceeds from collateral
and recourse represent the anticipated value of assets that could be liquidated or received from other parties to offset the Companys payments under guarantees.
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

m. Non-controlling interest

Under Argentine Central Bank rules, the non-controlling
interest is required to be disclosed as a component of the liabilities. Under U.S. GAAP, non-controlling interest should be reported as a separate component within equity in the consolidated financial statements. Additionally, consolidated net
income and comprehensive income are reported with separate disclosure of the amounts attributable to the parent company and to the non-controlling interest. The non-controlling interest in accordance with Argentine Banking GAAP has been eliminated
for US GAAP reconciliation purposes.

n. Foreign Debt Restructuring

On May 18, 2004, the Group completed the restructuring of its foreign debt. As a result of this restructuring, the Group recorded a Ps.142.5 million gain under Argentine Banking GAAP.

For U.S. GAAP purposes, the restructuring is accounted for in each of two steps. The first step of the restructuring required the holders of the
Groups debt to exchange its old debt for new debt in two tranches. Pursuant to Determining Whether a Debtors Modification or Exchange of Debt Instruments is within the scope of ASC 470 (ASC 820), the Group did not receive any
concession from the holders of the debt and therefore, the first step restructuring was not considered a trouble debt restructuring. Pursuant to Debtors Accounting for a Modification or Exchange of Debt Instruments ASC 470-50, the first
step of the restructuring was accounted for as a modification of the old debt and therefore the Group did not recognize any gain or loss. The second step of the restructuring offers the holders of the Groups debt issued in the first step
explained above to exchange it for new securities including cash, Boden 2012 Bonds and equity shares of the Group. Pursuant to U.S. GAAP this second step, the restructuring was accounted for in accordance with Accounting by Debtors and
Creditors for Trouble



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Grupo Financiero Galicia S.A. and Subsidiaries

Notes to the Consolidated Financial Statements

For the years ended December 31, 2012, 2011 and 2010

(Expressed in
thousands of Argentine pesos)



Debt Restructurings ASC 310-40, as a partial settlement of the debt through the transfer of certain assets and equity at its fair value. After deducting the considerations used to repay the
debt, ASC 310-40 requires the comparison of the future cash outflows of the restructured debt and the carrying of the debt at the restructuring date.

A gain on troubled debt restructuring is only recognized when the remaining carrying value of the debt at the date of the restructuring exceeds the total future cash payments of the restructured debt
reduced by the fair value of the assets and equity given as payment of the debt. Since the total future cash outflows of the restructured debt exceeds the carrying value of the old debt, no gain on restructuring was recorded under U.S. GAAP.

As a result, under U.S. GAAP, the carrying amount of the restructured debt is greater than the amount recorded under Argentine Banking GAAP.
Therefore, under U.S. GAAP, a new effective interest rate was determined to reflect the present value of the future cash payments of the restructured debt.

Furthermore, under U.S. GAAP, expenses incurred in a troubled debt restructuring are expensed as incurred. Expenses related to the issuance of equity were deducted directly from the shareholders
equity.

During 2010, the Group repurchased part of the debt maturing in 2010 and 2014. In addition, Negotiable Obligations were repaid in
advance. For U.S. GAAP purposes, these transactions were considered as an extinguishment of debt. Therefore, the U.S. GAAP adjustment recorded in previous years related to the debt extinguished was reversed in 2010, generating a gain of
approximately Ps. 34,462 included in 2010 U.S. GAAP net income reconciliation. During 2012 and 2011, the Group has not repurchased any of its debt instruments.

During 2011, the Group paid in advance the interest capitalized related to the Subordinated Negotiable Obligation for an amount of approximately US$ 95,8 million. This amount was originally scheduled to
be paid in 2014. This advance payment does not constitute a modification of terms of the Negotiable Obligation for U.S. GAAP purposes.

Shareholders Equity adjustments between Argentine Banking GAAP and U.S. GAAP as of December 31, 2012 and 2011 amounted to Ps.
(25,041) and Ps. (42,640) respectively.

o. Repurchase Agreements and Reverse Repurchase Agreements (Repos and Reverse
Repos).

During 2012 and 2011, the Bank entered into the above mentioned transactions of the following financial instruments: Boden
2012 Bonds, Securities issued by Argentine Central Bank, Discount Bonds and Bonar 2015 Bonds.

Under Argentine Banking GAAP, initial
measurement of such agreements implies sale or purchase accounting together with the recognition of an asset and liability due to the investing or financing transaction entered into.

For U.S. GAAP purposes these transactions have not qualified as true sales and therefore these transactions were classified as available for sale securities and trading and recorded at fair value. The
corresponding net adjustment in shareholders equity under U.S. GAAP is included under the caption Bonar 2015 Bonds as of December 31, 2011. There were no repurchase agreements as of December 31, 2012.

p. Fair Value Measurements Disclosures.

ASC 820-10 defines fair value, establishes a consistent framework for measuring fair value and disclosure requirements about fair-value measurements. ASC
820 -10, among other things, requires the Group to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value.

In addition, ASC 825-10 provides an option to elect fair value as an alternative measurement for selected financial assets, financial liabilities, unrecognized firm commitments and written loan
commitments not previously recorded at fair value. Under ASC 825-10, fair value is used for both the initial and subsequent measurement of the



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Grupo Financiero Galicia S.A. and Subsidiaries

Notes to the Consolidated Financial Statements

For the years ended December 31, 2012, 2011 and 2010

(Expressed in
thousands of Argentine pesos)



designated assets, liabilities and commitments, with the changes on fair value recognized in net income. As a result of ASC 825-10 analysis, the Group has not elected to apply fair value
accounting for any of its financial instruments not previously carried at fair value.

Fair Value Hierarchy

ASC 820-10, defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between
market participants at the measurement date.

In addition, ASC 820-10 establishes a three-level valuation hierarchy for disclosure of fair
value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. The three levels are defined as follows:



| |  |  | Level 1  inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.
| | - |  | -----------------------------------------------------------------------------------------------------------------------------------



| |  |  | Level 2  inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are
observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability.
| | - |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Level 2  inputs include the following:

a) Quoted prices for similar assets
or liabilities in active markets;

b) Quoted prices for identical or similar assets or liabilities in non-active markets;

c) Pricing models whose inputs are observable for substantially the full term of the asset or liability; and

d) Pricing models whose inputs are derived principally from or corroborated by observable market data through correlation or other means



| |  |  | Level 3  inputs to the valuation methodology are unobservable and significant to the fair value measurement.
| | - |  | -------------------------------------------------------------------------------------------------------------

A financial instruments categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value
measurement.

Determination of Fair Value

Fair value is based upon quoted market prices, where available. If listed prices or quotes are not available, fair value is based upon internally developed models that use primarily market-based or
independently-sourced market parameters, including interest rate yield curves, option volatilities and currency rates. Valuation adjustments may be made to ensure that financial instruments are recorded at fair value. These adjustments include
amounts to reflect counterparty credit quality, the Banks creditworthiness, liquidity and unobservable parameters that are applied consistently over time.

The Group believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies, or assumptions, to determine the fair value of certain financial
instruments could result in a different estimate of fair value at the reporting date.

The following section describes the valuation
methodologies used by the Group to measure various financial instruments at fair value, including an indication of the level in the fair-value hierarchy in which each instrument is generally classified. Where appropriate, the description includes
details of the valuation models, the key inputs to those models as well as any significant assumptions.



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Grupo Financiero Galicia S.A. and Subsidiaries

Notes to the Consolidated Financial Statements

For the years ended December 31, 2012, 2011 and 2010

(Expressed in
thousands of Argentine pesos)



Assets

a) Government securities and other investments

Listed investment securities: where quoted
prices are available in an active market, securities are classified within level 1 of the valuation hierarchy. Level 1 securities includes national and government bonds, instruments issued by BCRA and corporate securities.

Other investments securities: as quoted market prices are not available, then fair values are estimated by using a discount cash flow model which
includes assumptions based upon projected finance charges related to the securitized assets, estimated net credit losses, prepayment assumptions and contractual interest paid to third-party investors. These are classified within level 3 of the
valuation hierarchy.

b) Securities receivable under repurchase agreements

Securities receivables under repurchase agreements are classified within level 1 of the valuation hierarchy using quoted prices available in the active market for Bonar 2015 Bonds and Securities issued by
Argentine Central Bank where the securities are traded.

c) Securitizations

As of December 31, 2012 and 2011 the caption includes the consolidated assets of Galtrust I. The fair value was estimated by using the discounted cash flows of the assets. Therefore, these are
classified within level 3 of the valuation hierarchy.

d) Derivatives Financial Instruments

Forward transactions traded in autoregulated markets are made through recognized exchange markets, such as Mercado Abierto Electrónico (MAE) and
Mercado a Término de Rosario (ROFEX).

The general settlement method for these transactions does not require delivery of the traded
underlying asset. Rather, settlement is carried on a daily basis for the difference, if any, between the closing price of the underlying asset and the closing price or value of the underlying asset corresponding to the previous day, the difference
in price being charged to income. Therefore, they are classified in Level 1 of the fair-value hierarchy.

Forward transactions conducted
directly with customers are recorded as the difference between the agreed foreign currency exchange rate and such exchange rate at the end of the year according with the future prices published by Rofex. Therefore, they are classified in Level 2 of
the fair-value hierarchy.

Liabilities

e) Securities to be delivered under spot and forward sales to be settled

Securities to be
delivered under spot and forward sales to be settled are classified within level 1 of the valuation hierarchy using quoted prices available in the active market for Securities issued by the Argentine Central Bank where the securities are traded.

f) Derivatives Financial Instruments

Forward transactions traded in autoregulated markets are made through recognized exchange markets, such as Mercado Abierto Electrónico (MAE) and Mercado a Término de Rosario (ROFEX).

The general settlement method for these transactions does not require delivery of the traded underlying asset. Rather, settlement is carried
on a daily basis for the difference, if any, between the closing price of the underlying asset and the closing price or value of the underlying asset corresponding to the previous day, the difference in price being charged to income. Therefore, they
are classified in Level 1 of the fair-value hierarchy.



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Grupo Financiero Galicia S.A. and Subsidiaries

Notes to the Consolidated Financial Statements

For the years ended December 31, 2012, 2011 and 2010

(Expressed in
thousands of Argentine pesos)



Forward transactions conducted directly with customers are recorded as the difference between the agreed
foreign currency exchange rate and such exchange rate at the end of the year according with the future prices published by Rofex. Therefore, they are classified in Level 2 of the fair-value hierarchy.

Items measured at fair value on a recurring basis

The following table presents the financial instruments carried at fair value as of December 31, 2012 and 2011, for U.S. GAAP purposes by ASC 820-10 valuation hierarchy (as described above).



|                                                                           |  |                    |     |  |                                              |  |           |                                                                   |  |  |                                                                     |  |  |  |           |   |  |  |     |  |  |  |      |   |  |  |     |  |  |  |           | 
|-------------------------------------------------------------------------- |  | ------------------ | --- |  | -------------------------------------------- |  | --------- | ----------------------------------------------------------------- |  |  | ------------------------------------------------------------------- |  |  |  | --------- | - |  |  | --- |  |  |  | ---- | - |  |  | --- |  |  |  | --------- | 
|Balances as of December 31, 2012                                           |  | Totalcarryingvalue |     |  | Quotedmarket pricesin activemarkets(Level 1) |  |           | Internalmodels withsignificantobservablemarketparameters(Level
2) |  |  | Internalmodels withsignificantunobservablemarketparameters(Level
3) | 
|ASSETS                                                                     |  |                    |     |  |                                              |  |           |                                                                   |  |  |                                                                     |  |  |  |           |   |  |  |     |  |  |  |      |   |  |  |     |  |  |  |           | 
|a) Government securities and other investments                             |  |                    |     |  |                                              |  |           |                                                                   |  |  |                                                                     |  |  |  |           |   |  |  |     |  |  |  |      |   |  |  |     |  |  |  |           | 
|a.1) Holdings recorded at fair market value                                |  |                    |     |  |                                              |  |           |                                                                   |  |  |                                                                     |  |  |  |           |   |  |  |     |  |  |  |      |   |  |  |     |  |  |  |           | 
|Holdings Recorded at Fair Market Value                                     |  |                    | Ps. |  |                                              |  | 718,520   |                                                                   |  |  | Ps.                                                                 |  |  |  | 718,520   |   |  |  | Ps. |  |  |  |     |   |  |  | Ps. |  |  |  |          | 
|a.2) Securities issued by Argentine Central Bank
and government securities |  |                    | Ps. |  |                                              |  | 2,953,222 |                                                                   |  |  | Ps.                                                                 |  |  |  | 2,709,733 |   |  |  | Ps. |  |  |  |     |   |  |  | Ps. |  |  |  | 243,489   | 
|a.3) Investments in listed Private Securities                              |  |                    |     |  |                                              |  |           |                                                                   |  |  |                                                                     |  |  |  |           |   |  |  |     |  |  |  |      |   |  |  |     |  |  |  |           | 
|Negotiable Obligations                                                     |  |                    | Ps. |  |                                              |  | 188       |                                                                   |  |  | Ps.                                                                 |  |  |  | 188       |   |  |  | Ps. |  |  |  |     |   |  |  | Ps. |  |  |  |          | 
|a.4) Other Investments (*)                                                 |  |                    | Ps. |  |                                              |  | 194,927   |                                                                   |  |  | Ps.                                                                 |  |  |  |          |   |  |  | Ps. |  |  |  |     |   |  |  | Ps. |  |  |  | 194,927   | 
|b) Securities receivable under repurchase agreements                       |  |                    |     |  |                                              |  |           |                                                                   |  |  |                                                                     |  |  |  |           |   |  |  |     |  |  |  |      |   |  |  |     |  |  |  |           | 
|b.1) Securities issued by Argentine Central Bank                           |  |                    | Ps. |  |                                              |  | 727,433   |                                                                   |  |  | Ps.                                                                 |  |  |  | 727,433   |   |  |  | Ps. |  |  |  |     |   |  |  | Ps. |  |  |  |          | 
|c) Securitizations                                                         |  |                    |     |  |                                              |  |           |                                                                   |  |  |                                                                     |  |  |  |           |   |  |  |     |  |  |  |      |   |  |  |     |  |  |  |           | 
|Galtrust I  Bogar Bonds (**)                                              |  |                    | Ps. |  |                                              |  | 754,390   |                                                                   |  |  | Ps.                                                                 |  |  |  |          |   |  |  | Ps. |  |  |  |     |   |  |  | Ps. |  |  |  | 754,390   | 
|d) Derivatives financial instruments                                       |  |                    | Ps. |  |                                              |  | 2,540     |                                                                   |  |  | Ps.                                                                 |  |  |  | 1,688     |   |  |  | Ps. |  |  |  | 852  |   |  |  | Ps. |  |  |  |          | 
|                                                                           |  |                    |     |  |                                              |  |           |                                                                   |  |  |                                                                     |  |  |  |           |  
|TOTAL ASSETS AT FAIR VALUE                                                 |  |                    | Ps. |  |                                              |  | 5,351,220 |                                                                   |  |  | Ps.                                                                 |  |  |  | 4,157,562 |   |  |  | Ps. |  |  |  | 852  |   |  |  | Ps. |  |  |  | 1,192,806 | 
|                                                                           |  |                    |     |  |                                              |  |           |                                                                   |  |  |                                                                     |  |  |  |           |  
|LIABILITIES  By Class                                                     |  |                    |     |  |                                              |  |           |                                                                   |  |  |                                                                     |  |  |  |           |   |  |  |     |  |  |  |      |   |  |  |     |  |  |  |           | 
|e) Securities to be delivered under spot and forward sales to
be settled   |  |                    | Ps. |  |                                              |  | (161,220  | )                                                                 |  |  | Ps.                                                                 |  |  |  | (161,220  | ) |  |  | Ps. |  |  |  |     |   |  |  | Ps. |  |  |  |          | 
|f) Derivatives financial instruments                                       |  |                    |     |  |                                              |  |           |                                                                   |  |  |                                                                     |  |  |  |           |   |  |  |     |  |  |  |      |   |  |  |     |  |  |  |           | 
|Foreign exchange contracts                                                 |  |                    | Ps. |  |                                              |  | (2,345    | )                                                                 |  |  | Ps.                                                                 |  |  |  | (1,360    | ) |  |  | Ps. |  |  |  | (985 | ) |  |  | Ps. |  |  |  |          | 
|                                                                           |  |                    |     |  |                                              |  |           |                                                                   |  |  |                                                                     |  |  |  |           |  
|TOTAL LIABILITIES AT FAIR VALUE                                            |  |                    | Ps. |  |                                              |  | (163,565  | )                                                                 |  |  | Ps.                                                                 |  |  |  | (162,580  | ) |  |  | Ps. |  |  |  | (985 | ) |  |  | Ps. |  |  |  |          | 
|                                                                           |  |                    |     |  |                                              |  |           |                                                                   |  |  |                                                                     |  |  |  |           |  



|(*) | This amount is related to the fair value of certificates of participation held in the Almafuerte Special Fund and debt securities of Saturno Trust
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------

|(**) | The Ps. 754,390 corresponds to the fair value of the Bogar Bonds recorded as an asset in Galtrust I.
|---- | ----------------------------------------------------------------------------------------------------



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Grupo Financiero Galicia S.A. and Subsidiaries

Notes to the Consolidated Financial Statements

For the years ended December 31, 2012, 2011 and 2010

(Expressed in
thousands of Argentine pesos)



|                                                                              |  |                     |     |  |                                              |  |            |                                                                   |  |  |                                                                     |  |  |  |            |   |  |  |     |  |  |  |        |   |  |  |     |  |  |  |         | 
|----------------------------------------------------------------------------- |  | ------------------- | --- |  | -------------------------------------------- |  | ---------- | ----------------------------------------------------------------- |  |  | ------------------------------------------------------------------- |  |  |  | ---------- | - |  |  | --- |  |  |  | ------ | - |  |  | --- |  |  |  | ------- | 
|Balances as of December 31, 2011                                              |  | Total carryingvalue |     |  | Quotedmarket pricesin activemarkets(Level 1) |  |            | Internalmodels withsignificantobservablemarketparameters(Level
2) |  |  | Internalmodels withsignificantunobservablemarketparameters(Level 3) | 
|ASSETS                                                                        |  |                     |     |  |                                              |  |            |                                                                   |  |  |                                                                     |  |  |  |            |   |  |  |     |  |  |  |        |   |  |  |     |  |  |  |         | 
|a) Government securities and other investments                                |  |                     |     |  |                                              |  |            |                                                                   |  |  |                                                                     |  |  |  |            |   |  |  |     |  |  |  |        |   |  |  |     |  |  |  |         | 
|a.1) Holdings recorded at fair value                                          |  |                     | Ps. |  |                                              |  | 396,287    |                                                                   |  |  | Ps.                                                                 |  |  |  | 396,287    |   |  |  | Ps. |  |  |  |       |   |  |  | Ps. |  |  |  |        | 
|a.2) Government securities from repo transactions with
Argentine Central Bank |  |                     | Ps. |  |                                              |  | 40,600     |                                                                   |  |  | Ps.                                                                 |  |  |  | 40,600     |   |  |  | Ps. |  |  |  |       |   |  |  | Ps. |  |  |  |        | 
|a.3) Securities issued by Argentine Central Bank                              |  |                     | Ps. |  |                                              |  | 5,023,340  |                                                                   |  |  | Ps.                                                                 |  |  |  | 5,023,340  |   |  |  | Ps. |  |  |  |       |   |  |  | Ps. |  |  |  |        | 
|a.4)Investments in listed Private Securities                                  |  |                     |     |  |                                              |  |            |                                                                   |  |  |                                                                     |  |  |  |            |   |  |  |     |  |  |  |        |   |  |  |     |  |  |  |         | 
|Shares                                                                        |  |                     | Ps. |  |                                              |  | 2,040      |                                                                   |  |  | Ps.                                                                 |  |  |  | 2,040      |   |  |  | Ps. |  |  |  |       |   |  |  | Ps. |  |  |  |        | 
|Negotiable Obligations                                                        |  |                     | Ps. |  |                                              |  | 1,088      |                                                                   |  |  | Ps.                                                                 |  |  |  | 1,088      |   |  |  | Ps. |  |  |  |       |   |  |  | Ps. |  |  |  |        | 
|a.5)Other Investments (*)                                                     |  |                     | Ps. |  |                                              |  | 198,437    |                                                                   |  |  | Ps.                                                                 |  |  |  |           |   |  |  | Ps. |  |  |  |       |   |  |  | Ps. |  |  |  | 198,437 | 
|b) Securities receivable under repurchase agreements                          |  |                     |     |  |                                              |  |            |                                                                   |  |  |                                                                     |  |  |  |            |   |  |  |     |  |  |  |        |   |  |  |     |  |  |  |         | 
|b.1) Bonar 2015 Bonds                                                         |  |                     | Ps. |  |                                              |  | 559,682    |                                                                   |  |  | Ps.                                                                 |  |  |  | 559,682    |   |  |  | Ps. |  |  |  |       |   |  |  | Ps. |  |  |  |        | 
|b.2) Securities issued by Argentine Central Bank                              |  |                     | Ps. |  |                                              |  | 102,020    |                                                                   |  |  | Ps.                                                                 |  |  |  | 102,020    |   |  |  | Ps. |  |  |  |       |   |  |  | Ps. |  |  |  |        | 
|c) Securitizations                                                            |  |                     |     |  |                                              |  |            |                                                                   |  |  |                                                                     |  |  |  |            |   |  |  |     |  |  |  |        |   |  |  |     |  |  |  |         | 
|Galtrust I  Bogar Bonds (**)                                                 |  |                     | Ps. |  |                                              |  | 720,710    |                                                                   |  |  | Ps.                                                                 |  |  |  |           |   |  |  | Ps. |  |  |  |       |   |  |  | Ps. |  |  |  | 720,710 | 
|d) Derivatives financial instruments                                          |  |                     | Ps. |  |                                              |  | 11,407     |                                                                   |  |  | Ps.                                                                 |  |  |  | 3,035      |   |  |  | Ps. |  |  |  | 8,372  |   |  |  | Ps. |  |  |  |        | 
|                                                                              |  |                     |     |  |                                              |  |            |                                                                   |  |  |                                                                     |  |  |  |            |  
|TOTAL ASSETS AT FAIR VALUE                                                    |  |                     | Ps. |  |                                              |  | 7,055,611  |                                                                   |  |  | Ps.                                                                 |  |  |  | 6,128,092  |   |  |  | Ps. |  |  |  | 8,372  |   |  |  | Ps. |  |  |  | 919,147 | 
|                                                                              |  |                     |     |  |                                              |  |            |                                                                   |  |  |                                                                     |  |  |  |            |  
|LIABILITIES                                                                   |  |                     |     |  |                                              |  |            |                                                                   |  |  |                                                                     |  |  |  |            |   |  |  |     |  |  |  |        |   |  |  |     |  |  |  |         | 
|e)Securities to be delivered under spot and forward sales to
be settled       |  |                     | Ps. |  |                                              |  | (1,559,308 | )                                                                 |  |  | Ps.                                                                 |  |  |  | (1,559,308 | ) |  |  | Ps. |  |  |  |       |   |  |  | Ps. |  |  |  |        | 
|f) Derivatives financial instruments                                          |  |                     |     |  |                                              |  |            |                                                                   |  |  |                                                                     |  |  |  |            |   |  |  |     |  |  |  |        |   |  |  |     |  |  |  |         | 
|Foreign exchange contracts                                                    |  |                     | Ps. |  |                                              |  | (8,073     | )                                                                 |  |  | Ps.                                                                 |  |  |  | (2,794     | ) |  |  | Ps. |  |  |  | (5,279 | ) |  |  | Ps. |  |  |  |        | 
|                                                                              |  |                     |     |  |                                              |  |            |                                                                   |  |  |                                                                     |  |  |  |            |  
|TOTAL LIABILITIES AT FAIR VALUE                                               |  |                     | Ps. |  |                                              |  | (1,567,381 | )                                                                 |  |  | Ps.                                                                 |  |  |  | (1,562,102 | ) |  |  | Ps. |  |  |  | (5,279 | ) |  |  | Ps. |  |  |  |        | 
|                                                                              |  |                     |     |  |                                              |  |            |                                                                   |  |  |                                                                     |  |  |  |            |  



|(*) | This amount is related to the fair value of certificates of participation held in the Almafuerte Special Fund and debt securities of Saturno Trust
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------

|(**) | The Ps. 720,710 corresponds to the fair value of the Bogar Bonds recorded as an asset in Galtrust I.
|---- | ----------------------------------------------------------------------------------------------------



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##### Table of Contents

Grupo Financiero Galicia S.A. and Subsidiaries

Notes to the Consolidated Financial Statements

For the years ended December 31, 2012, 2011 and 2010

(Expressed in
thousands of Argentine pesos)



Changes in level 3 fair value measurements

The table below includes a roll forward of the balance sheet amounts as of December 31, 2012, 2011 and 2010 (including the change in fair value) for
financial instruments classified by the Group within level 3 of the valuation hierarchy. When a determination is made to classify a financial instrument within level 3 of the valuation hierarchy, the determination is based upon the significance of
the unobservable factors to the overall fair value measurement.



|                                            |  |                         |     |  |                   |  |         |                                                                    |  |  |                              |  |  |  |         |   |  |  |     |  |  |  |         |  |  |  |           |  
|------------------------------------------- |  | ----------------------- | --- |  | ----------------- |  | ------- | ------------------------------------------------------------------ |  |  | ---------------------------- |  |  |  | ------- | - |  |  | --- |  |  |  | ------- |  |  |  | --------- | -
|                                            |  | Galtrust I - Bogarbonds |     |  | Other investments |  |         | Securities issued byArgentine CentralBank 
andgovernmentsecurities |  |  | Total Fair ValueMeasurements | 
|Fair value, December 31, 2010               |  |                         | Ps. |  |                   |  | 783,761 |                                                                    |  |  | Ps.                          |  |  |  | 186,205 |   |  |  | Ps. |  |  |  |        |  |  |  | 969,966   |  
|Total gains or losses (realized/unrealized) |  |                         |     |  |                   |  | (63,051 | )                                                                  |  |  |                              |  |  |  | 12,232  |   |  |  |     |  |  |  |        |  |  |  | (50,819   | )
|Purchases, sales, issues and settlements    |  |                         |     |  |                   |  |        |                                                                    |  |  |                              |  |  |  |        |   |  |  |     |  |  |  |        |  |  |  |          |  
|Included in earnings                        |  |                         |     |  |                   |  |        |                                                                    |  |  |                              |  |  |  | 1,262   |   |  |  |     |  |  |  |        |  |  |  | 1,262     |  
|Included in other comprehensive income      |  |                         |     |  |                   |  | (63,051 | )                                                                  |  |  |                              |  |  |  | 10,970  |   |  |  |     |  |  |  |        |  |  |  | (52,081   | )
|                                            |  |                         |     |  |                   |  |         |                                                                    |  |  |                              |  |  |  |         |  
|Fair value, December 31, 2011               |  |                         | Ps. |  |                   |  | 720,710 |                                                                    |  |  | Ps.                          |  |  |  | 198,437 |   |  |  | Ps. |  |  |  |        |  |  |  | 919,147   |  
|                                            |  |                         |     |  |                   |  |         |                                                                    |  |  |                              |  |  |  |         |  
|Total gains or losses (realized/unrealized) |  |                         |     |  |                   |  | 33,680  |                                                                    |  |  |                              |  |  |  | 2,757   |   |  |  |     |  |  |  | 2,642   |  |  |  | 39,079    |  
|Included in earnings                        |  |                         |     |  |                   |  |        |                                                                    |  |  |                              |  |  |  | (2,558  | ) |  |  |     |  |  |  | 2,642   |  |  |  | 916       |  
|Included in other comprehensive income      |  |                         |     |  |                   |  | 33,680  |                                                                    |  |  |                              |  |  |  | 5,315   |   |  |  |     |  |  |  |        |  |  |  | 38,995    |  
|Purchases                                   |  |                         |     |  |                   |  |        |                                                                    |  |  |                              |  |  |  |        |   |  |  |     |  |  |  | 240,847 |  |  |  | 240,847   |  
|Sales                                       |  |                         |     |  |                   |  |        |                                                                    |  |  |                              |  |  |  | (6,267  | ) |  |  |     |  |  |  |        |  |  |  | (6,267    | )
|                                            |  |                         |     |  |                   |  |         |                                                                    |  |  |                              |  |  |  |         |  
|Fair value, December 31, 2012               |  |                         | Ps. |  |                   |  | 754,390 |                                                                    |  |  | Ps.                          |  |  |  | 194,927 |   |  |  | Ps. |  |  |  | 243,489 |  |  |  | 1,192,806 |  
|                                            |  |                         |     |  |                   |  |         |                                                                    |  |  |                              |  |  |  |         |  

The table below summarizes gains and losses due to changes in fair value, recorded in earnings for level 3 assets and
liabilities during the year:



|                                                          |      |                               |          |      |  |  |            |  |  |     |        |  
|--------------------------------------------------------- | ---- | ----------------------------- | -------- | ---- |  |  | ---------- |  |  | --- | ------ | -
|Balances as of December 31,                               |      | Total Fair Value Measurements |         
|                                                          | 2012 |                               |          | 2011 |  |  | 2010       | 
|Available for sale securities                             |      |                               |          |      |  |  |            |  |  |     |        |  
|Classification of gains and losses included in earnings : |      |                               |          |      |  |  |            |  |  |     |        |  
|Financial Income                                          |      |                               | Ps.  916 |      |  |  | Ps.  1,262 |  |  | Ps. | (7,265 | )
|                                                          |      |                               |          |      |  |  |            |  |  |     |        |  
|Total                                                     |      |                               | Ps.  916 |      |  |  | Ps.  1,262 |  |  | Ps. | (7,265 | )

The Group did not transfer any assets or liabilities between levels 1 and 2 of the fair value hierarchy during 2012. In
addition, the Group is required, on a nonrecurring basis, to adjust the carrying value of certain assets or provide valuation allowances related to certain assets using fair value measurements in accordance with GAAP. Loans are generally not
recorded at fair value on a recurring basis. Periodically, the Group records nonrecurring adjustments for including certain impairment amounts for impaired loans calculated in accordance with ASC 310-10 when establishing the allowance for loan
losses. Estimates of fair value used for impaired loans generally are based on assumptions not observable in the marketplace and therefore such valuations have been classified as Level 3. The valuation technique used to obtain the fair value was an
income approach using discounted cash flows based on the contracted maturity of the loans. The discount rates are based on the current market rates corresponding to the applicable maturity. No changes in the valuation technique took place during the
year. Loans subject to nonrecurring fair value measurement were Ps. 44,993 and Ps. 40,579 as of December 31, 2012 and 2011 classified as Level 3.



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##### Table of Contents

Grupo Financiero Galicia S.A. and Subsidiaries

Notes to the Consolidated Financial Statements

For the years ended December 31, 2012, 2011 and 2010

(Expressed in
thousands of Argentine pesos)



q. New authoritative pronouncements

In March 2013, FASB issued ASU 2013-05, Foreign Currency Matters (Topic 830): to resolve the diversity in practice about the cumulative translation adjustment derecognition guidance in
Subtopic 830-30 for the derecognition of certain subsidiaries or groups of assets within a foreign entity and for changes in an investment in a foreign entity. Furthermore, ASU 2013-05 resolves the diversity in practice for the treatment of business
combinations achieved in stages (sometimes also referred to as step acquisitions) involving a foreign entity. The requirements will be effective prospectively for fiscal years beginning after December 15, 2012. Management considers that the
adoption of this statement will not have an impact on their financial statemens.

In February 2013, the FASB issued ASU No. 2013-04,
Reporting Obligations Resulting from Joint and Several Liability Arrangements for Which the Total Amount of the Obligation is Fixed at the Reporting Date (Topic 405): The objective of the amendments in this Update is to provide guidance
for the recognition, measurement, and disclosure of obligations resulting from joint and several liability arrangements for which the total amount of the obligation within the scope of this guidance is fixed at the reporting date, except for
obligations addressed within existing guidance in U.S. generally accepted accounting principles (GAAP). Examples of obligations within the scope of this Update include debt arrangements, other contractual obligations, and settled litigation and
judicial rulings. U.S. GAAP does not include specific guidance on accounting for such obligations with joint and several liability, which has resulted in diversity in practice. Some entities record the entire amount under the joint and several
liability arrangement on the basis of the concept of a liability and the guidance that must be met to extinguish a liability. Other entities record less than the total amount of the obligation, such as an amount allocated, an amount corresponding to
the proceeds received, or the portion of the amount the entity agreed to pay among its co-obligors, on the basis of the guidance for contingent liabilities. The amendments in this Update are effective for fiscal years, and interim periods within
those years, beginning after December 15, 2013. The amendments in this Update should be applied retrospectively to all prior periods presented for those obligations resulting from joint and several liability arrangements within the
Updates scope that exist at the beginning of an entitys fiscal year of adoption. Early adoption is permitted. Management considers that the adoption of this statement will not have an impact on their financial statemens.

In February 2013, the FASB issued ASU No. 2013-02, Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income
(Topic 220): The objective of this Update is to improve the reporting of reclassifications out of accumulated other comprehensive income. The amendments in this Update seek to attain that objective by requiring an entity to report the effect of
significant reclassifications out of accumulated other comprehensive income on the respective line items in net income if the amount being reclassified is required under U.S. generally accepted accounting principles (GAAP) to be reclassified in its
entirety to net income. For other amounts that are not required under U.S. GAAP to be reclassified in their entirety to net income in the same reporting period, an entity is required to cross-reference other disclosures required under U.S. GAAP that
provide additional detail about those amounts. This would be the case when a portion of the amount reclassified out of accumulated other comprehensive income is reclassified to a balance sheet account (for example, inventory) instead of directly to
income or expense in the same reporting period. For public entities, the amendments are effective prospectively for reporting periods beginning after December 15, 2012. Management considers that the adoption of this statement will not have a
significant impact on their financial statements.

In October 2012, the FASB issued ASU 2012-04: Technical Corrections and Improvements. The
amendments in this Update cover a wide range of Topics in the Codification. These amendments are presented in two sectionsTechnical Corrections and Improvements (Section A) and Conforming Amendments Related to Fair Value Measurements (Section
B). The amendments in Section A have been categorized in the following manner: Source literature amendments, Guidance clarification and reference corrections and Relocated guidance. The amendments in Section B are intended to conform terminology and
clarify certain guidance in various Topics of the Codification to fully reflect the fair value measurement and disclosure requirements of Topic 820. The amendments in this



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##### Table of Contents

Grupo Financiero Galicia S.A. and Subsidiaries

Notes to the Consolidated Financial Statements

For the years ended December 31, 2012, 2011 and 2010

(Expressed in
thousands of Argentine pesos)



Update that will not have transition guidance will be effective upon issuance for both public entities and nonpublic entities. For public entities, the amendments that are subject to the
transition guidance will be effective for fiscal periods beginning after December 15, 2012. This Update is not intended to significantly change U.S. GAAP.

In August 2012, the FASB issued ASU 2012-03: Technical Amendments and Corrections to SEC Sections. The ASU amends various SEC paragraphs of the FASBs Accounting Standards Codification pursuant
to the issuance of SEC Staff Accounting Bulletin No. 114 (SAB 114), which was issued in March 2011. SAB 114 was issued to update the relevant interpretive guidance in the SECs Staff Accounting Bulletin series to make it consistent with
current authoritative accounting guidance issued by the FASB. The principal changes involve revision or removal of accounting guidance references and other conforming changes to ensure consistency of referencing throughout the SAB series. Management
considers that the adoption of this statement will not have a significant impact on their financial statements.

In July 2012, the FASB issued
ASU No. 2012-02, IntangiblesGoodwill and Other (Topic 350): Testing Indefinite-Lived Intangible Assets for Impairment. In accordance with the amendments in this Update, an entity has the option first to assess qualitative factors to
determine whether the existence of events and circumstances indicates that it is more likely than not that the indefinite-lived intangible asset is impaired. If, after assessing the totality of events and circumstances, an entity concludes that it
is not more likely than not that the indefinite-lived intangible asset is impaired, then the entity is not required to take further action. However, if an entity concludes otherwise, then it is required to determine the fair value of the
indefinite-lived intangible asset and perform the quantitative impairment test by comparing the fair value with the carrying amount in accordance with Subtopic 350-30. The amendments are effective for annual and interim impairment tests performed
for fiscal years beginning after September 15, 2012. Management considers that the adoption of this statement will not have a material impact on their financial statements.

In December 2011, FASB issued ASU 2011-11, Disclosures about offsetting assets and liabilities (Topic 210), to provide enhanced disclosures that will enable users of its financial statements
to evaluate the effect or potential effect of netting arrangements on an entitys financial position. This includes the effect or potential effect of rights of setoff associated with an entitys recognized assets and recognized liabilities
within the scope of this Update. The amendments require enhanced disclosures by requiring improved information about financial instruments and derivative instruments that are either (1) offset in accordance with either Section 210-20-45 or
Section 815-10-45 or (2) subject to an enforceable master netting arrangement or similar agreement, irrespective of whether they are offset in accordance with either Section 210-20-45 or Section 815-10-45. An entity is required
to apply the amendments for annual reporting periods beginning on or after January 1, 2013. An entity should provide the disclosures required by those amendments retrospectively for all comparative periods presented. Management considers that
the adoption of this statement will not have a material impact on their financial statements.

In December 2011, FASB issued ASU 2011-10,
Derecognition of in substance Real Estate (Topic 360), to resolve the diversity in practice about whether the guidance in sup-topic 360-20 applies to a parent that ceases to have a controlling interest in a subsidiary that is in
substance real estate. The amendments are effective for fiscal years, and interim periods within those years beginning on or after December 15, 2013. Early adoption is permitted. The adoption had no impact on the U.S. GAAP disclosures and
financial information released by the Company for the reporting period ending on December 31, 2012.



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##### Table of Contents

Grupo Financiero Galicia S.A. and Subsidiaries

Notes to the Consolidated Financial Statements

For the years ended December 31, 2012, 2011 and 2010

(Expressed in
thousands of Argentine pesos)



r. Consolidated net income



|                                                                                                              |  |              |     |  |      |  |           |      |  |  |     |  |  |  |           |   |  |  |     |  |  |  |           |  
|------------------------------------------------------------------------------------------------------------- |  | ------------ | --- |  | ---- |  | --------- | ---- |  |  | --- |  |  |  | --------- | - |  |  | --- |  |  |  | --------- | -
|                                                                                                              |  | December 31, |    
|                                                                                                              |  | 2012         |     |  | 2011 |  |           | 2010 | 
|Net income as stated                                                                                          |  |              | Ps. |  |      |  | 1,336,215 |      |  |  | Ps. |  |  |  | 1,106,943 |   |  |  | Ps. |  |  |  | 408,901   |  
|Loan origination fees and costs (Note 35 b.)                                                                  |  |              |     |  |      |  | 19,656    |      |  |  |     |  |  |  | (33,902   | ) |  |  |     |  |  |  | 7,422     |  
|Intangible assets:                                                                                            |  |              |     |  |      |  |           |      |  |  |     |  |  |  |           |   |  |  |     |  |  |  |           |  
|Goodwill amortization and impairment (Note 35 c.)                                                             |  |              |     |  |      |  | 1,939     |      |  |  |     |  |  |  | 8,591     |   |  |  |     |  |  |  | 6,928     |  
|Negative goodwill (Note 35 c.)                                                                                |  |              |     |  |      |  | (99,123   | )    |  |  |     |  |  |  | (118,703  | ) |  |  |     |  |  |  | 465,634   |  
|Software cost (Note 35 c.)                                                                                    |  |              |     |  |      |  | (49,517   | )    |  |  |     |  |  |  | (77,390   | ) |  |  |     |  |  |  | (56,259   | )
|Compensation related to the payment of deposits (Note 35 g.)                                                  |  |              |     |  |      |  |          |      |  |  |     |  |  |  |          |   |  |  |     |  |  |  | 259,053   |  
|Equity investments in other companies  Impairment (Note 35 k.)                                               |  |              |     |  |      |  | 6,257     |      |  |  |     |  |  |  | 8,249     |   |  |  |     |  |  |  | 1,810     |  
|Loans non Financial Public Sector  Secured loans (Note 35 d.(i))                                            |  |              |     |  |      |  |          |      |  |  |     |  |  |  |          |   |  |  |     |  |  |  | 282       |  
|Loan impairment  Private sector (Note 35 d.(ii))                                                             |  |              |     |  |      |  | 9,258     |      |  |  |     |  |  |  | (44,395   | ) |  |  |     |  |  |  | 1,812     |  
|Securitizations (Note 35 h.)                                                                                  |  |              |     |  |      |  | 4,830     |      |  |  |     |  |  |  | 23,654    |   |  |  |     |  |  |  | (12,920   | )
|Government Securities and other investments:                                                                  |  |              |     |  |      |  |           |      |  |  |     |  |  |  |           |   |  |  |     |  |  |  |           |  
|Compensatory Bond received and Hedge Bond (Note 35 e.(i))                                                     |  |              |     |  |      |  |          |      |  |  |     |  |  |  |          |   |  |  |     |  |  |  | 1,005,937 |  
|Discount Bonds (Note 35 e.(ii))                                                                               |  |              |     |  |      |  |          |      |  |  |     |  |  |  |          |   |  |  |     |  |  |  | 428,686   |  
|GDP  Linked Negotiable Securities (Note 35 e.(ii))                                                           |  |              |     |  |      |  |          |      |  |  |     |  |  |  |          |   |  |  |     |  |  |  | (12,366   | )
|Bonar 2015 Bonds ( Note 35 e. (iii))                                                                          |  |              |     |  |      |  | 76,487    |      |  |  |     |  |  |  | (110,425  | ) |  |  |     |  |  |  | (346,761  | )
|Other investments (Note 35 e. (iv))                                                                           |  |              |     |  |      |  | (23,236   | )    |  |  |     |  |  |  | 10,985    |   |  |  |     |  |  |  | 115,494   |  
|Amortization of real estate properties and foreclosed assets previously impaired under U.S. GAAP (Note 35 j.) |  |              |     |  |      |  | 1,395     |      |  |  |     |  |  |  | 1,395     |   |  |  |     |  |  |  | 1,395     |  
|Recognition for the fair value of obligations assumed under financial guarantees issued (Note 35 l.)          |  |              |     |  |      |  | (1,705    | )    |  |  |     |  |  |  | 4,740     |   |  |  |     |  |  |  | 8,361     |  
|Foreign Debt restructuring (Note 35 n.)                                                                       |  |              |     |  |      |  | 17,599    |      |  |  |     |  |  |  | 33,368    |   |  |  |     |  |  |  | 61,264    |  
|Deferred Income tax (Note 35 a.)                                                                              |  |              |     |  |      |  | 9,732     |      |  |  |     |  |  |  | 75,108    |   |  |  |     |  |  |  | (249,931  | )
|Minimum Presumed Income Tax (Note 35 a.)                                                                      |  |              |     |  |      |  |          |      |  |  |     |  |  |  |          |   |  |  |     |  |  |  | 328,619   |  
|Non-controlling interest (Note 35 m.)                                                                         |  |              |     |  |      |  | 186,403   |      |  |  |     |  |  |  | 170,962   |   |  |  |     |  |  |  | 104,333   |  
|                                                                                                              |  |              |     |  |      |  |           |      |  |  |     | 
|Net income in accordance with U.S. GAAP                                                                       |  |              | Ps. |  |      |  | 1,496,190 |      |  |  | Ps. |  |  |  | 1,059,180 |   |  |  | Ps. |  |  |  | 2,527,694 |  
|                                                                                                              |  |              |     |  |      |  |           |      |  |  |     | 
|Less Net (Income) attributable to the Non-controlling Interest (Note 35 m)                                    |  |              |     |  |      |  | (186,593  | )    |  |  |     |  |  |  | (192,459  | ) |  |  |     |  |  |  | (234,121  | )
|                                                                                                              |  |              |     |  |      |  |           |      |  |  |     | 
|Net Income attributable to Parent Company in accordance with U.S. GAAP                                        |  |              | Ps. |  |      |  | 1,309,597 |      |  |  | Ps. |  |  |  | 866,721   |   |  |  | Ps. |  |  |  | 2,293,573 |  
|                                                                                                              |  |              |     |  |      |  |           |      |  |  |     | 
|Average number of shares outstanding (in thousands) (Note 21)                                                 |  |              |     |  |      |  | 1,241,407 |      |  |  |     |  |  |  | 1,241,407 |   |  |  |     |  |  |  | 1,241,407 |  
|Basic net income per share in accordance with U.S. GAAP (Note 21)                                             |  |              |     |  |      |  | 1.055     |      |  |  |     |  |  |  | 0.698     |   |  |  |     |  |  |  | 1.848     |  
|Diluted net income per share in accordance with U.S. GAAP (Note 21)                                           |  |              |     |  |      |  | 1.055     |      |  |  |     |  |  |  | 0.698     |   |  |  |     |  |  |  | 1.848     |  
|                                                                                                              |  |              |     |  |      |  |           |      |  |  |     | 



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##### Table of Contents

Grupo Financiero Galicia S.A. and Subsidiaries

Notes to the Consolidated Financial Statements

For the years ended December 31, 2012, 2011 and 2010

(Expressed in
thousands of Argentine pesos)



s. Consolidated shareholders equity



|                                                                                                             |  |              |     |  |      |  |           |   |  |  |     |  |  |  |           |  
|------------------------------------------------------------------------------------------------------------ |  | ------------ | --- |  | ---- |  | --------- | - |  |  | --- |  |  |  | --------- | -
|                                                                                                             |  | December 31, |    
|                                                                                                             |  | 2012         |     |  | 2011 | 
|Shareholders equity as stated                                                                               |  |              | Ps. |  |      |  | 4,870,078 |   |  |  | Ps. |  |  |  | 3,551,615 |  
|Loan origination fees and costs (Note 35 b.)                                                                 |  |              |     |  |      |  | (98,888   | ) |  |  |     |  |  |  | (118,544  | )
|Intangible assets:                                                                                           |  |              |     |  |      |  |           |   |  |  |     |  |  |  |           |  
|Goodwill amortization and impairment (Note 35 c.)                                                            |  |              |     |  |      |  | 42,665    |   |  |  |     |  |  |  | 40,726    |  
|Negative Goodwill (Note 35 c.)                                                                               |  |              |     |  |      |  | 247,808   |   |  |  |     |  |  |  | 346,931   |  
|Software Cost (Note 35 c.)                                                                                   |  |              |     |  |      |  | (260,520  | ) |  |  |     |  |  |  | (211,003  | )
|Equity investments in other companies  Impairment (Note 35 k.)                                              |  |              |     |  |      |  | (15,232   | ) |  |  |     |  |  |  | (21,489   | )
|Loan impairment  Private sector (Note 35 d.(ii))                                                            |  |              |     |  |      |  | 30,346    |   |  |  |     |  |  |  | 21,088    |  
|Government securities and other investments:                                                                 |  |              |     |  |      |  |           |   |  |  |     |  |  |  |           |  
|Bonar 2015 Bonds (Note 35 e. (iii))                                                                          |  |              |     |  |      |  | 43,000    |   |  |  |     |  |  |  | 69,523    |  
|Other Investments (Note 35 e. (iv))                                                                          |  |              |     |  |      |  | (3,151    | ) |  |  |     |  |  |  | 14,770    |  
|Securitizations (Note 35 h.)                                                                                 |  |              |     |  |      |  | (61,010   | ) |  |  |     |  |  |  | (99,520   | )
|Impairment of real estate properties and foreclosed assets (Note 35 j.)                                      |  |              |     |  |      |  | (67,155   | ) |  |  |     |  |  |  | (67,155   | )
|Amortization of real estate properties and foreclosed assets previously impaired underU.S. GAAP (Note 35 j.) |  |              |     |  |      |  | 13,950    |   |  |  |     |  |  |  | 12,555    |  
|Deferred Income tax (Note 35 a.)                                                                             |  |              |     |  |      |  | 411,619   |   |  |  |     |  |  |  | 401,887   |  
|Recognition for the fair value of obligations assumed under financial guarantees issued(Note 35 l.)          |  |              |     |  |      |  | (813      | ) |  |  |     |  |  |  | 892       |  
|Foreign debt restructuring (Note 35 n.)                                                                      |  |              |     |  |      |  | (25,041   | ) |  |  |     |  |  |  | (42,640   | )
|Non-controlling interest (Note 35m.)                                                                         |  |              |     |  |      |  | 701,920   |   |  |  |     |  |  |  | 529,314   |  
|                                                                                                             |  |              |     |  |      |  |           |  
|Consolidated shareholders equity in accordance with U.S. GAAP                                               |  |              | Ps. |  |      |  | 5,829,576 |   |  |  | Ps. |  |  |  | 4,428,950 |  
|                                                                                                             |  |              |     |  |      |  |           |  
|Non-controlling Interest (Note 35 m.)                                                                        |  |              |     |  |      |  | (721,677  | ) |  |  |     |  |  |  | (552,841  | )
|                                                                                                             |  |              |     |  |      |  |           |  
|Consolidated Parent Company Shareholders Equity in accordance with U.S. GAAP                                 |  |              | Ps. |  |      |  | 5,107,899 |   |  |  | Ps. |  |  |  | 3,876,109 |  
|                                                                                                             |  |              |     |  |      |  |           |  



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##### Table of Contents

Grupo Financiero Galicia S.A. and Subsidiaries

Notes to the Consolidated Financial Statements

For the years ended December 31, 2012, 2011 and 2010

(Expressed in
thousands of Argentine pesos)



Roll forward analysis of shareholders equity under U.S. GAAP at December 31, 2012, 2011 and
2010:



|                                                                           |  |              |           |       |                 |     |       |                                   |  |     |                 |  |  |                                |         |  |                                       |     |           |                                         |  |     |                         |   |  |     |            |   |  |     |           |   |  |     |         |  
|-------------------------------------------------------------------------- |  | ------------ | --------- | ----- | --------------- | --- | ----- | --------------------------------- |  | --- | --------------- |  |  | ------------------------------ | ------- |  | ------------------------------------- | --- | --------- | --------------------------------------- |  | --- | ----------------------- | - |  | --- | ---------- | - |  | --- | --------- | - |  | --- | ------- | -
|                                                                           |  | CapitalStock |           |       | Paidin 
Capital |     |       | Adjustments toShareholdersEquity |  |     | Profit reserves |  |  | OtherComprehensiveIncome(loss) |         |  | (Accumulateddeficit)/RetainedEarnings |     |           | TotalShareholders
Equity ParentCompany |  |     | Non controllinginterest |  
|                                                                           |  |              |           | Legal |                 |     | Other |                                   |  |     |                 | 
|Balance at December 31, 2009                                               |  | Ps.          | 1,241,407 |       |                 | Ps. | 606   |                                   |  | Ps. | 294,254         |  |  | Ps.                            | 45,998  |  |                                       | Ps. | 265,182   |                                         |  | Ps. | 1,255,174               |   |  | Ps. | (1,866,299 | ) |  | Ps. | 1,236,322 |   |  | Ps. | 188,661 |  
|                                                                           |  |              |           |       |                 |     |       |                                   |  |     |                 |  |  |                                |         |  |                                       |     |           |                                         |  |     |                         |   |  |     |            |   |  |     |           |   |  |     |         |  
|Distribution of retained earnings:                                         |  |              |           |       |                 |     |       |                                   |  |     |                 |  |  |                                |         |  |                                       |     |           |                                         |  |     |                         |   |  |     |            |   |  |     |           |   |  |     |         |  
|Absorption approved by the shareholders meeting on April 28,2010          |  |              |           |       |                 |     |       |                                   |  |     |                 |  |  |                                |         |  |                                       |     |           |                                         |  |     |                         |   |  |     |            |   |  |     |           |   |  |     |         |  
|Legal Reserve                                                              |  |              |          |       |                 |     |      |                                   |  |     |                |  |  |                                | 11,464  |  |                                       |     |          |                                         |  |     |                        |   |  |     | (11,464    | ) |  |     |          |   |  |     |        |  
|Discretionary Reserve                                                      |  |              |          |       |                 |     |      |                                   |  |     |                |  |  |                                |        |  |                                       |     | 217,811   |                                         |  |     |                        |   |  |     | (217,811   | ) |  |     |          |   |  |     |        |  
|Net, unrealized gain / (loss) of available-for-sale securities, net of tax |  |              |          |       |                 |     |      |                                   |  |     |                |  |  |                                |        |  |                                       |     |          |                                         |  |     | (532,828                | ) |  |     |           |   |  |     | (532,828  | ) |  |     | (40,562 | )
|Net Income (Loss) in accordance with U.S. GAAP                             |  |              |          |       |                 |     |      |                                   |  |     |                |  |  |                                |        |  |                                       |     |          |                                         |  |     |                        |   |  |     | 2,293,573  |   |  |     | 2,293,573 |   |  |     | 234,121 |  
|                                                                           |  |              |           |       |                 |     |       |                                   |  |     |                 |  |  |                                |         |  |                                       |     |           |                                         |  |     |                         |   |  |     |            |   |  |     |           |   |  |     |         |  
|Balance at December 31, 2010                                               |  | Ps.          | 1,241,407 |       |                 | Ps. | 606   |                                   |  | Ps. | 294,254         |  |  | Ps.                            | 57,462  |  |                                       | Ps. | 482,993   |                                         |  | Ps. | 722,346                 |   |  | Ps. | 197,999    |   |  | Ps. | 2,997,067 |   |  | Ps. | 382,220 |  
|                                                                           |  |              |           |       |                 |     |       |                                   |  |     |                 |  |  |                                |         |  |                                       |     |           |                                         |  |     |                         |   |  |     |            |   |  |     |           |   |  |     |         |  
|Distribution of retained earnings:                                         |  |              |           |       |                 |     |       |                                   |  |     |                 |  |  |                                |         |  |                                       |     |           |                                         |  |     |                         |   |  |     |            |   |  |     |           |   |  |     |         |  
|Absorption approved by the shareholders meeting on April 27,2011          |  |              |           |       |                 |     |       |                                   |  |     |                 |  |  |                                |         |  |                                       |     |           |                                         |  |     |                         |   |  |     |            |   |  |     |           |   |  |     |         |  
|Legal Reserve                                                              |  |              |          |       |                 |     |      |                                   |  |     |                |  |  |                                | 20,445  |  |                                       |     |          |                                         |  |     |                        |   |  |     | (20,445    | ) |  |     |          |   |  |     |        |  
|Discretionary Reserve                                                      |  |              |          |       |                 |     |      |                                   |  |     |                |  |  |                                |        |  |                                       |     | 363,628   |                                         |  |     |                        |   |  |     | (363,628   | ) |  |     |          |   |  |     |        |  
|Cash Dividends                                                             |  |              |          |       |                 |     |      |                                   |  |     |                |  |  |                                |        |  |                                       |     |          |                                         |  |     |                        |   |  |     | (24,828    | ) |  |     | (24,828   | ) |  |     | (23,859 | )
|Unrealized gain of available-for-sale securities, net of tax               |  |              |          |       |                 |     |      |                                   |  |     |                |  |  |                                |        |  |                                       |     |          |                                         |  |     | 37,149                  |   |  |     |           |   |  |     | 37,149    |   |  |     | 2,021   |  
|Net Income (Loss) in accordance with U.S. GAAP                             |  |              |          |       |                 |     |      |                                   |  |     |                |  |  |                                |        |  |                                       |     |          |                                         |  |     |                        |   |  |     | 866,721    |   |  |     | 866,721   |   |  |     | 192,459 |  
|                                                                           |  |              |           |       |                 |     |       |                                   |  |     |                 |  |  |                                |         |  |                                       |     |           |                                         |  |     |                         |   |  |     |            |   |  |     |           |   |  |     |         |  
|Balance at December 31, 2011                                               |  | Ps.          | 1,241,407 |       |                 | Ps. | 606   |                                   |  | Ps. | 294,254         |  |  | Ps.                            | 77,907  |  |                                       | Ps. | 846,621   |                                         |  | Ps. | 759,495                 |   |  | Ps. | 655,819    |   |  | Ps. | 3,876,109 |   |  | Ps. | 552,841 |  
|                                                                           |  |              |           |       |                 |     |       |                                   |  |     |                 |  |  |                                |         |  |                                       |     |           |                                         |  |     |                         |   |  |     |            |   |  |     |           |   |  |     |         |  
|Distribution of retained earnings:                                         |  |              |           |       |                 |     |       |                                   |  |     |                 |  |  |                                |         |  |                                       |     |           |                                         |  |     |                         |   |  |     |            |   |  |     |           |   |  |     |         |  
|Absorption approved by the shareholders meeting on April 19, 2012         |  |              |           |       |                 |     |       |                                   |  |     |                 |  |  |                                |         |  |                                       |     |           |                                         |  |     |                         |   |  |     |            |   |  |     |           |   |  |     |         |  
|Legal Reserve                                                              |  |              |          |       |                 |     |      |                                   |  |     |                |  |  |                                | 55,347  |  |                                       |     |          |                                         |  |     |                        |   |  |     | (55,347    | ) |  |     |          |   |  |     |        |  
|Discretionary Reserve                                                      |  |              |          |       |                 |     |      |                                   |  |     |                |  |  |                                |        |  |                                       |     | 1,033,844 |                                         |  |     |                        |   |  |     | (1,033,844 | ) |  |     |          |   |  |     |        |  
|Cash Dividends                                                             |  |              |           |       |                 |     |       |                                   |  |     |                 |  |  |                                |         |  |                                       |     |           |                                         |  |     |                         |   |  |     | (17,752    | ) |  |     | (17,752   | ) |  |     | (13,797 | )
|Unrealized gain of available-for-sale securities, net of tax               |  |              |          |       |                 |     |      |                                   |  |     |                |  |  |                                |        |  |                                       |     |          |                                         |  |     | (60,055                 | ) |  |     |           |   |  |     | (60,055   | ) |  |     | (3,960  | )
|Net Income (Loss) in accordance with U.S. GAAP                             |  |              |          |       |                 |     |      |                                   |  |     |                |  |  |                                |        |  |                                       |     |          |                                         |  |     |                        |   |  |     | 1,309,597  |   |  |     | 1,309,597 |   |  |     | 186,593 |  
|                                                                           |  |              |           |       |                 |     |       |                                   |  |     |                 |  |  |                                |         |  |                                       |     |           |                                         |  |     |                         |   |  |     |            |   |  |     |           |   |  |     |         |  
|Balance at December 31, 2012                                               |  | Ps.          | 1,241,407 |       |                 | Ps. | 606   |                                   |  | Ps. | 294,254         |  |  | Ps.                            | 133,254 |  |                                       | Ps. | 1,880,465 |                                         |  | Ps. | 699,440                 |   |  | Ps. | 858,473    |   |  | Ps. | 5,107,899 |   |  | Ps. | 721,677 |  
|                                                                           |  |              |           |       |                 |     |       |                                   |  |     |                 |  |  |                                |         |  |                                       |     |           |                                         |  |     |                         |   |  |     |            |   |  |     |           |   |  |     |         |  

t. Comprehensive income

Reporting Comprehensive Income ASC 220, establishes standards for reporting and the display of comprehensive income and its components (revenues, expenses, gains and losses) in the financial
statements. Comprehensive income is the total of net income and all transactions, and other events and circumstances from non-owner sources.



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##### Table of Contents

Grupo Financiero Galicia S.A. and Subsidiaries

Notes to the Consolidated Financial Statements

For the years ended December 31, 2012, 2011 and 2010

(Expressed in
thousands of Argentine pesos)



The following disclosure presents the Comprehensive Income according to ASC 220, for the fiscal years
ended December 31, 2012, 2011 and 2010:



|                                                                                 |  |              |           |   |      |     |           |      |  |     |           |  
|-------------------------------------------------------------------------------- |  | ------------ | --------- | - | ---- | --- | --------- | ---- |  | --- | --------- | -
|                                                                                 |  | December 31, |          
|                                                                                 |  | 2012         |           |   | 2011 |     |           | 2010 | 
|Income Statement                                                                 |  |              |           |   |      |     |           |      |  |     |           |  
|Financial Income                                                                 |  | Ps.          | 9,187,119 |   |      | Ps. | 5,985,617 |      |  | Ps. | 4,778,002 |  
|Financial Expenditures                                                           |  |              | 3,923,061 |   |      |     | 2,240,833 |      |  |     | 1,343,357 |  
|Net Financial Income                                                             |  |              | 5,264,058 |   |      |     | 3,744,784 |      |  |     | 3,434,645 |  
|Provision for Loan Losses                                                        |  |              | 1,338,044 |   |      |     | 887,765   |      |  |     | 549,712   |  
|Income from Services                                                             |  |              | 4,655,127 |   |      |     | 3,458,771 |      |  |     | 2,506,687 |  
|Expenditures from Services                                                       |  |              | 1,453,855 |   |      |     | 1,064,378 |      |  |     | 721,124   |  
|Administrative Expenses                                                          |  |              | 5,803,362 |   |      |     | 4,301,457 |      |  |     | 2,881,200 |  
|Net Income from Financial Brokerage                                              |  |              | 1,323,924 |   |      |     | 949,955   |      |  |     | 1,789,296 |  
|Income from Insurance activities                                                 |  |              | 651,871   |   |      |     | 457,447   |      |  |     | 255,608   |  
|Miscellaneous Income                                                             |  |              | 546,184   |   |      |     | 473,076   |      |  |     | 1,152,394 |  
|Miscellaneous Losses                                                             |  |              | 246,243   |   |      |     | 142,543   |      |  |     | 161,482   |  
|Net Income before Income tax                                                     |  |              | 2,275,736 |   |      |     | 1,737,935 |      |  |     | 3,035,816 |  
|Income Tax                                                                       |  |              | 779,546   |   |      |     | 678,755   |      |  |     | 508,122   |  
|                                                                                 |  |              |           |   |      |     |           |      |  |     |           |  
|Net income under U.S. GAAP                                                       |  |              | 1,496,190 |   |      |     | 1,059,180 |      |  |     | 2,527,694 |  
|                                                                                 |  |              |           |   |      |     |           |      |  |     |           |  
|Less Net (Income) attributable to the Non-controlling Interest                   |  |              | (186,593  | ) |      |     | (192,459  | )    |  |     | (234,121  | )
|                                                                                 |  |              |           |   |      |     |           |      |  |     |           |  
|Net Income attributable to Parent Company                                        |  |              | 1,309,597 |   |      |     | 866,721   |      |  |     | 2,293,573 |  
|                                                                                 |  |              |           |   |      |     |           |      |  |     |           |  
|Net income under U.S. GAAP                                                       |  |              | 1,496,190 |   |      |     | 1,059,180 |      |  |     | 2,527,694 |  
|Other comprehensive income / (loss)                                              |  |              | (64,015   | ) |      |     | 39,170    |      |  |     | (573,390  | )
|                                                                                 |  |              |           |   |      |     |           |      |  |     |           |  
|Comprehensive income                                                             |  |              | 1,432,175 |   |      |     | 1,098,350 |      |  |     | 1,954,307 |  
|                                                                                 |  |              |           |   |      |     |           |      |  |     |           |  
|Net Income attributable to parent Company                                        |  |              | 1,309,597 |   |      |     | 866,721   |      |  |     | 2,293,573 |  
|Other comprehensive income / (loss) attributable to parent Company               |  |              | (60,055   | ) |      |     | 37,149    |      |  |     | (532,828  | )
|                                                                                 |  |              |           |   |      |     |           |      |  |     |           |  
|Comprehensive income attributable to parent Company                              |  |              | 1,249,542 |   |      |     | 903,870   |      |  |     | 1,760,745 |  
|                                                                                 |  |              |           |   |      |     |           |      |  |     |           |  
|Net Income attributable to the Non-controlling Interest                          |  |              | 186,593   |   |      |     | 192,459   |      |  |     | 234,121   |  
|Other comprehensive income / (loss) attributable to the Non-controlling Interest |  |              | (3,960    | ) |      |     | 2,021     |      |  |     | (40,562   | )
|                                                                                 |  |              |           |   |      |     |           |      |  |     |           |  
|Comprehensive income attributable to the Non-controlling Interest                |  |              | 182,633   |   |      |     | 194,480   |      |  |     | 193,559   |  
|                                                                                 |  |              |           |   |      |     |           |      |  |     |           |  



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##### Table of Contents

Grupo Financiero Galicia S.A. and Subsidiaries

Notes to the Consolidated Financial Statements

For the years ended December 31, 2012, 2011 and 2010

(Expressed in
thousands of Argentine pesos)



Accumulated non-owner changes in equity (accumulated other comprehensive income) as of December 31,
2012, 2011 and 2010 were as follows:



|                                                                                          |  |              |         |   |      |     |         |      |  |     |         |  
|----------------------------------------------------------------------------------------- |  | ------------ | ------- | - | ---- | --- | ------- | ---- |  | --- | ------- | -
|                                                                                          |  | December 31, |        
|                                                                                          |  | 2012         |         |   | 2011 |     |         | 2010 | 
|GalTrust I                                                                                |  |              | 536,744 |   |      |     | 503,064 |      |  |     | 566,115 |  
|Bonar 2015 Bonds                                                                          |  |              | 191,135 |   |      |     | 294,145 |      |  |     | 198,693 |  
|Other                                                                                     |  |              | 8,917   |   |      |     | 3,602   |      |  |     | (3,167  | )
|                                                                                          |  |              |         |   |      |     |         |      |  |     |         |  
|Accumulated other comprehensive income                                                    |  | Ps.          | 736,796 |   |      | Ps. | 800,811 |      |  | Ps. | 761,641 |  
|                                                                                          |  |              |         |   |      |     |         |      |  |     |         |  
|Less, accumulated other comprehensive income attributable to the Non-controlling interest |  |              | (37,356 | ) |      |     | (41,316 | )    |  |     | (39,295 | )
|                                                                                          |  |              |         |   |      |     |         |      |  |     |         |  
|Net accumulated other comprehensive income attributable to Parent Company                 |  | Ps.          | 699,440 |   |      | Ps. | 759,495 |      |  | Ps. | 722,346 |  
|                                                                                          |  |              |         |   |      |     |         |      |  |     |         |  

There were no available for sale securities with a continuous loss position of 12 months or more. There are no unrealized
losses on investments as of December 31, 2012 and 2011.

u. Consolidated cash flows

ASC 230 Statement of Cash Flows provides guidance for the reporting of cash flows within Operating, Investing and Financing categories. For
US GAAP purposes the Company considers as cash equivalents all highly liquid investments with original maturities of three months or less, including cash and cash equivalents corresponding to financial trusts consolidated in accordance with
Note 35.h.



|                                                                                               |  |                                 |            |  |      |     |            |      |  |     |           | 
|---------------------------------------------------------------------------------------------- |  | ------------------------------- | ---------- |  | ---- | --- | ---------- | ---- |  | --- | --------- | 
|                                                                                               |  | For the year ended December 31, |           
|                                                                                               |  | 2012                            |            |  | 2011 |     |            | 2010 | 
|Cash                                                                                           |  |                                 | 8,345,015  |  |      |     | 6,418,891  |      |  |     | 5,645,571 | 
|Cash equivalents                                                                               |  |                                 | 2,978,963  |  |      |     | 3,825,282  |      |  |     | 1,797,946 | 
|                                                                                               |  |                                 |            |  |      |     |            |      |  |     |           | 
|Cash and cash equivalents as shown in the statement of cash flows under Argentine Banking GAAP |  | Ps.                             | 11,323,978 |  |      | Ps. | 10,244,173 |      |  | Ps. | 7,443,517 | 
|                                                                                               |  |                                 |            |  |      |     |            |      |  |     |           | 
|Cash and cash equivalents corresponding to financial trusts                                    |  |                                 | 11,783     |  |      |     | 11,193     |      |  |     | 11,626    | 
|                                                                                               |  |                                 |            |  |      |     |            |      |  |     |           | 
|Cash and cash equivalents in the Statement of Cash Flows under US GAAP                         |  | Ps.                             | 11,335,761 |  |      | Ps. | 10,255,366 |      |  | Ps. | 7,455,143 | 
|                                                                                               |  |                                 |            |  |      |     |            |      |  |     |           | 



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Grupo Financiero Galicia S.A. and Subsidiaries

Notes to the Consolidated Financial Statements

For the years ended December 31, 2012, 2011 and 2010

(Expressed in
thousands of Argentine pesos)



The following table presents the reconciliation of the condensed consolidated statements of cash flows
under Argentine Banking GAAP and US GAAP:



|                                                                                                                                                            |  |                                 |             |   |      |     |             |      |  |     |            |  
|----------------------------------------------------------------------------------------------------------------------------------------------------------- |  | ------------------------------- | ----------- | - | ---- | --- | ----------- | ---- |  | --- | ---------- | -
|                                                                                                                                                            |  | For the year ended December 31, |            
|                                                                                                                                                            |  | 2012                            |             |   | 2011 |     |             | 2010 | 
|Reconciliation of cash flows under Argentine Banking GAAP and US GAAP                                                                                       |  |                                 |             |   |      |     |             |      |  |     |            |  
|Net cash flow provided by operating activities under Argentine Banking GAAP                                                                                 |  | Ps.                             | 1,675,711   |   |      | Ps. | 431,989     |      |  | Ps. | 2,762,967  |  
|                                                                                                                                                            |  |                                 |             |   |      |     |             |      |  |     |            |  
|Loans, available for sale securities, deposits at the Argentine Central Bank and organization and development expenses
reclassified to investing activities |  |                                 | 12,716,908  |   |      |     | 10,554,506  |      |  |     | 5,040,272  |  
|Deposits and repo transactions reclassified to financing activities                                                                                         |  |                                 | (8,705,103  | ) |      |     | (7,076,388  | )    |  |     | (4,991,983 | )
|Interest paid on debt                                                                                                                                       |  |                                 | (700,811    | ) |      |     | (407,756    | )    |  |     | (224,102   | )
|Financial trust consolidated under US GAAP                                                                                                                  |  |                                 | 92,061      |   |      |     | (15,927     | )    |  |     | (203,185   | )
|                                                                                                                                                            |  |                                 |             |   |      |     |             |      |  |     |            |  
|Net cash flow provided by operating activities under US GAAP                                                                                                |  | Ps.                             | 5,078,766   |   |      | Ps. | 3,486,424   |      |  | Ps. | 2,383,969  |  
|                                                                                                                                                            |  |                                 |             |   |      |     |             |      |  |     |            |  
|Net cash flow used in investing activities under Argentine Banking GAAP                                                                                     |  | Ps.                             | (308,999    | ) |      | Ps. | (273,375    | )    |  | Ps. | (363,329   | )
|                                                                                                                                                            |  |                                 |             |   |      |     |             |      |  |     |            |  
|Net increase in Loans, available for sale securities, deposits at the Argentine Central Bank and organization and development
expenses                      |  |                                 | (12,716,908 | ) |      |     | (10,554,506 | )    |  |     | (5,040,272 | )
|Financial trust consolidated under US GAAP - corresponding to loans and securities                                                                          |  |                                 | 27,663      |   |      |     | 105,019     |      |  |     | 466,924    |  
|                                                                                                                                                            |  |                                 |             |   |      |     |             |      |  |     |            |  
|Net cash flow used in investing activities under US GAAP                                                                                                    |  | Ps.                             | (12,998,244 | ) |      | Ps. | (10,722,862 | )    |  | Ps. | (4,936,677 | )
|                                                                                                                                                            |  |                                 |             |   |      |     |             |      |  |     |            |  
|Net cash flow provided by (used in) financing activities under Argentine Banking GAAP                                                                       |  | Ps.                             | (673,393    | ) |      | Ps. | 2,370,757   |      |  | Ps. | (495,942   | )
|                                                                                                                                                            |  |                                 |             |   |      |     |             |      |  |     |            |  
|Deposits and repo transactions                                                                                                                              |  |                                 | 8,705,103   |   |      |     | 7,076,388   |      |  |     | 4,991,983  |  
|Interest paid on debt reclassified to operating activities                                                                                                  |  |                                 | 700,811     |   |      |     | 407,756     |      |  |     | 224,102    |  
|Financial trust consolidated under US GAAP - corresponding to debt                                                                                          |  |                                 | (119,134    | ) |      |     | (89,525     | )    |  |     | (268,606   | )
|                                                                                                                                                            |  |                                 |             |   |      |     |             |      |  |     |            |  
|Net cash flow provided by financing activities under US GAAP                                                                                                |  | Ps.                             | 8,613,387   |   |      | Ps. | 9,765,376   |      |  | Ps. | 4,451,537  |  
|                                                                                                                                                            |  |                                 |             |   |      |     |             |      |  |     |            |  
|Effect of exchange rate changes on cash and cash equivalents                                                                                                |  | Ps.                             | 386,486     |   |      | Ps. | 271,285     |      |  | Ps. | 111,091    |  
|                                                                                                                                                            |  |                                 |             |   |      |     |             |      |  |     |            |  
|Cash and cash equivalents at the beginning of the year under US GAAP                                                                                        |  |                                 | 10,255,366  |   |      |     | 7,455,143   |      |  |     | 5,445,223  |  
|Cash and cash equivalents at the end of the year under US GAAP                                                                                              |  |                                 | 11,335,761  |   |      |     | 10,255,366  |      |  |     | 7,455,143  |  
|                                                                                                                                                            |  |                                 |             |   |      |     |             |      |  |     |            |  
|Net increase (decrease) in cash and cash equivalents under US GAAP                                                                                          |  | Ps.                             | 1,080,395   |   |      | Ps. | 2,800,223   |      |  | Ps. | 2,009,920  |  
|                                                                                                                                                            |  |                                 |             |   |      |     |             |      |  |     |            |  



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Grupo Financiero Galicia S.A. and Subsidiaries

Notes to the Consolidated Financial Statements

For the years ended December 31, 2012, 2011 and 2010

(Expressed in
thousands of Argentine pesos)



v. Concentration of risk  Total exposure to the public sector - Argentine government and
provinces

The Group has significant exposure to the Argentine national government and provinces in the form of government securities net
positions, secured loans and other debt obligations. As of December 31, 2012 and 2011, the Group had the following bonds and loans outstanding:



|                                                |  |                      |           |  |                   |     |           |                      |  |     |           |  |  |     |           | 
|----------------------------------------------- |  | -------------------- | --------- |  | ----------------- | --- | --------- | -------------------- |  | --- | --------- |  |  | --- | --------- | 
|                                                |  | December 31, 2012    |           |  | December 31, 2011 |    
|                                                |  | ArgentineBankingGAAP |           |  | U.S. GAAP         |     |           | ArgentineBankingGAAP |  |     | U.S. GAAP | 
|Argentine national government loans             |  | Ps.                  | 25,580    |  |                   | Ps. | 25,580    |                      |  | Ps. | 23,578    |  |  | Ps. | 23,578    | 
|Other Argentine public-sector receivables       |  |                      | 334,597   |  |                   |     | 273,587   |                      |  |     | 320,278   |  |  |     | 224,360   | 
|Galtrust I (securitization of Provincial Loans) |  |                      | 662,456   |  |                   |     | 662,456   |                      |  |     | 532,680   |  |  |     | 532,680   | 
|Securities issued by the Argentine Central Bank |  |                      | 3,251,506 |  |                   |     | 3,250,650 |                      |  |     | 3,551,937 |  |  |     | 3,566,052 | 
|Bonar 2015 Bonds                                |  |                      | 558,045   |  |                   |     | 601,045   |                      |  |     | 779,731   |  |  |     | 849,254   | 
|Other (1)                                       |  |                      | 189,991   |  |                   |     | 192,633   |                      |  |     | 68,869    |  |  |     | 68,869    | 
|                                                |  |                      |           |  |                   |     |           |                      |  |     |           |  |  |     |           | 
|Total                                           |  | Ps.                  | 5,022,175 |  |                   | Ps. | 5,005,951 |                      |  | Ps. | 5,277,073 |  |  | Ps. | 5,264,793 | 
|                                                |  |                      |           |  |                   |     |           |                      |  |     |           |  |  |     |           | 



|(1) | Includes bonds and other national government bonds.
|--- | ---------------------------------------------------

w. Risks and Uncertainties

Government Securities

As of December 31, 2012, the Groups exposure to the Argentine public sector represented approximately 7.91% of the total Groups assets.
Although the Groups exposure to the Argentine public sector consists of performing assets, the realization of the Groups assets, its income and cash flow generation capacity and future financial condition is dependent on the Argentine
government ability to comply with its payment obligations.

Argentine Central Banks regulations state that, the total exposure of
financial institutions to the non-financial public sector must not exceed 35% of their total assets.

As of December 31, 2012 and 2011,
the Group was in compliance with the general limit of 35% imposed by the Argentine Central Bank.

Exchange restrictions

All transactions involving the purchase of foreign currency must be settled through the single free exchange market (Mercado Único Libre de
Cambios, or MULC) where the Argentine Central Bank supervises the purchase and sale of foreign currency. Under Executive Branch Decree No. 260/2002, the Argentine government set up an exchange market through which all foreign
currency exchange transactions are made. Such transactions are subject to the regulations and requirements imposed by the Argentine Central Bank. Under Communication A 3471, as amended, the Argentine Central Bank established certain
restrictions and requirements applicable to foreign currency exchange transactions. If such restrictions and requirements are not met, criminal penalties shall be applied.

On October 28, 2011, the Federal Administration of Public Revenues (Administración Federal de Ingresos Públicos, AFIP) established an Exchange Transactions Inquiry Program
(Inquiry Program) through which the entities authorized by the Central Bank to deal in foreign exchange must inquire and register through an IT system the total peso amount of each exchange transaction at the moment it is closed. All
foreign exchange sale transactions, whether involving foreign currency or banknotes, irrespective of their purpose or allocation, are subject to this inquiry and registration system, which determines whether Transactions are Validated or
Inconsistent.



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Grupo Financiero Galicia S.A. and Subsidiaries

Notes to the Consolidated Financial Statements

For the years ended December 31, 2012, 2011 and 2010

(Expressed in
thousands of Argentine pesos)



Pursuant to Communication A 5239, afterward replaced by Communication A 5245, in
the case of sales of foreign exchange (foreign currency or banknotes) for the formation of off-shore assets by residents without the obligation of subsequently allocating it to specific purpose, entities authorized to deal in foreign exchange may
only allow transactions through the MULC by those clients who have obtained the validation and who comply with the rest of the requirements set forth in the applicable foreign exchange regulations. Sales of foreign exchange other than for the
formation of off-shore assets by residents without a specific purpose are also exempted from the Inquiry Program, although, the financial entities must verify that the other requirements established by the MULC are accomplished.

According to Communication A 5264, as amended, in general terms the access to the foreign exchange market for resident in order to pay
services, debts and profits to non-residents has no limits or restrictions. The access to the MULC requires the filing of certain documentation by residents evidencing the validity of transactions for which the funds are purchase for its remittance
abroad. Communication A 5236, item 4.2. which regulated the outflow of fund allowing residents to access to the MULC for the formation of off-shore assets without a specific allocation by residents has been suspended and, up to now, the
Central Bank has not issued any other measure or provisions in this regard.

On August 6, 2012, Resolution 3210 was replaced by
Resolution 3356 enacted by AFIP. This resolution sets forth more restrictions for the access to the foreign exchange market, in particular for the outflow of funds made by residents. Both resolutions (3210 and 3356) are related with Communications
A 5239 (currently abrogated) and 5245.

The Argentine government may, in the future, impose additional controls on the foreign
exchange market and on capital flows from and into Argentina, in response to capital flight or depreciation of the Peso. These restrictions may have a negative effect on the economy and on our business if imposed in an economic environment where
access to local capital is constrained.

x. Allowance for loan losses

Management believes that the current level of allowance for loan losses recorded for U.S. GAAP purposes are sufficient to cover incurred losses of the Groups loan portfolio as of December 31,
2012. Many factors can affect the Groups estimates of allowance for loan losses, including expected cash flows, volatility of default probability, migrations and estimated loss severity. The process of determining the level of the allowance
for credit losses requires a high degree of judgment. It is possible that others, given the same information, may at any point in time reach different reasonable conclusions.

y. U.S. GAAP estimates

Valuation reserves, impairment charges and estimates of market
values on assets and step up bonds discounting, as established by the Group for U.S. GAAP purposes are subject to significant assumptions of future cash flows and interest rates for discounting such cash flows. Losses on the exchange of government
and provincial bonds and on retained interests in securitization trusts could be significantly affected by higher discount rates. Should the discount rates change in future years, the carrying amounts and charges to income and shareholders
equity will also change. In addition, as estimates of future cash flows change, the carrying amounts which are dependent on such cash flows could be affected as well. It is possible that changes to the carrying amounts of loans, investments and
other assets will be adjusted in the near term in amounts that are material to the Groups financial position and results of income.



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Grupo Financiero Galicia S.A. and Subsidiaries

Notes to the Consolidated Financial Statements

For the years ended December 31, 2012, 2011 and 2010

(Expressed in
thousands of Argentine pesos)



36. Parent only Financial Statements

The following are the unconsolidated balance sheets of Grupo Galicia as of December 31, 2012 and 2011 and the related unconsolidated statements of income, and cash flows for the fiscal years ended
December 31, 2012, 2011 and 2010.

Balance sheet (Parent Company only)



|                                                                                      |  |              |           |   |      |     |           |  
|------------------------------------------------------------------------------------- |  | ------------ | --------- | - | ---- | --- | --------- | -
|                                                                                      |  | December 31, |          
|                                                                                      |  | 2012         |           |   | 2011 |    
|ASSETS                                                                                |  |              |           |   |      |     |           |  
|A. Cash and due from Banks                                                            |  |              |           |   |      |     |           |  
|Cash                                                                                  |  | Ps.          | 12        |   |      | Ps. | 11        |  
|Financial institutions and correspondents                                             |  |              | 392       |   |      |     | 887       |  
|                                                                                      |  |              |           |   |      |     |           |  
|                                                                                      |  | Ps.          | 404       |   |      | Ps. | 898       |  
|B. Government and corporate securities                                                |  |              |           |   |      |     |           |  
|Holdings of trading securities                                                        |  |              | 4,432     |   |      |     |          |  
|Allowances                                                                            |  |              | (1,180    | ) |      |     |          |  
|                                                                                      |  |              |           |   |      |     |           |  
|                                                                                      |  | Ps.          | 3,252     |   |      |     |          |  
|C. Loans                                                                              |  |              |           |   |      |     |           |  
|To the financial sector                                                               |  |              | 54,744    |   |      |     | 45,385    |  
|                                                                                      |  |              |           |   |      |     |           |  
|                                                                                      |  | Ps.          | 54,744    |   |      | Ps. | 45,385    |  
|D. Other receivables resulting from financial brokerage                               |  |              |           |   |      |     |           |  
|Other receivables not included in the debtor classification
Regulations               |  |              | 3,658     |   |      |     | 3,487     |  
|Other receivables included in the debtor classification
Regulations                   |  |              | 776       |   |      |     | 55,938    |  
|Balances from forward transactions without delivery of underlying asset to be settled |  |              | 2,170     |   |      |     |          |  
|                                                                                      |  |              |           |   |      |     |           |  
|                                                                                      |  | Ps.          | 6,604     |   |      | Ps. | 59,425    |  
|E. Equity investments                                                                 |  |              |           |   |      |     |           |  
|In financial institutions                                                             |  |              | 4,815,438 |   |      |     | 3,525,490 |  
|Other                                                                                 |  |              | 183,283   |   |      |     | 131,098   |  
|Allowances                                                                            |  |              | (311      | ) |      |     |          |  
|                                                                                      |  |              |           |   |      |     |           |  
|                                                                                      |  | Ps.          | 4,998,410 |   |      | Ps. | 3,656,588 |  
|F. Miscellaneous receivables                                                          |  |              |           |   |      |     |           |  
|Other ,                                                                               |  |              | 63,584    |   |      |     | 26,671    |  
|Allowances                                                                            |  |              | (32,555   | ) |      |     | (17,614   | )
|                                                                                      |  |              |           |   |      |     |           |  
|                                                                                      |  | Ps.          | 31,029    |   |      | Ps. | 9,057     |  
|G. Bank premises and equipment                                                        |  |              | 1,231     |   |      |     | 1,187     |  
|H. Intangible assets                                                                  |  |              |           |   |      |     |           |  
|Goodwill                                                                              |  |              | 8,888     |   |      |     | 10,827    |  
|Organization and development expenses                                                 |  |              | 128       |   |      |     | 28        |  
|                                                                                      |  |              |           |   |      |     |           |  
|                                                                                      |  | Ps.          | 9,016     |   |      | Ps. | 10,855    |  
|                                                                                      |  |              |           |   |      |     |           |  
|Total Assets                                                                          |  | Ps.          | 5,104,690 |   |      | Ps. | 3,783,395 |  
|                                                                                      |  |              |           |   |      |     |           |  



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Grupo Financiero Galicia S.A. and Subsidiaries

Notes to the Consolidated Financial Statements

For the years ended December 31, 2012, 2011 and 2010

(Expressed in
thousands of Argentine pesos)



|                                                                                      |  |              |           |  |      |     |           | 
|------------------------------------------------------------------------------------- |  | ------------ | --------- |  | ---- | --- | --------- | 
|                                                                                      |  | December 31, |          
|                                                                                      |  | 2012         |           |  | 2011 |    
|LIABILITIES AND SHAREHOLDERS EQUITY                                                  |  |              |           |  |      |     |           | 
|H. Other liabilities resulting from financial brokerage                               |  |              |           |  |      |     |           | 
|Unsubordinated negotiable obligations                                                 |  | Ps.          | 210,137   |  |      | Ps. | 193,680   | 
|Loans from domestic financial institutions                                            |  |              |          |  |      |     | 19,625    | 
|Balances from forward transactions without delivery of underlying asset to be settled |  |              | 6,233     |  |      |     | 3,184     | 
|Accrued interest and quotation differences payable                                    |  |              | 3,073     |  |      |     | 1,546     | 
|                                                                                      |  |              |           |  |      |     |           | 
|                                                                                      |  |              | 219,443   |  |      |     | 218,035   | 
|                                                                                      |  |              |           |  |      |     |           | 
|I. Miscellaneous liabilities                                                          |  |              |           |  |      |     |           | 
|Directors and Syndics fees                                                          |  | Ps.          | 116       |  |      | Ps. | 790       | 
|Other                                                                                 |  |              | 15,053    |  |      |     | 12,955    | 
|                                                                                      |  |              |           |  |      |     |           | 
|                                                                                      |  |              | 15,169    |  |      |     | 13,745    | 
|                                                                                      |  |              |           |  |      |     |           | 
|Total Liabilities                                                                     |  | Ps.          | 234,612   |  |      | Ps. | 231,780   | 
|SHAREHOLDERS EQUITY                                                                  |  | Ps.          | 4,870,078 |  |      | Ps. | 3,551,615 | 
|                                                                                      |  |              |           |  |      |     |           | 
|Total Liabilities and Shareholders Equity                                            |  | Ps.          | 5,104,690 |  |      | Ps. | 3,783,395 | 
|                                                                                      |  |              |           |  |      |     |           | 



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##### Table of Contents

Grupo Financiero Galicia S.A. and Subsidiaries

Notes to the Consolidated Financial Statements

For the years ended December 31, 2012, 2011 and 2010

(Expressed in
thousands of Argentine pesos)



Statement of Income (Parent Company only)



|                                                                 |  |              |           |   |      |     |           |      |  |     |         |  
|---------------------------------------------------------------- |  | ------------ | --------- | - | ---- | --- | --------- | ---- |  | --- | ------- | -
|                                                                 |  | December 31, |          
|                                                                 |  | 2012         |           |   | 2011 |     |           | 2010 | 
|A. Financial income                                              |  |              |           |   |      |     |           |      |  |     |         |  
|Interest on loans granted to the financial sector                |  |              | 146       |   |      |     | 153       |      |  |     | 181     |  
|Interest on other receivables resulting from financial brokerage |  |              | 25        |   |      |     | 112       |      |  |     | 54      |  
|Net income from government and corporate securities              |  |              |          |   |      |     | 274       |      |  |     | 161     |  
|Exchange rate differences on gold and foreign currency           |  |              |          |   |      |     |          |      |  |     |        |  
|Other                                                            |  |              |          |   |      |     |          |      |  |     |        |  
|                                                                 |  |              |           |   |      |     |           |      |  |     |         |  
|                                                                 |  | Ps.          | 171       |   |      | Ps. | 539       |      |  | Ps. | 396     |  
|B, Financial expenses                                            |  |              |           |   |      |     |           |      |  |     |         |  
|Interest on other liabilities resulting from financial brokerage |  | Ps.          | 18,785    |   |      | Ps. | 17,744    |      |  | Ps. | 18,796  |  
|Exchange rate differences on gold and foreign currency           |  |              | 10,893    |   |      |     | 14,154    |      |  |     | 23,221  |  
|Interests on Other Loans from Financial Institutions             |  |              | 4,533     |   |      |     | 392       |      |  |     |         |  
|Net income from government and corporate securities              |  |              | 821       |   |      |     |          |      |  |     |        |  
|Other                                                            |  |              | 235       |   |      |     | 276       |      |  |     | 243     |  
|                                                                 |  |              |           |   |      |     |           |      |  |     |         |  
|                                                                 |  | Ps.          | 35,267    |   |      | Ps. | 32,566    |      |  | Ps. | 42,260  |  
|C. Gross brokerage margin                                        |  |              | (35,096   | ) |      |     | (32,027   | )    |  |     | (41,864 | )
|F, Administrative expenses                                       |  |              |           |   |      |     |           |      |  |     |         |  
|Personnel expenses                                               |  |              | 10,802    |   |      |     | 9,019     |      |  |     | 6,338   |  
|Directors and syndics fees                                     |  |              | 1,835     |   |      |     | 1,966     |      |  |     | 1,362   |  
|Other fees                                                       |  |              | 4,939     |   |      |     | 4,463     |      |  |     | 4,144   |  
|Taxes                                                            |  |              | 3,088     |   |      |     | 2,247     |      |  |     | 2,993   |  
|Other operating expenses                                         |  |              | 571       |   |      |     | 579       |      |  |     | 717     |  
|Other                                                            |  |              | 1,750     |   |      |     | 1,353     |      |  |     | 7,559   |  
|                                                                 |  |              |           |   |      |     |           |      |  |     |         |  
|                                                                 |  | Ps.          | 22,985    |   |      | Ps. | 19,627    |      |  | Ps. | 23,113  |  
|Net Income from financial brokerage                              |  | Ps.          | (58,081   | ) |      | Ps. | (51,654   | )    |  | Ps. | (64,977 | )
|H. Miscellaneous income                                          |  |              |           |   |      |     |           |      |  |     |         |  
|Net income from equity investments                               |  |              | 1,396,909 |   |      |     | 1,155,060 |      |  |     | 473,918 |  
|Other                                                            |  |              | 1,244     |   |      |     | 7,679     |      |  |     | 2,722   |  
|                                                                 |  |              |           |   |      |     |           |      |  |     |         |  
|                                                                 |  | Ps.          | 1,398,153 |   |      | Ps. | 1,162,739 |      |  | Ps. | 476,640 |  
|I. Miscellaneous losses                                          |  |              |           |   |      |     |           |      |  |     |         |  
|Other                                                            |  |              | 3,857     |   |      |     | 3,209     |      |  |     | 2,733   |  
|                                                                 |  |              |           |   |      |     |           |      |  |     |         |  
|                                                                 |  | Ps.          | 3,857     |   |      | Ps. | 3,209     |      |  | Ps. | 2,733   |  
|Net Income before tax                                            |  |              | 1,336,215 |   |      |     | 1,107,876 |      |  |     | 408,930 |  
|                                                                 |  |              |           |   |      |     |           |      |  |     |         |  
|J. Income tax                                                    |  | Ps.          |          |   |      | Ps. | 933       |      |  | Ps. | 29      |  
|                                                                 |  |              |           |   |      |     |           |      |  |     |         |  
|Net income for the fiscal year                                   |  | Ps.          | 1,336,215 |   |      | Ps. | 1,106,943 |      |  | Ps. | 408,901 |  
|                                                                 |  |              |           |   |      |     |           |      |  |     |         |  



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##### Table of Contents

Grupo Financiero Galicia S.A. and Subsidiaries

Notes to the Consolidated Financial Statements

For the years ended December 31, 2012, 2011 and 2010

(Expressed in
thousands of Argentine pesos)



Statement of cash flows (Parent Company only)



|                                                       |  |              |         |   |      |     |         |      |  |     |         |  
|------------------------------------------------------ |  | ------------ | ------- | - | ---- | --- | ------- | ---- |  | --- | ------- | -
|                                                       |  | December 31, |        
|                                                       |  | 2012         |         |   | 2011 |     |         | 2010 | 
|CHANGES IN CASH AND CASH EQUIVALENTS                   |  |              |         |   |      |     |         |      |  |     |         |  
|Cash and cash equivalents at the beginning of the year |  |              | 60,323  |   |      |     | 27,298  |      |  |     | 19,422  |  
|Cash and cash equivalents at the end of the year       |  |              | 9,270   |   |      |     | 60,323  |      |  |     | 27,298  |  
|                                                       |  |              |         |   |      |     |         |      |  |     |         |  
|Net increase in cash and cash equivalents              |  | Ps.          | (51,053 | ) |      | Ps. | 33,025  |      |  | Ps. | 7,876   |  
|                                                       |  |              |         |   |      |     |         |      |  |     |         |  
|Causes of changes in cash and cash equivalents         |  |              |         |   |      |     |         |      |  |     |         |  
|Cash Flow from operating activities                    |  |              |         |   |      |     |         |      |  |     |         |  
|Collections for Service                                |  |              | 1,107   |   |      |     | 1,007   |      |  |     | 2,675   |  
|Payments to Suppliers of Goods and Services            |  |              | (11,803 | ) |      |     | (10,223 | )    |  |     | (11,946 | )
|Personnel Salaries and Social Security Contributions   |  |              | (8,672  | ) |      |     | (6,814  | )    |  |     | (4,944  | )
|Payments of Other Taxes                                |  |              | (12,422 | ) |      |     | (10,745 | )    |  |     | (8,262  | )
|Income Tax Payments and Prepayments                    |  |              |        |   |      |     |        |      |  |     | (21,822 | )
|Payments for Other Net Operating Activities            |  |              | (1,779  | ) |      |     | (6,472  | )    |  |     | (6,554  | )
|                                                       |  |              |         |   |      |     |         |      |  |     |         |  
|Net cash provided by operating activities              |  | Ps.          | (33,569 | ) |      | Ps. | (33,247 | )    |  | Ps. | (50,853 | )
|                                                       |  |              |         |   |      |     |         |      |  |     |         |  
|Cash Flow from investing activities                    |  |              |         |   |      |     |         |      |  |     |         |  
|Collections for Sales of Fixed Assets                  |  |              |        |   |      |     | 146     |      |  |     | 8,385   |  
|Payments for Purchases of Fixed Assets                 |  |              | (306    | ) |      |     | (296    | )    |  |     | (246    | )
|Collection of Dividends                                |  |              | 40,995  |   |      |     | 133,868 |      |  |     | 18,813  |  
|Contribution to Controlled Companies                   |  |              | (1,641  | ) |      |     | (850    | )    |  |     | (4,070  | )
|(Payments) / Collections of Interest, Net              |  |              | (16,157 | ) |      |     | 20,458  |      |  |     | 1,132   |  
|Payments for Equity Investments                        |  |              | (3,270  | ) |      |     | (25,669 | )    |  |     |        |  
|                                                       |  |              |         |   |      |     |         |      |  |     |         |  
|Net cash used in investing activities                  |  | Ps.          | 19,621  |   |      | Ps. | 127,657 |      |  | Ps. | 24,014  |  
|                                                       |  |              |         |   |      |     |         |      |  |     |         |  
|Cash Flow from financing activities                    |  |              |         |   |      |     |         |      |  |     |         |  
|Payments (collection) of Loans Received, Net           |  |              | (26,543 | ) |      |     | (42,593 | )    |  |     | 34,715  |  
|Distribution of Dividends, Net of Taxes                |  |              | (10,562 | ) |      |     | (18,792 | )    |  |     |        |  
|                                                       |  |              |         |   |      |     |         |      |  |     |         |  
|Cash Flow provided by / (used in) financing activities |  | Ps.          | (37,105 | ) |      | Ps. | (61,385 | )    |  | Ps. | 34,715  |  
|                                                       |  |              |         |   |      |     |         |      |  |     |         |  
|Net increase in cash and cash equivalents              |  | Ps.          | (51,053 | ) |      | Ps. | 33,025  |      |  | Ps. | 7,876   |  
|                                                       |  |              |         |   |      |     |         |      |  |     |         |  

The accompanying condensed financial statements have been prepared in accordance with Argentine Banking GAAP. Certain
information and footnote disclosures normally included in financial statements prepared in accordance with Argentine Banking GAAP have been condensed or omitted. The Companys majority-owned subsidiaries are recorded using the equity method of
accounting. The footnotes disclosures contain supplemental information relating to the operations of Grupo Galicia; as such, these financial statements should be read in conjunction with the notes to the consolidated financial statements of
the Company.



F-101



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##### Table of Contents

EXHIBIT INDEX



|        |  |                                                                                                                                                                    
|------- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Exhibit |  | Description                                                                                                                                                        
|        | 
|11.2    |  | Code of Corporate Governance Good Practices.                                                                                                                       
|        | 
|12.1    |  | Certification of the principal executive officer required under Rule 13a-14(a) or Rule 15d-14(a), pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.       
|        | 
|12.2    |  | Certification of the principal financial officer required under Rule 13a-14(a) or Rule 15d-14(a), pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.       
|        | 
|13.1    |  | Certification of the principal executive officer required pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|        | 
|13.2    |  | Certification of the principal financial officer required pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.