a11-111_ex99point1.htm

Grupo Financiero Galicia S.A.

“Corporation which has not Adhered to the Optional System

for the Mandatory Acquisition of Shares in a Public Offering"

Notes to the Financial Statements (Continued)

(Figures Stated in Thousands of Pesos ($) and U.S. Dollars (US$))

	06.30.11	12.31.10
Current
Argentine Integrated Social Security System	174	148
Others	20	16
Provision for Bonuses	328	656
Provision for Retirement Insurance	360	720
Provision for Directors’ and Syndics' Fees	94	195
Total	976	1,735

NOTE 6: TAX LIABILITIES

The breakdown of this caption was the following:

	06.30.11	12.31.10
Current
Income Tax – Withholdings to Be Deposited	161	91
Provision for Minimum Presumed Income Tax	-	206
Provision for Turnover Tax (Net)	-	50
Provision for Tax on Personal Assets – Substitute Taxpayer	4,191	6,207
Total	4,352	6,554

NOTE 7: OTHER LIABILITIES

The breakdown of this caption was the following:

	06.30.11	12.31.10
Current
Sundry Creditors	7	86
Provision for Expenses (Note 11 and Schedule G)	1,763	2,265
Balance of Futures Contracts to be Settled (Note 15)	2,296	7,830
Directors’ Qualification Bonds	3	3
Total	4,069	10,184

	06.30.11	12.31.10
Non-Current
Provision for Expenses (Note 11 and Schedule G)	1,101	-
Directors’ Qualification Bonds	6	6
Total	1,107	6

NOTE 8: CAPITAL STATUS

As of June 30, 2011, capital status was as follows:

Capital Stock Issued, Subscribed, Paid-in and Recorded	Face Value	Restated at Constant Currency
Balances as of 12.31.09	1,241,407	1,519,538
Balances as of 12.31.10	1,241,407	1,519,538
Balances as of 06.30.11	1,241,407	1,519,538

Grupo Financiero Galicia S.A.

“Corporation which has not Adhered to the Optional System

for the Mandatory Acquisition of Shares in a Public Offering"

Notes to the Financial Statements (Continued)

(Figures Stated in Thousands of Pesos ($) and U.S. Dollars (US$))

NOTE 9: ESTIMATED COLLECTION OR PAYMENT TERMS OF RECEIVABLES, INVESTMENTS, AND DEBTS

As of June 30, 2011, the breakdown of receivables, investments, and debts according to their estimated collection or payment term was the following:

	Investments	Other Receivables	Financial Debt	Salaries and Social Security Contributions	Tax Liabilities	Other Liabilities
1st Quarter (*)	41,484	3,080	-	194	161	597
2nd Quarter (*)	-	145	-	-	-	1,110
3rd Quarter (*)	-	1	-	782	-	2,362
4th Quarter (*)	-	4,502	75,224	-	4,191	-
After One Year (*)	-	42,818	111,164	-	-	1,107
Subtotal Falling Due	41,484	50,546	186,388	976	4,352	5,176
No Set Due Date	3,024,165	1	-	-	-	-
Past Due	-	-	-	-	-	-
Total	3,065,649	50,547	186,388	976	4,352	5,176
Non-interest Bearing	3,024,165	7,493	-	976	4,352	5,176
At Variable Rate	9,246	43,054	-	-	-	-
At Fixed Rate	32,238	-	186,388	-	-	-
Total	3,065,649	50,547	186,388	976	4,352	5,176

(*) From the date of these financial statements.

NOTE 10: EQUITY INVESTMENTS

The breakdown of equity investments was the following:

As of June 30, 2011
Issuing Company	Shares		Percentage Held in
Issuing Company	Class	Number	Total Capital	Possible Votes
Banco de Galicia y Buenos Aires S.A.	Ord. Class “A”	101
	Ord. Class “B”	533,314,664
	Total	533,314,765	94.840741	94.840745
Net Investment S.A.	Ordinary	10,500	87.500000	87.500000
Sudamericana Holding S.A.	Ordinary	162,447	87.500337	87.500337
Galicia Warrants S.A.	Ordinary	175,000	87.500000	87.500000
GV Mandataria de Valores S.A.	Ordinary	10,800	90.000000	90.000000
Galval Agente de Valores S.A.	Ordinary	49,870,052	100.000000	100.000000

As of December 31, 2010
Issuing Company	Shares		Percentage Held in
Issuing Company	Class	Number	Total Capital	Possible Votes
Banco de Galicia y Buenos Aires S.A.	Ord. Class “A”	101
	Ord. Class “B”	533,314,664
	Total	533,314,765	94.840741	94.840745
Net Investment S.A.	Ordinary	10,500	87.500000	87.500000
Sudamericana Holding S.A.	Ordinary	162,447	87.500337	87.500337
Galicia Warrants S.A.	Ordinary	175,000	87.500000	87.500000
GV Mandataria de Valores S.A.	Ordinary	10,800	90.000000	90.000000
Galval Agente de Valores S.A.	Ordinary	49,870,052	100.000000	100.000000

Grupo Financiero Galicia S.A.

“Corporation which has not Adhered to the Optional System

for the Mandatory Acquisition of Shares in a Public Offering"

Notes to the Financial Statements (Continued)

(Figures Stated in Thousands of Pesos ($) and U.S. Dollars (US$))

NOTE 10: Continued

The financial condition and results of controlled companies were the following:

As of June 30, 2011 (*)
	Assets	Liabilities	Shareholders’ Equity	Net Income
Banco de Galicia y Buenos Aires S.A.	44,417,587	41,439,054	2,978,533	482,971
Net Investment S.A.	173	29	144	(41)
Galicia Warrants S.A.	29,649	15,878	13,771	1,326
Galval Agente de Valores S.A.	9,130	2,512	6,618	(1,566)
GV Mandataria de Valores S.A.	686	347	339	60
Sudamericana Holding S.A. (**)	332,715	213,925	118,790	33,689

(*) See Note 1.c.2.

(**) Financial condition and results as of 03.31.11.

Financial Condition as of December 31, 2010 and Net Income as of June 30, 2010 (*)
	Assets	Liabilities	Shareholders’ Equity	Net Income
Banco de Galicia y Buenos Aires S.A.	35,298,911	32,703,255	2,595,656	133,534
Net Investment S.A.	209	24	185	103
Galicia Warrants S.A.	28,247	14,295	13,952	933
Galval Agente de Valores S.A.	8,803	619	8,184	(2,675)
GV Mandataria de Valores S.A.	555	277	278	226
Sudamericana Holding S.A. (**)	293,886	188,784	105,102	12,834

(*) See Note 1.c.2.

(**) Financial condition as of 09.30.10 and results as of 03.31.10.

NOTE 11: SECTION 33 OF LAW 19550 - CORPORATIONS LAW

The financial statements include the following significant balances corresponding to transactions with its controlled companies and its subsidiaries:

Banco de Galicia y Buenos Aires S.A.

	06.30.11	12.31.10
Assets
Cash and Due from Banks – Current Accounts (Note 2)	108	152
Investments – Special Current Accounts (Schedule D)	1	5,291
Investments – Time Deposits (Schedule D)	28,651	-
Other Receivables – Promissory Notes Receivable (Note 3 and Schedule G)	43,054	57,857
Total	71,814	63,300

	06.30.11	12.31.10
Liabilities
Other Liabilities – Provision for Expenses (Note 7)	387	257
Total	387	257

	06.30.11	06.30.10
Income
Financial Income – Interests on Time Deposits	501	351
Financial Income – Interests on Promissory Notes Receivable	1,321	1,937
Other Income – Fixed Assets under Lease	-	118
Total	1,822	2,406

Grupo Financiero Galicia S.A.

“Corporation which has not Adhered to the Optional System

for the Mandatory Acquisition of Shares in a Public Offering"

Notes to the Financial Statements (Continued)

(Figures Stated in Thousands of Pesos ($) and U.S. Dollars (US$))

NOTE 11: Continued

Banco de Galicia y Buenos Aires S.A. (continued)

	06.30.11	06.30.10
Expenses
Administrative Expenses (Schedule H)
Trademark Leasing	681	620
Bank Expenses	4	4
General Expenses	172	162
Total	857	786

Galval Agente de Valores S.A.

	06.30.11	12.31.10
Liabilities
Other Liabilities – Provision for Expenses (Note 7 and Schedule G)	16	22
Total	16	22

	06.30.11	06.30.10
Expenses
Administrative Expenses (Schedule H)
General Expenses	36	63
Total	36	63

Galicia Seguros S.A.

	06.30.11	06.30.10
Income
Other Income – Fixed Assets under Lease	-	147
Total	-	147

Galicia Warrants S.A.

	06.30.11	12.31.10
Assets
Other Receivables - Sundry Creditors (Note 3)	1,313	-
Total	1,313	-

Additionally, the purchase and sale of foreign exchange related to the transactions described in Note 16 was carried out with Banco de Galicia y Buenos Aires S.A.

NOTE 12: RESTRICTIONS IMPOSED ON THE DISTRIBUTION OF PROFITS

Pursuant to Section 70 of the Corporations Law, the Corporate Bylaws and Resolution No. 368/01 of the C.N.V., 5% of the net income for the year should be transferred to the Legal Reserve until 20% of the capital stock is reached.

Grupo Financiero Galicia S.A.

“Corporation which has not Adhered to the Optional System

for the Mandatory Acquisition of Shares in a Public Offering"

Notes to the Financial Statements (Continued)

(Figures Stated in Thousands of Pesos ($) and U.S. Dollars (US$))

NOTE 13: INCOME TAX

The following tables show the changes and breakdown of deferred tax assets and liabilities:

Assets	Other Receivables	Other Liabilities	Total
Balances as of 12.31.09	1,570	-	1,570
Charge to Income	103	-	103
Balances as of 12.31.10	1,673	-	1,673
Charge to Income	(46)	(13)	(59)
Others	-	13	13
Balances as of 06.30.11	1,627	-	1,627

Liabilities	Fixed Assets	Financial Debt	Total
Balances as of 12.31.09	6	501	507
Charge to Income	1	131	132
Balances as of 12.31.10	7	632	639
Charge to Income	(6)	(187)	(193)
Balances as of 06.30.11	1	445	446

As the above-mentioned information shows, as of June 30, 2011 and December 31, 2010 the Company’s deferred tax assets amounted to $ 1,181 and $ 1,034, respectively.

Tax losses recorded by the Company, pending being used, amount to approximately $ 33,083, pursuant to the following breakdown:

Issuance Year	Amount	Year Due	Deferred Tax Assets
2010	19,035	2015	6,662
2011	14,048	2016	4,917

The deferred tax originated from such tax losses has not been recorded by the Company, since it is supposed that the recovery thereof is not likely at the issuance date of these financial statements. See Schedule E.

As regards the deferred tax liabilities stemming from the difference between the carrying value adjusted for inflation of the fixed assets and the taxable value (or income tax base), Grupo Financiero Galicia S.A. decided not to record said liabilities but to submit a note to the financial statements presenting the supplementary information required to be included in the Response (identified as 7) to Question 3 of Interpretation No. 3 of F.A.C.P.C.E.

The deferred tax liabilities created due to the effect of the adjustment for inflation of the non-monetary assets amount to $ 112 and $ 114, as of June 30, 2011 and December 31, 2010, respectively. They stem from the real estate valuation. Pursuant to the provisions of General Resolution 576/10 of the C.N.V., these liabilities shall be charged to Income during this fiscal year.

Grupo Financiero Galicia S.A.

“Corporation which has not Adhered to the Optional System

for the Mandatory Acquisition of Shares in a Public Offering"

Notes to the Financial Statements (Continued)

(Figures Stated in Thousands of Pesos ($) and U.S. Dollars (US$))

NOTE 13: Continued

The classification of assets and liabilities by net deferred tax recorded in accordance with its expected reversion term is shown in Note 9.

The following table shows the reconciliation of income tax charged to results to that which would result from applying the tax rate in force to the accounting income before tax:

	06.30.11	06.30.10
Income Before Income Tax	476,437	98,349
Income Tax Rate in Force	35%	35%
Result for the Period at the Tax Rate	166,753	34,422
Permanent Differences at the Tax Rate
Increase in Income Tax
- Expenses not Included in Tax Return	3,359	7,200
- Other Causes	1,072	270
Decrease in Income Tax
- Results on Investments in Related Institutions	(174,114)	(46,069)
- Other Causes	(2,121)	(14)
- Allowance for Impairment of Value (Schedule E)	4,917	4,460
Total Income Tax Charge Recorded – (Income) / Loss	(134)	269

The following table shows the reconciliation of tax charged to results to tax determined for the period for tax purposes:

	06.30.11	06.30.10
Total Income Tax Charge Recorded – (Income) / Loss	(134)	269
Temporary Differences
- Variation in Assets due to Deferred Tax	(59)	79
- Variation in Liabilities due to Deferred Tax	193	(348)
Total Tax Determined for Tax Purposes	-	-

NOTE 14: EARNINGS PER SHARE

Below is a breakdown of the earnings per share as of June 30, 2011 and 2010:

	06.30.11	06.30.10
Income for the Period	476,571	98,080
Outstanding Ordinary Shares Weighted Average	1,241,407	1,241,407
Diluted Ordinary Shares Weighted Average	1,241,407	1,241,407
Earnings per Ordinary Share
- Basic	0.3839	0.0790
- Diluted	0.3839	0.0790

NOTE 15: DERIVATIVE INSTRUMENTS

The Company enters into forward foreign currency hedge contracts with the purpose of covering the risk associated with the exchange rate exposure of financial debts in U.S. Dollars.

The Company’s purpose when entering into these contracts is to reduce its exposure to U.S. Dollar fluctuations and denominate its future commitments in Pesos.

Grupo Financiero Galicia S.A.

“Corporation which has not Adhered to the Optional System

for the Mandatory Acquisition of Shares in a Public Offering"

Notes to the Financial Statements (Continued)

(Figures Stated in Thousands of Pesos ($) and U.S. Dollars (US$))

NOTE 15: Continued

On May 31, 2010, the contract entered into in fiscal year 2009 was settled, recording a $ 10,329 loss, which was charged to Income for the fiscal year.

The contracts entered into in fiscal year 2010 were settled, recording an $ 8,493 loss, of which $ 663 correspond to this fiscal year.

During this period, new agreements were entered into and settled, recording a $ 39 loss.

As of June 30, 2011, the following contracts are outstanding:

Reference Foreign Currency		Amount in the Reference Foreign Currency (In Thousands)		Forward Exchange Rate ($ for US$)	Exchange Rate for Settlement		Settlement Date
US$	(1)	8,000	(2)	4.5000	B.C.R.A.	(4)	02.29.12
US$	(1)	20,000	(3)	4.5200	B.C.R.A.	(4)	03.30.12

(1) U.S. Dollars.

(2) The hedge contract sets forth that if during the currency thereof the exchange rate is lower than or equal to $ 3.80 (three Pesos and eighty cents), the Company shall have to furnish a security in favor of the contracting party for an amount equivalent to the difference between the reference exchange rate of $ 4.0315 (figures stated in Pesos) and the exchange rate in force at the time such security is furnished, for the amount of the contract.

(3) The hedge contract sets forth that if during the currency thereof the exchange rate is lower than or equal to $ 3.80 (three Pesos and eighty cents), the Company shall have to furnish a security in favor of the contracting party for an amount equivalent to the difference between the reference exchange rate of $ 4.052 (figures stated in Pesos) and the exchange rate in force at the time such security is furnished, for the amount of the contract.

(4) Reference exchange rate set by the Argentine Central Bank. (Communiqué “A” 3500).

Settlement of this transaction at the settlement date shall be carried 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.

The Company has not entered into contracts regarding derivatives for speculative purposes.

NOTE 16: GLOBAL PROGRAM FOR THE ISSUANCE OF NEGOTIABLE OBLIGATIONS

On March 9, 2009, the General Ordinary Shareholders’ Meeting approved the creation of a Global Program for the Issuance of simple Negotiable Obligations, not convertible into shares. Such Negotiable Obligations may be short-, mid- and/or long-term, secured or unsecured, peso-denominated, dollar-denominated or else may be in any other currency, subject to the compliance with all the legal or regulatory requirements applicable to the issuance in such currency or currency unit, adjustable or non-adjustable, and for a maximum outstanding face value of up to US$ 60,000 (sixty million U.S. Dollars) or the equivalent thereof in another currency.

The maximum term of the program shall be five years as of the date the program is authorized by the C.N.V., or for any longer term authorized pursuant to regulations in force.

Apart from that, the Negotiable Obligations may be issued pursuant to the laws and jurisdiction of Argentina and/or any other foreign country, in several classes and/or series during the period the Program is outstanding, with the possibility to re-issue the amortized classes and/or series without exceeding the Program’s total amount, and with the possibility that the maturity dates of the different classes and/or series issued occur after the Program’s expiration date, with amortization terms not to be lower than the minimum term or higher than the maximum term permitted by the regulations set forth by the National Securities Commission, among other characteristics thereof.

Grupo Financiero Galicia S.A.

“Corporation which has not Adhered to the Optional System

for the Mandatory Acquisition of Shares in a Public Offering"

Notes to the Financial Statements (Continued)

(Figures Stated in Thousands of Pesos ($) and U.S. Dollars (US$))

NOTE 16: Continued

By means of resolution No. 16113 dated April 29, 2009, the C.N.V. decided to authorize, with certain conditions, the creation of the Global Program. On May 8, 2009, together with the release of such conditions, the National Securities Commission approved the Price Supplement of the Negotiable Obligations Class I, Series I and II, for a F.V. of US$ 45,000.

On June 4, 2009, Series I and II corresponding to Negotiable Obligations Class I were issued.

On May 30, 2010, Series I corresponding to Negotiable Obligations Class I for a face value of US$ 34,404 was repaid.

On May 25, 2011, Series II corresponding to Negotiable Obligations Class I was repaid, the main characteristics of which are described as follows:

Series No.	F.V. Amount in US$	Issuance Price (In Thousands of US$)	Term (In Days)	Maturity Date	Interest Rate	Book Value $
						06.30.11	12.31.10
II	10,596	0.10348	720	05.25.11	Annual nominal at 12.5%	-	42,787

On May 7, 2010, the C.N.V. authorized, within the Global Program outstanding, the issuance of Negotiable Obligations Class II, Series I, II and III, for US$ 45,000.

On June 8, 2010, Series II and III corresponding to Negotiable Obligations Class II were issued, the main characteristics of which are described as follows:

Series No.	F.V. Amount in US$	Issuance Price (In Thousands of US$)	Term (In Days)	Maturity Date	Interest Rate	Book Value $
Series No.	F.V. Amount in US$	Issuance Price (In Thousands of US$)	Term (In Days)	Maturity Date	Interest Rate	06.30.11	12.31.10
II	18,143	0.10182	721	05.29.12	8%	75,224	72,866
III	26,857	0.10128	1078	05.21.13	9%	111,164	107,528

The Shareholders’ Meeting held on April 14, 2010 approved an increase of US$ 40,000 in the amount of the Global Program for the Issuance of Negotiable Obligations. Therefore, the maximum amount of the Program, which nowadays is of up to US$ 60,000 or its equivalent in any other currency, shall be of up to US$ 100,000 or its equivalent in any other currency.

Grupo Financiero Galicia S.A.

“Corporation which has not Adhered to the Optional System

for the Mandatory Acquisition of Shares in a Public Offering"

Notes to the Financial Statements (Continued)

(Figures Stated in Thousands of Pesos ($) and U.S. Dollars (US$))

NOTE 17:

ADOPTION OF THE INTERNATIONAL FINANCIAL REPORTING STANDARDS BY THE NATIONAL SECURITIES COMMISSION

The National Securities Commission (C.N.V.) has established the application of Technical Pronouncement No. 26 of the Argentine Federation of Professional Councils in Economic Sciences, which adopts the International Financial Reporting Standards issued by the I.A.S.B. (International Accounting Standards Board) for certain entities included within the public offering system regulated by Law 17811, whether because of their capital or their negotiable obligations, or because they have requested to be included in such system. The application of such standards shall be compulsory for the Company as from the fiscal year commenced on January 1, 2012. The Board of Directors approved the specific implementation plan on April 28, 2010.

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.

At the date of these financial statements, Banco de Galicia y Buenos Aires S.A. is assessing the effects the adoption of the financial reporting standards may have, which mainly affect the presentation of the Company’s consolidated financial information. In this respect, the Company is working on the information models required by such accounting standards, both for the annual reporting of information and for information to be reported for interim periods. The main changes will affect (i) the reporting of the consolidated financial statements as main financial statements, (ii) the amendment of information to be included in the Notes to the financial statements, such as the classification of financial instruments, the level of importance of estimates made, and the disclosure of qualitative and quantitative aspects related to the management of financial risks, and (iii) the reconciliation of information by segments, among other aspects related to the presentation of information.

Additionally, Note 2.d. to the consolidated financial statements includes the steps taken by subsidiaries that were forced to adopt the abovementioned change in regulations.

Grupo Financiero Galicia S.A.

“Sociedad no Adherida al Régimen Estatutario Optativo

de Oferta Pública de Adquisición Obligatoria”

Fixed Assets and Investments in Assets of a Similar Nature

For the six-month period ended June 30, 2011,

presented in comparative format.

(Figures Stated in Thousands of Pesos)

Schedule A

Main Account	At Beginning of Year	Increases	Decreases	Balance at Fiscal Year End	Depreciations					Net Book Value	Net Book Value for Previous Fiscal Year
Main Account	At Beginning of Year	Increases	Decreases	Balance at Fiscal Year End	Accumulated at Beginning of Year	Decreases	Rate Annual %	Amount For the Period	Accumulated at the Close of Year	Net Book Value	Net Book Value for Previous Fiscal Year
Real Estate	918	-	-	918	145	-	2	9	154	764	773
Furniture and Facilities	220	-	-	220	217	-	20	1	218	2	3
Machines and Equipment	545	57	-	602	422	-	20	20	442	160	123
Vehicles	128	108	-	236	15	-	20	22	37	199	113
Hardware	292	5	-	297	256	-	20	6	262	35	36
Totals as of 06.30.11	2,103	170	-	2,273	1,055	-		58	1,113	1,160	-
Totals as of 12.31.10	4,385	246	2,528	2,103	1,366	418		107	1,055	-	1,048

Grupo Financiero Galicia S.A.

“Sociedad no Adherida al Régimen Estatutario Optativo

de Oferta Pública de Adquisición Obligatoria”

Goodwill

For the six-month period ended June 30, 2011,

presented in comparative format.

(Figures Stated in Thousands of Pesos)

Schedule B

Main Account	At Beginning of Year	Increases	Decreases	Balance at Fiscal Year End	Depreciations					Net Book Value	Net Book Value for Previous Fiscal Year
Main Account	At Beginning of Year	Increases	Decreases	Balance at Fiscal Year End	Accumulated at Beginning of Year	Decreases	Rate Annual %	Amount For the Period	Accumulated at the Close of Year	Net Book Value	Net Book Value for Previous Fiscal Year
Goodwill (Schedule C)	17,190	-	-	17,190	4,424	-	10	970	5,394	11,796	12,766
Totals as of 06.30.11	17,190	-	-	17,190	4,424	-		970	5,394	11,796	-
Totals as of 12.31.10	12,788	4,402	-	17,190	3,091	-		1,333	4,424	-	12,766

Grupo Financiero Galicia S.A.

“Sociedad no Adherida al Régimen Estatutario Optativo

de Oferta Pública de Adquisición Obligatoria”

Investments in Shares and other Negotiable Securities

Equity Investments

For the six-month period ended June 30, 2011,

presented in comparative format.

(Figures Stated in Thousands of Pesos)

Schedule C

Issuance and Characteristics of the Securities	Class	Face Value	Number	Market Cost	Market price	Equity Method Value	Recorded Value as of 06.30.11	Recorded Value as of 12.31.10
Non-current Investments
Corporations. Section 33 of Law No.19550:
Controlled Companies (Note 10 and Schedule G):
Banco de Galicia y Buenos Aires S.A.	Ord. Class “A”	0.001	101	3,036,022	7,199,749	2,895,648	2,895,648	2,522,197
	Ord. Class “B”	0.001	533,314,664
			533,314,765
	Goodwill (Schedule B)			17,190	-	-	11,796	12,766
Galicia Warrants S.A.	Ordinary	0.001	175,000	11,829	-	12,060	12,060	12,218
Galval Agente de Valores S.A.	Ordinary	0.001	49,870,052	13,274	-	6,618	6,618	8,184
Net Investment S.A.	Ordinary	0.001	10,500	22,341	-	126	126	162
Sudamericana Holding S.A.	Ordinary	0.001	162,447	42,918	-	97,612	97,612	68,133
GV Mandataria de Valores S.A.	Ordinary	0.001	10,800	11	-	305	305	251
Total				3,143,585	7,199,749	3,012,369	3,024,165	2,623,911

Grupo Financiero Galicia S.A.

“Sociedad no Adherida al Régimen Estatutario Optativo

de Oferta Pública de Adquisición Obligatoria”

Investments in Shares and other Negotiable Securities

Equity Investments (continued)

For the six-month period ended June 30, 2011,

presented in comparative format.

(Figures Stated in Thousands of Pesos)

Schedule C (continued)

Issuance and Characteristics of the Securities	INFORMATION ON THE ISSUING COMPANIES
	Latest Financial Statements (Note 10)
	Principal Line of Business	Date	Capital Stock		Net Income		Shareholders’ Equity	Percentage of Equity Held in the Capital Stock
Non-current Investments
Corporations. Section 33 of Law No.19550:
Controlled Companies:
Banco de Galicia y Buenos Aires S.A.	Financial Activities	06.30.11	562,327		482,971	(1)	2,978,533	94.840741
Galicia Warrants S.A.	Issuance of Deposit Certificates and Warrants	06.30.11	200		1,326	(1)	13,771	87.500000
Galval Agente de Valores S.A.	Custody of Securities	06.30.11	8,184	(2)	(1,566)	(1)	6,618	100.000000
Net Investment S.A.	Information Technology	06.30.11	12		(41)	(1)	144	87.500000
Sudamericana Holding S.A.	Financial and Investment Activities	03.31.11	186		45,871	(3)	118,790	87.500337
GV Mandataria de Valores S.A.	Agent	06.30.11	12		60	(1)	339	90.000000

(1) For the six-month period ended 06.30.11.

(2) Equivalent to 49,870,052 thousand Uruguayan Pesos.

(3) For the nine-month period ended 03.31.11.

Grupo Financiero Galicia S.A.

“Sociedad no Adherida al Régimen Estatutario Optativo

de Oferta Pública de Adquisición Obligatoria”

Other Investments

For the six-month period ended June 30, 2011,

presented in comparative format.

(Figures Stated in Thousands of Pesos)

Schedule D

Main Account and Characteristics	Recorded value as of 06.30.11	Recorded Value as of 12.31.10
Current Investments (*)
Deposits in Special Current Accounts (Note 11 and Schedule G)	3,057	24,803
Mutual Funds	9,245	1,198
Time Deposits (Note 11)	29,182	467
Total	41,484	26,468

(*) Include accrued interests, if applicable.

Grupo Financiero Galicia S.A.

“Sociedad no Adherida al Régimen Estatutario Optativo

de Oferta Pública de Adquisición Obligatoria”

Allowances

For the six-month period ended June 30, 2011,

presented in comparative format.

(Figures Stated in Thousands of Pesos)

Schedule E

Captions	Balances at Beginning of Fiscal Year	Increases	Decreases	Balances at Period-End	Balances at the Close of the Previous Fiscal Year
Deducted from Assets
- Impairment of Value of Tax Losses	8,843	4,917	2,181	11,579	8,843
- Impairment of Value of Minimum Presumed Income Tax Receivables	936	569	-	1,505	936
Total as of 06.30.11	9,779	5,486	2,181	13,084	-
Total as of 12.31.10	-	9,900	121	-	9,779

Grupo Financiero Galicia S.A.

“Sociedad no Adherida al Régimen Estatutario Optativo

de Oferta Pública de Adquisición Obligatoria”

Foreign Currency Assets and Liabilities

For the six-month period ended June 30, 2011,

presented in comparative format.

(Figures Stated in Thousands of Pesos ($), Thousands of U.S. Dollars (US$) and/or Euros (€))

Schedule G

Captions	Amount and Type of Foreign Currency		Exchange Rate	Amount in Argentine Pesos ($) as of 06.30.11	Amount and Type of Foreign Currency		Amount in Argentine Pesos ($) as of 12.31.10
Assets
Current Assets
Cash and Due from Banks
- Cash in Custody in Other Banks	US$	155.37	4.070	632	US$	165.83	653
Investments
- Deposits in Special Current Accounts	US$	750.93	4.070	3,056	US$	6,301.21	24,802
Other Receivables
- Promissory Notes Receivable	US$	348.34	4.070	1,418	US$	534.38	2,103
Total Current Assets				5,106			27,558
Non-current Assets
Other Receivables
- Promissory Notes Receivable	US$	10,229.98	4.070	41,636	US$	14,165.31	55,754
Investments
- Equity Investments	US$	1,626.10	4.070	6,618	US$	2,079.20	8,184
Total Non-current Assets				48,254			63,938
Total Assets				53,360			91,496
Liabilities
Current Liabilities
Financial Debt
- Negotiable Obligations	US$	18,302.74	4.110	75,224	US$	10,761.37	42,787
Other Liabilities
- Provision for Expenses	US$	277.25	4.110	1,140	US$	281.30	1,118
- Provision for Expenses	€	0.50	5.964	3	€	0.50	3
Total Current Liabilities				76,367			43,908
Non-current Liabilities
Financial Debt
- Negotiable Obligations	US$	27,047.31	4.110	111,164	US$	45,370.75	180,394
Other Liabilities
- Provision for Expenses	US$	156.25	4.110	642	-	-	-
Total Non-current Liabilities				111,806			180,394
Total Liabilities				188,173			224,302
Memorandum Accounts
- Forward Purchase of Foreign Currency	US$	28,000.00	4.110	115,080	US$	30,000.00	119,280

Grupo Financiero Galicia S.A.

“Sociedad no Adherida al Régimen Estatutario Optativo

de Oferta Pública de Adquisición Obligatoria”

Information Required by Section 64, Subsection b) of Law No. 19550

For the six-month period ended June 30, 2011,

presented in comparative format.

(Figures Stated in Thousands of Pesos)

Schedule H

Captions	Total as of 06.30.11	Administrative Expenses	Total as of 06.30.10
Salaries and Social Security Contributions	3,368	3,368	2,123
Bonuses	374	374	220
Entertainment, Transportation, and Per Diem	241	241	-
Services to the Staff	37	37	1
Training Expenses	32	32	34
Retirement Insurance	325	325	303
Directors’ and Syndics' Fees	784	784	807
Fees for Services	2,361	2,361	1,480
Taxes	1,075	1,075	4,441
Security Services	4	4	2
Insurance	168	168	171
Leases	2	2	1
Stationery and Office Supplies	39	39	26
Electricity and Communications	67	67	47
Maintenance Expenses	17	17	88
Depreciation of Fixed Assets	58	58	50
Bank Charges (*)	13	13	11
Condominium Expenses	22	22	62
General Expenses (*)	470	470	545
Vehicle Expenses	39	39	39
Trademark Leasing (*)	35	35	33
Expenses Corresponding to the Issuance of the “Global Program for the Issuance of Negotiable Obligations”	81	81	593
Totals	9,612	9,612	11,077

(*) Balances net of eliminations corresponding to transactions conducted with companies included in section 33 of Law No. 19550. See Note 11 to the financial statements.

Grupo Financiero Galicia S.A.

“Sociedad no Adherida al Régimen Estatutario Optativo

de Oferta Pública de Adquisición Obligatoria”

Additional Information to the Notes to the Financial Statements

For the six-month period commenced January 1, 2011 and ended

June 30, 2011, presented in comparative format.

(Figures Stated in Thousands of Pesos)

NOTE 1:

SIGNIFICANT SPECIFIC LEGAL SYSTEMS ENTAILING CONTINGENT EXPIRATION OR RESURGENCE OF BENEFITS ENVISAGED BY THOSE REGULATIONS

None.

NOTE 2:

SIGNIFICANT CHANGES IN THE COMPANY ACTIVITIES OR OTHER SIMILAR CIRCUMSTANCES THAT OCCURRED DURING THE FISCAL YEARS COVERED BY THE FINANCIAL STATEMENTS WHICH MAY HAVE AN EFFECT ON THEIR COMPARISON WITH THOSE PRESENTED IN PREVIOUS FISCAL YEARS, OR THOSE THAT SHALL BE PRESENTED IN FUTURE FISCAL YEARS.

None.

NOTE 3: CLASSIFICATION OF RECEIVABLES AND DEBT BALANCES

a) Receivables: See Note 9 to the financial statements.

b) Debts: See Note 9 to the financial statements.

NOTE 4: CLASSIFICATION OF RECEIVABLES AND DEBTS ACCORDING TO THEIR FINANCIAL EFFECTS

a) Receivables: See Notes 1.a., 1.b. and 9 and Schedule G to the financial statements.

b) Debts: See Notes 1.a., 1.b. and 9 and Schedule G to the financial statements.

NOTE 5: BREAKDOWN OF PERCENTAGE OF EQUITY INVESTMENTS – SECTION 33 OF LAW 19550

See Note 10 and Schedule C to the financial statements.

NOTE 6:

RECEIVABLES FROM OR LOANS GRANTED TO DIRECTORS OR SYNDICS OR THEIR RELATIVES UP TO THE SECOND DEGREE INCLUSIVE

As of June 30, 2011 and December 31, 2010 there were no receivables from or loans granted to directors or syndics or their relatives up to the second degree inclusive.

NOTE 7: PHYSICAL INVENTORY OF INVENTORIES

As of June 30, 2011 and December 31, 2010, the Company did not have any inventories.

NOTE 8: CURRENT VALUES

See Notes 1.c. and 1.d. to the financial statements.

NOTE 9: FIXED ASSETS

See Schedule A to the financial statements.

a) Fixed assets that have been technically appraised:

As of June 30, 2011 and December 31, 2010, the Company did not have any fixed assets that have been technically appraised.

b) Fixed assets not used because they are obsolete:

As of June 30, 2011 and December 31, 2010, the Company did not have any obsolete fixed assets which have a book value.

NOTE 10: EQUITY INVESTMENTS

The Company is engaged in financial and investment activities, so the restrictions of Section 31 of Law No. 19550 do not apply to its equity investments in other companies.

“Sociedad no Adherida al Régimen Estatutario Optativo

de Oferta Pública de Adquisición Obligatoria”

Additional Information to the Notes to the Financial Statements (continued)

(Figures Stated in Thousands of Pesos)

NOTE 11: RECOVERABLE VALUES

As of June 30, 2011 and December 31, 2010, the criterion followed by the Company for determining the recoverable value of its fixed assets consisted in using their economic utilization value, based on the possibility of absorbing future depreciation charges with the profits reported by it.

NOTE 12: INSURANCE

As of June 30, 2011 and December 31, 2010, the breakdown of insurance policies taken out by the Company for its fixed assets was as follows:

Insured Assets	Risks Covered	Insured Amount	Book Value as of 06.30.11	Book Value as of 12.31.10
Building, Electronic Equipment and/or Office Assets.	Fire, Thunderbolt, Explosion and/or Theft.	1,363	961	935
Vehicles	Theft, Robbery, Fire or Total Loss	424	199	113

NOTE 13: POSITIVE AND NEGATIVE CONTINGENCIES

a)	Elements used for the calculation of provisions, the total or partial balances of which exceed two percent of Shareholders’ Equity:

None.

b)	Contingencies which, at the date of the financial statements, are not of remote occurrence, the effects of which have not been given accounting recognition:

As of June 30, 2011 and December 31, 2010, there were no contingencies which are not of remote occurrence and the effects of which have not been given accounting recognition.

NOTE 14: IRREVOCABLE ADVANCES TOWARDS FUTURE SHARE SUBSCRIPTIONS

a) Status of capitalization arrangements:

As of June 30, 2011 and December 31, 2010, there were no irrevocable contributions towards future share subscriptions.

b) Cumulative unpaid dividends on preferred shares:

As of June 30, 2011 and December 31, 2010, there were no cumulative unpaid dividends on preferred shares.

NOTE 15: RESTRICTIONS ON THE DISTRIBUTION OF RETAINED EARNINGS

See Note 12 to the financial statements.

Grupo Financiero Galicia S.A.

“Sociedad no Adherida al Régimen Estatutario Optativo

de Oferta Pública de Adquisición Obligatoria”

Supplementary and Explanatory Statement by the Board of Directors

For the six-month period commenced January 1, 2011 and ended

June 30, 2011, presented in comparative format.

(Figures Stated in Thousands of Pesos)

Pursuant to the provisions of the standards regarding accounting documentation of the Córdoba Stock Exchange Regulations, the Board of Directors hereby submits the following supplementary and explanatory information.

A. Current Assets:

a) Receivables:

1) See Note 9 to the financial statements.

2) See Notes 3 and 9 to the financial statements.

3) As of June 30, 2011 and December 31, 2010, the Company had not set up any allowances or provisions.

b) Inventories:

As of June 30, 2011 and December 31, 2010, the Company did not have any inventories.

B. Non-Current Assets:

a) Receivables:

See Schedule E.

b) Inventories:

As of June 30, 2011 and December 31, 2010, the Company did not have any inventories.

c) Investments:

See Note 10 and Schedule C to the financial statements.

d) Fixed Assets:

1) As of June 30, 2011 and December 31, 2010, the Company did not have any fixed assets that have been technically appraised.

2) As of June 30, 2011 and December 31, 2010, the Company did not have any obsolete fixed assets which have a book value.

e) Intangible Assets:

1) See Note 1.d and Schedules B and C to the financial statements.

2) As of June 30, 2011 and December 31, 2010, there were no deferred charges.

C. Current Liabilities:

a) Liabilities:

1) See Note 9 to the financial statements.

2) See Notes 4, 5, 6, 7 and 9 to the financial statements.

D. Allowances and Provisions:

See Schedule E.

E. Foreign Currency Assets and Liabilities:

See Note 1.b. and Schedule G to the financial statements.

F. Shareholders’ Equity:

1) As of June 30, 2011 and December 31, 2010, the Shareholders’ Equity did not include the "Irrevocable Advances towards Future Share Issues" account.

2) As of June 30, 2011 and December 31, 2010, the Company had not set up any technical appraisal reserve; nor has it reversed any reserve of that kind.

Grupo Financiero Galicia S.A.

“Sociedad no Adherida al Régimen Estatutario Optativo

de Oferta Pública de Adquisición Obligatoria”

Supplementary and Explanatory Statement by the Board of Directors (continued)

(Figures Stated in Thousands of Pesos)

G. Miscellaneous:

1) The Company is engaged in financial and investment activities, so the restrictions of Section 31 of Law No. 19550 do not apply to its equity investments in other companies.

2) See Notes 9 and 11 to the financial statements.

3) As of June 30, 2011 and December 31, 2010, there were no receivables from or loans granted to directors or syndics or their relatives up to the second degree inclusive.

4) See Notes 9 and 11 to the financial statements.

5) As of June 30, 2011 and December 31, 2010, the breakdown of insurance policies taken out by the Company for its fixed assets was as follows:

Insured Assets	Risks Covered	Insured Amount	Book Value as of 06.30.11	Book Value as of 12.31.10
Building, Electronic Equipment and/or Office Assets.	Fire, Thunderbolt, Explosion and/or Theft.	1,363	961	935
Vehicles	Theft, Robbery, Fire or Total Loss	424	199	113

6) As of June 30, 2011 and December 31, 2010, there were no contingencies highly likely to occur which have not been given accounting recognition.

7) As of June 30, 2011 and December 31, 2010, the Company did not have any receivables including implicit interests or index adjustments.

The Company has complied with the requirements of Section 65 of Law No. 19550 in these financial statements.

Autonomous City of Buenos Aires, August 08, 2011.

Grupo Financiero Galicia S.A.

“Sociedad no Adherida al Régimen Estatutario Optativo

de Oferta Pública de Adquisición Obligatoria”

Informative Review as of June 30, 2011 and 2010

(Figures Stated in Thousands of Pesos ($) and U.S. Dollars (US$))

Grupo Financiero Galicia S.A.’s purpose is to strengthen its position as a leading company devoted to providing comprehensive financial services and, at the same time, to continue to strengthen Banco de Galicia y Buenos Aires S.A.’s position as one of the leading companies in Argentina. This strategy shall be carried out by supplementing the operations and business conducted by Banco de Galicia y Buenos Aires S.A. through equity investments in companies and undertakings, either existing or to be created, engaged in financial activities as they are understood in the modern economy.

The income for the fiscal period ended June 30, 2011 reported by the Company amounts to $ 476,571. This profit has been mainly generated as a consequence of the valuation of equity investments in our subsidiaries.

On April 14, 2010, the Ordinary Shareholders' Meeting of Grupo Financiero Galicia S.A. resolved to distribute the Retained Earnings as of December 31, 2009, through the allocation of $ 11,464 to Legal Reserve and $ 217,811 to Discretionary Reserve.

Furthermore, the above-mentioned Shareholders’ Meeting approved an increase of US$ 40,000 in the amount of the Global Program for the Issuance of Negotiable Obligations. Therefore, the maximum amount of the Program, which was of up to US$ 60,000 or its equivalent in any other currency, shall be of up to US$ 100,000 or its equivalent in any other currency. (See Note 16 to the financial statements.)

On May 7, 2010, the C.N.V. authorized, within the Global Program outstanding, the issuance of Negotiable Obligations Class II, Series I, II and III, for US$ 45,000. On June 8, 2010, Series II and III corresponding to Class II were issued. (See Note 16 to the financial statements.)

On May 7, 2010, the Company entered into a purchase and sale agreement with Galicia Seguros S.A. to sell the functional units property of Grupo Financiero Galicia S.A. located in Maipú 241, Autonomous City of Buenos Aires, for US$ 2,131. On September 23, 2010, the Argentine Superintendence of Insurance authorized the above-mentioned transaction. The corresponding deed of sale was executed on November 3, 2010.

On April 27, 2011, the Ordinary Shareholders' Meeting of Grupo Financiero Galicia S.A. resolved to distribute the Retained Earnings as of December 31, 2010, through the allocation of $ 20,445 to Legal Reserve, $ 24,828 to Cash Dividends and $ 363,628 to Discretionary Reserve.

On May 3, 2011, in compliance with what was approved by the aforementioned Ordinary Shareholders’ Meeting, the Company’s Board of Directors, decided to put at the disposal of shareholders, from May 16 or at a later date that may be appropriate due to the rules and regulations in force in the jurisdictions where the Company’s shares are listed, the amount of $ 24,828 as cash dividends, corresponding to the fiscal year ended December 31, 2010, amount that represents 2% of the Company’s capital stock.

BALANCE SHEET FIGURES

	06.30.11	06.30.10	06.30.09	06.30.08	06.30.07
Assets
Current Assets	49,991	45,963	43,648	99,336	312,515
Non-current Assets	3,068,144	2,354,868	2,111,556	1,903,272	1,297,621
Total Assets	3,118,135	2,400,831	2,155,204	2,002,608	1,610,136
Liabilities
Current Liabilities	84,621	62,959	153,322	81,551	7,192
Non-current Liabilities	112,271	179,193	42,252	188,233	11
Total Liabilities	196,892	242,152	195,574	269,784	7,203
Shareholders’ Equity	2,921,243	2,158,679	1,959,630	1,732,824	1,602,933
Total	3,118,135	2,400,831	2,155,204	2,002,608	1,610,136

Grupo Financiero Galicia S.A.

“Sociedad no Adherida al Régimen Estatutario Optativo

de Oferta Pública de Adquisición Obligatoria”

Informative Review as of June 30, 2011 and 2010

(Figures Stated in Thousands of Pesos ($) and U.S. Dollars (US$))

INCOME STATEMENT

	06.30.11	06.30.10	06.30.09	06.30.08	06.30.07
Ordinary Operating Result	487,888	121,487	59,230	86,274	(8,613)
Financial Results	(16,943)	(24,154)	98,477	(4,280)	7,586
Other Income and Expenses	5,492	1,016	(38)	(3,675)	558
Net Operating Income	476,437	98,349	157,669	78,319	(469)
Income Tax	134	(269)	(28,960)	-	(5,066)
Net Income	476,571	98,080	128,709	78,319	(5,535)

RATIOS

	06.30.11	06.30.10	06.30.09	06.30.08	06.30.07
Liquidity	0.59077	0.73005	0.28468	1.21808	43.45314
Credit Standing	14.83678	8.91456	10.01989	6.42301	222.53686
Capital Assets	0.98397	0.98086	0.97975	0.95040	0.80591

The individual financial statements have been considered in order to disclose the Balance Sheet figures and net Income Statement figures, as the consolidated financial statements are presented in line with the provisions of Communiqué “A” 3147 from the Argentine Central Bank and supplementary regulations regarding financial reporting requirements for the publication of annual financial statements, and observing the guidelines of Technical Pronouncement No. 8 of the Argentine Federation of Professional Councils in Economic Sciences.

Progress Made regarding Compliance with the Plan for the Implementation of the International Financial Reporting Standards (I.F.R.S.)

Pursuant to what was determined by the C.N.V. through General Resolution No. 562/09, the Company developed a Plan for the Implementation of the I.F.R.S., which was approved by the Board of Directors at the meeting held on April 28, 2010.

After monitoring the specific plan for the implementation of the I.F.R.S., the Board of Directors is not aware of any circumstances that may require modifications to the above-referred plan or that may indicate a possible departure from the goals and dates set. (See Note 17 to the financial statements.)

Equity Investments in Other Companies

·	Banco de Galicia y Buenos Aires S.A.

See the Notes to the consolidated financial statements that correspond to Banco de Galicia y Buenos Aires S.A.

·	Net Investment S.A.

During fiscal years 2009 and 2010, the Company entered into agreements for the repayment of irrevocable contributions made by its shareholders, determining that such contributions would be used for the absorption of the losses recorded at the end of each of the aforementioned fiscal years.

Taking into consideration the Board of Directors’ search for new business alternatives, in fiscal year 2010 the company subscribed shares belonging to a foreign company that carries out activities related to business development through the Internet. The equity investment held in this company to date represents 0.21% of corporate capital.

Grupo Financiero Galicia S.A.

“Sociedad no Adherida al Régimen Estatutario Optativo

de Oferta Pública de Adquisición Obligatoria”

Informative Review as of June 30, 2011 and 2010

(Figures Stated in Thousands of Pesos ($) and U.S. Dollars (US$))

·	Sudamericana Holding S.A.

Sudamericana Holding S.A. is a holding company providing life, retirement, property, and casualty insurance and insurance brokerage services. The equity investment held by Grupo Financiero Galicia S.A. in this company is 87.50%. Banco de Galicia y Buenos Aires S.A. has the remaining 12.50%.

The insurance business undertaken by the Company is one of the most important aspects of Grupo Financiero Galicia S.A.’s strategy to strengthen its position as a leading financial services provider.

Joint production of the insurance companies controlled by Sudamericana Holding S.A. in the life, retirement and property insurance business, during the fiscal period commenced on January 1, 2011 and ended on June 30, 2011, amounted to $ 274,298.

As of June 30, 2011, these companies had approximately 5.7 million insured in all their lines of business.

From a commercial standpoint, within a more favorable context, the company maintains its purpose of taking advantage of the greater demand for insurance coverage to significantly increase the companies’ sales.

As a result of this effort, the premium volume for the second quarter of 2011 exceeded that for the same period of the previous year by 41.50%.

·	Galicia Warrants S.A.

Galicia Warrants S.A. was established in 1993 and, since then, has become a leading company. It renders services to the financial sector as an additional credit instrument. It also renders a full spectrum of services related to inventory management to the productive sector.

The equity investment held by Grupo Financiero Galicia S.A. in this company is 87.50%, while the remaining 12.50% interest is held by Banco de Galicia y Buenos Aires S.A.

The company has its corporate headquarters in Buenos Aires and an office in the city of Tucumán, through which it has developed the warrants issuance market and has incorporated the storage service in different regional economies and geographic areas of the country.

During the period commenced January 1, 2011 and ended June 30, 2011, Galicia Warrants S.A. has recorded income from services for $ 5,920. Net income for the period was $ 1,326.

As of June 30, 2011, deposit certificates and warrants issued amounted to $ 258,935, regarding merchandise under custody located throughout the country.

Furthermore, the Company will maintain its management capacity in order to render a better service and respond to the increase in the volume of business it believes the market will demand during this fiscal year.

·	Galval Agente de Valores S.A.

Galval Agente de Valores S.A. is a direct user of the Free-trade Zone of Montevideo and provides services as a securities agent in Uruguay. Grupo Financiero Galicia S.A. has a 100% interest in this company.

On February 4, 2005, the Uruguayan Central Bank decided to conclusively confirm the registration of the Company with the Registry of the Stock Exchange.

Grupo Financiero Galicia S.A.

“Sociedad no Adherida al Régimen Estatutario Optativo

de Oferta Pública de Adquisición Obligatoria”

Informative Review as of June 30, 2011 and 2010

(Figures Stated in Thousands of Pesos ($) and U.S. Dollars (US$))

As from September, 2005, Galval Agente de Valores S.A. started to operate in a gradual manner and, as of June 30, 2011 it holds customers’ securities in custody for US$ 129,501, of which US$ 10,385 correspond to the holding of securities belonging to Grupo Financiero Galicia S.A.

As of June 30, 2011, Galval Agente de Valores S.A. had recorded income for US$ 488, with a recorded net loss of US$ 453.

It is expected that, if customers were to start looking for investments in the market that were more profitable than conservative positions, this would have a positive impact on the increase in income from fees from securities trading operations.

·	GV Mandataria de Valores S.A.

On July 16, 2008, GV Mandataria de Valores S.A. was registered with the Corporation Control Authority (I.G.J.).

The equity investment held by Grupo Financiero Galicia S.A. in this company is 90%, while the remaining 10% interest is held by Galval Agente de Valores S.A.

The Company's main purpose is to represent, act as agent and carry out other brokerage activities of any sort, both for domestic and foreign companies.

In December 2008, the company entered into an agreement to act as agent of Galval Agente de Valores S.A., being nowadays the only activity it carries out.

Income from services amounted to $ 1,669 for the fiscal period commenced January 1, 2011 and ended June 30, 2011, with a pretax net income of $ 92.

Grupo Financiero Galicia S.A.’s outlook for fiscal year 2011 is basically linked to the development of the Argentine economy, and particularly the evolution of the financial system.

Autonomous City of Buenos Aires, August 08, 2011.

REPORT OF THE SUPERVISORY SYNDICS’ COMMITTEE

To the Directors of

Grupo Financiero Galicia S.A.

Tte. Gral. Juan D. Perón 456 – 2nd floor

Autonomous City of Buenos Aires

In our capacity as members of the Supervisory Syndics’ Committee of Grupo Financiero Galicia S.A., we have performed a limited review of the Balance Sheet of Grupo Financiero Galicia S.A. (the "Company") as of June 30, 2011, and the related Income Statement, Statement of Changes in Shareholders' Equity and Statement of Cash Flows for the six-month period then ended, as well as supplementary Notes 1 to 17, Schedules A, B, C, D, E, G and H, the Additional Information to the Notes to the Financial Statements required by Section 68 of the Buenos Aires Stock Exchange regulations and the Supplementary and Explanatory Statement by the Board of Directors, required by the regulations concerning Accounting Documentation of the Córdoba Stock Exchange, and the Informative Review to that date, which have been submitted by the Company to our consideration. Furthermore, we have performed a limited review of the consolidated financial statements of Grupo Financiero Galicia S.A. and its subsidiaries for the six-month period ended June 30, 2011, with Notes 1 to 24, which are presented as supplementary information. The preparation and issuance of those financial statements are the responsibility of the Company.

Our work was conducted in accordance with standards applicable to syndics in Argentina. These standards require the application of the procedures established by Technical Pronouncement No. 7 of the Argentine Federation of Professional Councils in Economic Sciences for limited reviews of financial statements for interim periods, and include verifying the consistency of the documents reviewed with the information concerning corporate decisions, as disclosed in minutes, and the conformity of those decisions with the law and the bylaws insofar as concerns formal and documental aspects. For purposes of our professional work, we have reviewed the work performed by the external auditors of the Company, Price Waterhouse & Co. S.R.L., who issued their limited review report on August 08, 2011, in accordance with auditing standards applicable in Argentina for limited reviews of financial statements for interim periods. A limited review mainly involves applying analytical procedures to the accounting information and making inquiries to the staff responsible for accounting and financial issues. The scope of such review is substantially more limited than that of an audit of the financial statements, the objective of which is to issue an opinion on the financial statements as a whole. Therefore, we do not express such an opinion. We have not evaluated the business criteria regarding the different areas of the Company, as these matters are its exclusive responsibility.

In addition, we have verified that the Additional Information to the Notes to the Financial Statements, the Supplementary and Explanatory Statement by the Board of Directors, and the Informative Review, for the six-month period ended June 30, 2011 contain the information required by Section 68 of the Rules and Regulations of the Bolsa de Comercio de Buenos Aires (Buenos Aires Stock Exchange), Section 2 of the Rules concerning Accounting Documentation of the Córdoba Stock Exchange Regulations and Regulations of the National Securities Commission, respectively, and insofar as concerns our field of competence, that the numerical data contained therein are in agreement with the Company’s accounting records and other relevant documentation. Assumptions and projections on future events contained in that documentation are the exclusive responsibility of the Board of Directors..

We also report that, in compliance with the legality control that is part of our field of competence, during this period we have applied the procedures described in Section 294 of Law No. 19550, which we deemed necessary according to the circumstances...

The subsidiary Banco de Galicia y Buenos Aires S.A. has prepared its financial statements following the valuation and disclosure criteria established by Argentine Central Bank regulations, which have been taken as the basis for calculating the equity method value and preparing the consolidated financial statements of the Company. As mentioned in Note 2.c to the consolidated financial statements, those criteria for valuing certain assets and liabilities and the regulations on financial reporting issued by the control body differ from the professional accounting standards applicable in the Autonomous City of Buenos Aires.

Based on our review, with the scope mentioned in paragraph 2 above, we report that the financial statements of Grupo Financiero Galicia S.A. as of June 30, 2011 and its consolidated financial statements at that date, detailed in item 1 above, prepared in accordance with Argentine Central Bank regulations and, except as mentioned in paragraph 3 above, with accounting standards applicable in the Autonomous City of Buenos Aires, give consideration to all significant facts and circumstances which are known to us and, in relation to said financial statements, we have no observations to make. In compliance with the legality control that is part of our field of competence, we have no observations to make.

As regards the Additional Information to the Notes to the Financial Statements, the Supplementary and Explanatory Statement by the Board of Directors, and the Informative Review, for the six-month period ended June 30, 2011, we have

no observations to make insofar as concerns our field of competence, and the assertions on future events are the exclusive responsibility of the Company’s Board of Directors.

Furthermore, we report that the accompanying financial statements stem from accounting records kept, in all formal aspects, in compliance with legal regulations prevailing in Argentina.

Autonomous City of Buenos Aires, August 08, 2011.

Supervisory Syndics’ Committee

LIMITED REVIEW REPORT

To the Chairman and Directors of

Grupo Financiero Galicia S.A.

Legal Address:

Tte. Gral. Juan D. Perón 456 – 2nd floor

Autonomous City of Buenos Aires

C.U.I.T. 30-70496280-7

We have performed a limited review of the Balance Sheet of Grupo Financiero Galicia S.A. as of June 30, 2011, and the related income statements, statements of changes in shareholders' equity and statements of cash flows for the six-month periods ended June 30, 2011 and 2010, as well as supplementary Notes 1 to 17 and Schedules A, B, C, D, E, G and H, the Additional Information to the Notes to the Financial Statements required by Section 68 of the Buenos Aires Stock Exchange regulations, and the Supplementary and Explanatory Statement by the Board of Directors, as required by the rules concerning Accounting Documentation Regulations of the Córdoba Stock Exchange Regulations and the Informative Review to those dates, which supplement them. Furthermore, we have performed a limited review of the consolidated Balance Sheet of Grupo Financiero Galicia S.A. as of June 30, 2011, and the consolidated income statements and consolidated statements of cash flows and cash equivalents for the six-month periods ended June 30, 2011 and 2010, together with Notes 1 to 24, which are presented as supplementary information. The preparation and issuance of those financial statements are the responsibility of the Company.

Our review was limited to the application of the procedures set forth by Technical Pronouncement No. 7 of the Argentine Federation of Professional Councils in Economic Sciences for limited reviews of financial statements for interim periods, which mainly involve applying analytical procedures to the financial statement figures and making inquiries to the Company staff responsible for preparing the information included in the financial statements and its subsequent analysis. The scope of these reviews is substantially more limited than that of an audit examination, the purpose of which is to express an opinion on the financial statements under examination. Accordingly, we do not express an opinion on the Company’s financial condition, the results of its operations, changes in its shareholders’ equity and cash flows, or on its consolidated financial condition, the consolidated results of its operations and consolidated cash flows.

The subsidiary Banco de Galicia y Buenos Aires S.A. has prepared its financial statements following the valuation and disclosure criteria established by Argentine Central Bank regulations, which have been taken as the basis for calculating the equity method value and preparing the consolidated financial statements of the Company. As mentioned in Note 2c. to the consolidated financial statements, the abovementioned valuation criteria regarding certain assets and liabilities, and the regulations on the financial reporting issued by the control body, differ from the Argentine professional accounting standards in force in the Autonomous City of Buenos Aires.

On February 17, 2011 we issued our audit report on the Company's financial statements and consolidated financial statements for the fiscal years ended December 31, 2010 and 2009 with an unqualified opinion, without qualifications regarding the Argentine Central Bank's regulations and departures from professional accounting standards similar to those indicated in item 3 above.

5.	Based on the work done and on our examination of the financial statements of Grupo Financiero Galicia S.A. and its consolidated financial statements for the fiscal years ended December 31, 2010 and 2009 mentioned in item 4, we express the following:

the financial statements of Grupo Financiero Galicia S.A. as of June 30, 2011 and 2010 and its consolidated financial statements at those dates, detailed in item 1 above, prepared in accordance with Argentine Central Bank regulations and, except as mentioned in item 3 above, with professional accounting standards applicable in the Autonomous City of Buenos Aires, give consideration to all significant facts and circumstances which are known to us and, in relation to said financial statements, we have no observations to make.

the comparative information included in the parent-only and consolidated balance sheet and in supplementary Notes and Schedules to the attached financial statements stems from financial statements of Grupo Financiero Galicia S.A. as of December 31, 2010.

6.	As called for by the regulations in force, we report that:

the financial statements of Grupo Financiero Galicia S.A. and its consolidated financial statements have been transcribed to the “Inventory and Balance Sheet” book and, insofar as concerns our field of competence, are in compliance with the provisions of the Corporations Law, and pertinent resolutions of the National Securities Commission.

the financial statements of Grupo Financiero Galicia S.A. stem from accounting records kept, in all formal aspects, in compliance with legal regulations.

we have read the Additional Information to the Notes to the Financial Statements required by Section 68 of the Buenos Aires Stock Exchange regulations, the Supplementary and Explanatory Statement by the Board of Directors, required by the regulations concerning Accounting Documentation of the Córdoba Stock Exchange and the Informative Review as of June 30, 2011 and 2010, about which, insofar as concerns our field of competence, we have no significant observations to make other than the one mentioned in item 3 above. Projections about future events contained in that information are the exclusive responsibility of the Company’s Board of Directors.

as of June 30, 2011, Grupo Financiero Galicia S.A.'s accrued debt with the Argentine Integrated Social Security System, which stems from the accounting records and settlements carried out by the Company, amounted to $ 131,134.63, which was not yet due at that date.

Autonomous City of Buenos Aires, August 08, 2011.

PRICE WATERHOUSE & CO. S.R.L

Company’s Name:	Grupo Financiero Galicia S.A. “Corporation which has not Adhered to the Optional System for the Mandatory Acquisition of Shares in a Public Offering"

Legal Domicile:	Tte. Gral. Juan D. Perón No. 456 – 2nd floor Autonomous City of Buenos Aires

Principal Line of Business:	Financial and Investment Activities

Fiscal Year N° 13
For the six-month period commenced January 1, 2011 and ended June 30, 2011, presented in comparative format.

Date of Registration with the Public Registry of Commerce:

Of Bylaws:	September 30, 1999

Date of Latest Amendment to Bylaws:	July 16, 2010

Registration Number with the Corporation Control Authority (I.G.J.):	12,749

Sequential Number – Corporation Control Authority:	1,671,058

Date of Expiration of the Company’s Bylaws:	June 30, 2100


Description of the Controlling Company:

Company’s Name:	EBA Holding S.A.

Principal Line of Business:	Financial and Investment Activities

Interest Held by the Controlling Company in the Shareholders’ Equity as of 06.30.11:	22.65%

Percentage of Votes which the Controlling Company is Entitled to as of 06.30.11:	59.42%

Capital Status as of 06.30.11 (Note 8 to the Financial Statements) (Figures Stated in Thousands of Pesos for “Subscribed” and “Paid-in” Shares)
Shares
Number	Type	Voting Rights per Share	Subscribed	Paid-in
281,221,650	Ordinary Class “A”, Face Value of 1	5	281,222	281,222
960,185,367	Ordinary Class “B”, Face Value of 1	1	960,185	960,185
1,241,407,017			1,241,407	1,241,407

	06.30.11	12.31.10
ASSETS
CASH AND DUE FROM BANKS	5,546,723	5,645,571
- Cash	1,949,072	1,489,374
- Financial Institutions and Correspondents	3,597,651	4,156,197
- Argentine Central Bank	3,356,930	3,932,281
- Other Local Financial Institutions	10,399	14,607
- Foreign	230,322	209,309
GOVERNMENT AND PRIVATE SECURITIES	5,246,016	2,278,012
- Holdings Recorded at Fair Market Value	102,858	68,231
- Holdings Recorded at their Acquisition Cost plus the I.R.R.	145,029	133,756
- Securities Issued by the Argentine Central Bank	4,996,727	2,065,723
- Investments in Listed Private Securities	1,402	10,302
LOANS	26,079,557	21,353,781
- To the Non-financial Public Sector	23,196	24,565
- To the Financial Sector	197,949	80,633
- Interbank Loans (Call Money Loans Granted)	124,000	32,500
- Other Loans to Local Financial Institutions	71,630	47,968
- Accrued Interests, Adjustments and Quotation Differences Receivable	2,319	165
- To the Non-financial Private Sector and Residents Abroad	27,032,957	22,287,056
- Advances	2,139,507	977,890
- Promissory Notes	5,006,832	4,534,326
- Mortgage Loans	931,513	950,237
- Pledge Loans	163,765	119,175
- Personal Loans	4,963,138	4,093,559
- Credit Card Loans	10,733,244	9,120,092
- Others	2,873,706	2,297,507
- Accrued Interests, Adjustments and Quotation Differences Receivable	313,210	277,070
- Documented Interest	(90,239)	(81,804)
- Unallocated Collections	(1,719)	(996)
- Allowances	(1,174,545)	(1,038,473)
OTHER RECEIVABLES RESULTING FROM FINANCIAL BROKERAGE	4,541,679	3,325,990
- Argentine Central Bank	533,769	402,386
- Amounts Receivable for Spot and Forward Sales to be Settled	1,581,742	237,333
- Securities Receivable under Spot and Forward Purchases to be Settled	729,127	914,124
- Others Not Included in the Debtor Classification Regulations	1,155,153	1,286,039
- Unlisted Negotiable Obligations	138,533	99,237
- Balances from Forward Transactions without Delivery of Underlying Asset to be Settled	1,460	5,403
- Others Included in the Debtor Classification Regulations	442,635	511,594
- Accrued Interests Receivable Included in the Debtor Classification Regulations	966	1,680
- Allowances	(41,706)	(131,806)

	06.30.11	12.31.10
RECEIVABLES FROM FINANCIAL LEASES	501,986	428,080
- Receivables from Financial Leases	500,186	426,626
- Accrued Interests and Adjustments Receivable	7,946	6,923
- Allowances	(6,146)	(5,469)
EQUITY INVESTMENTS	47,407	52,848
- In Financial Institutions	2,038	1,971
- Others	67,173	64,140
- Allowances	(21,804)	(13,263)
MISCELLANEOUS RECEIVABLES	1,167,417	1,082,561
- Receivables for Assets Sold	34,986	35,403
- Minimum Presumed Income Tax	427,845	395,738
- Others	742,043	677,151
- Accrued Interests on Receivables for Assets Sold	60	135
- Other Accrued Interests and Adjustments Receivable	159	159
- Allowances	(37,676)	(26,025)
FIXED ASSETS	963,656	948,067
MISCELLANEOUS ASSETS	144,310	81,403
INTANGIBLE ASSETS	532,000	454,115
- Goodwill	17,550	23,467
- Organization and Development Expenses	514,450	430,648
UNALLOCATED ITEMS	9,496	4,844
OTHER ASSETS	72,631	52,791
TOTAL ASSETS	44,852,878	35,708,063

	06.30.11	12.31.10
LIABILITIES
DEPOSITS	27,081,852	22,222,764
- Non-financial Public Sector	1,412,229	874,201
- Financial Sector	13,160	9,934
- Non-financial Private Sector and Residents Abroad	25,656,463	21,338,629
- Current Accounts	7,106,479	5,466,532
- Savings Accounts	7,657,267	6,356,877
- Time Deposits	10,309,234	8,975,889
- Investment Accounts	133,627	156,935
- Others	357,611	306,139
- Accrued Interests and Quotation Differences Payable	92,245	76,257
OTHER LIABILITIES RESULTING FROM FINANCIAL BROKERAGE	11,538,254	7,608,071
- Argentine Central Bank	1,560	2,105
- Others	1,560	2,105
- Banks and International Entities	772,949	646,745
- Unsubordinated Negotiable Obligations	2,856,462	775,863
- Amounts Payable for Spot and Forward Purchases to be Settled	733,292	950,453
- Securities to be Delivered under Spot and Forward Sales to be Settled	1,719,902	229,684
- Loans from Local Financial Institutions	670,558	613,197
- Other Loans from Local Financial Institutions	666,599	610,022
- Accrued Interests Payable	3,959	3,175
- Balances from Forward Transactions without Delivery of Underlying Asset to be Settled	3,856	11,085
- Others	4,711,539	4,358,049
- Accrued Interests and Quotation Differences Payable	68,136	20,890
MISCELLANEOUS LIABILITIES	1,104,855	909,632
- Dividends Payable	6,444	20,000
- Directors' and Syndics' Fees	6,075	9,672
- Others	1,092,336	879,957
- Adjustments and Accrued Interest Payable	-	3
PROVISIONS	661,691	698,244
SUBORDINATED NEGOTIABLE OBLIGATIONS	939,477	1,253,027
UNALLOCATED ITEMS	11,222	24,456
OTHER LIABILITIES	158,464	140,158
MINORITY INTEREST IN CONSOLIDATED ENTITIES OR COMPANIES	435,820	382,211
TOTAL LIABILITIES	41,931,635	33,238,563
SHAREHOLDERS' EQUITY	2,921,243	2,469,500
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	44,852,878	35,708,063

	06.30.11	12.31.10
DEBIT	45,766,389	36,743,223
CONTINGENT	10,566,332	9,244,609
- Loans Obtained (Unused Balances)	419,000	350,858
- Guarantees Received	6,827,130	5,974,377
- Others not Included in the Debtor Classification Regulations	23,138	20,191
- Contingencies re. Contra Items	3,297,064	2,899,183
CONTROL	23,939,782	16,802,332
- Uncollectible Loans	1,596,947	1,500,275
- Others	21,542,011	14,772,617
- Control re. Contra Items	800,824	529,440
DERIVATIVES	8,150,893	8,193,303
- "Notional" Value of Forward Transactions without Delivery of Underlying Asset	4,371,835	3,484,686
- Interest Rate Swaps	418,000	178,000
- Others	1,269,100	1,140,100
- Derivatives re. Contra Items	2,091,958	3,390,517
TRUST ACCOUNTS	3,109,382	2,502,979
- Trust Funds	3,109,382	2,502,979
CREDIT	45,766,389	36,743,223
CONTINGENT	10,566,332	9,244,609
- Loans Granted (Unused Balances)	2,179,193	1,840,214
- Guarantees Granted to the Argentine Central Bank	2,095	1,869
- Other Guarantees Granted Included in the Debtor Classification Regulations	225,075	213,830
- Other Guarantees Granted not Included in the Debtor Classification Regulations	366,390	370,231
- Others Included in the Debtor Classification Regulations	495,496	447,505
- Others not Included in the Debtor Classification Regulations	28,815	25,534
- Contingencies re. Contra Items	7,269,268	6,345,426
CONTROL	23,939,782	16,802,332
- Checks and Drafts to be Credited	800,592	529,215
- Others	527,302	480,227
- Control re. Contra Items	22,611,888	15,792,890
DERIVATIVES	8,150,893	8,193,303
- "Notional" Value of Put Options Written	76,571	98,743
- "Notional" Value of Forward Transactions without Delivery of Underlying Asset	1,077,287	2,511,674
- Others	938,100	780,100
- Derivatives re. Contra Items	6,058,935	4,802,786
TRUST ACCOUNTS	3,109,382	2,502,979
- Trust Liabilities re. Contra Items	3,109,382	2,502,979

	06.30.11	06.30.10
FINANCIAL INCOME	2,590,364	1,540,478
- Interest on Cash and Due from Banks	331	331
- Interest on Loans to the Financial Sector	5,943	1,795
- Interest on Advances	139,317	79,303
- Interest on Promissory Notes	327,161	227,423
- Interest on Mortgage Loans	55,756	51,071
- Interest on Pledge Loans	10,358	4,797
- Interest on Credit Card Loans	800,784	502,617
- Interest on Financial Leases	40,838	31,170
- Interest on Other Loans	851,633	297,131
- Net Income from Government and Private Securities	247,188	246,656
- Interest on Other Receivables Resulting from Financial Brokerage	13,942	8,723
- Net Income from Secured Loans – Decree No. 1387/01	1,723	1,793
- C.E.R. Adjustment	952	2,846
- Exchange Rate Differences on Gold and Foreign Currency	23,683	21,076
- Others	70,755	63,746
FINANCIAL EXPENSES	965,508	645,703
- Interest on Current Account Deposits	-	5,476
- Interest on Savings Account Deposits	3,700	2,330
- Interests on Time Deposits	509,104	360,345
- Interest on Interbank Loans Received (Call Money Loans)	454	3,687
- Interest on Other Loans from Financial Institutions	18,902	13
- Interest on Other Liabilities Resulting From Financial Brokerage	134,589	75,679
- Interest on Subordinated Negotiable Obligations	58,518	67,335
- Other Interest	14,487	1,852
- Net Income from Options	-	397
- C.E.R. Adjustment	60	83
- Contributions Made to Deposit Insurance Fund	20,325	15,152
- Others	205,369	113,354
GROSS FINANCIAL MARGIN	1,624,856	894,775
PROVISIONS FOR LOAN LOSSES	366,347	235,999
INCOME FROM SERVICES	1,620,763	1,126,610
- Related to Lending Transactions	436,446	290,266
- Related to Borrowing Transactions	311,048	265,430
- Other Commissions	34,087	19,073
- Others	839,182	551,841
EXPENSES FOR SERVICES	486,373	315,943
- Commissions	210,404	126,725
- Others	275,969	189,218

	06.30.11	06.30.10
CHANGES IN CASH AND CASH EQUIVALENTS (Note 22)
- Cash at Beginning of Fiscal Year	7,443,517	5,428,730
- Cash at Period-end	9,373,211	6,472,556
Increase in Cash, Net (in Constant Currency)	1,929,694	1,043,826
CAUSES FOR CHANGES IN CASH (IN CONSTANT CURRENCY)
Operating Activities
Net Collections/(Payments) for:
- Government and Private Securities	(696,432)	2,118,206
- Loans
- To the Financial Sector	(19,925)	1,673
- To the Non-financial Public Sector	2,210	3,881
- To the Non-financial Private Sector and Residents Abroad	(2,496,910)	(1,355,569)
- Other Receivables Resulting from Financial Brokerage	(101,215)	143,039
- Receivables from Financial Leases	(32,373)	17,489
- Deposits
- To the Financial Sector	3,226	39,692
- To the Non-financial Public Sector	538,028	(455,932)
- To the Non-financial Private Sector and Residents Abroad	3,673,809	1,220,682
- Other Liabilities from Financial Brokerage
- Financing from the Financial Sector
- Interbank Loans (Call Money Loans Received)	(454)	27,313
- Others (Except from Liabilities Included in Financing Activities)	208,773	351,027
Collections related to Income from Services	1,883,295	1,309,619
Payments related to Expenses for Services	(455,972)	(283,158)
Administrative Expenses Paid	(1,939,243)	(1,247,479)
Payment of Organization and Development Expenses	(126,180)	(70,146)
Collection for Penalty Interests, Net	39,366	21,330
Differences Arising from Court Resolutions Paid	(2,990)	(14,332)
Collection of Dividends from Other Companies	6,616	3,879
Other Collections related to Miscellaneous Profits and Losses	39,693	25,027
Net Collections / (Payments) for Other Operating Activities
- Other Receivables and Miscellaneous Liabilities	(173,630)	(193,308)
- Other Operating Activities, Net	(53,157)	35,460
Income Tax and Minimum Presumed Income Tax Payment	(74,070)	(79,000)
Net Cash Flow Generated by Operating Activities	222,465	1,619,393
Investment Activities
Payments for Bank Premises and Equipment, Net	(60,052)	(30,425)
Payments for Miscellaneous Assets, Net	(66,121)	(18,633)
Payments for Equity Investments	(3,955)	(335,166)
Other Collections / (Payments) 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 Flows used in Investment Activities	(130,128)	(266,675)

	06.30.11	06.30.10
Financing Activities
Net Collections/(Payments) for:
- Unsubordinated Negotiable Obligations	2,028,369	(416,637)
- Argentine Central Bank
- Others	(545)	(1,805)
- Banks and International Entities	107,897	59,984
- Subordinated Negotiable Obligations	(408,420)	(36,914)
- Loans from Local Financial Institutions	38,518	13,404
Distribution of Dividends	(38,695)	(1,380)
Other Collections from Financing Activities	-	1,689
Cash Flow Generated by / (Used in) Financing Activities	1,727,124	(381,659)
Financial Results and by Holding of Cash and Cash Equivalents (including Interest and Monetary Result)	110,233	72,767
Increase in Cash, Net	1,929,694	1,043,826

Balance Sheet as of December 31, 2010 and Income as of June 30, 2010
Issuing Company	Assets	Liabilities	Shareholders’ Equity	Net Income
Banco Galicia Uruguay S.A. (in liquidation)	161,116	115,080	46,036	(4,089)
Tarjetas Regionales S.A.	897,934	3,083	894,851	173,837
Galicia Valores S.A. Sociedad de Bolsa	72,227	54,110	18,117	450
Galicia Administradora de Fondos S.A. Sociedad Gerente de Fondos Comunes de Inversión	6,478	2,559	3,919	842
Tarjetas del Mar S.A.	127,287	106,195	21,092	(2,222)
Tarjeta Naranja S.A.	3,744,868	2,849,185	895,683	171,739
Tarjetas Cuyanas S.A.	883,210	721,822	161,388	24,368
Cobranzas Regionales S.A.	5,526	3,528	1,998	59
Tarjeta Naranja Dominicana S.A.	7,446	2,440	5,006	(3,709)
Galicia (Cayman) Limited	260,568	12	260,556	35,543
Compañía Financiera Argentina S.A.	1,727,760	959,031	768,729	83,601
Cobranzas y Servicios S.A.	21,974	3,405	18,569	1,534
Procesadora Regional S.A.	5,364	4,354	1,010	(98)

Item	$	US$	Euros (*)
Cash Held in Banco de Galicia y Buenos Aires S.A.’s Subsidiaries	827,103	62,963	6,105
Cash Held in Valuables Transportation Companies and in Transit	526,914	44,805	5,214
Special Escrow Accounts at the Argentine Central Bank	1,619,038	522,613	7,260
Total Computable Items to Meet Minimum Cash Requirements	2,973,055	630,381	18,579

- For repo transactions	$	116,394
- For transactions carried out at the Rosario Futures Exchange (Rofex) and at the Mercado Abierto Electrónico (MAE)	$	183,362
- For debit / credit cards transactions	$	113,023
- For attachments	$	1,884
- For other transactions	$	1,955

- Unavailable deposits related to foreign exchange transactions	$	533
- Securities held in custody to act as register agent of book-entry mortgage securities	$	2,095

	06.30.11	12.31.10
Government Securities
Holdings Recorded at Fair Market Value
- Government Bonds	98,626	56,100
- Others	4,232	12,131
Total Holdings Recorded at Fair Market Value	102,858	68,231
Holdings Recorded at their Acquisition Cost plus the I.R.R.
- Government Bonds	145,029	133,756
Total Holdings Recorded at their Acquisition Cost plus the I.R.R.	145,029	133,756
Securities Issued by the Argentine Central Bank
- Argentine Central Bank Bills at Fair Market Value	583,842	359,073
- Argentine Central Bank Bills for Repo Transactions	1,228,441	180,232
- Argentine Central Bank Bills at Acquisition Cost plus the I.R.R.	332,189	257,454
- Argentine Central Bank Notes at Fair Market Value	1,121,486	2,903
- Argentine Central Bank Notes for Repo Transactions	137,331	-
- Argentine Central Bank Notes at Acquisition Cost plus the I.R.R.	1,593,438	1,266,061
Total Securities Issued by the Argentine Central Bank	4,996,727	2,065,723
Total Government Securities	5,244,614	2,267,710
Private Securities
- Negotiable Obligations (Listed)	1,045	4,484
- Shares	357	68
- Negotiable Mutual Funds from Abroad (E.T.Fs.)	-	5,750
Total Private Securities	1,402	10,302
Total Government and Private Securities	5,246,016	2,278,012

	06.30.11	12.31.10
Non-financial Public Sector	23,196	24,565
Financial Sector	197,949	80,633
Non-financial Private Sector and Residents Abroad	27,032,957	22,287,056
- With Preferred Guarantees	1,344,547	1,257,111
- With Other Collateral	4,222,362	3,694,518
- With No Collateral	21,466,048	17,335,427
Subtotal	27,254,102	22,392,254
Allowance for Loan Losses	(1,174,545)	(1,038,473)
Total	26,079,557	21,353,781

	06.30.11	12.31.10
In Financial Institutions and Supplementary and Authorized Activities
- Banco Latinoamericano de Exportaciones S.A.	2,038	1,971
- Banelco S.A.	8,712	9,569
- Mercado de Valores de Buenos Aires S.A.	8,142	8,138
- Visa Argentina S.A.	3,000	3,000
- Others	790	790
Total Equity Investments in Financial Institutions, Supplementary and Authorized Activities	22,682	23,468
In Non-financial Institutions
- AEC S.A.	26,703	26,703
- Aguas Cordobesas S.A.	8,911	8,911
- Electrigal S.A.	5,455	5,455
- Distrocuyo S.A.	3,955	-
- Others	1,505	1,574
Total Equity Investments in Non-financial Institutions	46,529	42,643
Allowances	(21,804)	(13,263)
Total Equity Investments	47,407	52,848

	06.30.11	12.31.10
In Banks	14,174	19,903
Data Processing	3,376	3,564
Total	17,550	23,467

Date of Contract	Trustor	Balances of Trust Funds $	Maturity Date (1)
04.10.07	Sullair	1	01.31.13
02.12.08	Sinteplast	261	01.28.13
12.21.09	Las Blondas	500	12.31.11
09.24.10	Grupo Gestión	2,024	09.30.12
12.07.10	Aceitero Trust Fund	1,458	12.31.11
	Total	4,244

Date of Contract	Trust	Balances of Trust Funds		Maturity Date
Date of Contract	Trust	$	US$	Maturity Date
07.13.05	Rumbo Norte I	1,762	154	07.13.11 (3)
10.12.05	Hydro I	12,299	-	09.05.17 (2)
12.05.06	Faid 2011	61,273	-	02.28.12 (3)
12.06.06	Gas I	16,193	-	12.31.11 (3)
09.05.07	Saturno VII	206	-	12.31.11 (3)
05.06.08	Agro Nitralco II	8,432	-	12.31.11 (3)
05.14.09	Gas II	2,912,533	-	05.31.14 (3)
08.31.10	Sursem I	6,161	-	09.30.11 (3)
02.10.11	Cag S.A.	25,453	-	10.31.11 (3)
03.22.11	Atanor	25,042	-	04.01.12 (3)
04.25.11	Faid 2015	27,355	-	02.29.16 (3)
06.08.11	Mila III	7,796	-	10.31.16 (3)
	Totals	3,104,505	154

Authorized Amount (*)	Type of Negotiable Obligations	Term of Program	Date of Approval by Shareholders’ Meeting	Approval by the C.N.V.
US$ 2,000,000	Simple negotiable obligations, not convertible into shares, subordinated or not, secured or unsecured.	5 years	09.30.03 confirmed on 04.27.06	Resolution No. 14708 dated 12.29.03
US$ 342,500	Simple negotiable obligations, not convertible into shares, subordinated or not, to be adjusted or not, secured or unsecured.	5 years	04.28.05 confirmed on 04.26.07	Resolution No. 15228 dated 11.04.05 and extended through Resolution No. 16454 dated 11.11.10.

Date of Issuance	Currency	Residual Face Value US$ 06.30.11	Type	Term	Rate	Book Value (*) $		Issuance Authorized by the C.N.V.
						06.30.11	12.31.10
05.18.04	US$	218,211	Subordinated	(1)	(2)	943,221	1,257,955	12.29.03 and 04.27.04

Authorized Amount	Type of Negotiable Obligations	Term of Program	Date of Approval by Shareholders’ Meeting	Approval by the C.N.V.
US$ 450,000	Simple negotiable obligations, not convertible into shares	5 years	04.01.2011	Resolution No. 15785 dated 11.16.07 and Resolution No. 16319 dated 04.27.10 and Resolution No. 16571 dated 05.24.11.

Date of Placement	Currency	Class Number	Amount	Type	Term	Estimated Maturity Date	Rate	Book Value (*)		Issuance Authorized by the C.N.V.
Date of Placement	Currency	Class Number	Amount	Type	Term	Estimated Maturity Date	Rate	06.30.11	12.31.10	Issuance Authorized by the C.N.V.
11.29.06	US$ (1)	IV	US$ 100,000	Simple	60 months	11.29.11	Annual Nominal Fixed at 15.5%	38,488	76,975	11.08.06
08.31.09	US$ (2)	Class IX Series 2	US$ 15,000	Simple	730 days	08.31.11	Annual Nominal Fixed at 12.5% (**)	61,950	60,000	08.11.09
05.06.10	$	X	$ 49,535	Simple	270 days	01.31.11	Variable Badlar Rate + 2.75%	-	49,535	04.26.10
09.10.10	$	XI	$ 42,154	Simple	270 days	06.07.11	Variable Badlar Rate + 2.95%	-	42,154	08.23.10
09.10.10	US$	XII	US$ 36,819	Simple	365 days	09.10.11	(***)	152,061	147,274	08.23.10
01.28.11	US$	XIII	US$ 200,000	Simple	2,160 days	01.28.17	Annual Fixed Rate at 9%	826,000	-	01.14.11
06.14.11	$	Class XIV Series I	$ 20,000	Simple	270 days	03.10.12	Annual Nominal Fixed at 13.5%	20,000	-	06.06.11
06.14.11	$	Class XIV Series II	$ 79,852	Simple	21 months	03.14.13	Variable Badlar Rate + 3.40%	79,852	-	06.06.11

Date	Capital Required	Computable Capital	Computable Capital as a % of the Capital Requirement
06.30.11	2,404,818	3,900,740	162.21
12.31.10	2,007,081	3,593,930	179.06

Name	Creation Date	Estimated Maturity Date	Trustee	Trust Assets	Portfolio Transferred	Book Value of Securities Held in Own Portfolio
Name	Creation Date	Estimated Maturity Date	Trustee	Trust Assets	Portfolio Transferred	06.30.11	12.31.10
Galtrust I	10.13.00	10.10.15	First Trust of New York N.A.	Secured Bonds in Pesos at 2% due 2018 (1)	US$ 490,224 (*)	513,218	521,862 (**)
Galicia	04.16.02	05.06.32	Bapro Mandatos y Negocios S.A.	National Government Bonds in Pesos at 2% due 2014 (2)	$ 108,000	100,720	96,364
Créditos Inmobiliarios Galicia II	10.12.05	12.15.25	Deustche Bank S.A.	Mortgage Loans	$ 150,000	-	721
Galicia Personales VII	02.21.08	11.15.12	Deustche Bank S.A.	Personal Loans	$ 150,000	-	1,652

	Financial Brokerage	Services	Total
Income	2,590,364	1,620,763	4,211,127
Expenses	(965,508)	(486,373)	(1,451,881)
Result as of 06.30.11	1,624,856	1,134,390	2,759,246
Result as of 06.30.10	894,775	810,667	1,705,442

Financial Brokerage	City of Buenos Aires	Rest of the Country	Foreign	Total
Income	1,554,218	1,036,146	-	2,590,364
Expenses	(579,305)	(386,203)	-	(965,508)
Result as of 06.30.11	974,913	649,943	-	1,624,856
Result as of 06.30.10	518,969	366,858	8,948	894,775

	06.30.11	12.31.10
Forward Purchase of Foreign Currency Without Delivery of the Underlying Asset (Note 15 and Schedule G)	115,080	119,280

	06.30.11	06.30.10
Net Income on Investments in Related Institutions	497,500	132,564
Administrative Expenses (Note 11 and Schedule H)	(9,612)	(11,077)
Financial Income and by Holding	(16,943)	(24,154)
- Generated by Assets	3,140	3,170
Interests
On Special Current Account Deposits	6	1
Mutual Funds	168	51
On Time Deposits (*)	48	26
On Promissory Notes Receivable (*)	68	102
Result on Negotiable Obligations	-	32
Result on Negotiable Mutual Funds from Abroad	-	30
Result on Shares	-	(121)
Exchange-Rate Difference	2,850	3,049
- Generated by Liabilities	(20,083)	(27,324)
Interests
On Financial Debts	(9,698)	(8,747)
Others	-	(257)
Exchange-Rate Difference	(10,385)	(18,320)
Other Income and Expenses (*) – Income	5,492	1,016
Net Income before Income Tax	476,437	98,349
Income Tax (Note 13)	134	(269)
Net Income for the Period	476,571	98,080

Item	Shareholders’ Contributions (Note 8)				Retained Earnings (Notes 12 and 15)				Total Shareholders’ Equity
Item	Capital Stock	Capital Adjustment	Premium for Negotiation of Shares in Own Portfolio	Total	Legal Reserve	Discretionary Reserve	Valuation Adjustment of Hedging Derivatives	Retained Earnings	Total Shareholders’ Equity
Balances as of 12.31.09	1,241,407	278,131	606	1,520,144	45,998	265,182	(8,060)	229,275	2,052,539
Valuation Adjustment of Hedging Derivatives	-	-	-	-	-	-	8,060	-	8,060
Distribution of Retained Earnings (1)
Legal Reserve	-	-	-	-	11,464	-	-	(11,464)	-
Discretionary Reserve	-	-	-	-	-	217,811	-	(217,811)	-
Income for the Period	-	-	-	-	-	-	-	98,080	98,080
Balances as of 06.30.10	1,241,407	278,131	606	1,520,144	57,462	482,993	-	98,080	2,158,679

	06.30.11	06.30.10
CHANGES IN CASH (Note 1.j)
Cash at Beginning of Fiscal Year	27,298	19,422
Cash at Period-end	42,263	18,262
Net Increase / (Decrease) in Cash	14,965	(1,160)
CAUSES FOR CHANGES IN CASH
Operating Activities
Collections for Services	-	1,616
Payments to Suppliers of Goods and Services	(4,914)	(4,926)
Personnel Salaries and Social Security Contributions	(4,014)	(2,526)
Payment of Other Taxes	(9,301)	(5,903)
Income Tax Payments and Prepayments	-	(14,564)
(Payments) / Collections for Other Operating Activities, Net	(7,487)	(315)
Net Cash Flow (Used in) Operating Activities	(25,716)	(26,618)
Investment Activities
Payments for Purchases of Fixed Assets	(170)	(167)
Collections for Prepayments due to the Sale of Fixed Assets	-	2,998
Dividends Collections	94,930	656
Interests Collections, Net	18,490	676
Net Cash Flow Generated by Investment Activities	113,250	4,163
Financing Activities
Distribution of Dividends, Net of Taxes	(18,792)	-
(Payments) / Collections of Loans Received, Net	(53,777)	21,295
Net Cash Flow (Used in) / Generated by Financing Activities	(72,569)	21,295
Net Increase / (Decrease) in Cash	14,965	(1,160)

	06.30.11	12.31.10
Cash and Due from Banks (Note 2)	779	830
Investments (Schedule D)	41,484	26,468
Total	42,263	27,298

	06.30.11	12.31.10
Cash	13	11
Cash in Custody in Other Banks (Schedule G)	632	653
Due from Banks – Current Accounts (Note 11)	134	166
Total	779	830