Exhibit 99.1

GRUPO FINANCIERO GALICIA S.A.

FINANCIAL STATEMENTS

FOR THE SIX-MONTH PERIOD COMMENCED JANUARY 1, 2014 AND ENDED JUNE 30, 2014, PRESENTED IN COMPARATIVE FORMAT

GRUPO FINANCIERO GALICIA S.A.

FINANCIAL STATEMENTS

FOR THE SIX-MONTH PERIOD COMMENCED JANUARY 1, 2014 AND ENDED JUNE 30, 2014, PRESENTED IN COMPARATIVE FORMAT

Fiscal Year No. 16, commenced January 1, 2014

Legal Domicile: Tte. Gral. Juan D. Perón No. 430 – 25^th floor, Buenos Aires, Argentina

Principal Line of Business: Financial and Investment Activities

Registration No. with the Corporation Control Authority (I.G.J.): 12,749

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

Date of Registration with the Corporation Control Authority (I.G.J.):

Of Bylaws: September 30, 1999

Date of Latest Amendment to Bylaws: July 16, 2010

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

Information on 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 06.30.14: 21.63%

Interest held by the Controlling Company in the Votes as of 06.30.14: 57.98%

Capital Status as of 06.30.14 (Note 8 to the Financial Statements):

(Figures Stated in Thousands of Pesos for “Subscribed”, “Paid-in” and “Registered” Shares)

Shares
Amount		Type	Voting Rights per Share	Subscribed		Paid-in		Registered
	281,221,650	Ordinary Class “A”, Face Value of 1	5		281,222		281,222		281,222
	1,019,042,947	Ordinary Class “B”, Face Value of 1	1		1,019,043		1,019,043		1,019,043
	1,300,264,597	—	—		1,300,265		1,300,265		1,300,265

1

GRUPO FINANCIERO GALICIA S.A.

CONSOLIDATED BALANCE SHEET

AS OF JUNE 30, 2014 AND DECEMBER 31, 2013

(Figures Stated in Thousands of Pesos)

	Notes	06.30.14			12.31.13
Assets
Cash and Due from Banks			14,687,978			12,560,345
Cash			2,830,456			2,930,380
Financial Institutions and Correspondents			11,857,522			9,629,965
Argentine Central Bank (B.C.R.A.)			11,723,232			9,473,778
Other Local Financial Institutions			32,622			36,014
Foreign			101,668			120,173
Government and Private Securities	3		10,322,671			3,987,329
Holdings Recorded at Fair Market Value			2,292,882			742,873
Holdings Recorded at their Acquisition Cost plus the I.R.R.			550,156			1,137,013
Instruments Issued by the Argentine Central Bank			7,466,992			2,077,018
Investments in Listed Private Securities			12,641			30,425
Loans	4 and 5		58,846,394			55,264,926
To the Non-financial Public Sector			14,454			12,570
To the Financial Sector			723,240			632,838
Interbank Loans (Call Money Loans Granted)			238,208			135,000
Other Loans to Local Financial Institutions			422,803			462,927
Accrued Interest, Adjustments and Exchange Rate Differences Receivable			62,229			34,911
To the Non-financial Private Sector and Residents Abroad			60,628,167			56,748,165
Overdrafts			4,872,155			3,323,226
Promissory Notes			13,781,179			13,322,514
Mortgage Loans			1,798,924			1,803,375
Collateral Loans			506,993			480,707
Personal Loans			7,849,786			8,050,655
Credit Card Loans			29,007,425			27,388,708
Others			2,092,029			1,825,190
Accrued Interest, Adjustments and Exchange Rate Differences Receivable			954,712			826,668
Unearned Discount			(233,973	)		(270,564	)
Unallocated Collections			(1,063	)		(2,314	)
Allowances	6		(2,519,467	)		(2,128,647	)
Other Receivables Resulting from Financial Brokerage			6,473,005			5,696,143
Argentine Central Bank			1,018,997			1,048,268
Amounts Receivable for Spot and Forward Sales to be Settled			1,195,061			199,623
Securities Receivable under Spot and Forward Purchases to be Settled			484,435			248,613
Others Not Included in the Debtor Classification Regulations	7		2,399,296			2,505,274
Unlisted Negotiable Obligations	5		738,102			1,091,061
Balances from Forward Transactions without Delivery of Underlying Asset to be Settled	8		42,554			15,068
Others Included in the Debtor Classification Regulations	5		715,531			664,859
Accrued Interest Receivable Included in the Debtor Classification Regulations	5		4,438			2,810
Allowances			(125,409	)		(79,433	)
Receivables from Financial Leases			1,084,585			1,128,067
Receivables from Financial Leases	5		1,076,845			1,121,026
Accrued Interest and Adjustments Receivable	5		21,625			23,024
Allowances			(13,885	)		(15,983	)

The accompanying notes 1 to 38 are an integral part of these consolidated financial statements.

2

GRUPO FINANCIERO GALICIA S.A.

CONSOLIDATED BALANCE SHEET

AS OF JUNE 30, 2014 AND DECEMBER 31, 2013

(Figures Stated in Thousands of Pesos)

	Notes	06.30.14			12.31.13
Equity Investments	9		57,165			89,953
In Financial Institutions			4,032			3,231
Others			55,068			108,817
Allowances			(1,935	)		(22,095	)
Miscellaneous Receivables			1,395,225			1,161,669
Receivables for Assets Sold	5		10,213			9,811
Minimum Presumed Income Tax – Tax Credit	1.15		10,328			16,899
Others	10		1,496,352			1,262,530
Other Accrued Interest and Adjustments Receivable			19,317			11,416
Allowances			(140,985	)		(138,987	)
Bank Premises and Equipment	11		1,437,218			1,394,243
Miscellaneous Assets	12		255,886			233,479
Intangible Assets	13		1,614,269			1,434,230
Goodwill			29,827			13,249
Organization and Development Expenses			1,584,442			1,420,981
Unallocated Items			8,090			4,022
Other Assets	14		239,490			201,417
Total Assets			96,421,976			83,155,823

The accompanying notes 1 to 38 are an integral part of these consolidated financial statements.

3

GRUPO FINANCIERO GALICIA S.A.

CONSOLIDATED BALANCE SHEET

AS OF JUNE 30, 2014 AND DECEMBER 31, 2013

(Figures Stated in Thousands of Pesos)

	Notes	06.30.14		12.31.13
Liabilities
Deposits			58,564,028		51,395,323
Non-financial Public Sector			2,209,953		1,706,215
Financial Sector			22,047		22,101
Non-financial Private Sector and Residents Abroad			56,332,028		49,667,007
Checking Accounts			14,024,182		11,990,174
Savings Accounts			13,001,168		11,801,077
Time Deposits			27,954,291		24,875,124
Investment Accounts			182,329		68,767
Others			539,210		505,869
Accrued Interest, Adjustments and Exchange Rate Differences Payable			630,848		425,996
Other Liabilities Resulting from Financial Brokerage			23,393,021		19,333,341
Argentine Central Bank			6,910		6,028
Others			6,910		6,028
Banks and International Entities			1,550,485		679,760
Unsubordinated Negotiable Obligations	16		7,059,923		5,787,631
Amounts Payable for Spot and Forward Purchases to be Settled			435,240		247,366
Securities to be Delivered under Spot and Forward Sales to be Settled			1,332,339		201,123
Loans from Local Financial Institutions			1,350,025		1,442,501
Interbank Loans (Call Money Loans Received)			30,020		105,500
Other Loans from Local Financial Institutions			1,305,313		1,321,031
Accrued Interest Payable			14,692		15,970
Balances from Forward Transactions without Delivery of Underlying Asset to be Settled	8		21,968		66,908
Others	17		11,391,421		10,725,506
Accrued Interest, Adjustments and Exchange Rate Differences Payable	16		244,710		176,518
Miscellaneous Liabilities			2,698,466		2,475,782
Directors’ and Syndics’ Fees			14,301		23,165
Others	18		2,684,165		2,452,617
Provisions	19		396,521		442,872
Subordinated Negotiable Obligations	16		1,916,614		1,656,297
Unallocated Items			32,457		15,532
Other Liabilities	20		328,655		287,488
Minority Interest in Controlled Companies			659,635		601,959
Total Liabilities			87,989,397		76,208,594
Shareholders’ Equity			8,432,579		6,947,229
Total Liabilities and Shareholders’ Equity			96,421,976		83,155,823

The accompanying notes 1 to 38 are an integral part of these consolidated financial statements.

4

GRUPO FINANCIERO GALICIA S.A.

CONSOLIDATED BALANCE SHEET

AS OF JUNE 30, 2014 AND DECEMBER 31, 2013

(Figures Stated in Thousands of Pesos)

Memorandum Accounts	Notes	06.30.14		12.31.13
Debit			93,490,411		91,306,310
Contingent			20,055,273		19,403,715
Loans Obtained (Unused Balances)			—		64,202
Guarantees Received			12,994,945		13,055,174
Others not Included in the Debtor Classification Regulations			20,937		16,780
Contingencies re. Contra Items			7,039,391		6,267,559
Control			55,690,113		48,697,309
Loans Classified as Irrecoverable			2,801,562		2,429,743
Others	21		50,933,680		44,930,819
Control re. Contra Items			1,954,871		1,336,747
Derivatives	8		11,587,287		17,068,790
“Notional” Value of Forward Transactions without Delivery of Underlying Asset			6,405,015		11,759,787
Interest Rate Swaps			450,268		919,365
Derivatives re. Contra Items			4,732,004		4,389,638
Trust Accounts			6,157,738		6,136,496
Trust Funds	22		6,157,738		6,136,496
Credit			93,490,411		91,306,310
Contingent			20,055,273		19,403,715
Loans Granted (Unused Balances) Included in the Debtor Classification Regulations	5		4,754,273		4,423,341
Guarantees Granted to the Argentine Central Bank			2,277		2,235
Other Guarantees Granted Included in the Debtor Classification Regulations	5		421,283		430,915
Other Guarantees Granted not Included in the Debtor Classification Regulations			840,420		619,906
Others Included in the Debtor Classification Regulations	5		946,658		725,563
Others not Included in the Debtor Classification Regulations			74,480		65,599
Contingencies re. Contra Items			13,015,882		13,136,156
Control			55,690,113		48,697,309
Checks and Drafts to be Credited			1,950,711		1,310,307
Others			4,160		26,440
Control re. Contra Items			53,735,242		47,360,562
Derivatives	8		11,587,287		17,068,790
“Notional” Value of Forward Transactions without Delivery of Underlying Asset			4,732,004		4,389,638
Derivatives re. Contra Items			6,855,283		12,679,152
Trust Accounts			6,157,738		6,136,496
Trust Liabilities re. Contra Items			6,157,738		6,136,496

The accompanying notes 1 to 38 are an integral part of these consolidated financial statements.

5

GRUPO FINANCIERO GALICIA S.A.

CONSOLIDATED INCOME STATEMENT

FOR THE PERIOD COMMENCED JANUARY 1, 2014 AND ENDED JUNE 30, 2014, PRESENTED IN COMPARATIVE FORMAT

(Figures Stated in Thousands of Pesos)

	Notes	06.30.14		06.30.13
Financial Income			9,999,879		5,692,537
Interest on Cash and Due from Banks			—		11
Interest on Loans to the Financial Sector			90,131		41,740
Interest on Overdrafts			701,328		398,586
Interest on Promissory Notes			1,751,471		1,059,623
Interest on Mortgage Loans			162,294		85,665
Interest on Collateral Loans			41,529		26,738
Interest on Credit Card Loans			3,019,482		2,020,871
Interest on Financial Leases			112,166		84,869
Interest on Other Loans			1,809,811		1,497,326
Net Income from Government and Private Securities			1,169,092		366,237
Interest on Other Receivables Resulting from Financial Brokerage			106,656		27,876
Net Income from Secured Loans - Decree No. 1387/01			2,158		1,504
C.E.R. Adjustment			821		421
Others			1,032,940		81,070
Financial Expenses			5,213,942		2,632,359
Interest on Savings Account Deposits			887		2,364
Interest on Time Deposits			3,351,139		1,570,442
Interest on Interbank Loans Received (Call Money Loans)			12,835		5,037
Interest on Other Loans from Financial Institutions			71,573		41,571
Interest on Other Liabilities Resulting From Financial Brokerage			776,500		414,794
Interest on Subordinated Negotiable Obligations			149,129		71,769
Other Interest			31,114		13,940
Net Income from Options			—		2,487
C.E.R. Adjustment			195		277
Contributions Made to Deposit Insurance Fund			46,648		35,395
Exchange Rate Differences on Gold and Foreign Currency			87,585		30,112
Others	24		686,337		444,171
Gross Financial Brokerage Margin			4,785,937		3,060,178
Provision for Loan Losses			1,248,470		875,684
Income from Services			3,694,113		2,875,006
Related to Lending Transactions			781,500		753,855
Related to Borrowing Transactions			550,526		437,935
Other Commissions			105,442		88,282
Others	24		2,256,645		1,594,934
Expenses For Services			1,171,361		913,101
Commissions			570,876		433,639
Others	24		600,485		479,462

The accompanying notes 1 to 38 are an integral part of these consolidated financial statements.

6

GRUPO FINANCIERO GALICIA S.A.

CONSOLIDATED INCOME STATEMENT

FOR THE PERIOD COMMENCED JANUARY 1, 2014 AND ENDED JUNE 30, 2014, PRESENTED IN COMPARATIVE FORMAT

(Figures Stated in Thousands of Pesos)

	Notes	06.30.14			06.30.13
Administrative Expenses			4,343,128			3,543,351
Personnel Expenses			2,489,596			2,070,454
Directors’ and Syndics’ Fees			40,309			30,179
Other Fees			98,753			96,078
Advertising and Publicity			202,433			185,921
Taxes			388,595			285,012
Depreciation of Bank Premises and Equipment	11		82,680			73,190
Amortization of Organization Expenses	13		148,497			120,651
Other Operating Expenses			542,144			428,475
Others			350,121			253,391
Net Income from Financial Brokerage			1,717,091			603,048
Income from Insurance Activities	25		567,212			446,532
Minority Interest			(83,023	)		(100,474	)
Miscellaneous Income			483,067			310,122
Net Income from Equity Investments			51,235			44,234
Penalty Interest			151,443			98,170
Loans Recovered and Allowances Reversed			155,625			109,531
Others	24		124,764			58,187
Miscellaneous Losses			198,619			112,323
Penalty Interest and Charges in favor of the Argentine Central Bank			18			31
Provisions for Losses on Miscellaneous Receivables and Other Provisions			122,604			63,772
C.E.R. Adjustment			1			29
Amortization of Differences Arising from Court Resolutions			2,683			4,846
Depreciation and Losses from Miscellaneous Assets	12		667			485
Amortization of Goodwill	13		2,930			970
Others	24		69,716			42,190
Net Income before Income Tax			2,485,728			1,146,905
Income Tax	1.14		961,783			486,165
Net Income for the Period	27		1,523,945			660,740

The accompanying notes 1 to 38 are an integral part of these consolidated financial statements.

7

GRUPO FINANCIERO GALICIA S.A.

CONSOLIDATED STATEMENT OF CASH FLOWS AND CASH EQUIVALENTS

FOR THE PERIOD COMMENCED JANUARY 1, 2014 AND ENDED JUNE 30, 2014, PRESENTED IN COMPARATIVE FORMAT

(Figures Stated in Thousands of Pesos)

	Notes	06.30.14			06.30.13
Changes in Cash and Cash Equivalents
Cash at Beginning of Fiscal Year	29		15,823,881			11,323,978
Cash at Period-end	29		21,239,885			10,755,761
Increase in Cash, Net (in Constant Currency)			5,416,004			(568,217	)
Causes for Changes in Cash (in Constant Currency)
Operating Activities
Net Collections/(Payments) for:
Government and Private Securities			(1,949,223	)		(462,040	)
Loans
To the Financial Sector			58,926			(53,730	)
To the Non-financial Public Sector			(61	)		(54,327	)
To the Non-financial Private Sector and Residents Abroad			3,497,887			(764,696	)
Other Receivables Resulting from Financial Brokerage			1,962,781			(489,909	)
Receivables from Financial Leases			157,083			(53,285	)
Deposits
From the Financial Sector			(54	)		(8,513	)
From the Non-financial Public Sector			503,738			215,632
From the Non-financial Private Sector and Residents Abroad			2,526,835			2,081,528
Other Liabilities Resulting from Financial Brokerage
Financing from the Financial Sector
Interbank Loans (Call Money Loans Received)			(88,335	)		(32,037	)
Others (Except from Liabilities Included in Financing Activities)			335,350			252,640
Collections related to Income from Services			4,550,437			3,531,586
Payments related to Expenses for Services			(1,040,113	)		(806,980	)
Administrative Expenses Paid			(4,447,796	)		(3,620,931	)
Payment of Organization and Development Expenses			(311,524	)		(280,777	)
Collection for Penalty Interest, Net			151,443			98,139
Differences Arising from Court Resolutions Paid			(2,683	)		(4,846	)
Collection of Dividends from Other Companies			23,799			9,519
Other Collections related to Miscellaneous Profits and Losses			43,612			54,378
Net Collections / (Payments) for Other Operating Activities
Other Receivables and Miscellaneous Liabilities			(776,826	)		(750,162	)
Other Operating Activities, Net			(235,799	)		(46,244	)
Income Tax and Minimum Presumed Income Tax Payment			(861,958	)		(248,830	)
Net Cash Flow Provided by Operating Activities			4,097,519			(1,433,885	)
Investing Activities
Payments for Bank Premises and Equipment, Net			(108,842	)		(112,383	)
Payments for Miscellaneous Assets, Net			(33,993	)		(43,587	)
Payments for Equity Investments			(49,376	)		(8,955	)
Collections from Sale of Equity Investments			—			926
Net Cash Flow Used in Investing Activities			(192,211	)		(163,999	)

The accompanying notes 1 to 38 are an integral part of these consolidated financial statements.

8

GRUPO FINANCIERO GALICIA S.A.

CONSOLIDATED STATEMENT OF CASH FLOWS AND CASH EQUIVALENTS

FOR THE PERIOD COMMENCED JANUARY 1, 2014 AND ENDED JUNE 30, 2014, PRESENTED IN COMPARATIVE FORMAT

(Figures Stated in Thousands of Pesos)

	Notes	06.30.14			06.30.13
Financing Activities
Net Collections/(Payments) for:
Unsubordinated Negotiable Obligations			9,979			396,188
Argentine Central Bank
Others			882			1,178
Banks and International Entities			679,271			260,428
Subordinated Negotiable Obligations			(242,623	)		(38,491	)
Loans from Local Financial Institutions			(164,067	)		141,934
Distribution of Dividends			(49,520	)		(14,725	)
Net Cash Flow (Used in) / Provided by Financing Activities			233,922			746,512
Financial Income and Holding Gain on Cash and Cash Equivalents (including Interest and Monetary Gain)			1,276,774			283,155
Increase in Cash, Net			5,416,004			(568,217	)

The accompanying notes 1 to 38 are an integral part of these consolidated financial statements.

9

GRUPO FINANCIERO GALICIA S.A.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE PERIOD COMMENCED JANUARY 1, 2014 AND ENDED JUNE 30, 2014, PRESENTED IN COMPARATIVE FORMAT

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

NOTE 1. BASIS FOR THE PRESENTATION OF THE FINANCIAL STATEMENTS AND ACCOUNTING PRINCIPLES APPLIED

Grupo Financiero Galicia S.A. (the “Company”) was constituted on September 14, 1999, as a financial services holding company organized under the laws of Argentina. The Company’s main asset is its interest in Banco de Galicia y Buenos Aires S.A. (the “Bank”).

The Bank is a private-sector bank that offers a full spectrum of financial services both to individual and corporate customers.

PRESENTATION OF CONSOLIDATED FINANCIAL STATEMENTS:

These consolidated financial statements, which stem from accounting records, have been stated in thousands of Argentine Pesos and are presented in line with the provisions of Argentine Central Bank’s (“B.C.R.A.”) Communiqué “A” 3147 and supplementary regulations regarding financial reporting requirements for the publication of annual financial statements, with the guidelines of Technical Pronouncement Nos. 8 and 19 of the Argentine Federation of Professional Councils in Economic Sciences (“F.A.C.P.C.E.”) and with the regulations of the National Securities Commission (“C.N.V.”) (text amended in 2013). These financial statements include the balances corresponding to the operations carried out by the Company and its subsidiaries located in Argentina and abroad.

The financial statements of the Company have been consolidated on a line-by-line basis with those of its controlled companies, either directly or indirectly, which are detailed in Note 2.

Due to the fact that the Bank is the Company’s main equity investment, a financial institution subject to the Argentine Central Bank regulations, and pursuant to the regulations of the C.N.V. (text amended in 2013), the Company has adopted the valuation and disclosure criteria applied by the Bank, which in some significant aspects differ from Argentine GAAP in force in Buenos Aires. (See Note 1.16).

Furthermore, the consolidated financial statements of Sudamericana Holding S.A. were prepared in accordance with the disclosure and valuation criteria approved by the Argentine Superintendence of Insurance; which in some aspects differ from Argentine GAAP in force in Buenos Aires, in particular as regards the valuation of investments in Secured Loans and certain Government Securities. Nevertheless, this departure has not produced a significant effect on the financial statements of the Company.

These consolidated financial statements include the balances of its subsidiary abroad: Banco Galicia Uruguay S.A. (in liquidation). The conversion into Pesos of this subsidiary’s accounting balances was made according to the following:

i. Assets and liabilities were converted into Pesos according to item 1.2 of this Note.

ii. Allotted capital has been computed for the actually disbursed restated amounts.

iii. Retained earnings were determined as the difference between assets, liabilities and the allotted capital.

iv. Net income for the period was determined by the difference between retained earnings at the beginning of the fiscal year and retained earnings at period-end. The balances of income statement accounts were converted into Pesos applying the monthly average exchange rates recorded in each month of this period.

v. The significant items arising from intercompany transactions, not involving third parties, have been eliminated from the Balance Sheet and the Income Statement.

10

GRUPO FINANCIERO GALICIA S.A.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE PERIOD COMMENCED JANUARY 1, 2014 AND ENDED JUNE 30, 2014, PRESENTED IN COMPARATIVE FORMAT

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

CONSIDERATION OF THE EFFECTS OF INFLATION:

These consolidated financial statements reflect the effects of the changes in the purchasing power of the currency up to February 28, 2003, by following the restatement method established by Technical Pronouncement No. 6 of F.A.C.P.C.E. In line with Communiqué “A” 3921 of the Argentine Central Bank, Decree No. 664/03 of the National Executive Branch and General Resolution No. 441/03 of the C.N.V., the Company discontinued the application of that method and therefore did not recognize the effects of the changes in the purchasing power of the currency that originated after March 1, 2003.

This criterion is not in line with Resolution M.D. No. 41/03 of the Professional Council in Economic Sciences of Buenos Aires (C.P.C.E.C.A.B.A.), which established the discontinuation of the recognition of the changes in the purchasing power of the currency, effective October 1, 2003. Nevertheless, this departure has not produced a significant effect on the financial statements.

The index used for restating the items in these financial statements was the domestic wholesale price index published by the Argentine Institute of Statistics and Census (I.N.D.E.C.).

COMPARATIVE INFORMATION:

The comparative information in the Balance Sheet, Schedules and Notes corresponds to the end of the previous fiscal year, while that of the Income Statement, the Statement of Changes in Shareholders’ Equity and Statement of Cash Flows and Cash Equivalents correspond to the same period of the previous fiscal year.

Certain figures in the consolidated financial statements for the fiscal year ended December 31, 2013 and the six-month period ended June 30, 2013 have been reclassified for purposes of their presentation in comparative format with those for this period.

ACCOUNTING ESTIMATES:

The preparation of financial statements at a given date requires the Company to make estimates and assessments that affect the amounts of assets and liabilities reported and the disclosure of contingent assets and liabilities, as well as the income and expenses accrued for the period/fiscal year. In this regard, the Company makes estimates in order to calculate, at any given moment, the allowance for uncollectible receivables, the depreciation and amortization charges, the recoverable value of assets, the income tax charge and the provisions for contingencies, among others. Future actual results may differ from estimates and assessments made at the date these financial statements were prepared.

MOST RELEVANT ACCOUNTING POLICIES:

1.1. ASSETS AND LIABILITIES IN DOMESTIC CURRENCY

Monetary assets and liabilities which include, where applicable, the interest accrued at period/fiscal year-end, are stated in period-end currency and therefore require no adjustment whatsoever.

1.2. ASSETS AND LIABILITIES IN FOREIGN CURRENCY

Foreign currency assets and liabilities have been stated at the U.S. Dollar exchange rate set by the Argentine Central Bank, in force at the close of operations on the last working day of each month.

As of June 30, 2014, December 31, 2013 and June 30, 2013, balances in U.S. Dollars were converted applying the reference exchange rate (figures stated in Pesos: $ 8.1327, $ 6.5180 and $ 5.3852, respectively) set by the Argentine Central Bank.

Assets and liabilities valued in foreign currencies other than the U.S. Dollar have been converted into the latter currency using swap rates informed by the Argentine Central Bank.

11

GRUPO FINANCIERO GALICIA S.A.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE PERIOD COMMENCED JANUARY 1, 2014 AND ENDED JUNE 30, 2014, PRESENTED IN COMPARATIVE FORMAT

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

Interest receivable or payable has been accrued at period/fiscal year-end, where applicable.

12

GRUPO FINANCIERO GALICIA S.A.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE PERIOD COMMENCED JANUARY 1, 2014 AND ENDED JUNE 30, 2014, PRESENTED IN COMPARATIVE FORMAT

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

1.3. GOVERNMENT AND PRIVATE SECURITIES

Argentine Central Bank regulations set forth, according to the assets’ most probable use, two valuation criteria for holdings of non-financial public sector debt instruments:

a. Fair Market Value: These holdings are government securities and monetary regulation instruments included in the volatilities or present values lists issued by the Argentine Central Bank.

These are recorded at the closing price for each class of securities in the corresponding markets or at their present value, plus the value of amortization and/or interest coupons due and receivable.

b. Acquisition Cost plus the I.R.R.: These include government securities and monetary regulation instruments issued by the Argentine Central Bank that are not included in the preceding item.

These holdings are recorded at their acquisition cost increased on an exponential basis according to their I.R.R. The monthly accrual is charged to income or an asset offset account, depending on the securities involved:

b.1. Government debt instruments subscribed through swap, payment or exchange by any other government debt instruments. 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.

b.2. Monetary regulation instruments issued by the Argentine Central Bank. The monthly accrual of the I.R.R. shall be charged to income.

b.3. Government securities that were not subscribed through swap with no volatility or present value informed by the Argentine Central Bank. These are recorded at the present value of cash flows discounted by the internal rate of return of instruments with similar characteristics and duration and with volatility. When the book value exceeds the present value, the monthly accrual shall be recorded to an asset offset account.

b.4. Argentine Saving Bond for Economic Development (BAADE – Bono Argentino de Ahorro para el Desarrollo Económico) and Saving Promissory Note for Economic Development (Pagaré de Ahorro para el Desarrollo Económico), acquired through primary subscription. These are recorded at their acquisition cost, the monthly accrual of the I.R.R. being charged to income.

Furthermore, those instruments subject to be valued at the fair market value and then decided to be valued at their acquisition cost plus the I.R.R. may be recorded in this item, when the purpose thereof is to obtain contractual cash flows. In these cases, the maximum amount to be used shall not exceed net liquid assets of 40% of deposits.

As of June 30, 2014 and December 31, 2013, taking into account the above-mentioned valuation criteria, the Company records its holdings as follows:

1.3.1. Holdings Recorded at Fair Market Value

These holdings include trading securities that were valued according to what is stated in item a. above.

The same criterion is applied to holdings of such securities used in loans, as guarantees, transactions to be settled and repo transactions, when appropriate.

1.3.2. Holdings Recorded at their Acquisition Cost plus the I.R.R.

In this account, the Company records Peso-denominated Bonds issued by the Argentine Nation at Badlar rate due 2015 (Bonar 2015), and the Argentine Saving Bond for Economic Development (BAADE), among others.

The holding of such securities has been valued pursuant to the criterion stated in item b. above.

The same criterion was applied to the securities used in loans, as guarantees, transactions to be settled and repo transactions, when appropriate.

1.3.3. Investments in Listed Private Securities

These securities are valued at the period/fiscal year-end closing price in the corresponding market, less estimated selling costs, where applicable.

13

GRUPO FINANCIERO GALICIA S.A.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE PERIOD COMMENCED JANUARY 1, 2014 AND ENDED JUNE 30, 2014, PRESENTED IN COMPARATIVE FORMAT

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

1.3.4. Instruments Issued by the Argentine Central Bank

Holdings of instruments issued by the Argentine Central Bank which are included in the volatilities list have been valued at their closing price in the corresponding markets. The same criterion was applied to holdings of such securities used in loans, as guarantees, transactions to be settled and repo transactions, when appropriate.

Holdings of instruments issued by the Argentine Central Bank which are not included in the volatilities list 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 loans, as guarantee and in repo transactions, where appropriate.

1.4. ACCRUAL OF ADJUSTMENTS, INTEREST, EXCHANGE RATE DIFFERENCES, PREMIUMS ON FUTURE TRANSACTIONS AND VARIABLE INCOME

For foreign and local currency transactions with a principal adjustment clause, as well as for those in which rates have been prearranged for terms up to 92 days, the accrual has been recognized on a linear basis.

For local currency transactions at rates arranged for longer periods, interest has been accrued on an exponential basis.

For lending and borrowing transactions, which according to the legal and/or contractual conditions may be applicable, the adjustment by the C.E.R. has been accrued.

For lending transactions, the Company does not recognize interest accrual when debtors are classified in a non-accrual status.

1.5. OTHER RECEIVABLES RESULTING FROM FINANCIAL BROKERAGE

1.5.1. Mutual Fund Units

The holdings of mutual fund units have been valued pursuant to the value published by the mutual fund manager at period/fiscal year-end, less estimated selling costs, when applicable.

1.5.2. Financial Trust Debt Securities - Unlisted

Debt securities added at par have been valued at their technical value; the remaining holdings were valued at their acquisition cost increased on an exponential basis according to their I.R.R.

1.5.3. Participation Certificates in Financial Trusts - Unlisted

Participation certificates in financial trusts are valued taking into account the share in the assets, net of liabilities, which stem from the financial statements of the respective trusts, as modified by the application of the Argentine Central Bank regulations, when applicable.

Trusts — with government-sector assets as underlying assets — have been valued pursuant to the valuation criteria described in item 1.3.2 of this Note. In the particular case of the Participation Certificate in Galtrust I Financial Trust, it has been recorded according to what is stated in item 1.3.b.3 of this Note.

1.5.4. Unlisted Negotiable Obligations

These have been valued at their acquisition cost increased on an exponential basis according to their I.R.R.

1.6. RECEIVABLES FROM FINANCIAL LEASES

These receivables are recorded at the present value of the sum of periodic installments and residual values previously established and calculated pursuant to the terms and conditions agreed upon in the corresponding financial lease agreements by applying their I.R.R.

1.7. EQUITY INVESTMENTS

The Company’s equity investments in companies where it has a significant interest were valued pursuant to the equity method.

14

GRUPO FINANCIERO GALICIA S.A.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE PERIOD COMMENCED JANUARY 1, 2014 AND ENDED JUNE 30, 2014, PRESENTED IN COMPARATIVE FORMAT

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

The remaining equity investments were valued at their acquisition cost plus, when applicable, uncollected cash dividends and stock dividends from capitalized profits. An allowance for impairment of value has been established on such equity investments where the book value exceeds the equity method value.

1.8. BANK PREMISES AND EQUIPMENT AND MISCELLANEOUS ASSETS

Bank Premises and Equipment and Miscellaneous Assets have been valued at their acquisition cost, restated at constant currency as mentioned in this Note, net of the corresponding accumulated depreciation.

Financial leases that mainly transfer risks and benefits inherent to the leased property are recognized 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 lower.

Depreciation charges are calculated following the straight-line method, at rates determined based on the useful life assigned to the assets, which is 600 months for real estate, up to 120 months for furniture and fixtures and no more than 60 months for the balance of the assets.

The updated residual value of the assets, taken as a whole, does not exceed their value-in-use at period/fiscal year-end.

1.9. INTANGIBLE ASSETS

Intangible assets have been valued at their acquisition cost, restated at constant currency as mentioned in this Note, net of the corresponding accumulated amortization.

Amortization has been recognized on a straight-line basis over 120 months for “Goodwill” and over 60 months for “Organization and Development Expenses”.

Effective March 2003, the Argentine Central Bank established that the difference between the amount paid for compliance with court resolutions made in lawsuits filed challenging the current regulations applicable to deposits with the financial system, within the framework of the provisions of Law No. 25561, Decree No. 214/02 and supplementary regulations, and the amount resulting from converting deposits at the $ 1.40 per U.S. Dollar exchange rate adjusted by the C.E.R. and interest accrued up to the payment date must also be recorded under this account.

As of June 30, 2014 and December 31, 2013, this item has been fully amortized; thus total accumulated amortization amounts to $ 894,496 and $ 891,814, 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.

In June 2014, through Resolution No. 365, the Ministry of Economy and Public Finance rejected the administrative claim filed by the Bank. The Bank is analyzing which course of action to follow.

1.10. MISCELLANEOUS LIABILITIES

1.10.1. Liabilities – Customers Fidelity Program “Quiero” (“I Want”)

The fair value of the points assigned to customers through the “Quiero” (“I Want”) Program is estimated. Said value is assessed by means of the use of a mathematical model that takes into account certain assumptions 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 June 30, 2014 and December 31, 2013, the liabilities recorded under “Miscellaneous Liabilities – Others” for its customers’ non-exchanged points amounted to $ 168,919 and $ 129,535, respectively.

15

GRUPO FINANCIERO GALICIA S.A.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE PERIOD COMMENCED JANUARY 1, 2014 AND ENDED JUNE 30, 2014, PRESENTED IN COMPARATIVE FORMAT

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

1.11. ALLOWANCES AND PROVISIONS:

1.11.1. Allowances for Loan Losses and Provisions for Contingent Commitments

These have been established based upon the estimated default risk of the Company’s credit assistance granted through its subsidiaries, which results from an evaluation of debtors’ compliance with their payment obligations, their economic and financial condition, and the guarantees securing their related transactions, in line with the Argentine Central Bank regulations.

1.11.2. Severance Payments

The Company directly charges severance payments to expenses.

The amounts that the Company may possibly have to pay for labor lawsuits are covered by a provision, which is recorded under “Liabilities – Provisions for Severance Payments”.

1.11.3. Liabilities – Other Provisions

Provisions have been set up to cover contingent situations related to labor, commercial, legal, civil and tax issues and other miscellaneous risks that are likely to occur.

1.12. NEGATIVE GOODWILL

The Company recorded a negative goodwill. This stems from the difference between the acquisition cost paid for the companies Compañía Financiera Argentina S.A. and Cobranzas y Servicios S.A. and the value of assets and liabilities purchased as of June 30, 2010. Such negative goodwill is recorded under “Liabilities – Provisions”. As of June 30, 2014 and December 31, 2013, it amounts to $ 99,123 and $ 148,685, respectively, net of amortizations.

The negative goodwill is charged to Income on a straight-line basis during 60 months, pursuant to the Argentine Central Bank regulations.

1.13. DERIVATIVES AND HEDGING TRANSACTIONS

They have been recorded as stated in Note 8.

1.14. INCOME TAX

Pursuant to the Argentine Central Bank regulations, at the subsidiaries the Bank and Compañía Financiera Argentina S.A., the income tax charge is determined by applying the effective tax rate to the estimated taxable income, without considering the effect of any temporary differences between taxable and book income.

1.15. MINIMUM PRESUMED INCOME TAX

The minimum presumed income tax is determined at the effective rate of 1% of the computable assets at fiscal year-end. Since this tax is supplementary to the income tax, the Company’s tax liability for each fiscal year is to coincide with the higher of the two taxes. However, if the minimum presumed income tax were to exceed income tax in a given fiscal year, such excess may be computed as a payment on account of the income tax that could be generated in any of the next ten fiscal years. Recognition and realization of this right stem from the ability to generate future taxable income sufficient for offsetting purposes.

16

GRUPO FINANCIERO GALICIA S.A.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE PERIOD COMMENCED JANUARY 1, 2014 AND ENDED JUNE 30, 2014, PRESENTED IN COMPARATIVE FORMAT

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

Based on the foregoing, as of June 30, 2014 and December 31, 2013, the Company has assets for $ 10,328 and $ 16,899, respectively.

1.16. DIFFERENCES BETWEEN THE ARGENTINE CENTRAL BANK REGULATIONS AND ARGENTINE GAAP IN FORCE IN BUENOS AIRES

The main differences between the valuation and disclosure criteria applied to these consolidated financial statements and Argentine GAAP in force in Buenos Aires are as follows:

1.16.1. Accounting for Income Tax according to the Deferred Tax Method

The subsidiaries Banco de Galicia y Buenos Aires S.A. and Compañía Financiera Argentina S.A. determine the income tax charge by applying the effective tax rate to the estimated taxable income, without considering the effect of any temporary differences between book and taxable income.

Pursuant to Argentine GAAP in force, the 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 carry-forwards or tax credits that may be offset against future taxable income should be recognized as deferred assets, provided that taxable income is likely to be generated.

The application of this criterion, based on projections prepared by the aforementioned subsidiaries, would determine deferred tax assets amounting to $ 282,019 as of June 30, 2014, and to $ 252,945 as of December 31, 2013.

1.16.2. Valuation of Government Securities

Argentine Central Bank regulations set forth specific valuation criteria for government securities recorded at their acquisition cost plus the I.R.R., which are described in 1.3.b. of this Note. Pursuant to Argentine GAAP in force in Buenos Aires, the above-mentioned assets must be valued at their current value.

As of June 30, 2014 and December 31, 2013, the application of this criterion would determine an increase in Shareholders’ Equity of about $ 6,875 and $ 43,220, respectively, due to the securities held by the Bank

1.16.3. Allowances for Receivables from the Non-Financial Public Sector

Current regulations issued by the Argentine Central Bank on the establishment of allowances provide that credits against the public sector are not subject to allowances for loan losses. Pursuant to Argentine GAAP, those allowances must be estimated based on the recoverability risk of assets.

1.16.4. Negative Goodwill

A negative goodwill has been recorded which corresponds to the difference between the acquisition cost paid for 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. Such negative goodwill is recorded under the “Liabilities – Provisions” account.

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. Pursuant to Argentine GAAP, the negative goodwill that is not related to expenses estimations or estimated future losses should be recognized as a gain at the time of the purchase.

As of June 30, 2014 and December 31, 2013, the negative goodwill balance amounts to $ 99,123 and $ 148,685, respectively.

17

GRUPO FINANCIERO GALICIA S.A.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE PERIOD COMMENCED JANUARY 1, 2014 AND ENDED JUNE 30, 2014, PRESENTED IN COMPARATIVE FORMAT

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

1.16.5. Restructured Loans and Liabilities

Restructured loans and financial obligations are valued based on the actually restructured principal amounts plus accrued interest and principal adjustments, when applicable, minus collections or payments made.

Pursuant to Argentine GAAP, those restructured loans and liabilities, for which modification of original conditions imply a substitution of instruments, must be recorded on the basis of the best possible estimate of the amounts receivable or payable discounted at a market rate that reflects market evaluations on the time value of money and the specific risks of such assets and liabilities at the time of restructuring.

1.16.6. Conversion of Financial Statements

The conversion into Pesos of the financial statements of the foreign subsidiaries for the purposes of their consolidation, made in accordance with the Argentine Central Bank regulations, differs from Argentine GAAP. Argentine GAAP requires that: a) the measurements in the financial statements to be converted into Pesos that are stated in period-end foreign currency (current values, recoverable values) be converted at the exchange rate of the financial statements’ date; and b) the measurements in the financial statements to be converted into Pesos that are stated in foreign currency of periods predating the closing date (for example: those which represent historical costs, income, expenses) be converted at the relevant historical exchange rates, restated at period-end currency, when applicable due to the application of Technical Pronouncement No. 17. Exchange-rate differences arising from conversion of the financial statements shall be treated as financial income or expenses, as the case may be.

The application of this criterion that replaces what has been stated in this Note does not have a significant impact on the consolidated financial statements.

1.17. ADOPTION OF THE INTERNATIONAL FINANCIAL REPORTING STANDARDS (I.F.R.S.) BY THE C.N.V.

The 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 International Accounting Standards Board for certain entities included within the public offering system, whether because of their capital or their notes, or because they have requested to be included in such system, for financial statements corresponding to fiscal years started as from January 1, 2012.

The adoption of such standards is not applicable to the Company since the C.N.V., in Article 2 – Section I – Chapter I of Title IV: Periodic Reporting System of the C.N.V. (text amended in 2013), exempts banks, insurance companies and companies that invest in banks and insurance companies.

With regard to the requirements set forth in the aforementioned article, the following is detailed:

– The Company’s corporate purpose is exclusively related to financial and investment activities;

– The interest in the Bank accounts for 93.64% of the Company’s assets, being the Company’s main asset;

– 95.13% of the Company’s income stems from the interest in the Bank’s income; and

– The Company has a 100% interest in the Bank, thus having control over such institution. (See also Note 2 to the consolidated financial statements).

In February 2014, the Argentine Central Bank decided financial institutions should comply with the I.F.R.S., effective for fiscal years commenced in January 2018. The Argentine Central Bank shall disclose the tasks to be fulfilled by establishing a schedule until full compliance.

18

GRUPO FINANCIERO GALICIA S.A.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE PERIOD COMMENCED JANUARY 1, 2014 AND ENDED JUNE 30, 2014, PRESENTED IN COMPARATIVE FORMAT

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

NOTE 2. CONSOLIDATED CONTROLLED COMPANIES

The basic information regarding the Company’s consolidated controlled companies is detailed as follows:

Information as of:	06.30.14
Issuing Company	Direct and Indirect Holding
	Shares			Percentage of Equity Investment Held in
	Type	Amount		Total Capital		Possible Votes
Banco de Galicia y Buenos Aires S.A. (*)	Ordinary		562,326,651		100.00000		100.00000
Banco Galicia Uruguay S.A. (In liquidation) (**)	Ordinary		174,621		100.00000		100.00000
Cobranzas Regionales S.A. (***)	Ordinary		10,000		77.00000		77.00000
Cobranzas y Servicios S.A.	Ordinary		475,728		99.84991		99.84991
Compañía Financiera Argentina S.A.	Ordinary		557,562,500		100.00000		100.00000
Galicia Administradora de Fondos S.A. Sociedad Gerente de Fondos Comunes de Inversión	Ordinary		20,000		100.00000		100.00000
Galicia Broker Asesores de Seguros S.A.	Ordinary		71,314		99.99439		99.99439
Galicia Cayman S.A.	Ordinary		132,657,332		100.00000		100.00000
Galicia Retiro Compañía de Seguros S.A.	Ordinary		4,512,278		99.99993		99.99993
Galicia Seguros S.A.	Ordinary		18,308,870		99.99978		99.99978
Galicia Valores S.A.	Ordinary		1,000,000		100.00000		100.00000
Galicia Warrants S.A.	Ordinary		1,000,000		100.00000		100.00000
Net Investment S.A.	Ordinary		12,000		100.00000		100.00000
Procesadora Regional S.A.	Ordinary		16,263,554		78.15000		78.15000
Sudamericana Holding S.A.	Ordinary		185,653		100.00000		100.00000
Tarjeta Naranja S.A. (****)	Ordinary		2,400		77.00000		77.00000
Tarjetas Cuyanas S.A. (****)	Ordinary		3,233,283		77.00000		77.00000
Tarjetas del Mar S.A. (****)	Ordinary		35,707,712		60.00000		60.00000
Tarjetas Regionales S.A. (*)	Ordinary		1,077,774,298		77.00000		77.00000

(*) Ordinary shares A and B. (**) With a F.V. of 1000. (***) With a F.V. of 100. (****) With a F.V. of 10.

Information as of:	12.31.13
Issuing Company	Direct and Indirect Holding
	Shares			Percentage of Equity Investment Held in
	Type	Amount		Total Capital			Possible Votes
Banco de Galicia y Buenos Aires S.A. (*)	Ordinary		560,199,603		99.62174	%		99.62174	%
Banco Galicia Uruguay S.A. (In liquidation) (**)	Ordinary		174,621		99.62174	%		99.62174	%
Cobranzas Regionales S.A. (***)	Ordinary		7,671		76.70874	%		76.70874	%
Cobranzas y Servicios S.A.	Ordinary		473,217		99.47222	%		99.47222	%
Compañía Financiera Argentina S.A.	Ordinary		555,516,744		99.63309	%		99.63309	%
Galicia Administradora de Fondos S.A. Sociedad Gerente de Fondos Comunes de Inversión	Ordinary		19,924		99.62174	%		99.62174	%
Galicia Broker Asesores de Seguros S.A.	Ordinary		71,276		99.94711	%		99.94711	%
Galicia Cayman S.A.	Ordinary		16,580,168		99.62174	%		99.62174	%
Galicia Retiro Compañía de Seguros S.A.	Ordinary		4,510,142		99.95265	%		99.95265	%
Galicia Seguros S.A.	Ordinary		18,300,173		99.95250	%		99.95250	%
Galicia Valores S.A.	Ordinary		996,221		99.62208	%		99.62208	%
Galicia Warrants S.A.	Ordinary		999,527		99.95272	%		99.95272	%
Net Investment S.A.	Ordinary		11,994		99.95272	%		99.95272	%
Procesadora Regional S.A.	Ordinary		12,661,890		77.85439	%		77.85439	%
Sudamericana Holding S.A.	Ordinary		185,565		99.95272	%		99.95272	%
Tarjeta Naranja S.A. (****)	Ordinary		1,841		76.70874	%		76.70874	%
Tarjetas Cuyanas S.A. (****)	Ordinary		2,480,211		76.70874	%		76.70874	%
Tarjetas del Mar S.A. (****)	Ordinary		3,771,369		99.56196	%		99.56196	%
Tarjetas Regionales S.A. (*)	Ordinary		826,747,094		76.70874	%		76.70874	%

(*) Ordinary shares A and B. It includes 25,454,193 ordinary class “B” shares incorporated due to the Merger described in Note 16 to the Financial Statements. (**) With a F.V. of 1000. (***) With a F.V. of 100. (****) With a F.V. of 10.

19

GRUPO FINANCIERO GALICIA S.A.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE PERIOD COMMENCED JANUARY 1, 2014 AND ENDED JUNE 30, 2014, PRESENTED IN COMPARATIVE FORMAT

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

Information as of:	06.30.14
Company	Assets		Liabilities		Shareholders’ Equity		Net Income
Banco de Galicia y Buenos Aires S.A.		80,419,912		72,232,220		8,187,692		446,856
Banco Galicia Uruguay S.A. (In liquidation)		82,314		5,172		77,142		(1,130	)
Cobranzas Regionales S.A.		30,997		14,663		16,334		1,599
Cobranzas y Servicios S.A.		41,038		8,742		32,296		5,716
Compañía Financiera Argentina S.A.		3,653,946		2,577,877		1,076,069		66,145
Galicia Administradora de Fondos S.A. Sociedad Gerente de Fondos Comunes de Inversión		33,920		10,728		23,192		19,271
Sudamericana Holding S.A.		411,228		4,748		406,480		211,490
Galicia Cayman S.A.		485,779		—		485,779		(46,808	)
Galicia Retiro Compañía de Seguros S.A.		106,328		90,135		16,193		2,516
Galicia Seguros S.A.		750,264		487,265		262,999		198,608
Galicia Valores S.A.		93,118		60,111		33,007		7,559
Galicia Warrants S.A.		49,653		28,720		20,933		6,538
Net Investment S.A.		170		6		164		15
Procesadora Regional S.A.		25,040		8,605		16,435		545
Galicia Broker Asesores de Seguros S.A.		7,168		3,749		3,419		2,840
Tarjeta Naranja S.A.		11,855,311		9,821,774		2,033,537		221,803
Tarjetas Cuyanas S.A.		2,623,985		2,137,813		486,172		99,233
Tarjetas del Mar S.A.		561,000		469,559		91,441		9,606
Tarjetas Regionales S.A.		2,734,114		25,381		2,708,733		340,292
Information as of:	12.31.13						06.30.13
Company	Assets		Liabilities		Shareholders’ Equity		Net Income
Banco de Galicia y Buenos Aires S.A.		69,000,176		62,259,344		6,740,832		705,669
Banco Galicia Uruguay S.A. (In liquidation)		80,558		17,826		62,732		2,003
Cobranzas Regionales S.A.		24,863		10,128		14,735		3,379
Cobranzas y Servicios S.A.		31,146		4,566		26,580		1,155
Compañía Financiera Argentina S.A.		3,641,812		2,631,887		1,009,925		75,798
Galicia Administradora de Fondos S.A. Sociedad Gerente de Fondos Comunes de Inversión		33,260		9,338		23,922		3,589
Galicia Broker Asesores de Seguros S.A.		4,337		2,752		1,585		945
Galicia Cayman S.A.		435,521		—		435,521		10,527
Galicia Retiro Compañía de Seguros S.A.		96,832		81,772		15,060		1,134
Galicia Seguros S.A.		634,484		383,467		251,017		142,936
Galicia Valores S.A.		55,719		30,271		25,448		1,169
Galicia Warrants S.A.		42,890		17,485		25,405		4,141
Net Investment S.A.		160		11		149		(3	)
Procesadora Regional S.A.		25,835		9,945		15,890		(335	)
Sudamericana Holding S.A.		291,079		3,510		287,569		152,182
Tarjeta Naranja S.A.		10,905,765		8,963,681		1,942,084		207,242
Tarjetas Cuyanas S.A.		2,292,860		1,869,326		423,534		63,116
Tarjetas del Mar S.A.		453,826		403,910		49,916		4,032
Tarjetas Regionales S.A.		2,512,228		8,534		2,503,694		273,835

On February 25, 2014, the Company’s Board of Directors resolved the following: (i) to issue the statement of willingness to acquire provided for in Section 91, Subsection b) of Law No. 26831 with regard to all the remaining shares of the Bank held by third parties; (ii) to approve the criterion suggested by the Management Division on the fair price provided for in Section 94, second paragraph, of Law No. 26831, and establish it in $ 23.22 (figure stated in Pesos) for each remaining share held by third parties; (iii) to request the National Securities Commission the immediate withdrawal of the Bank from the public offering and listing at the Buenos Aires Stock Exchange, under the terms of Section 94, third paragraph, of Law No. 26831; (iv) to appoint the Bank as the financial institution where the Company shall deposit the amount corresponding to the total value of the Bank’s remaining shares; and (v) to give the Bank notice of the statement of willingness to acquire.

20

GRUPO FINANCIERO GALICIA S.A.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE PERIOD COMMENCED JANUARY 1, 2014 AND ENDED JUNE 30, 2014, PRESENTED IN COMPARATIVE FORMAT

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

On April 24, 2014, the Board of Directors of the C.N.V. approved the unilateral statement of willingness to acquire issued by the Company. Thus, on May 6, 2014, the amount corresponding to the total value of the Bank’s remaining shares was deposited. The C.N.V.’s approval of the aforementioned proceedings was registered with the Corporation Control Authority (I.G.J.) on July 14, 2014.

On August 4, 2014, the statement of willingness to acquire was executed by public deed, what makes the Company the owner, by operation of law, of all of the Bank’s existing shares, pursuant to the provisions of Section 95 of Law No. 26831.

On April 7, 2014, the Bank presented the Company with an offer to sell 19,000 shares of Galicia Administradora de Fondos S.A. Sociedad Gerente de Fondos Comunes de Inversión, representing 95% of the aforementioned company’s capital stock, being the offer considered accepted at the time the buyer made a payment equivalent to 25% of the total purchase price. On April 15, 2014, the Company’s Board of Directors approved the purchase of 95% of Galicia Administradora de Fondos S.A. Sociedad Gerente de Fondos Comunes de Inversión’s capital stock, and paid 25% of the total agreed price, which amounted to $ 39,482.

Galicia (Cayman) Ltd.’s Shareholders’ Meeting held in March 2014 decided to transfer its domicile in the Cayman Islands to the Republic of Argentina. The company was registered at the Bureau of Legal Entities (Dirección de Personas Jurídicas) of the Province of Mendoza under the name Galicia Cayman S.A.

Tarjetas del Mar S.A.’s General Extraordinary Shareholders’ Meeting, held in May 2014, decided to increase the capital stock in the amount of $ 31,919, which was completely subscribed by Sociedad Anónima Importadora y Exportadora de la Patagonia. By virtue of the aforementioned decision, the company’s capital stock is composed as follows: Banco de Galicia S.A.: 58.8% interest; Compañía Financiera Argentina S.A.: 1.2% interest; Sociedad Anónima Importadora y Exportadora de la Patagonia: 40% interest.

The percentage of the controlled companies’ Shareholders’ Equity owned by third parties has been disclosed in the Balance Sheet, under the “Minority Interest in Consolidated Controlled Companies” account.

The gain (loss) on the minority interest is disclosed in the Income Statement under “Minority Interest Gain (Loss)”.

The minority interest percentages at period/fiscal year-end are the following:

Information as of:	06.30.14			12.31.13
Banco de Galicia y Buenos Aires S.A.		—			0.37826	%
Banco Galicia Uruguay S.A. (In liquidation)		—			0.37826	%
Cobranzas Regionales S.A.		23.00000	%		23.29126	%
Cobranzas y Servicios S.A.		—			0.52778	%
Compañía Financiera Argentina S.A.		—			0.36691	%
Galicia (Cayman) Ltd.		—			0.37826	%
Galicia Administradora de Fondos S.A. Sociedad Gerente de Fondos Comunes de Inversión		—			0.37826	%
Galicia Broker Asesores de Seguros S.A.		0.00561	%		0.05289	%
Galicia Retiro Compañía de Seguros S.A.		0.00007	%		0.04735	%
Galicia Seguros S.A.		0.00022	%		0.04750	%
Galicia Valores S.A.		—			0.37792	%
Galicia Warrants S.A.		—			0.04728	%
Net Investment S.A.		—			0.04728	%
Procesadora Regional S.A.		21.85000	%		22.14561	%
Sudamericana Holding S.A.		—			0.04728	%
Tarjeta Naranja S.A.		23.00000	%		23.29126	%
Tarjetas Cuyanas S.A.		23.00000	%		23.29126	%
Tarjetas del Mar S.A.		40.00000	%		0.43804	%
Tarjetas Regionales S.A.		23.00000	%		23.29126	%

21

GRUPO FINANCIERO GALICIA S.A.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE PERIOD COMMENCED JANUARY 1, 2014 AND ENDED JUNE 30, 2014, PRESENTED IN COMPARATIVE FORMAT

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

NOTE 3. GOVERNMENT AND PRIVATE SECURITIES

As of June 30, 2014 and December 31, 2013, holdings of government and private securities were as follows:

	06.30.14		12.31.13
Government Securities
Holdings Recorded at Fair Market Value
Government Bonds		2,292,882		742,873
Total Holdings Recorded at Fair Market Value		2,292,882		742,873
Holdings Recorded at their Acquisition Cost plus the I.R.R.
Government Bonds		550,156		1,137,013
Total Holdings Recorded at their Acquisition Cost plus the I.R.R.		550,156		1,137,013
Instruments Issued by the Argentine Central Bank
Argentine Central Bank Bills at Fair Market Value		1,020,865		948,838
Argentine Central Bank Bills for Repo Transactions		1,111,144		—
Argentine Central Bank Bills at Acquisition Cost plus the I.R.R.		4,679,496		1,110,230
Argentine Central Bank Notes at Fair Market Value		655,487		17,950
Total Instruments Issued by the Argentine Central Bank		7,466,992		2,077,018
Total Government Securities		10,310,030		3,956,904
Private Securities
Negotiable Obligations (Listed)		12,641		30,425
Total Private Securities		12,641		30,425
Total Government and Private Securities		10,322,671		3,987,329

NOTE 4. LOANS

The lending activities carried out by the Company through its subsidiaries are as follows:

a. Loans to the Non-financial Public Sector: They are primarily loans to the National Government and to Provincial Governments.

b. Loans to the Financial Sector: They represent loans to banks and local financial institutions.

c. Loans to the Non-financial Private Sector and Residents Abroad: They include the following types of loans:

Overdrafts: Short-term obligations issued in favor of customers.

Promissory Notes: Endorsed promissory notes, discount and factoring.

Mortgage Loans: Loans for the purchase of real estate for housing purposes, secured by such purchased real estate or commercial loans secured by real estate mortgages.

Collateral Loans: Loans in which a pledge is granted as collateral, as an integral part of the loan instrument.

Credit Card Loans: Loans granted to credit card holders.

Personal Loans: Loans to natural persons.

Others: This item primarily involves export prefinancing loans and short-term placements in banks abroad.

According to the Argentine Central Bank regulations, the loan portfolio breaks down as follows: The non-financial public sector, the financial sector and the non-financial private sector and residents abroad. Moreover, the Company must disclose the type of collateral established on the applicable loans to the non-financial private sector.

As of June 30, 2014 and December 31, 2013, the classification of the loan portfolio was as follows:

	06.30.14			12.31.13
Non-financial Public Sector		14,454			12,570
Financial Sector		723,240			632,838
Non-financial Private Sector and Residents Abroad		60,628,167			56,748,165
With Preferred Guarantees		2,702,893			2,433,356
With Other Collateral		7,745,319			8,257,006
With No Collateral		50,179,955			46,057,803
Subtotal		61,365,861			57,393,573
Allowance for Loan Losses		(2,519,467	)		(2,128,647	)
Total		58,846,394			55,264,926

22

GRUPO FINANCIERO GALICIA S.A.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE PERIOD COMMENCED JANUARY 1, 2014 AND ENDED JUNE 30, 2014, PRESENTED IN COMPARATIVE FORMAT

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

Said loans were granted in the normal course of transactions with standard terms, interest rates and collateral requirements.

NOTE 5. STATEMENT OF DEBTORS’ STATUS

Loan portfolio classification pursuant to the loan classification criteria set forth by the Argentine Central Bank is as follows:

COMMERCIAL LOAN PORTFOLIO

Classification:	Description
Normal	Cash flow analysis shows that the customer is widely able to meet all of its financial commitments. Among the indicators that can reflect this situation, the following are worth noting: The customer shows a liquid financial situation, regularly complies with the payment of its obligations, has a qualified and honest management, has an appropriate information system, belongs to a sector of the economic activity or to a business sector that shows an acceptable future trend and is competitive with regard to the activities it conducts.
With Special Follow-Up – Under Observation	Cash flow analysis shows, at the time of carrying out the analysis, that the customer is able to meet all of its financial commitments. However, there are possible situations that, in case they are not duly controlled or else solved, could compromise the customer’s future repayment capacity.
With Special Follow-Up –Under Negotiation or under Refinancing Agreements.	This category includes those customers who, when unable to meet their financial commitments pursuant to the terms and conditions agreed, irrefutably state their intention to refinance their debt.
With Problems	Cash flow analysis shows that the customer is unable to meet its financial commitments in a normal manner and that, in case such problems are not solved, they could result in a loss for the financial institution.
High Risk of Insolvency	Cash flow analysis shows that the customer is highly unlikely to meet all of its financial commitments.
Uncollectible	Customers’ debts included in this category are considered uncollectible. Even though there is some possibility of recovering these assets under certain circumstances in the future, it is evident they are uncollectible at the time of the analysis.

CONSUMER AND HOUSING LOAN PORTFOLIO

Classification:	Description
Normal	This category includes customers who duly and timely comply with the payment of their commitments, or else with payment in arrears of less than 31 days. Provisional overdrafts shall be considered normal until day 61 from the granting date.
Low Risk	It includes customers with occasional late payments at the time of meeting their commitments, with payments in arrears of more than 31 days and up to 90 days.
Medium Risk	This category includes customers who show some inability to meet their commitments, with payments in arrears of more than 90 days and up to 180 days.
High Risk	It includes customers with payments in arrears of more than 180 days and up to one year.
Uncollectible	This category includes insolvent or bankrupt customers, with little or no possibility of collection, or with payments in arrears in excess of one year.

The “financing” category includes the items with regard to which debtors should be classified, from the point of view of the debtors’ creditworthiness, recorded under the accounts detailed below:

	06.30.14		12.31.13
Loans		61,365,861		57,393,573
Other Receivables Resulting from Financial Brokerage		1,458,071		1,758,730
Receivables from Financial Leases		1,098,470		1,144,050
Miscellaneous Receivables		10,213		9,811
Contingent Liabilities		6,122,214		5,579,819
Total		70,054,829		65,885,983

23

GRUPO FINANCIERO GALICIA S.A.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE PERIOD COMMENCED JANUARY 1, 2014 AND ENDED JUNE 30, 2014, PRESENTED IN COMPARATIVE FORMAT

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

As of June 30, 2014 and December 31, 2013, the classification of debtors was as follows:

	06.30.14		12.31.13
COMMERCIAL LOAN PORTFOLIO
Normal		27,302,828		25,414,059
Backed by Preferred Guarantees and Counter-guarantees “A”		413,129		248,638
Backed by Preferred Guarantees and Counter-guarantees “B”		2,210,105		2,195,364
With No Preferred Guarantees or Counter-guarantees		24,679,594		22,970,057
With Special Follow-Up – Under Observation		288,441		72,226
Backed by Preferred Guarantees and Counter-guarantees “B”		72,216		20,182
With No Preferred Guarantees or Counter-guarantees		216,225		52,044
With Problems		57,960		72,598
Backed by Preferred Guarantees and Counter-guarantees “B”		23,597		16,649
With No Preferred Guarantees or Counter-guarantees		34,363		55,949
High Risk of Insolvency		110,082		62,834
Backed by Preferred Guarantees and Counter-guarantees “B”		34,657		6,905
With No Preferred Guarantees or Counter-guarantees		75,425		55,929
Uncollectible		6,008		1,905
Backed by Preferred Guarantees and Counter-guarantees “B”		1,734		1,734
With No Preferred Guarantees or Counter-guarantees		4,274		171
Total Commercial Loan Portfolio		27,765,319		25,623,622
	06.30.14		12.31.13
CONSUMER AND HOUSING LOAN PORTFOLIO
Normal		38,726,745		37,132,132
Backed by Preferred Guarantees and Counter-guarantees “A”		3,958		5,694
Backed by Preferred Guarantees and Counter-guarantees “B”		992,144		970,779
With No Preferred Guarantees or Counter-guarantees		37,730,643		36,155,659
Low Risk		1,232,742		1,182,258
Backed by Preferred Guarantees and Counter-guarantees “B”		10,105		11,066
With No Preferred Guarantees or Counter-guarantees		1,222,637		1,171,192
Medium Risk		926,136		675,788
Backed by Preferred Guarantees and Counter-guarantees “B”		1,887		5,925
With No Preferred Guarantees or Counter-guarantees		924,249		669,863
High Risk		1,093,237		866,879
Backed by Preferred Guarantees and Counter-guarantees “A”		122		134
Backed by Preferred Guarantees and Counter-guarantees “B”		3,337		3,938
With No Preferred Guarantees or Counter-guarantees		1,089,778		862,807
Uncollectible		307,735		402,635
Backed by Preferred Guarantees and Counter-guarantees “B”		6,180		5,808
With No Preferred Guarantees or Counter-guarantees		301,555		396,827
Uncollectible due to Technical Reasons:		2,915		2,669
With No Preferred Guarantees or Counter-guarantees		2,915		2,669
Total Commercial and Housing Loan Portfolio		42,289,510		40,262,361
Grand Total		70,054,829		65,885,983

The management and mitigation of credit risk are described in Note 36 on risk management policies.

NOTE 6. ALLOWANCES FOR LOAN LOSSES

The changes in allowances for loan losses as of June 30, 2014 and December 31, 2013 were the following:

	06.30.14		12.31.13
Balances at Beginning of Fiscal Year		2,128,647		1,731,954
Increases		1,206,960		1,700,450
Decreases		816,140		1,303,757
Reversals		1,000		—
Uses		815,140		1,303,757
Balances at Period-end		2,519,467		2,128,647

24

GRUPO FINANCIERO GALICIA S.A.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE PERIOD COMMENCED JANUARY 1, 2014 AND ENDED JUNE 30, 2014, PRESENTED IN COMPARATIVE FORMAT

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

NOTE 7. OTHER RECEIVABLES RESULTING FROM FINANCIAL BROKERAGE – OTHERS NOT INCLUDED IN THE DEBTOR CLASSIFICATION REGULATIONS

As of June 30, 2014 and December 31, 2013, the breakdown of the account “Others Not Included in the Debtor Classification Regulations” was as follows:

	06.30.14		12.31.13
Unlisted Participation Certificates and Debt Securities in Financial Trusts		1,621,040		1,797,587
Others		778,256		707,687
Total		2,399,296		2,505,274

NOTE 8. DERIVATIVE INSTRUMENTS

FORWARD PURCHASE-SALE OF FOREIGN CURRENCY WITHOUT DELIVERY OF THE UNDERLYING ASSET

Mercado Abierto Electrónico (M.A.E.) and Rosario Futures Exchange (RO.F.EX.) have trading environments for the closing, recording and settlement of financial forward transactions carried out among its agents. The general settlement mode for these transactions is without delivery of the traded underlying asset. Settlement is carried out on a daily basis, in Pesos, 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.

As of June 30, 2014, forward purchase and sale transactions carried out by the Bank, Compañía Financiera Argentina S.A. and Tarjeta Naranja S.A. through such exchanges amounted to $ 5,925,230 and $ 3,594,255, respectively, while as of December 31, 2013, they amounted to $ 11,729,780 and $ 3,598,136, respectively.

Additionally, transactions have been conducted directly with customers pursuant to the above-mentioned conditions, being the balances settled at the expiration date of the contract. As of June 30, 2014, forward purchase and sale transactions totaled $ 479,785 and $ 1,137,749, respectively, while as of December 31, 2013, purchase and sale transactions totaled $ 30,007 and $ 771,502, respectively.

Said transactions are recorded under Memorandum Accounts for the notional value traded. Accrued balances pending settlement are recorded in the category “Balances from Forward Transactions without Delivery of Underlying Asset to be Settled” under “Other Receivables Resulting from Financial Brokerage” and/or “Other Liabilities Resulting from Financial Brokerage”, when appropriate.

PURCHASE-SALE OF INTEREST RATE FUTURES

These products are traded within the trading environment created by the M.A.E. The underlying asset is the Badlar rate of private banks for time deposits of more than one million Pesos for a term from 30 to 35 days. Settlement is carried out 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. As of December 31, 2013, sale transactions conducted by the Bank amounted to $ 20,000. Said transactions are recorded under Memorandum Accounts for the notional value traded.

In case balances pending settlement exist, they are recorded in the category “Balances from Forward Transactions without Delivery of Underlying Asset to be Settled” under “Other Receivables Resulting from Financial Brokerage” and/or “Other Liabilities Resulting from Financial Brokerage”, as the case may be.

INTEREST RATE SWAPS

These transactions are conducted within the environment created by the M.A.E., 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 private banks for time deposits of 30 to 35 days) and the cash flows calculated using a fixed rate, or vice versa, on the notional value agreed, the difference in price being charged to income.

As of June 30, 2014, transactions conducted by the Bank and Compañía Financiera Argentina S.A. amounted to $ 141,000, while as of December 31, 2013, they amounted to $ 437,000. Said transactions are recorded under Memorandum Accounts for the notional value traded.

25

GRUPO FINANCIERO GALICIA S.A.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE PERIOD COMMENCED JANUARY 1, 2014 AND ENDED JUNE 30, 2014, PRESENTED IN COMPARATIVE FORMAT

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

Moreover, transactions have been conducted with customers of the Bank, which amount to $ 309,268 as of June 30, 2014, and to $ 457,365 as of December 31, 2013.

In turn, as of December 31, 2013, Compañía Financiera Argentina S.A. had swap contracts recorded corresponding to an exchange of fixed rate for variable rate for the purpose of hedging the exposure of its Peso-denominated deposits adjusted by the BADLAR rate, the notional value of which amounts to $ 25,000.

Accrued balances pending settlement are recorded in the category “Balances from Forward Transactions without Delivery of Underlying Asset to be Settled” under “Other Receivables Resulting from Financial Brokerage” and/or “Other Liabilities Resulting from Financial Brokerage”, as the case may be.

The balances mentioned in this note are recorded, if appropriate, net of eliminations corresponding to transactions conducted with the Company and/or other controlled companies.

The Bank’s management of financial risks is carried out within the limits of the policies approved by the Board of Directors in such respect. In that sense, “derivative instruments” carried out are means for the Company to hedge its risk exposures and/or used as a financial product to develop investment and trading strategies. In both cases, the use of these instruments is performed within the guidelines of internal policies set forth by the Bank.

NOTE 9. EQUITY INVESTMENTS

As of June 30, 2014 and December 31, 2013, the breakdown of “Equity Investments” was as follows:

	06.30.14			12.31.13
In Financial Institutions and Supplementary and Authorized Activities
Banco Latinoamericano de Exportaciones S.A.		4,032			3,231
Banelco S.A.		6,035			12,264
Mercado de Valores de Buenos Aires S.A.		8,143			8,084
Tarjeta Naranja Perú S.A.		—			21,483
Visa Argentina S.A.		7,836			7,836
Others		828			882
Total Equity Investments in Financial Institutions, Supplementary and Authorized Activities		26,874			53,780
In Non-financial Institutions
AEC S.A.		—			26,703
Aguas Cordobesas S.A.		8,911			8,911
Distrocuyo S.A.		3,955			3,955
Electrigal S.A.		5,455			5,455
Nova Re Compañía Argentina de Reaseguros S.A.		12,514			11,705
Others		1,391			1,539
Total Equity Investments in Non-financial Institutions		32,226			58,268
Provisions		(1,935	)		(22,095	)
Total		57,165			89,953

NOTE 10. MISCELLANEOUS RECEIVABLES – OTHERS

As of June 30, 2014 and December 31, 2013, the breakdown of “Miscellaneous Receivables – Others” was as follows:

	06.30.14		12.31.13
Sundry Debtors		418,377		335,377
Deposits as Collateral		413,189		431,279
Tax Advances		453,733		351,032
Payments in Advance		179,564		112,791
Others		31,489		32,051
Total		1,496,352		1,262,530

26

GRUPO FINANCIERO GALICIA S.A.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE PERIOD COMMENCED JANUARY 1, 2014 AND ENDED JUNE 30, 2014, PRESENTED IN COMPARATIVE FORMAT

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

NOTE 11. BANK PREMISES AND EQUIPMENT

As of June 30, 2014 and December 31, 2013, the breakdown of “Bank Premises and Equipment” was as follows:

	06.30.14			12.31.13
Real Estate		1,348,599			1,294,893
Furniture and Fixtures		375,593			349,108
Machines and Equipment		786,911			746,604
Vehicles		18,484			16,350
Others		10,054			9,750
Accumulated Depreciation		(1,102,423	)		(1,022,462	)
Total		1,437,218			1,394,243

As of June 30, 2014 and December 31, 2013, the depreciation charge amounted to $ 82,680 and $ 73,190, respectively.

NOTE 12. MISCELLANEOUS ASSETS

As of June 30, 2014 and December 31, 2013, the breakdown of “Miscellaneous Assets” was as follows:

	06.30.14		12.31.13
Work in Progress		111,650		65,669
Advances for Purchase of Assets		19,263		32,294
Works of Art		1,530		1,527
Assets under Lease		2,987		18,605
Assets Acquired through Foreclosures		3,640		3,660
Stationery and Office Supplies		39,774		32,879
Other Miscellaneous Assets		77,042		78,845
Total		255,886		233,479

As of June 30, 2014 and June 30, 2013, the depreciation and loss charge amounted to $ 667 and $ 485, respectively.

NOTE 13. INTANGIBLE ASSETS

As of June 30, 2014 and December 31, 2013, the breakdown of “Intangible Assets” was as follows:

	06.30.14		12.31.13
Goodwill Net of Accumulated Amortization amounting to $ 19,638 and $ 16,708, respectively		29,827		13,249
Organization and Development Expenses Net of Accumulated Amortization amounting to $ 1,698,275 and $ 1,553,938, respectively		1,584,442		1,420,981
Total		1,614,269		1,434,230

As of June 30, 2014 and 2013, the amortization charge amounted to $ 151,427 and $ 121,621, respectively.

NOTE 14. OTHER ASSETS

The account “Other Assets” includes assets related to the insurance activity. As of June 30, 2014 and December 31, 2013, the breakdown of this account was as follows:

	06.30.14			12.31.13
Premiums Receivable		241,468			199,067
Receivables from Reinsurers		1,930			6,520
Commissions Receivable		1,989			1,586
Others		1,356			1,669
Allowances		(7,253	)		(7,425	)
Total		239,490			201,417

27

GRUPO FINANCIERO GALICIA S.A.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE PERIOD COMMENCED JANUARY 1, 2014 AND ENDED JUNE 30, 2014, PRESENTED IN COMPARATIVE FORMAT

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

NOTE 15. RESTRICTED ASSETS AND OTHER CONTINGENT LIABILITIES

Pursuant to the Argentine Central Bank regulations, the Bank shall maintain a monthly average liquidity level.

As of June 30, 2014, the balances recorded by such institution as computable items are as follows:

Item	$		US$
Checking Accounts at the Argentine Central Bank		5,831,891		704,501
Special Guarantees Accounts at the Argentine Central Bank		928,708		1,800
Special Checking Accounts at the Argentine Central Bank for Social Security Purposes		11,269		—
Total Computable Items to Meet Minimum Cash Requirements		6,771,868		706,301

As of June 30, 2014, the ability to freely dispose of certain assets corresponding to the controlled companies was restricted, as follows:

BANCO DE GALICIA Y BUENOS AIRES S.A.

a) Cash and Government Securities

- For transactions carried out at RO.F.EX. and at M.A.E.	$	136,412
- For debit / credit cards transactions	$	307,986
- For attachments	$	1,832
- For other transactions	$	13,694

b) Special Guarantees Accounts

Special guarantees accounts have been opened at the Argentine Central Bank as collateral for transactions involving electronic clearing houses, checks for settling debts and other similar transactions, which, as of June 30, 2014 amounted to $ 943,347.

c) Deposits in favor of the Argentine Central Bank

- Unavailable deposits related to foreign exchange transactions	$	533
- Securities held in custody to act as register agent of book-entry mortgage securities	$	2,277

d) Equity Investments

The account “Equity Investments” includes shares, the transfer of which is subject to the prior approval of the National or Provincial authorities, as applicable, under the terms of the concession contracts signed:

• Electrigal S.A.: 1,222,406 non-transferable non-endorsable registered ordinary shares.

• Aguas Cordobesas S.A.: 900,000 class E ordinary shares.

The Bank, as shareholder of Aguas Cordobesas S.A. and proportionally to its 10.833% interest, is jointly responsible before the Provincial State for the contractual obligations arising from the concession contract during the entire term thereof.

If any of the other shareholders fails 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.

e) Contributions to Garantizar S.G.R.’s Risk Fund

The Bank, in its capacity as sponsoring partner of Garantizar S.G.R.’s Risk Fund, is committed to maintaining the contributions made to the fund for two (2) years. As of June 30, 2014, the Bank’s contribution amounts to $ 37,687.

28

GRUPO FINANCIERO GALICIA S.A.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE PERIOD COMMENCED JANUARY 1, 2014 AND ENDED JUNE 30, 2014, PRESENTED IN COMPARATIVE FORMAT

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

f) Guarantees Granted for Direct Obligations

As of June 30, 2014, the Bank has recorded $ 546,100 as collateral for credit lines granted by the International Finance Corporation (IFC), and the related transactions have been allocated to the resources provided thereby.

As collateral for the funds requested, through the Argentine Central Bank, from the Subsecretaría de la Micro, Pequeña y Mediana Empresa y Desarrollo Provincial destined to the financing of the Global Credit Program for Micro, Small and Medium-sized Companies, Banco de Galicia y Buenos Aires S. A. used four promissory notes. As of June 30, 2014, the balance of secured loans was $ 42,833.

Furthermore, as of June 30, 2014, the Bank used promissory notes as collateral for the loans granted within the Credit Program to the Provinces of San Juan and Mendoza for the amount of $ 18,063.

As of June 30, 2014, the total amount of restricted assets corresponding to the Bank for the aforementioned items was $ 2,050,764, while as of December 31, 2013 it was $ 1,908,651.

COMPAÑÍA FINANCIERA ARGENTINA S.A.

As a consequence of certain lawsuits and claims related to the ordinary course of business, as of June 30, 2014 and December 31, 2013, Compañía Financiera Argentina S.A. has been levied attachments on some banking accounts for an amount of $ 469. This amount has been fully included in a provision.

Furthermore, as of June 30, 2014, with the purpose of conducting transactions at Mercado Abierto Electrónico S.A. (M.A.E.), this company records collateral in favor of the Argentine Central Bank for $ 2,438, corresponding to a F.V. of $ 2,500 of Peso-denominated Bonds issued by the Argentine Nation due 2019. At the end of the previous fiscal year, collateral granted totaled $ 113,956.

In turn, as of June 30, 2014, the company records collateral for repo transactions for $ 10,848, corresponding to a F.V. of $ 3,000 of instruments issued by the Argentine Central Bank and a F.V. of $ 12,050 of Peso-denominated Bonds issued by the Argentine Nation at Badlar rate due 2015.

Additionally, as of June 30, 2014 and December 31, 2013, the company had special guarantees accounts open at the Argentine Central Bank as collateral for transactions involving electronic clearing houses and other similar transactions, which amount to $ 9,788 and $ 8,912, respectively.

GALICIA VALORES S.A.

As of June 30, 2014 and December 31, 2013, this company holds six shares of Mercado de Valores de Buenos Aires S.A., which secure an insurance policy covering transactions for $ 6,450.

TARJETA DEL MAR S.A.

As of June 30, 2014 and December 31, 2013, this company has $ 127 and $ 110, respectively, as guarantees related to certain real property lease agreements.

TARJETA NARANJA S.A.

As of June 30, 2014 and December 31, 2013, Tarjeta Naranja S.A. has been levied attachments in connection with lawsuits for $ 572. Furthermore, this company has paid $ 350 as guarantees regarding certain tax issues. These amounts shall not be available until such issues are resolved.

Also, as of June 30, 2014 and December 31, 2013, the company has paid $ 1,476 and $ 1,993, respectively, as guarantees related to certain real property lease agreements.

During the period, Tarjeta Naranja S.A. has performed guarantees for $ 134,973 with the Rosario Futures Exchange (RO.F.E.X), through mutual funds and instruments issued by the Argentine Central Bank, for hedging transactions carried out with such market.

Moreover, pursuant to the agreements entered into with financial institutions and as collateral for the loans received and the issuance of notes, Tarjeta Naranja S.A. has agreed not to dispose of any assets or levy any encumbrance thereon, for an amount higher than 35% of Tarjeta Naranja S.A.’s assets in some cases, and 15% of said company’s Shareholders’ Equity. It is worth mentioning that the above-mentioned restrictions shall not be applied for transactions carried out during the ordinary course of the company’s business.

29

GRUPO FINANCIERO GALICIA S.A.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE PERIOD COMMENCED JANUARY 1, 2014 AND ENDED JUNE 30, 2014, PRESENTED IN COMPARATIVE FORMAT

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

NOTE 16. NEGOTIABLE OBLIGATIONS

There follows a breakdown of the Global Programs for the Issuance of Negotiable Obligations outstanding:

Company	Authorized Amount (*)		Type of Negotiable Obligations	Term of Program	Date of Approval by Shareholders’ Meeting	Approval by the C.N.V.
Grupo Financiero Galicia S.A.	US$	100,000	Simple negotiable obligations, not convertible into shares	5 years	03.09.09 confirmed on 08.02.12	Resolution No. 16113 dated 04.29.09 and extended through Resolution No. 17343 dated 05.08.14. Authorization of the increase, Resolution No. 17064 dated 04.25.13
Banco de Galicia y Buenos Aires S.A.	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
Banco de Galicia y Buenos Aires S.A.	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
Compañía Financiera Argentina S.A.	US$	250,000	Simple negotiable obligations, not convertible into shares	08.03.16	11.25.10	Resolution No. 16505 dated 01.27.11
Tarjeta Naranja S.A.	US$	650,000	Simple negotiable obligations, not convertible into shares	5 years	03.08.12	Resolution No. 16822 dated 05.23.12
Tarjetas Cuyanas S.A.	US$	120,000	Simple negotiable obligations, not convertible into shares	5 years	03.30.10 confirmed on 04.06.10	Resolution No. 16328 dated 05.18.10

(*) Or its equivalent in any other currency.

Banco de Galicia y Buenos Aires S.A. has the following Subordinated Negotiable Obligations outstanding issued under the Global Program of US$ 2,000,000 as of the close of the period/fiscal year:

Date of Issuance	Currency	Residual F.V. (US$) as of 06.30.14		Term			Rate			Book Value (*)				Issuance     Authorized by     the C.N.V.
										06.30.14		12.31.13
05.18.04	US$		218,211		(1	)		(2	)		1,916,614		1,656,297		12.29.03 and 04.27.04

(*) It includes principal and interest net of expenses.

The net proceeds of the above-mentioned issue of Negotiable Obligations were used to refinance the foreign debt in accordance with Section 36 of the Law on Negotiable Obligations, the Argentine Central Bank regulations, and other applicable regulations.

(1) These Negotiable Obligations shall be fully amortized upon maturity on January 1, 2019, unless their principal is previously redeemed at par, plus unpaid accrued interest and additional amounts, if any, fully or partially at the issuer’s option at any time, after all Negotiable Obligations due 2014 have been fully repaid.

(2) Interest on Negotiable Obligations due 2019 shall be payable in cash and in additional Negotiable Obligations due 2019, semi-annually in arrears on January 1 and July 1 of each year. Negotiable Obligations due 2019 shall accrue interest payable in cash at an annual fixed rate of 6% as from January 1, 2004. Such interest rate will increase to 11% per annum as from January 1, 2014. The maturity date of the Negotiable Obligations due 2019 is January 1, 2019.

Interest payable in kind (by means of Negotiable Obligations due 2019) shall accrue at an annual fixed rate of 5%, beginning on January 1, 2004, and shall be payable on January 1, 2014 and January 1, 2019, unless these Negotiable Obligations are previously redeemed.

In January 2014, the company paid capitalized interest on Negotiable Obligations 2019 for the period from July 1, 2011 to December 31, 2013, for $ 28,675.

30

GRUPO FINANCIERO GALICIA S.A.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE PERIOD COMMENCED JANUARY 1, 2014 AND ENDED JUNE 30, 2014, PRESENTED IN COMPARATIVE FORMAT

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

The Company has the following Negotiable Obligations outstanding issued under these Global Programs as of the close of the period/fiscal year:

Company	Date of Placement	Currency	Class No.	F.V.		Type (**)	Term	Maturity Date	Rate	Book Value (*)				Issuance Authorized by the C.N.V.
										06.30.14		12.31.13
Grupo Financiero Galicia S.A.	08.28.12	$	III	$	78,075	Simple	18 Months	02.28.14	Variable Badlar Rate + 3.59%		—		80,750		08.08.12
Grupo Financiero Galicia S.A.	05.10.13	$	IV	$	220,000	Simple	18 Months	11.10.14	Variable Badlar Rate + 3.49%		228,447		222,897		04.25.13
Grupo Financiero Galicia S.A.	01.30.14	$	V Series I	$	101,800	Simple	18 months	07.31.15	Variable Badlar Rate + 4.25%		105,997		—		04.25.13
Grupo Financiero Galicia S.A.	01.30.14	$	V Series II	$	78,200	Simple	36 months	01.31.17	Variable Badlar Rate + 5.25%		82,098		—		04.25.13
Banco de Galicia y Bs. As. S.A.	05.04.11	US$	—	US$	300,000	Simple	84 months	—	(1)		2,462,409		1,973,564		11.04.05 and 11.11.10
Compañía Financiera Argentina S.A.	05.17.12	$	VI Series II	$	72,000	Simple	21 months	02.17.14	Variable Badlar Rate + 2.30%		—		24,567		05.08.12
Compañía Financiera Argentina S.A.	09.26.12	$	VII Series II	$	112,500	Simple	18 months	03.26.14	Variable Badlar Rate + 3.75%		—		111,713		09.13.12
Compañía Financiera Argentina S.A.	01.17.13	$	VIII Series II	$	157,800	Simple	18 months	07.17.14	Variable Badlar Rate + 4.40%		166,686		165,131		01.08.13
Compañía Financiera Argentina S.A.	04.23.13	$	IX Series I	$	45,000	Simple	270 days	01.18.14	Annual Nominal Fixed at 18.89%		—		46,637		04.12.13
Compañía Financiera Argentina S.A.	04.23.13	$	IX Series II	$	155,000	Simple	18 months	10.23.14	Variable Badlar Rate + 2.93%		162,815		160,998		04.12.13
Compañía Financiera Argentina S.A.	10.17.13	$	X Series I	$	26,143	Simple	9 months	07.14.14	Annual Nominal Fixed at 23.50%		27,416		27,102		09.27.13
Compañía Financiera Argentina S.A.	10.17.13	$	X Series II	$	124,000	Simple	18 months	04.17.15	Variable Badlar Rate + 4.25%		130,520		129,609		09.27.13
Compañía Financiera Argentina S.A.	04.16.14	$	XI Series I	$	49,900	Simple	9 months	01.11.15	Variable Badlar Rate + 2.97%		52,348		—		04.08.14
Compañía Financiera Argentina S.A.	04.16.14	$	XI Series II	$	150,100	Simple	18 months	10.16.15	Variable Badlar Rate + 4.30%		156,430		—		04.08.14
Tarjeta Naranja S.A.	01.28.11	US$	XIII	US$	200,000	Simple	72 months	01.28.17	Annual Nominal Fixed at 9%		1,694,424		1,347,015		01.14.11
Tarjeta Naranja S.A.	08.07.12	$	XVIII Series II	$	102,315	Simple	549 days	02.07.14	Variable Badlar Rate + 4%		—		106,401		07.26.12

(*) It includes principal and interest, net of eliminations when appropriate.

(**) Not convertible into shares.

(1) Interest agreed at an annual 8.75% rate shall be paid semiannually on May 4 and November 4 of each year until the maturity date, starting on November 4, 2011. The net proceeds from this issuance of negotiable obligations was applied to investments in working capital, other loans and other uses envisaged by the provisions of the Law on Negotiable Obligations and the Argentine Central Bank regulations.

31

GRUPO FINANCIERO GALICIA S.A.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE PERIOD COMMENCED JANUARY 1, 2014 AND ENDED JUNE 30, 2014, PRESENTED IN COMPARATIVE FORMAT

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

Company	Date of Placement	Currency	Class No.	F.V.		Type (**)	Term	Maturity Date	Rate	Book Value (*)				Issuance Authorized by the C.N.V.
										06.30.14		12.31.13
Tarjeta Naranja S.A.	10.30.12	$	XIX Series II	$	112,345	Simple	547 days	04.30.14	Variable Badlar Rate + 4.19%		—		117,719		10.19.12
Tarjeta Naranja S.A.	02.07.13	$	XX Series II	$	208,136	Simple	546 days	08.07.14	Variable Badlar Rate + 4.25%		210,350		217,085		01.24.13
Tarjeta Naranja S.A.	05.17.13	$	XXI Series II	$	201,800	Simple	549 days	11.17.14	Variable Badlar Rate + 4.39%		203,688		202,900		05.08.13
Tarjeta Naranja S.A.	08.09.13	$	XXII Series I	$	42,023	Simple	270 days	05.06.14	Annual Nominal Fixed at 21%		—		43,255		07.18.13
Tarjeta Naranja S.A.	08.09.13	$	XXII Series II	$	114,020	Simple	549 days	02.09.15	Variable Badlar Rate + 3.75%		118,647		117,297		07.18.13
Tarjeta Naranja S.A.	12.04.13	$	XXIII Series I	$	35,000	Simple	270 days	08.31.14	Annual Nominal Fixed at 24.50%		35,681		35,338		11.20.13
Tarjeta Naranja S.A.	12.04.13	$	XXIII Series II	$	152,174	Simple	547 days	06.04.15	Variable Badlar Rate + 4.50%		155,324		153,445		11.20.13
Tarjeta Naranja S.A.	02.26.14	$	XIV Series I	$	173,800	Simple	546 days	08.26.15	Variable Badlar Rate + 4%		175,304		—		02.14.14
Tarjeta Naranja S.A.	02.26.14	$	XXIV Series II	$	33,500	Simple	1096 days	02.26.17	Variable Badlar Rate + 5%		34,449		—		02.14.14
Tarjeta Naranja S.A.	04.30.14	$	XXV Series I	$	79,968	Simple	365 days	04.30.15	Variable Badlar Rate + 2.89%		83,656		—		04.21.14
Tarjeta Naranja S.A.	04.30.14	$	XXV Series II	$	170,032	Simple	731 days	04.30.16	Variable Badlar Rate + 4.15%		167,786		—		04.21.14
Tarjetas Cuyanas S.A.	07.31.12	$	VIII Series II	$	99,275	Simple	549 days	01.31.14	Variable Badlar Rate + 3.75%		—		102,089		07.18.12
Tarjetas Cuyanas S.A.	11.20.12	$	IX Series II	$	102,603	Simple	546 days	05.20.14	Variable Badlar Rate + 4.5%		—		105,632		11.06.12
Tarjetas Cuyanas S.A.	02.21.13	$	X Series II	$	153,168	Simple	546 days	08.21.14	Variable Badlar Rate + 4.19%		157,612		156,800		02.06.13
Tarjetas Cuyanas S.A.	06.19.13	$	XI Series I	$	13,370	Simple	270 days	03.16.14	Annual Nominal Fixed at 20.50%		—		13,222		05.17.13
Tarjetas Cuyanas S.A.	06.19.13	$	XI Series II	$	101,214	Simple	548 days	12.19.14	Variable Badlar Rate + 4.89%		100,927		101,791		05.17.13
Tarjetas Cuyanas S.A.	11.07.13	$	XII Series II	$	175,000	Simple	546 days	05.07.15	Variable Badlar Rate + 4.20%		174,819		180,919		10.28.13
Tarjetas Cuyanas S.A.	02.17.14	$	XIII Series I	$	173,200	Simple	546 days	08.17.15	Variable Badlar Rate + 4%		178,157		—		02.06.14

(*) It includes principal and interest, net of eliminations when appropriate.

(**) Not convertible into shares.

32

GRUPO FINANCIERO GALICIA S.A.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE PERIOD COMMENCED JANUARY 1, 2014 AND ENDED JUNE 30, 2014, PRESENTED IN COMPARATIVE FORMAT

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

Company	Date of Placement	Currency	Class No.	F.V.		Type (**)	Term	Maturity Date	Rate	Book Value (*)				Issuance Authorized by the C.N.V.
										06.30.14		12.31.13
Tarjetas Cuyanas S.A.	05.16.14	$	XIV Series I	$	54,250	Simple	365 days	05.16.15	Variable Badlar Rate + 3%		55,988		—		05.07.14
Tarjetas Cuyanas S.A.	05.16.14	$	XIV Series II	$	145,750	Simple	731 days	05.16.16	Variable Badlar Rate + 4.15%		148,596		—		05.07.14
Total											7,270,574		5,943,876

(*) It includes principal and interest, net of eliminations when appropriate.

(**) Not convertible into shares.

Furthermore, as of June 30, 2014 and December 31, 2013, the Bank holds past due Notes, the holders of which have not tendered to the restructuring offer as follows:

Date of Issuance	Currency	Residual F.V. (US$) as of 06.30.14		Type		Term		Rate			Book Value (*)				Issuance Authorized by the C.N.V.
											06.30.14		12.31.13
11.08.93	US$		840		Simple		10 years		9	%		14,619		11,470		10.08.93

(*) It includes principal and interest.

On February 27, 2013, the Company’s Board of Directors approved to begin the proceedings to increase the amount of the program. On April 25, 2013, the C.N.V. authorized to increase the maximum amount of issuance of the Global Program of Simple Notes, not convertible into shares, for up to a F.V. of US$ 100,000 or its equivalent in other currencies. On March 18, 2014, the Company requested the C.N.V. the extension of the aforementioned Program of Negotiable Obligations.

On May 8, 2013, the Company placed Class IV Notes for a face value of $ 220,000, for an 18-month term, the principal of which shall be amortized upon maturity and shall accrue interest at a variable Badlar rate, plus 3.49%, payable semiannually.

On January 30, 2014, the Company issued Class V Notes, in two Series: Series I for $ 101,800, maturing on July 31, 2015, and Series II, for $ 78,200, maturing on January 31, 2017, both with interest paid on a quarterly basis from April 30, 2014. Part of the subscription of Class V Notes was carried out through the payment in Class III Notes, with a face value of $ 20,622.

On February 28, 2014, the Company repaid Class III Notes through the payment of $ 64,302 as amortization of principal and the corresponding interest.

On May 8, 2014, through Resolution No. 17343, the C.N.V. decided to authorize the extension of the term of the Global Program for five (5) years.

As of June 30, 2014, the Bank records in its portfolio Notes due 2018 for the amount of $ 42,502, while as of December 31, 2013, it recorded Notes due 2018 for the amount of $ 33,741.

After period-end, Compañía Financiera Argentina S.A. repaid Class VIII, Series II, and Class X, Series I, Notes.

During July 2014, Tarjeta Naranja S.A. placed Class XXVI, Series I and Series II, Notes, for a total amount of $ 138,500 and $ 161,500, respectively. Series I, maturing in July 2015, shall accrue interest on a quarterly basis at Badlar rate plus 2.89%, and Series II, maturing in July 2016, shall accrue interest on a quarterly basis at Badlar rate plus 3.99%. Amortization shall be paid in only one installment upon maturity of each series.

33

GRUPO FINANCIERO GALICIA S.A.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE PERIOD COMMENCED JANUARY 1, 2014 AND ENDED JUNE 30, 2014, PRESENTED IN COMPARATIVE FORMAT

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

NOTE 17. OTHER LIABILITIES RESULTING FROM FINANCIAL BROKERAGE – OTHERS

As of June 30, 2014 and December 31, 2013, the breakdown of “Other Liabilities Resulting from Financial Brokerage – Others” was as follows:

	06.30.14		12.31.13
Collections and Other Transactions on Account of Third Parties		1,250,314		1,101,378
Liabilities due to Financing of Purchases		8,454,965		8,019,174
Other Withholdings and Additional Withholdings		725,439		613,098
IDB Credit Line “Global Credit Program for Micro, Small and Medium-sized Companies”		16,380		20,086
Correspondent Transactions on Our Account		74,599		70,451
FONTAR Credit Line to Fund Capital Goods		—		12,262
Liabilities Subject to Minimum Cash Requirements		107,519		139,380
Miscellaneous Liabilities not Subject to Minimum Cash Requirements		642,325		644,067
Commissions Accrued Payable		57,820		52,947
Others		62,060		52,663
Total		11,391,421		10,725,506

NOTE 18. MISCELLANEOUS LIABILITIES – OTHERS

As of June 30, 2014 and December 31, 2013, the breakdown of “Miscellaneous Liabilities – Others” was as follows:

	06.30.14		12.31.13
Sundry Creditors		593,795		536,252
Taxes Payable		1,354,160		1,149,486
Salaries and Social Security Contributions Payable		573,267		608,863
Others		162,943		158,016
Total		2,684,165		2,452,617

NOTE 19. PROVISIONS

As of June 30, 2014 and December 31, 2013, the breakdown of “Provisions” was as follows:

	06.30.14		12.31.13
Severance Payments		5,947		4,269
Contingent Commitments		612		2
Other Contingencies		286,253		286,492
Negative Goodwill		99,123		148,685
Differences due to Dollarization of Judicial Deposits		4,586		3,424
Total		396,521		442,872

34

GRUPO FINANCIERO GALICIA S.A.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE PERIOD COMMENCED JANUARY 1, 2014 AND ENDED JUNE 30, 2014, PRESENTED IN COMPARATIVE FORMAT

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

NOTE 20. OTHER LIABILITIES

The account “Other Liabilities” includes liabilities related to the insurance activity. As of June 30, 2014 and December 31, 2013, the breakdown of this account was as follows:

	06.30.14		12.31.13
Debts with Insureds		94,211		85,670
Debts with Reinsurers		1,915		7,732
Debts with Co-insurers		396		286
Debts with Insurance Brokers		37,351		30,092
Statutory Reserves		184,862		154,464
Others		9,920		9,244
Total		328,655		287,488

NOTE 21. MEMORANDUM ACCOUNTS – CONTROL DEBIT ACCOUNTS – OTHERS

As of June 30, 2014 and December 31, 2013, the breakdown of “Control Debit Accounts – Others” was as follows:

	06.30.14		12.31.13
Securities Held in Custody		29,011,489		26,175,532
Values for Collection		6,520,735		7,173,809
Security Agent Function		12,340,598		9,800,515
Others		3,060,858		1,780,963
Total		50,933,680		44,930,819

NOTE 22. TRUST AND SECURITY AGENT ACTIVITIES

a) 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, as fiduciary property, amounts to be applied according to the following breakdown:

Date of Contract	Trustor	Balances of Trust Funds				Maturity Date (1)
		$		US$
12.21.09	Las Blondas		5		—		09.30.14
12.07.10	Fondo Fiduciario Aceitero		3,548		—		12.31.14
07.26.11	Tecsan III		55,609		—		07.28.16
03.21.12	Latinoamericana III		4,720		—		04.30.15
03.29.12	Benito Roggio II		50,045		—		03.30.15
04.29.13	Profertil		2		116,500		04.30.18
07.01.13	Ribeiro		120,000		—		06.30.16
10.21.13	Sinteplast		4		—		10.27.16
11.13.13	Tecsan IV		95,938		—		04.28.15
12.20.13	Los Cipreses		594		—		12.28.16
12.28.13	Citricola Ayui		296		—		01.28.17
	Total		330,761		116,500

(1) These amounts shall be released monthly until settlement date of trustor obligations or maturity date, whichever occurs first.

35

GRUPO FINANCIERO GALICIA S.A.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE PERIOD COMMENCED JANUARY 1, 2014 AND ENDED JUNE 30, 2014, PRESENTED IN COMPARATIVE FORMAT

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

b) 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 Funds				Maturity Date
		$		US$
07.13.05	Rumbo Norte I		1		4		09.30.14	(3)
10.12.05	Hydro I		7,648		—		09.05.17	(2)
12.05.06	Faid 2011		22		—		09.30.14	(3)
12.06.06	Gas I		24,980		—		12.31.14	(3)
09.05.07	Saturno VII		27		—		09.30.14	(3)
05.06.08	Agro Nitralco II		1,191		—		12.31.14	(3)
05.14.09	Gas II		4,391,833		—		12.31.22	(3)
02.10.11	Cag S.A.		30,025		—		12.31.14	(3)
04.25.11	Faid 2015		38,466		—		02.29.16	(3)
06.08.11	Mila III		5,530		—		10.31.16	(3)
09.01.11	Mila IV		9,201		—		06.30.17	(3)
09.14.11	Cag S.A. II		18,278		—		12.31.14	(3)
10.07.11	Sursem III		77		—		09.30.14	(3)
05.31.12	Fideicred Agro Series I		52,657		—		09.30.14	(3)
12.27.12	Pla I		7,921		—		08.31.16	(3)
04.03.13	Welfas I		3,285		—		09.30.14	(3)
04.17.13	Sursem IV		6,465		—		10.31.14	(3)
09.18.13	Don Mario Semillas Series I		36,039		—		10.31.14	(3)
09.30.13	Fideicred Atanor I		56,376		—		01.31.15	(3)
11.05.13	Pla II		19,339		—		12.31.16	(3)
11.21.13	Comafi Prendas I		48,819		—		12.31.16	(3)
01.14.14	Fideicred Atanor II		83,887		—		09.30.14	(3)
02.13.14	Mila V		37,418		—		06.30.19	(3)
	Totals		4,879,485		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 trust assets.

c) Activities as Security Agent:

c.1) Under the terms and conditions for the issuance of Class I Notes for a F.V. of US$ 25,000 corresponding to INVAP S.E., the Bank 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 Notes, in order that the latter can guarantee compliance thereof until the redemption of such Notes.

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 June 30, 2014 amount to US$ 36,744 and $ 111, while as of December 31, 2013 said balances amounted to US$ 22,935 and $ 85.

c.2) The Bank was appointed Security Agent to custody of the National Treasury’s endorsement guarantees in favor of ENARSA (Energía Argentina S.A.) that were assigned in favor of Nación Fideicomisos S.A. in its capacity of Trustee of “ENARSA-BARRAGAN” and “ENARSA-BRIGADIER LOPEZ” financial trusts.

Said endorsement securely guarantees the payment of all obligations arising from the above-mentioned trusts.

The Bank, in its capacity as Security Agent, will take custody of 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 June 30, 2014 and December 31, 2013, the balances recorded from these transactions amount to US$ 1,364,097 and $ 408, respectively.

c.3) In April 2013, at the time of entering into the Contract for the Fiduciary Assignment and Trust for Guarantee Purposes “Profertil S.A.”, the Bank was appointed security agent with regard to the Chattel Mortgage Agreement, a transaction that was completed on June 18, 2013, which additionally secures all the obligations undertaken.

36

GRUPO FINANCIERO GALICIA S.A.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE PERIOD COMMENCED JANUARY 1, 2014 AND ENDED JUNE 30, 2014, PRESENTED IN COMPARATIVE FORMAT

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

As of June 30, 2014 and December 31, 2013, the balance recorded from these transactions amounts to US$ 116,500.

NOTE 23. ASSETS AND LIABILITIES IN FOREIGN CURRENCY

The balances of assets and liabilities in foreign currency (mainly in U.S. Dollars) as of June 30, 2014 and December 31, 2013 are detailed as follows.

Assets	06.30.14		12.31.13
Cash and Due from Banks		6,362,048		5,108,580
Government and Private Securities		1,270,946		1,022,866
Loans		4,002,350		2,912,322
Other Receivables Resulting from Financial Brokerage		911,615		633,389
Receivables from Financial Leases		26,939		27,536
Equity Investments		4,188		24,839
Miscellaneous Receivables		35,252		28,848
Unallocated Items		249		15
Other Assets		30		3,770
Total		12,613,617		9,762,165
Liabilities	06.30.14		12.31.13
Deposits		4,090,215		3,677,341
Other Liabilities Resulting from Financial Brokerage		6,829,339		5,095,556
Miscellaneous Liabilities		14,619		13,876
Subordinated Negotiable Obligations		1,916,614		1,656,297
Unallocated Items		43		17
Other Liabilities		2,323		5,816
Total		12,853,153		10,448,903

The management and mitigation of currency risk are described in Note 36 on risk management policies.

NOTE 24. BREAKDOWN OF THE ITEMS RECORDED UNDER “OTHERS” IN THE INCOME STATEMENT

Financial Expenses	06.30.14		06.30.13
Turnover Tax		674,375		435,324
Adjustment due to Forward Transactions in Foreign Currency Settled in Pesos		1,129		—
Premiums for Repo Transactions		10,098		8,671
Others		735		176
Total		686,337		444,171
Income from Services	06.30.14		06.30.13
Commissions from Cards		1,613,230		1,159,065
Commissions from Insurance		130,331		103,885
Others		513,084		331,984
Total		2,256,645		1,594,934
Expenses For Services	06.30.14		06.30.13
Turnover Tax		270,520		179,356
Related to Credit Cards		139,428		165,903
Others		190,537		134,203
Total		600,485		479,462

37

GRUPO FINANCIERO GALICIA S.A.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE PERIOD COMMENCED JANUARY 1, 2014 AND ENDED JUNE 30, 2014, PRESENTED IN COMPARATIVE FORMAT

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

Miscellaneous Income	06.30.14		06.30.13
Income from Sale of Bank Premises and Equipment		1,866		488
Income from Transactions with Miscellaneous Assets		2,962		1,843
Leases		563		1,017
Adjustments and Interest from Miscellaneous Receivables		70,488		20,071
Others		48,885		34,768
Total		124,764		58,187
Miscellaneous Losses	06.30.14		06.30.13
Adjustment to Interest on Miscellaneous Liabilities		321		357
Claims		15,797		11,106
Donations		10,979		8,586
Turnover Tax		8,213		3,970
Income from Financial Leases Taken on		373		729
Others		34,033		17,442
Total		69,716		42,190

NOTE 25. INCOME FROM INSURANCE ACTIVITIES

As of June 30, 2014 and 2013, the breakdown of “Income from Insurance Activities” was as follows:

	06.30.14			06.30.13
Premiums and Surcharges Accrued		776,191			596,539
Claims Accrued		(114,905	)		(68,358	)
Surrenders		(2,259	)		(2,466	)
Life and Ordinary Annuities		(1,741	)		(1,734	)
Underwriting and Operating Expenses		(33,423	)		(29,965	)
Reinsurance Management Expenses		(60,596	)		(44,948	)
Other Income and Expenses		3,945			(2,536	)
Total		567,212			446,532

NOTE 26. MINIMUM CAPITAL REQUIREMENTS

The Company is not subject to the minimum capital requirements established by the Argentine Central Bank.

Furthermore, the Company meets the minimum capital requirements established by the Corporations Law, which amount to $ 100.

Pursuant to the Argentine Central Bank regulations, the Bank is required to maintain a minimum capital, which is calculated by weighting risks related to assets and to balances of bank premises and equipment, miscellaneous and intangible assets.

As called for by the Argentine Central Bank regulations, as of June 30, 2014 and December 31, 2013, minimum capital requirements were as follows:

Date	Capital Required		Computable Capital		Computable Capital as a % of the Capital Requirement
06.30.14		6,594,928		8,698,382		131.90
12.31.13		5,690,525		7,512,978		132.03

38

GRUPO FINANCIERO GALICIA S.A.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE PERIOD COMMENCED JANUARY 1, 2014 AND ENDED JUNE 30, 2014, PRESENTED IN COMPARATIVE FORMAT

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

NOTE 27. EARNINGS PER SHARE

Below is a breakdown of the earnings per share as of June 30, 2014 and 2013:

	06.30.14		06.30.13
Income for the Period		1,523,945		660,740
Outstanding Ordinary Shares Weighted Average		1,300,265		1,241,407
Diluted Ordinary Shares Weighted Average		1,300,265		1,241,407
Earnings per Ordinary Share (*)
Basic		1.1720		0.5323
Diluted		1.1720		0.5323

(*) Figures stated in whole numbers.

NOTE 28. RESTRICTIONS IMPOSED ON THE DISTRIBUTION OF PROFITS

The Argentine Central Bank regulations require that 20% of the profits shown in the Income Statement at fiscal year-end, plus (or less), the adjustments made in previous fiscal years and, less, if any, the loss accumulated at previous fiscal year-end, be allocated to the legal reserve.

This proportion applies regardless of the ratio of the Legal Reserve fund to Capital Stock. In the event said reserve is reduced for any reason, no profits can be distributed until its total refund.

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 for a financial institution to be able to distribute profits, such 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.

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, the Argentine Central Bank requires that computable capital be in excess of the minimum capital requirements, equal to 75%.

Distribution of profits shall require the prior authorization of the Argentine Central Bank’s Superintendent of Financial and Foreign Exchange Institutions, whose intervention shall have the purpose of verifying the aforementioned requirements have been fulfilled.

In addition to the aforementioned restrictions established by the Argentine Central Bank, which are applicable to the Bank and Compañía Financiera Argentina S.A., pursuant to Section 70 of the Corporations Law, stock companies shall establish a reserve not lower than 5% of the realized and liquid profits shown in the Income Statement for the fiscal year, until 20% of the corporate capital is reached. In the event said reserve is reduced for any reason, no profits can be distributed until its total refund.

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 $ 300,000.

Pursuant to the Price Supplement of Class XIII Notes, as well as in accordance with certain financial loan contracts, Tarjeta Naranja S.A. has agreed not to distribute dividends that may exceed 50% of the company’s net income. This restriction also applies in the event of any excess over certain indebtedness ratios.

39

GRUPO FINANCIERO GALICIA S.A.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE PERIOD COMMENCED JANUARY 1, 2014 AND ENDED JUNE 30, 2014, PRESENTED IN COMPARATIVE FORMAT

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

NOTE 29. STATEMENT OF CASH FLOWS AND CASH EQUIVALENTS

Cash and due from banks and assets held with the purpose of complying with the short-term commitments undertaken, with a high level of liquidity, easily converted into known amounts of cash, subject to insignificant changes in value and with a maturity less than six (6) months from the date of the acquisition thereof, are considered to be cash and cash equivalents. The breakdown is as follows:

	06.30.14		12.31.13		06.30.13		12.31.12
Cash and Due from Banks		14,687,978		12,560,345		8,249,087		8,345,015
Instruments Issued by the Argentine Central Bank		3,917,365		1,909,979		1,249,116		2,202,108
Reverse Repo Transactions with the Argentine Central Bank		1,000,030		—		481,975		38,497
Interbank Loans - (Call Money Loans Granted)		238,208		179,000		102,000		84,000
Overnight Placements in Banks Abroad		545,719		586,123		458,102		277,528
Other Cash Placements		850,585		588,434		215,481		376,830
Cash and Cash Equivalents		21,239,885		15,823,881		10,755,761		11,323,978

NOTE 30. CONTRIBUTION TO THE DEPOSIT INSURANCE SYSTEM

Law No. 24485 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 of January 2011, said amount has been established at $ 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 the Bank, 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 it conducted. Deposits acquired through endorsement and placements made as a result of incentives other than interest rates are also excluded. This system has been implemented through the constitution of the Deposit Insurance Fund (“FGD”), which is managed by a company called Seguros de Depósitos S.A. (SE.DE.S.A.). SE.DE.S.A.’s shareholders 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 at 0.015% per month.

NOTE 31. NATIONAL SECURITIES COMMISSION (“C.N.V.”)

Within the framework of Resolution No. 622/13 and Circular Letter M.A.E. No. 120/2014, it is determined that registered brokers who have proceedings pending at the C.N.V. for their registration as agents shall be able to continue conducting transactions normally until the start of operations under the new category pursuant to the amended text of the regulations of the C.N.V. (text amended in 2013). The Bank shall continue conducting transactions under the current conditions since it complied with the requirements set forth in the aforementioned resolution. The Bank has requested to be registered as settlement and clearing agent and trading agent –comprehensive–, and manager of collective investment products at the registry of financial trustees, and as custodial agent of collective investment products corresponding to mutual funds.

As of June 30, 2014, the Bank’s Shareholders’ Equity exceeds that required by the C.N.V. to act as agent in the categories in which the Bank has already carried out the registration proceedings. Such requirement amounts to $ 26,500 with a minimum liquidity requirement of $ 13,250, which the Bank made up at the end of the period with Peso-denominated Bonds at Badlar rate due 2017 for the amount of $ 9,460, which are held in custody at Caja de Valores (Depositor No. 100100), and the remaining with a balance held in checking account No. 007 open at the Argentine Central Bank (See Note 15 to the consolidated financial statements). At the date of these financial statements, the Bank made up the total amount requested by depositing it in the aforementioned custody account.

40

GRUPO FINANCIERO GALICIA S.A.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE PERIOD COMMENCED JANUARY 1, 2014 AND ENDED JUNE 30, 2014, PRESENTED IN COMPARATIVE FORMAT

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

Furthermore, in compliance with Section 7 of Chapter II, Title V of that Resolution, in its capacity as custodial agent of collective investment products corresponding to mutual funds (depository) of the “FIMA ACCIONES”, “FIMA P.B. ACCIONES”, “FIMA RENTA EN PESOS”, “FIMA AHORRO PESOS”, “FIMA RENTA PLUS”, “FIMA PREMIUM”, “FIMA AHORRO PLUS”, “FIMA CAPITAL PLUS”, “FIMA ABIERTO PYMES” funds, as of June 30, 2014, the Bank holds a total of 3,453,954,834 units under custody for a market value of $ 7,088,903, which is included in the “Depositors of Securities Held in Custody” account. As of December 31, 2013, the securities held in custody totaled 3,506,326,870 units and their market value amounted to $ 6,655,021.

The balances of the Mutual Funds as of period/fiscal year-end are detailed as follows:

Mutual Fund	06.30.14		12.31.13
FIMA Acciones		52,886		29,223
FIMA P.B. Acciones		109,243		56,352
FIMA Renta en pesos		56,514		18,081
FIMA Ahorro en pesos		1,240,295		1,474,503
FIMA Renta Plus		60,959		27,004
FIMA Premium		2,397,378		2,164,601
FIMA Ahorro Plus		1,585,058		1,076,550
FIMA Capital Plus		1,551,211		1,773,606
FIMA Abierto PyMES		35,359		11,377
Fondos FIMA Liquidados		—		23,724
Total		7,088,903		6,655,021

NOTE 32. SECURED LIABILITIES FROM FORMER BANCO ALMAFUERTE COOP. LTDO.

Due to the dissolution of former Banco Almafuerte Coop. Ltdo., the Company has undertaken certain secured liabilities corresponding to 5 (five) branches of said institution, receiving a Class “A” Participation Certificate in Nues Trust, and it has participated in the creation of a Special Fund.

As of December 31, 2013, the balance of such Fund amounted to $ 170,688; and it was fully settled in January 2014.

NOTE 33. SETTING UP OF FINANCIAL TRUSTS

a) Financial trusts with the Bank as trustor:

Name	Creation Date	Estimated Maturity Date	Trustee	Trust Assets	Portfolio Transferred			Book Value of Securities Held in Own Portfolio
								06.30.14		12.31.13
Galtrust I	10.13.00	02.04.18	First Trust of New York N.A.	Secured Bonds in Pesos at 2% due 2018 (1)	US$	490,224	(*)		853,845		743,442
Galicia	04.16.02	05.06.32	Bapro Mandatos y Negocios S.A.	National Government Promissory Note Bonds in Pesos at 2% due 2014 (2)	$	108,000			—		142,806

(*) The remaining US$ 9,776 was transferred in cash.

(1) In exchange for loans to the Provincial Governments.

(2) In exchange for Secured Loans, paid during this period.

b) As of June 30, 2014 and December 31, 2013, the Bank records in its own portfolio participation certificates and debt securities from financial trusts amounting to $ 573,497 and $ 649,313, respectively.

41

GRUPO FINANCIERO GALICIA S.A.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE PERIOD COMMENCED JANUARY 1, 2014 AND ENDED JUNE 30, 2014, PRESENTED IN COMPARATIVE FORMAT

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

c) Compañía Financiera Argentina S.A. transferred part of its portfolio to create a trust:

Name	Creation Date	Estimated Maturity Date	Trustee	Trust Assets	Portfolio Transferred		Book Value of Securities Held in Own Portfolio
							06.30.14			12.31.13
Fideicomiso Financiero CFA Trust I	02.19.14	02.22.16	Deutsche Bank S.A.	Personal Loans	$	180,000	$	49,633	(*)		—

(*) It corresponds to Participation Certificates.

NOTE 34. SEGMENT REPORTING

The Company measures the performance of each of its business segments mainly in terms of “Net Income”. The segments defined are made up of one or more operating segments with similar economic characteristics, distribution channels and regulatory environments.

Below there is a description of each business segment’s composition:

Banks: It represents the banking business operations results and includes the results of operations of subsidiaries the Bank, Banco Galicia Uruguay S.A. (In liquidation) and Galicia Cayman S.A.

Regional Credit Cards: This segment represents the results of operations of the regional credit card business and includes the results of operations of Tarjetas del Mar S.A. and Tarjetas Regionales S.A. consolidated with its subsidiaries, as follows: Cobranzas Regionales S.A., Procesadora Regional S.A., Tarjeta Naranja S.A. and Tarjetas Cuyanas S.A.

Personal Loans – CFA: This segment includes the results of operations of Compañía Financiera Argentina S.A. and Cobranzas y Servicios S.A.

Insurance: This segment represents the results of operations of the insurance companies’ business and includes the results of operations of Sudamericana Holding S.A. consolidated with its subsidiaries, as follows: Galicia Retiro Cía. de Seguros S.A., Galicia Seguros S.A. and Galicia Broker Asesores de Seguros S.A.

Other Businesses: This segment shows the results of operations of Galicia Administradora de Fondos S.A. Sociedad Gerente de Fondos Comunes de Inversión, Galicia Warrants S.A. and Net Investment S.A.

Adjustments: This segment includes results of operations other than those related to the preceding segments and consolidation adjustments, eliminations corresponding to transactions conducted between consolidated companies and minority interest.

	Banks		Regional Credit Cards			Personal Loans - CFA		Insurance			Other Businesses		Adjustments			06.30.14
Net Financial Income		3,257,062		819,219			546,514		86,641			8,089		68,412			4,785,937
Net Income from Services		1,304,265		1,504,996			42,551		—			49,410		(378,470	)		2,522,752
Net Operating Income		4,561,327		2,324,215			589,065		86,641			57,499		(310,058	)		7,308,689
Provision for Loan Losses		650,546		423,988			173,936		—			—		—			1,248,470
Administrative Expenses		2,393,185		1,479,202			351,452		115,841			18,759		(15,311	)		4,343,128
Operating Income		1,517,596		421,025			63,677		(29,200	)		38,740		(294,747	)		1,717,091
Income from Insurance Companies’ Activities		—		—			—		212,282			—		354,930			567,212
Income from Equity Investments		515,911		(14,283	)		630		808			8		(451,839	)		51,235
Minority Interest		—		(31	)		—		—			—		(82,992	)		(83,023	)
Miscellaneous Income, Net		72,349		114,959			51,714		(677	)		1,076		(6,208	)		233,213
Net Income before Income Tax		2,105,856		521,670			116,021		183,213			39,824		(480,856	)		2,485,728
Income Tax		659,000		223,131			42,792		64,302			14,000		(41,442	)		961,783
Net Income for the Period		1,446,856		298,539			73,229		118,911			25,824		(439,414	)		1,523,945

42

GRUPO FINANCIERO GALICIA S.A.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE PERIOD COMMENCED JANUARY 1, 2014 AND ENDED JUNE 30, 2014, PRESENTED IN COMPARATIVE FORMAT

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

	Banks		Regional Credit Cards		Personal Loans - CFA		Insurance			Other Businesses		Adjustments			06.30.13
Net Financial Income		1,982,976		671,875		449,485		40,831			2,569		(87,558	)		3,060,178
Net Income from Services		926,886		1,250,096		61,253		—			21,068		(297,398	)		1,961,905
Net Operating Income		2,909,862		1,921,971		510,738		40,831			23,637		(384,956	)		5,022,083
Provision for Loan Losses		392,902		361,727		121,055		—			—		—			875,684
Administrative Expenses		1,914,401		1,228,875		308,543		88,314			12,536		(9,318	)		3,543,351
Operating Income		602,559		331,369		81,140		(47,483	)		11,101		(375,638	)		603,048
Income from Insurance Companies’ Activities		—		—		—		182,718			—		263,814			446,532
Income from Equity Investments		327,710		—		89		68			—		(283,633	)		44,234
Minority Interest		—		4		—		—			—		(100,478	)		(100,474	)
Miscellaneous Income, Net		18,400		93,198		40,065		(2,422	)		1,071		3,253			153,565
Net Income before Income Tax		948,669		424,571		121,294		132,881			12,172		(492,682	)		1,146,905
Income Tax		243,000		193,551		44,350		47,012			4,314		(46,062	)		486,165
Net Income for the Period		705,669		231,020		76,944		85,869			7,858		(446,620	)		660,740

The accounting measurement of assets and liabilities allocated to the above-mentioned segments is the following:

	06.30.14		12.31.13
Government and Private Securities		10,322,671		3,987,329
Loans		58,846,394		55,264,926
Other Receivables Resulting from Financial Brokerage		6,473,005		5,696,143
Receivables from Financial Leases		1,084,585		1,128,067
Other Assets		239,490		201,417
Total Assets		76,966,145		66,277,882
	06.30.14		12.31.13
Deposits		58,564,028		51,395,323
Other Liabilities Resulting from Financial Brokerage		23,393,021		19,333,341
Subordinated Negotiable Obligations		1,916,614		1,656,297
Other Liabilities		328,655		287,488
Total Liabilities		84,202,318		72,672,449

NOTE 35. CONTINGENCIES

TAX ISSUES

Banco de Galicia y Buenos Aires S.A.

At the date of these financial statements, provincial tax collection authorities, as well as tax collection authorities from 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.

As regards the assessment of tax collection authorities from Buenos Aires, within the framework of the legal actions brought by the Bank 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. (Governmental Public Revenue Authority) to refrain from starting tax enforcement proceedings or else requesting precautionary measures for such purpose until a final judgment is issued. The proceedings are currently pending a decision by the Argentine Federal Court of Appeals in Administrative Matters with regard to the appeal filed by the Bank against the decision issued on the core issue by the Court of First Instance in November 2013.

With regard to Buenos Aires’ claims on account of other items, the Bank 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.

43

GRUPO FINANCIERO GALICIA S.A.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE PERIOD COMMENCED JANUARY 1, 2014 AND ENDED JUNE 30, 2014, PRESENTED IN COMPARATIVE FORMAT

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

In connection with the assessments made by tax collection authorities from the Province of Buenos Aires, under the framework of some of the processes under discussion at the Provincial Tax Court’s stage, at this stage of proceedings the decision issued was: (i) unfavorable to the Bank’s request regarding the items not related to the Compensatory Bond, and (ii) favorable with regard to the non-taxability thereof. Therefore, the Bank adhered to the System for the Regularization of Tax Debts (Regulatory Decision No. 12 and related decisions), which envisages discounts on the amounts not related to the Compensatory Bond. The Bank’s adherence to such system was communicated within the framework of the respective cases before the corresponding judicial authorities. In turn, the authorities from the Province of Buenos Aires objected to the judgment rendered by the Provincial Tax Court with regard to the Compensatory Bond, and requested the Court of Appeals in Administrative Matters of La Plata to set such decision aside. The Bank entered an appearance and filed a motion for lack of jurisdiction, since it believes only the Argentine Supreme Court of Justice has jurisdiction to issue a decision on such a matter. On April 15, 2014, the aforementioned Court sustained the motion for lack of jurisdiction and ordered the proceedings to be filed. Thus, the controversy would appear to be finished. To date, the judgment is not yet final.

Furthermore, regarding the claims made by the different jurisdictions, the Bank 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 the Bank considers that it has complied with its tax liabilities in full pursuant to current regulations, provisions deemed adequate pursuant to the evolution of each proceeding have been set up.

Tarjetas Regionales S.A.

At the date of these consolidated financial statements, the Argentine Revenue Service (“A.F.I.P.”), Provincial Revenue Boards and Municipalities are in the process of conducting audits and assessments, in different degrees of completion, at the companies controlled by Tarjetas Regionales S.A. Said agencies have served notices and made claims regarding taxes applicable to Tarjetas Regionales S.A.’s subsidiaries. Therefore, the companies are taking the corresponding administrative and legal steps in order to resolve such issues. The original amount claimed for taxes totals approximately $ 15,302.

Based on their tax advisors’ opinions, the companies believe that the above-mentioned claims are both legally and technically groundless and that taxes related to the claims have been correctly calculated in accordance with current tax regulations in force and existing case law.

Compañía Financiera Argentina S.A.

The A.F.I.P. 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 $ 2,094.

In July 2013, the Federal Tax Court was notified the judgment sustaining the appeal filed by the company. Tax collection authorities later filed an appeal against the aforementioned judgment, which was answered by the company in December 2013. In May 2014, the Argentine Federal Court of Appeals in Administrative Matters rejected the appeal filed by the A.F.I.P, thus confirming the judgment issued by the Federal Tax Court, which was favorable to Compañía Financiera Argentina S.A. In June 2014, the A.F.I.P. filed an appeal before the Argentine Supreme Court of Justice.

Based on the information available at the date of these financial statements, the company foresees the decision to be issued by the Argentine Supreme Court of Justice shall not be different from the judgments issued by the other courts that heard the case.

Notwithstanding the foregoing, the companies have set up provisions deemed appropriate pursuant to the evolution of each proceeding.

44

GRUPO FINANCIERO GALICIA S.A.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE PERIOD COMMENCED JANUARY 1, 2014 AND ENDED JUNE 30, 2014, PRESENTED IN COMPARATIVE FORMAT

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

CONSUMER PROTECTION ASSOCIATIONS

Banco de Galicia y Buenos Aires S.A.

Consumer Protection Associations, on behalf of consumers, have filed claims against the Bank regarding the collection of certain financial charges.

Tarjeta Naranja S.A.

Tarjeta Naranja S.A. reached an agreement with the Consumer and User Protection Association of Argentina (Asociación de Defensa de los Consumidores y Usuarios de la Argentina – A.D.E.C.U.A.) on certain aspects related to amounts collected on account of life insurance on debt balances. This agreement was judicially approved. The court that heard the case later decided that Tarjeta Naranja S.A. should make additional reimbursements with regard to the aforementioned items. Tarjeta Naranja S.A. filed an appeal against this decision before the Court of Appeals, since the company considered it had carried out all the transactions in due time and manner.

In May 2014, Tarjeta Naranja S.A. was notified of the judgment that ordered it to reimburse part of what had already been collected on account of life insurance on debt balances. In turn, the A.D.E.C.U.A. filed an extraordinary appeal before the Argentine Court of Appeals. At the date of these financial statements, the outcome of the appeal filed by the aforementioned institution is unknown. Thus, the company has set up provisions for such claim.

The Bank considers that the resolution of these controversies will not have a significant impact on its financial condition.

NOTE 36. RISK MANAGEMENT POLICIES

The tasks related to risk information and internal control of each of the controlled companies are defined and carried out, rigorously. This particularly affects the Bank, where requirements are stringent as it is a financial institution regulated by the Argentine Central Bank. Apart from applicable local regulations, Grupo Financiero Galicia S.A., in its capacity as a listed company in the United States, complies with the certification of its internal controls pursuant to Section 404 of the Sarbanes Oxley Act (“Sarbanes-Oxley”). Corporate risk management is monitored by the Audit Committee, which as well gathers and analyzes the information submitted by the main controlled companies.

The specific function of the comprehensive management of the Bank’s risks has been allocated to the Risk Management Division, guaranteeing its independence from the rest of the business areas since it directly reports to the Bank’s General Division and, at the same time, it is involved in the decisions made by each area. In addition, the control and prevention of risks related to asset laundering, funding of terrorist activities and other illegal activities are allocated to the Anti-Money Laundering Unit Division. The aim of both divisions is to guarantee the Board of Directors that they are fully aware of the risks the Bank is exposed to, and they are in charge of designing and proposing the policies and procedures necessary to mitigate and control such risks.

The Risk Management Division is also in charge of monitoring compliance with the laws, regulations and internal policies applicable to the Bank, its affiliated companies and individuals, in order to prevent monetary and/or criminal penalties and to mitigate the impact on reputation.

The Bank has developed the Capital Adequacy Assessment Process (Proceso de Evaluación de Suficiencia de Capital - PESC) to assess the relationship between the Bank’s available resources and necessary resources to maintain an appropriate risk profile. This process should allow identifying both the economic capital needs for future fiscal years and the sources to meet such needs.

In turn, the Bank has developed a risk appetite framework, which has risk acceptance levels, both on an individual and a consolidated basis. Within this framework, ratios have been established, which are regularly submitted to the Risk Management Committee.

Each of these ratios has an excess threshold and related actions in case of deviations.

45

GRUPO FINANCIERO GALICIA S.A.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE PERIOD COMMENCED JANUARY 1, 2014 AND ENDED JUNE 30, 2014, PRESENTED IN COMPARATIVE FORMAT

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

FINANCIAL RISKS

Short- and medium-term financial risks are managed within the framework of policies approved by the Bank’s Board of Directors, which establishes limits to the different risk exposure and also considers their interrelation. Management is supplemented by “contingency plans” devised to face adverse market situations. Furthermore, “stress tests” that make it possible to assess risk exposure under historical and simulated scenarios are created, which identify critical levels of the different risk factors.

LIQUIDITY

Daily liquidity is managed according to the set strategy, which seeks to keep liquid resources adequate to mitigate the adverse effects caused by irregular variations in loans and deposits, in addition to coping with “stress” situations.

The current liquidity policy in force provides for setting limits and monitoring a) liquidity as it relates to stock: a level of “Management Liquidity Requirement” was established, taking into consideration the characteristics and behavior of the Bank’s different liabilities; and b) cash flow liquidity: gaps between the contractual maturities of consolidated financial assets and liabilities are analyzed and monitored. There is a cap for the gap between maturities, determined based on the gap accumulated against total liabilities permanently complied with during the first year.

Furthermore, the policy sets forth a contingency plan, by currency type, that determines the steps to be taken and the assets from which additional liquid resources can be obtained.

With the purpose of mitigating the liquidity risk that arises from deposit concentration per customer, the Bank has a policy that regulates the concentration of deposits among its main customers.

CURRENCY RISK

The Bank’s current 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 foreign currency which are lower than the liabilities denominated in such currency) for mismatches in currency, as a proportion of the Bank’s R.P.C., on a consolidated basis.

An adequate balance between assets and liabilities denominated in foreign currency is what characterizes the management strategy for this risk factor, seeking to achieve a full coverage of long-term asset-liability mismatches and allowing 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 (M.A.E. and RO.F.EX.) 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.

INTEREST RATE RISK

The Bank’s exposure to the “interest rate risk”, as a result of interest rate fluctuations and the different sensitivity of assets and liabilities, is managed according to the strategy approved. On the one hand, it considers a short-term horizon, seeking to keep the net financial margin within the levels set by the policy. On the other hand, it considers a long-term horizon, the purpose of which is to mitigate the negative impact on the economic value of the Bank’s Shareholders’ Equity in the face of changes in interest rates.

From a comprehensive viewpoint of risk exposure and contributing to including a “risk premium” in the pricing process, the aim is to systematically estimate the “economic capital” used up by the structural risk as per the financial statements (interest rate risk) and the contribution of the “price risk”, in its different expressions, to using up the capital.

MARKET RISK

Trading of and/or investment in government and corporate securities, currencies, derivatives and debt instruments issued by the Argentine Central Bank, which are listed on the capital markets and the value of which varies pursuant to the variation of the market prices thereof, are included within the policy which limits the maximum authorized losses for a fiscal year.

46

GRUPO FINANCIERO GALICIA S.A.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE PERIOD COMMENCED JANUARY 1, 2014 AND ENDED JUNE 30, 2014, PRESENTED IN COMPARATIVE FORMAT

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

The “price risk” (market) is daily managed according to the strategy approved, the purpose of which is to keep the Bank present in the different derivatives, variable- and fixed-income markets while obtaining the maximum return as possible on trading, without exposing the latter to excessive risk levels. Finally, the designed policy contributes to providing transparency and facilitates the perception of the risk levels to which it is exposed.

In order to measure and monitor risks derived from the variation in the price of financial instruments frequently listed in the secondary markets that form the trading securities portfolio, a model known as “Value at Risk” (also known as “VaR”) is used. This model measures, for the Bank individually, the possible loss that could be generated by the positions in securities and currencies under certain parameters. For financial instruments not frequently listed or with no representative listing in the secondary markets, the methodology known as DV01 is used. This consists in estimating the change of value of a portfolio, for variations of one interest rate percentage point.

CROSS-BORDER RISK

The Bank’s foreign trade transactions and management of “treasury” resources imply assuming cross-border risk positions. These exposures related to cross-border assets are in line with the Bank’s business and financial strategy, the purpose of which is to provide customers with an efficient commercial assistance and to improve the management of available liquid resources within an appropriate risk and yield environment.

TRANSFER RISK

The possibility of diversifying funding sources, as contemplated by the liquidity strategy, by obtaining resources in foreign capital markets, involves the possible exposure to potential regulatory changes that hinder or increase the cost of the transfer of foreign currency abroad to meet liability commitments. The policy that manages the risk of transferring foreign currency abroad thus contributes to the liquidity strategy and pursues the goal of reaching an adequate balance between liabilities payable to local counterparties and those payable to foreign counterparties in a return-risk proportion that is adequate for the Bank’s business and growth.

EXPOSURE TO THE NON-FINANCIAL PUBLIC SECTOR

With the purpose of regulating risk exposures with regard to the non-financial public sector, in the national, provincial and municipal jurisdictions, the Bank defined a policy which by design envisages risk exposures in each jurisdiction, as well as the “possible loss” of value related to such holdings.

CREDIT RISK

The Bank’s credit granting and analysis system is applied in a centralized manner and is based on the concept of “opposition of interests”, which takes place when risk management, credit and commercial duties are segregated, with respect to both retail and wholesale businesses. This allows an ongoing and efficient monitoring of the quality of assets, a proactive management of problem loans, aggressive write-offs of uncollectible loans and a conservative policy on allowances for loan losses.

Apart from that, this system includes the follow-up of the models for measuring the portfolio risk at the operation and customer levels, thus making it easier to detect problem loans and the related losses. This allows early detection of situations that can entail some degree of portfolio deterioration, appropriately safeguarding the Bank’s assets.

Credit risk management entails approving the credit risk policies and procedures, verifying compliance therewith and assessing credit risk on an ongoing basis.

As an outstanding aspect we can mention that the credit granting policy for retail banking focuses on automatic granting processes. These are based on behavior analysis models. The Bank is strongly geared towards obtaining portfolios with direct payroll deposit, which statistically have a better compliance behavior when compared to other types of portfolios.

As for the wholesale banking, credit granting is based on analyses conducted on credit, cash flow, balance sheet, and capacity of the applicant. These are supported by statistical rating models and qualitative adjustment models for corporate businesses.

Internal policies were implemented regarding concentration per customer/group, acceptance and concentration per internal rating and review-by-sector. The latter determines the levels of review for the economic activities belonging to the private-sector portfolio according to the concentration they show with regard to the Bank’s total credit and/or R.P.C.

47

GRUPO FINANCIERO GALICIA S.A.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE PERIOD COMMENCED JANUARY 1, 2014 AND ENDED JUNE 30, 2014, PRESENTED IN COMPARATIVE FORMAT

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

The Credit Risk Management Division also constantly monitors its portfolio through different indicators (asset quality of the loan portfolio, provision for the non-accrual portfolio, non-performance, roll rates, etc.), as well as the classification and concentration thereof (through maximum ratios between the exposure to each customer, its own computable capital or “R.P.C.” or regulatory capital, and that of each customer). The loan portfolio classification as well as its concentration control was carried out following the Argentine Central Bank regulations.

OPERATIONAL RISK

Pursuant to the best practices and the guidelines determined by the Argentine Central Bank, the Bank has the Operational Risk Unit, through which it has implemented the Operational Risk Management Framework. This framework includes the Bank’s policies, practices, procedures and structures for the appropriate management of Operational Risk.

Operational Risk is the risk because of external events. It includes legal risk, but does not include strategic and reputational risks.

The Bank manages operational risk inherent to its products, activities, processes and material systems, technology and information security processes, as well as risks derived from subcontracted activities and from services rendered by providers. Such management includes the identification, assessment, monitoring, control and mitigation of operational risks.

Before launching or introducing new products, activities, processes or systems, the Bank makes sure its operational risks are appropriately assessed.

The Bank has the necessary structure and resources to be able to determine the operational risk profile and thus take the corresponding corrective measures, complying with the regulations set forth by the Argentine Central Bank on guidelines for operational risk management in financial institutions and operational risk events database.

The minimum capital requirement with regard to the operational risk is determined according to the Argentine Central Bank regulations.

An appropriate management of operational risks also helps improve customer service quality.

In compliance with Communiqué “A” 5398, securitization, concentration, reputational and strategic risks were identified as significant risks, and a computation and measurement method was developed, which is currently being implemented. These risks, together with those mentioned previously, were included in the Capital Adequacy Assessment Report (I.A.C., as per its acronym in Spanish), within the framework of Communiqué “A” 5515.

SECURITIZATION RISK

Securitization is an alternative source of financing and a mechanism for the transfer of risks to investors. Notwithstanding the foregoing, securitization activities and the fast innovation with regard to the techniques and instruments used in such activities also generate new risks, including the following:

i) Credit, market, liquidity, concentration, legal and reputational risks, due to the securitization positions held or invested, including, among others, liquidity facilities and credit enhancement granted; and

ii) Credit risk due to the underlying exposures with regard to securitization.

CONCENTRATION RISK

Risk concentration has to do with the exposures or groups of exposure with similar characteristics, for instance when they belong to the same debtor, counterparty or guarantor, geographic area or economic sector; or because they are secured by the same type of assets used as collateral, with the possibility of generating:

i) Losses with regard to income, regulatory capital, assets or the global risk level, that are significant enough to affect the financial strength of the financial institution or its ability to keep the financial institution’s main transactions; and

ii) A major change in the financial institution’s risk profile.

REPUTATIONAL RISK

Reputational risk is defined as the risk associated with a negative perception of the financial institution by customers, counterparties, shareholders, investors, account holders, market analysts and other significant market players, which adversely affects the financial institution’s ability to keep existing business relationships or establish new relationships, and continue having access to funding sources such as the interbank market or the securitization market.

48

GRUPO FINANCIERO GALICIA S.A.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE PERIOD COMMENCED JANUARY 1, 2014 AND ENDED JUNE 30, 2014, PRESENTED IN COMPARATIVE FORMAT

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

STRATEGIC RISK

Strategic risk is that which arises from an inappropriate business strategy or an adverse change in forecasts, parameters, goals and other functions that support such strategy. Even though estimating this risk is complex, institutions must develop new management techniques that include all the related aspects.

ASSET LAUNDERING, FUNDING OF TERRORIST ACTIVITIES AND OTHER ILLEGAL ACTIVITIES RISK

As regards the control and prevention of asset laundering and the funding of terrorist activities, the Bank complies with the regulations set forth by the Argentine Central Bank, the Financial Information Unit and Law No. 25246, as amended, which creates the Financial Information Unit (U.I.F. as per its initials in Spanish - Unidad de Información Financiera), under the jurisdiction of the Ministry of Justice and Human Rights with functional autarchy. The Financial Information Unit is in charge of analyzing, addressing and reporting the information received, in order to prevent and avoid both asset laundering and the funding of terrorist activities.

The Bank has promoted the implementation of measures designed to fight against the use of the international financial system by criminal organizations. For such purposes, the Bank has control policies, procedures and structures that are applied using a “risk-based approach”, which allow monitoring transactions, pursuant to the “customer profile” (defined individually based on the information and documentation related to the economic, financial and tax condition of the customer), in order to detect such transactions that should be considered unusual, and to report them before the U.I.F. in the cases that may correspond. The Anti-Money Laundering Unit (“U.A.L.” as per its initials in Spanish – Unidad Antilavado) is in charge of managing this activity, through the implementation of control and prevention procedures as well as the communication thereof to the rest of the organization by drafting the related handbooks and training all employees. In addition, the management of this risk is regularly reviewed by Internal Audit.

The Bank has appointed a director as Compliance Officer, pursuant to Resolution 121/11 of the U.I.F., who shall be responsible for ensuring compliance with and implementation of the proceedings and obligations on the issue.

The Bank contributes to the prevention and mitigation of risks from transaction-related criminal behaviors by being involved in the international regulatory standards adoption process.

In compliance with Communiqué “A” 5394 issued by the Argentine Central Bank, in its website (http://www.bancogalicia.com.ar), inside the “Conózcanos” tab within “Información Corporativa”, the Bank has a document entitled “Disciplina de Mercado – Requisitos mínimos de divulgación”, where there is information related to the structure and adequacy of regulatory capital, the exposure to the different risks and the management thereof.

NOTE 37. CORPORATE GOVERNANCE TRANSPARENCY POLICY

GRUPO FINANCIERO GALICIA S.A.

Grupo Financiero Galicia S.A.’s Board of Directors is the Company’s highest management body. It is made up of nine (9) directors and four (4) alternate directors, who must have the necessary knowledge and skills to clearly understand their responsibilities and duties within the corporate governance, and to act with the loyalty and diligence of a good businessman.

As set out in its bylaws, the term of office for both directors and alternate directors is three (3) years; they are partially changed every year and may be reelected indefinitely.

The Company complies with the appropriate standards regarding total number of directors, as well as the number of independent directors. Furthermore, its bylaws provide for the flexibility necessary to adapt the number of directors to the possible changes in the conditions in which the Company carries out its activities, from three to nine directors.

The Board of Directors complies, in every relevant aspect, with the recommendations included in the Code on Corporate Governance as schedule IV to Title IV of the regulations issued by the National Securities Commission (text amended in 2013).

It also monitors the application of the corporate governance policies provided for by the regulations in force through the Audit Committee and the Committee for Information Integrity. Periodically, the Committees provide the Board of Directors with information, and the Board gets to know the decisions of each Committee. What is appropriate is transcribed in the minutes drafted at the Board of Directors’ meetings.

49

GRUPO FINANCIERO GALICIA S.A.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE PERIOD COMMENCED JANUARY 1, 2014 AND ENDED JUNE 30, 2014, PRESENTED IN COMPARATIVE FORMAT

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

The Audit Committee set by Capital Markets Law No. 26831 and the C.N.V.’s regulations is formed by three (3) directors, two of whom are independent directors, and the Committee for Information Integrity’s mission is to comply with the provisions of Sarbanes-Oxley.

Basic Holding Structure

The Company is the holding company of a group whose main asset is the controlling equity interest in the Bank. The latter, as a banking institution, is subject to certain regulatory restrictions imposed by the Argentine Central Bank. In particular, the Bank can only hold a 12.5% interest in the capital stock of companies that do not carry out activities considered supplementary by the Argentine Central Bank. Therefore, the Company holds, either directly or indirectly, the remaining interests in several companies. In addition, the Company indirectly holds a number of equity investments in supplementary companies that belong to the Bank as controlling company.

It is worth noting that the Company is a company whose purpose is solely to conduct financial and investment activities as per Section 31 of the Corporations Law, that is to say, it is a holding company whose activity involves managing its equity investments, assets and resources. This explains its limited personnel structure, as well as the fact that many of the business organization requirements, common for large institutions, cannot be applied.

One should note that the Company is technically under the control of a holding company, EBA Holding S.A., because the latter holds the majority of votes at the Shareholders’ Meetings, although it does not have any managerial functions over the Company and the Company has no group relationship with EBA Holding S.A. No director of EBA Holding S.A. is a director of Grupo Financiero Galicia S.A.

Compensation Systems

Directors’ compensation is defined by the General Shareholders’ Meeting and is fixed within the limits established by law and the corporate bylaws.

The Audit Committee expresses its opinion on whether compensation proposals for Directors are reasonable, taking into consideration market standards.

Business Conduct Policy

The Company has consistently shown respect for the rights of its shareholders, reliability and accuracy in the information provided, transparency as to its policies and decisions, and caution with respect to the disclosure of strategic business issues.

Code of Ethics

The Company has a formally approved Code of Ethics that guides its policies and activities. It considers business objectivity and conflict-of-interests-related aspects, and how the employee should act upon identifying a breach of the Code of Ethics.

BANCO DE GALICIA Y BUENOS AIRES S.A.

The Company’s Board of Directors is the Bank’s highest management body. It is made up of seven (7) directors and five (5) alternate directors, who must have the necessary knowledge and skills to clearly understand their responsibilities and duties within the corporate governance, and to act with the loyalty and diligence of good businessmen.

The Bank complies with the appropriate standards regarding total number of directors, as well as number of independent directors. Furthermore, its bylaws provide for the flexibility necessary to adapt the number of directors to the possible changes in the conditions in which the Bank carries out its activities, from three to nine directors.

The General Shareholders’ Meeting has the power to establish the number of directors, both independent and non-independent ones, and appoint them. Out of the seven directors, two are independent. In addition, three of the alternate directors are independent. The independence concept is defined in the regulations set forth by the C.N.V. and the Argentine Central Bank regulations.

As regards prevention of conflicts of interest, the provisions set forth in the Corporations Law and the Capital Markets Law are applicable.

50

GRUPO FINANCIERO GALICIA S.A.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE PERIOD COMMENCED JANUARY 1, 2014 AND ENDED JUNE 30, 2014, PRESENTED IN COMPARATIVE FORMAT

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

As set out in the bylaws, the term of office for both directors and alternate directors is three years; two thirds of them (or a fraction of at least three) are changed every year and may be reelected indefinitely.

The Board of Directors’ meeting is held at least once a week and when required by any director. The Board of Directors is responsible for the Bank’s general management and makes all the necessary decisions to such end. The Board of Directors’ members also take part, to a higher or lesser extent, in the commissions and committees created. Therefore, they are continuously informed about the Bank’s course of business and become aware of the decisions made by such bodies, as transcribed into minutes.

Additionally, the Board of Directors receives a monthly report prepared by the General Manager, the purpose of which is to report the material issues and events addressed at the different meetings held between him and Senior Management. The Board of Directors becomes aware of such reports, as evidenced in the minutes.

In connection with directors’ training and development, the Bank has a program, which is reviewed every six months, whereby they regularly attend courses and seminars of different kinds and subjects.

It may be said that the Bank’s executives, including directors, have provided updated knowledge and skills, and that the Board of Directors’ performance is the most effective, which corresponds with the current dynamics of this body.

According to the activities carried out by the Bank, effective laws and corporate strategies, the following commissions and committees have been created to achieve an effective control over all activities performed by the Bank:

- Risk Management Committee.

It is in charge of approving risk management strategies, policies, processes and procedures, with the related contingency plans, establishing the specific limits for each risk exposure and approving, when appropriate, temporary limit excesses and becoming aware of each risk position and compliance with policies.

- Credit Committee.

This committee’s function is to review loans greater than $ 90,000 and all loans to be granted to financial institutions (local or foreign) and related customers.

- Asset and Liability Management Committee.

It is in charge of analyzing the growth of the Bank’s business from a financial perspective regarding fundraising and its placement in different assets. This committee is also responsible for the follow-up and control of liquidity and interest-rate and currency mismatches. It is also in charge of analyzing and recommending business areas, measures related to the management of interest-rate and currency mismatches, and maturity gaps in order to maximize financial and foreign exchange income within acceptable parameters of risk and use of capital, and proposing changes to such parameters, as deemed necessary, to the Board of Directors.

- Information Technology Committee.

It is in charge of supervising and approving new systems’ development plans and budgets, as well as supervising these systems’ budget controls. It is also responsible for approving the general design of the systems’ structure, the main processes and systems implemented, and quality supervision.

- Audit Committee (Argentine Central Bank).

The Audit Committee is responsible for helping, within the framework of its specific functions, the Board of Directors with: (1) internal controls, individual and corporate risk management and compliance with the standards established by the Bank, the Argentine Central Bank and effective laws; (2) the issuance of financial statements; (3) the external auditor’s suitability and independence; (4) the Internal and External Audit’s performance; (5) the solution to the observations made by the Internal and External Audits, the Argentine Central Bank and other regulatory agencies; and (6) evaluation and approval of the follow-up of the implementation of recommendations. It is also responsible for coordinating the Internal and External Audit functions.

- Audit Committee (National Securities Commission).

Public companies are required to have an Audit Committee. This committee’s mission is to provide the Board of Directors with assistance in overseeing the financial statements, as well as in the task of controlling the Bank and its controlled companies and the companies it owns a stake in.

- Committee for the Control and Prevention of Money Laundering and Funding of Terrorist Activities.

Its mission is to plan, coordinate and ensure compliance with the policies on anti-money laundering and funding of terrorist activities set and approved by the Board of Directors, taking into consideration effective regulations. It is also responsible in this regard for designing internal controls, personnel training plans and ensuring compliance by the Internal Audit.

51

GRUPO FINANCIERO GALICIA S.A.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE PERIOD COMMENCED JANUARY 1, 2014 AND ENDED JUNE 30, 2014, PRESENTED IN COMPARATIVE FORMAT

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

- Committee for Information Integrity.

Its mission is to comply with the provisions of Sarbanes-Oxley.

- Human Resources Committee.

It is in charge of promotions and appointments, transfers, turnovers, development, staff and compensation for the personnel included in nine salary levels and above.

- Planning and Management Control Committee.

It is in charge of analyzing, defining and following up with the consolidated balance sheet and income statement.

- Business and Segment Management Committee.

It is in charge of analyzing, defining and following businesses and segments.

- Crisis Committee.

It is in charge of evaluating the situation upon facing a liquidity crisis and deciding the steps to be implemented to tackle it.

- Finance Committee – Consumer Banking.

It is in charge of analyzing the financial evolution and the funding needs of companies devoted to the provision of financing to consumers, as well as analyzing the evolution of the credit portfolio.

The Bank considers the General Manager and Division Management reporting to the General Manager as Senior Management. These are detailed as follows:

- Retail Banking Division

- Wholesale Banking Division

- Finance Division

- Comprehensive Corporate Services Division

- Organizational Development and Human Resources Division

- Risk Management Division

- Credit Division

- Strategic Planning and Management Control Division

Senior Management’s main duties are as follows:

- Ensure that the Bank’s activities are consistent with the business strategy, the policies approved by the Board of Directors and the risks to be assumed.

- Implement the necessary policies, procedures, processes and controls to manage operations and risks cautiously, meet the strategic goals set by the Board of Directors and ensure that the latter receives material, full and timely information so that it may assess management and analyze whether the responsibilities assigned are effectively fulfilled.

- Monitor the managers from different divisions, in line with the policies and procedures set by the Board of Directors and establish an effective internal control system.

Basic Holding Structure

The Bank’s majority shareholder is the Company. In turn, the Bank holds equity investments in supplementary companies as controlling company, as well as minority interests in companies whose controlling company is its own controlling company. From a business point of view, this structure allows the Bank to take advantage of significant synergies that guarantee the loyalty of its customers and additional businesses. All business relationships with these companies, whether permanent or occasional in nature, are fostered under the normal and usual market conditions and this is true when the Bank holds either a majority or minority interest. Grupo Financiero Galicia S.A.’s Board of Directors submits to the Shareholders’ Meeting’s vote which shall be Grupo Financiero Galicia’s vote, in its capacity as controlling company, at Banco de Galicia y Buenos Aires’s Shareholders’ Meeting. The same method of transparency and information as to its controlled companies and companies it owns a stake in is applied at the Bank’s Shareholders’ Meetings, which are always attended by directors and officers thereof and the Board of Directors always provides detailed information about the Company’s activities.

52

GRUPO FINANCIERO GALICIA S.A.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE PERIOD COMMENCED JANUARY 1, 2014 AND ENDED JUNE 30, 2014, PRESENTED IN COMPARATIVE FORMAT

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

Business Conduct Policy and/or Code of Ethics

The Bank has a formally approved Code of Ethics that guides its policies and activities. It considers business objectivity and conflict-of-interests-related aspects, and how the employee should act upon identifying a breach of the Code of Ethics, with the involvement of the Organizational Development and Human Resources Management.

Information Related to Personnel Economic Incentive Practices

The Human Resources Committee, composed of two Directors, the Managing Director and the Organizational Development and Human Resources Division Manager, is in charge of establishing the compensation policy for the Bank’s personnel.

It is the policy of the Bank to manage the full compensation of its personnel based on the principles of fairness, meritocracy and justice, within the framework of the legal regulations in force.

The aim of this policy is to provide an objective and fair basis, through the design and implementation of tools for the management of the fixed and variable compensation paid to each employee, based on the scope and complexity of each position’s responsibilities, individual performance with regard to compliance thereof, contribution to the Bank’s results and conformity to market values, with the purpose of:

– Attracting and creating loyalty with regard to quality personnel suitable for the achievement of the business strategy and goals.

– Being an individual motivation means.

– Easing the decentralized management of compensation administration.

– Allowing the effective budget control of personnel costs.

– Guaranteeing internal fairness.

In order to monitor and guarantee both external and internal fairness with regard to the payment of fixed and variable compensation, the Compensation area uses, and puts at the disposal of the Senior Management and the Human Resources Committee, market surveys published by consulting firms specialized in compensation issues, pursuant to the market positioning policies defined by the management division for the different corporate levels.

With the purpose of gearing individuals towards the achievement of attainable results that contribute to the global performance of the Bank/Area, and to the increase in motivation for the common attainment of goals, differentiating individual contribution, the Bank has different variable compensation systems:

1. Business Incentives and/or Incentives through Commissions system for business areas.

2. Annual Bonus System for management levels, officers and the rest of the employees who are not included in the business incentives system. The annual bonus is determined based on individual performance and the Bank’s results, and is paid in the first quarter of the next fiscal year. To determine the variable compensation for the senior management and middle management, the Bank uses the Management Performance Assessment System. This system has been designed including both qualitative and quantitative K.P.I. (Key Performance Indicators). In particular, quantitative Key Performance Indicators are designed respecting at least three minimum aspects:

– Results.

– Business volume or size.

– Projections: Indicators that protect the business for the future (For example: Quality, internal and external customer satisfaction, risk coverage, work environment, etc.).

The significance or impact of each of them is monitored and adjusted yearly pursuant to the strategy approved by the Board of Directors.

53

GRUPO FINANCIERO GALICIA S.A.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE PERIOD COMMENCED JANUARY 1, 2014 AND ENDED JUNE 30, 2014, PRESENTED IN COMPARATIVE FORMAT

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

The interaction among these three aspects seeks to make incentives related to results and growth consistent with the risk thresholds determined by the Board of Directors.

In turn, there is no deferred payment of variable compensation subject to the occurrence of future events or in the long term, taking into consideration that the business environment in the Argentine financial system is characterized by being mainly transactional, with lending and borrowing transactions with a very short seasoning term.

Annual budget and management control – the latter carried out monthly in a general manner and quarterly in a more detailed manner – include different risk ratios, including the ratio between compensation and risks undertaken.

Variable compensation is only paid in cash. There are no payments in shares.

Every change to this policy is submitted to the Bank’s Human Resources Committee for its consideration.

NOTE 38. CREDIT LINES FOR THE PRODUCTIVE INVESTMENT

The Argentine Central Bank established the conditions to grant loans under the program “Credit Lines for the Productive Investment”, aimed at financing specific-purposes investment projects. The minimum conditions for the placement of the aforementioned line of credit are as follows:

2012 Quota: Amount equivalent to 5% of the monthly average of daily balances of deposits in the non-financial private sector in Pesos for June 2012.

2013 Quota, first and second tranches: Amount equivalent to 5% of the deposits mentioned in the previous paragraph calculated with regard to the balance at the end of November 2012 and May 2013, respectively.

2014 Quota, first and second tranches: Amount equivalent to 5% and 5.50% of the aforementioned deposits calculated with regard to the balance at the end of November 2013 and May 2014, respectively.

The interest rate to be earned by financial institutions shall be up to a fixed nominal 15.01% rate per annum for the 2012 quota, a fixed nominal 15.25% rate per annum for the 2013 quota (both tranches), a fixed nominal 17.50% rate per annum for the first tranche of the 2014 quota, and of up to 19.50% for the second tranche of the 2014 quota, at least for three (3) years. With regard to the remaining term, a variable rate not to exceed Badlar rate plus 400 basis points may be applied for the 2012 and 2013 quotas, and a rate not to exceed Badlar rate plus 300 basis points may be applied for the 2014 quota.

The Bank has complied with the placement of the above-mentioned loans, in accordance with the conditions set forth by the Argentine Central Bank.

54

GRUPO FINANCIERO GALICIA S.A.

BALANCE SHEET

AS OF JUNE 30, 2014 AND DECEMBER 31, 2013

(Figures Stated in Thousands of Pesos)

	Notes	Schedules	06.30.14		12.31.13
Assets
Current Assets
Cash and Due from Banks	2	G		40		327
Investments	9 and 11	D and G		5,892		10,416
Other Receivables	3, 9 and 11	G		27,825		28,886
Total Current Assets				33,757		39,629
Non-current Assets
Other Receivables	3, 9, 11 and 13	E and G		83,200		66,683
Investments	9	B and C		8,848,202		7,202,304
Fixed Assets		A		1,206		1,348
Total Non-current Assets				8,932,608		7,270,335
Total Assets				8,966,365		7,309,964
Liabilities
Current Liabilities
Financial Debt	4, 9, 11 and 15			299,650		336,728
Salaries and Social Security Contributions	5 and 9			1,110		3,218
Tax Liabilities	6 and 9			18,584		17,927
Other Liabilities	7, 9 and 11	G		34,436		4,856
Total Current Liabilities				353,780		362,729
Non-current Liabilities
Financial Debt	4, 9 and 15			180,000		—
Other Liabilities	7 and 9			6		6
Total Non-current Liabilities				180,006		6
Total Liabilities				533,786		362,735
Shareholders’ Equity (per Related Statement)				8,432,579		6,947,229
Total Liabilities and Shareholders’ Equity				8,966,365		7,309,964

The accompanying notes 1 to 16 and schedules A, B, C, D, E, G and H are an integral part of these financial statements.

55

GRUPO FINANCIERO GALICIA S.A.

BALANCE SHEET – MEMORANDUM ACCOUNTS

AS OF JUNE 30, 2014 AND DECEMBER 31, 2013

(Figures Stated in Thousands of Pesos)

	Notes	Schedules	06.30.14		12.31.13
Unused Overdrafts	11			62,704		158,343
Total				62,704		158,343

The accompanying notes 1 to 16 and schedules A, B, C, D, E, G and H are an integral part of these financial statements.

56

GRUPO FINANCIERO GALICIA S.A.

INCOME STATEMENT

FOR THE PERIOD COMMENCED JANUARY 1, 2014 AND ENDED JUNE 30, 2014, PRESENTED IN COMPARATIVE FORMAT

(Figures Stated in Thousands of Pesos)

	Notes			Schedules	06.30.14			06.30.13
Net Income on Investments in Related Institutions						1,568,622			763,004
Administrative Expenses		11		H		(15,650	)		(18,138	)
Financial and Holding Loss		11				(30,583	)		(82,610	)
Generated by Assets						25,676			(50,409	)
Interest
On Special Checking Account Deposits						1			8
On Mutual Funds						2,803			8
On Time Deposits		(*)				11			—
On Promissory Notes Receivable		(*)				11			86
Income from Shares						—			(2,411	)
Loss from Government and Corporate Securities						3,411			(57,215	)
Foreign Exchange Income						19,439			9,115
Generated by Liabilities						(56,259	)		(32,201	)
Interest
On Financial Debt		(	*)			(55,599	)		(23,024	)
Others						(151	)		(84	)
Foreign Exchange Loss						(509	)		(9,093	)
Other Income and Expenses - Income (Loss)						1,556			(1,516	)
Net Income before Income Tax						1,523,945			660,740
Income Tax		13				—			—
Net Income for the Period		14				1,523,945			660,740

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

The accompanying notes 1 to 16 and schedules A, B, C, D, E, G and H are an integral part of these financial statements.

57

GRUPO FINANCIERO GALICIA S.A.

STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY

FOR THE PERIOD COMMENCED JANUARY 1, 2014 AND ENDED JUNE 30, 2014, PRESENTED IN COMPARATIVE FORMAT

(Figures Stated in Thousands of Pesos)

Item	Shareholders’ Contributions (*)										Retained Earnings (**)							Total Shareholders’ Equity
	Capital Stock		Capital Adjustment		Premium for Negotiation of Shares in Own Portfolio		Additional Paid-in Capital		Total		Legal Reserve		Discretionary Reserve		Unappropriated Retained Earnings
Balances as of 12.31.12		1,241,407		278,131		606		—		1,520,144		133,254		1,880,465		1,336,215			4,870,078
Distribution of Unappropriated Retained Earnings (1)
Legal Reserve		—		—		—		—		—		66,811		—		(66,811	)		—
Discretionary Reserve		—		—		—		—		—		—		1,245,054		(1,245,054	)		—
Cash Dividends		—		—		—		—		—		—		—		(24,350	)		(24,350	)
Income for the Period		—		—		—		—		—		—		—		660,740			660,740
Balances as of 06.30.13		1,241,407		278,131		606		—		1,520,144		200,065		3,125,519		660,740			5,506,468
Balances as of 12.31.13		1,300,265		278,131		606		218,990		1,797,992		200,065		3,125,519		1,823,653			6,947,229
Distribution of Unappropriated Retained Earnings (2)
Legal Reserve		—		—		—		—		—		91,183				(91,183	)		—
Discretionary Reserve		—		—		—		—		—		—		1,693,875		(1,693,875	)		—
Cash Dividends		—		—		—		—		—		—		—		(38,595	)		(38,595	)
Income for the Period		—		—		—		—		—		—		—		1,523,945			1,523,945
Balances as of 06.30.14		1,300,265		278,131		606		218,990		1,797,992		291,248		4,819,394		1,523,945			8,432,579

(*) See Notes 8 and 16.

(**) See Note 12.

(1) Approved by the Ordinary Shareholders’ Meeting held on April 15, 2013.

(2) Approved by the Ordinary Shareholders’ Meeting held on April 29, 2014.

The accompanying notes 1 to 16 and schedules A, B, C, D, E, G and H are an integral part of these financial statements.

58

GRUPO FINANCIERO GALICIA S.A.

STATEMENT OF CASH FLOWS

FOR THE PERIOD COMMENCED JANUARY 1, 2014 AND ENDED JUNE 30, 2014, PRESENTED IN COMPARATIVE FORMAT

(Figures Stated in Thousands of Pesos)

	Notes	06.30.14			06.30.13
Changes in Cash
Cash at Beginning of Fiscal Year	1.I		10,743			9,270
Cash at Period-end	1.I		5,932			4,132
Net Decrease in Cash			(4,811	)		(5,138	)
Causes for Changes in Cash
Operating Activities
Collections for Services			1,730			—
Payments to Suppliers of Goods and Services			(10,697	)		(9,508	)
Personnel Salaries and Social Security Contributions			(5,134	)		(6,027	)
Payments of Other Taxes			(17,560	)		(11,948	)
Collections for Other Operating Activities, Net			2,839			5,439
Net Cash Flow Used for Operating Activities			(28,822	)		(22,044	)
Investing Activities
Payments for Purchases of Fixed Assets			—			(236	)
Collection of Dividends			—			22,832
Collections for Sale of Fixed Assets			122			—
Payments of Interest, Net			(35,812	)		(11,638	)
Sale of Short-Term Investments			—			926
Payments for Equity Investments			(59,246	)		(655	)
Net Cash Flow (Used for) / Provided by Investing Activities			(94,936	)		11,229
Financing Activities
Loans Received, Net			138,567			20,402
Distribution of Dividends, Net of Taxes			(19,620	)		(14,725	)
Net Cash Flow Provided by Financing Activities			118,947			5,677
Net Decrease in Cash			(4,811	)		(5,138	)

The accompanying notes 1 to 16 and schedules A, B, C, D, E, G and H are an integral part of these financial statements.

59

GRUPO FINANCIERO GALICIA S.A.

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD COMMENCED JANUARY 1, 2014 AND ENDED JUNE 30, 2014, PRESENTED IN COMPARATIVE FORMAT

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

NOTE 1. BASIS FOR THE PREPARATION OF THE FINANCIAL STATEMENTS

These financial statements have been stated in thousands of Argentine Pesos and prepared in accordance with disclosure and valuation accounting standards contained in Technical Pronouncements issued by the F.A.C.P.C.E., approved by the C.P.C.E.C.A.B.A. and the C.N.V., with the considerations mentioned in Note 1 to the consolidated financial statements in relation to the criteria for the valuation of the subsidiaries the Bank and Sudamericana Holding S.A.

The preparation of financial statements at a given date requires the Company’s management to make estimates and assessments regarding events and/or situations and/or circumstances that affect or may affect the amounts of assets and liabilities reported and the disclosure of contingent assets and liabilities at that date, as well as the income and expenses recorded for the period/fiscal year. The Company’s management makes estimates in order to calculate, at any given moment, for example, the depreciation charges, the recoverable value of assets, the income tax charge and provisions for contingencies. Estimates and assessments made at the date these financial statements were prepared may differ from the situations, events and/or circumstances that may finally occur in the future.

On March 25, 2003, the National Executive Branch issued Decree No. 664 establishing that financial statements for fiscal years ending as from said date be stated in nominal currency. Consequently, in accordance with Resolution No. 441/03 of the C.N.V., the Company discontinued the restatement of its financial statements as from March 1, 2003. This criterion is not in line with Argentine GAAP, under which financial statements are to be restated until September 30, 2003. Nevertheless, this departure has not produced a significant effect on the financial statements.

The index used for restating the items in these financial statements was the domestic wholesale price index published by the Argentine Institute of Statistics and Census (I.N.D.E.C.).

The most significant accounting policies used in preparing the Financial Statements are listed below:

A. ASSETS AND LIABILITIES IN DOMESTIC CURRENCY

Monetary assets and liabilities which include, where applicable, the interest accrued at period/fiscal year-end, are stated in period-end currency and therefore require no adjustment whatsoever.

B. ASSETS AND LIABILITIES IN FOREIGN CURRENCY (U.S. DOLLARS)

The assets and liabilities in foreign currency were stated at the U.S. Dollar exchange rate set by the Argentine Central Bank, at the close of operations on the last business day of the period/fiscal year.

Interest receivable or payable has been accrued, where applicable.

C. INVESTMENTS

C.1. Current

Special checking account deposits have been measured at their face value, plus accrued interest at period/fiscal year-end.

Argentine mutual fund units have been valued at period-end closing price.

C.2. Non-current

The equity investments in companies are recognized using the equity method as of period/fiscal year-end.

The consolidated financial statements of Sudamericana Holding S.A. have been prepared pursuant to the regulations of the Argentine Superintendency of Insurance (S.S.N.), which differ from Argentine GAAP in certain aspects. Nevertheless, this departure has not produced a significant effect on the financial statements of Grupo Financiero Galicia S.A.

The equity investments in the Bank and Compañía Financiera Argentina S.A. have been recognized using the equity method as of June 30, 2014 and December 31, 2013, which arises from financial statements prepared in accordance with Argentine Banking GAAP, which differ in the aspects mentioned in Note 1.16. to the consolidated financial statements from Argentine GAAP.

60

GRUPO FINANCIERO GALICIA S.A.

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD COMMENCED JANUARY 1, 2014 AND ENDED JUNE 30, 2014, PRESENTED IN COMPARATIVE FORMAT

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

D. GOODWILL

Goodwill resulting from the acquisition of shares in other companies, which is recorded under “Investments,” has been valued at its acquisition cost, net of the corresponding accumulated amortization, calculated proportionally over the estimated useful life.

Amortization is assessed on a straight-line basis in equal monthly installments, which is the amortization term of 120 months. See Schedule B.

The updated residual value of the assets does not exceed their estimated recoverable value at period/fiscal year-end.

E. FIXED ASSETS

Fixed Assets have been valued at their acquisition cost, restated at constant currency as mentioned in this Note, net of the corresponding accumulated depreciation.

Depreciation charges are calculated following the straight-line method, at rates determined based on the useful life assigned to the assets, which is 60 months for hardware and software and furniture and fixtures and 600 months for real estate. See Schedule A.

The Company retired from its assets those that, due to their physical and/or technological obsolescence, were not useful for their intended purpose, and which pieces could not be used or exploited.

On July 22, 2014, the Company’s Board of Directors decided to approve the sale of the real estate to the Bank.

The updated residual value of the assets, taken as a whole, does not exceed their value-in-use at period/fiscal year-end.

F. FINANCIAL DEBT

Financial debt has been valued pursuant to the amount of money received, plus the accrued portion of interest as of period/fiscal year-end.

G. INCOME TAX AND MINIMUM PRESUMED INCOME TAX

The Company has recognized the income tax charge according to the deferred tax method, thus recognizing the temporary differences between measurements of accounting and tax assets and liabilities, at the rate in force (see Note 13 to the financial statements). Due to the unlikelihood that future taxable income may be enough to absorb tax loss carry-forwards, the Company has established an allowance for impairment of value with regard to such income and has not recorded tax loss carry-forwards. See Schedule E.

The Company determines the minimum presumed income tax at the effective rate of 1% of the computable assets at fiscal year-end. This tax is supplementary to the income tax. The Company’s tax liability for each fiscal year shall be determined by the higher of the two taxes. However, if the minimum presumed income tax were to exceed income tax in a given fiscal year, such excess may be computed as a payment on account of the income tax that could be generated in any of the next ten fiscal years.

The Company has set up a provision for the minimum presumed income tax credit accrued during this period and the previous fiscal year, for $ 3,889 and $ 3,320, respectively, since its recovery is not likely at the issuance date of these financial statements. See Schedule E.

H. SHAREHOLDERS’ EQUITY

H.1. Activity in the Shareholders’ Equity accounts has been restated as mentioned in paragraphs three and four of this Note.

The “Subscribed and Paid-in Capital” account has been stated at its face value and at the value of the contributions in the currency value of the fiscal year in which those contributions were actually made.

The adjustment stemming from the restatement of that account in constant currency has been allocated to the “Capital Adjustment” account.

H.2. Income and Expense Accounts

The results of operations for each period are presented in the period in which they accrue.

61

GRUPO FINANCIERO GALICIA S.A.

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD COMMENCED JANUARY 1, 2014 AND ENDED JUNE 30, 2014, PRESENTED IN COMPARATIVE FORMAT

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

I. STATEMENT OF CASH FLOWS

“Cash and Due from Banks,” investments and receivables held with the purpose of complying with the short-term commitments undertaken, with a high level of liquidity, easily converted into known amounts of cash, subject to insignificant risks of changes in value and with a maturity less than three months from the date of the acquisition thereof, are considered to be cash and cash equivalents. The breakdown is as follows:

	Notes	Schedules	06.30.14		12.31.13		06.30.13		12.31.12
Cash and Due from Banks	2	G		40		327		308		404
Investments		D and G		5,892		10,416		3,824		8,866
Total				5,932		10,743		4,132		9,270

NOTE 2. CASH AND DUE FROM BANKS

As of June 30, 2014 and December 31, 2013, the breakdown of the account was as follows:

	Notes	Schedules	06.30.14		12.31.13
Cash				14		12
Cash in Custody in Other Banks		G		—		192
Due from Banks – Checking Accounts	11			26		123
Total				40		327

NOTE 3. OTHER RECEIVABLES

As of June 30, 2014 and December 31, 2013, the breakdown of the account was as follows:

Current	Notes	Schedules	06.30.14			12.31.13
Tax Credits
Minimum Presumed Income Tax Receivables				3,889			3,320
Allowance for Impairment of Value of Minimum Presumed Income Tax Receivables		E		(3,889	)		(3,320	)
Deferred Tax Asset				78,481			71,134
Allowance for Impairment of Value of Deferred Tax Asset				(78,481	)		(71,134	)
Others				1,636			1,418
Miscellaneous Receivables
Recoverable Expenses				14,657			19,235
Promissory Notes Receivable	11	G		4,630			9,355
Sundry Debtors	11			9,685			—
Prepaid Expenses				13			28
Others				141			279
Allowance for Impairment of Value of Miscellaneous Receivables		E		(2,937	)		(1,429	)
Total				27,825			28,886
Non-current	Notes	Schedules	06.30.14			12.31.13
Promissory Notes Receivable	11	G		83,197			66,679
Prepaid Expenses				2			3
Sundry Debtors				1			1
Total				83,200			66,683

62

GRUPO FINANCIERO GALICIA S.A.

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD COMMENCED JANUARY 1, 2014 AND ENDED JUNE 30, 2014, PRESENTED IN COMPARATIVE FORMAT

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

NOTE 4. FINANCIAL DEBT

As of June 30, 2014 and December 31, 2013, the breakdown of the account was as follows:

Current	Notes	Schedules	06.30.14		12.31.13
Loans Received	11			62,298		25,657
Negotiable Obligations	15			237,352		311,071
Total				299,650		336,728
Non-current	Notes	Schedules	06.30.14		12.31.13
Negotiable Obligations	15			180,000		—
Total				180,000		—

NOTE 5. SALARIES AND SOCIAL SECURITY CONTRIBUTIONS

As of June 30, 2014 and December 31, 2013, the breakdown of the account was as follows:

Current	Notes	Schedules	06.30.14		12.31.13
Argentine Integrated Social Security System (S.I.P.A.)				222		234
Provision for Bonuses				425		1,903
Provision for Retirement Insurance				453		907
Provision for Directors’ and Syndics’ Fees				—		167
Others				10		7
Total				1,110		3,218

NOTE 6. TAX LIABILITIES

As of June 30, 2014 and December 31, 2013, the breakdown of the account was as follows:

Current	Notes	Schedules	06.30.14		12.31.13
Income Tax – Withholdings to Be Deposited				174		121
Provision for Tax on Personal Property – Substitute Taxpayer				18,410		17,806
Total				18,584		17,927

NOTE 7. OTHER LIABILITIES

As of June 30, 2014 and December 31, 2013, the breakdown of the account was as follows:

Current	Notes	Schedules	06.30.14		12.31.13
Sundry Creditors				30,684		69
Provision for Expenses	11	G		3,749		4,784
Guarantee Deposit of Directors				3		3
Total				34,436		4,856
Non-current	Notes	Schedules	06.30.14		12.31.13
Guarantee Deposit of Directors				6		6
Total				6		6

63

GRUPO FINANCIERO GALICIA S.A.

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD COMMENCED JANUARY 1, 2014 AND ENDED JUNE 30, 2014, PRESENTED IN COMPARATIVE FORMAT

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

NOTE 8. CAPITAL STATUS

The capital status as of June 30, 2014 and December 31, 2013 was as follows:

Capital Stock	Face Value						Restated at Constant Currency
	Subscribed		Paid-in		Registered
Balances as of 12.31.12		1,241,407		1,241,407		1,241,407		1,519,538
Increase due to Merger (*)		58,858		58,858		—		58,858
Balances as of 12.31.13		1,300,265		1,300,265		1,241,407		1,578,396
Increase due to Merger (*)		—		—		58,858		—
Balances as of 06.30.14		1,300,265		1,300,265		1,300,265		1,578,396

(*) See Note 16.

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

As of June 30, 2014, the breakdown of receivables, investments and debts according to their estimated collection or payment term was as follows:

	Investments		Other Receivables		Financial Debt		Salaries and Social Security Contributions		Tax Liabilities		Other Liabilities
1st Quarter (*)		5,892		13,156		79,650		1,110		5,937		4,825
2nd Quarter (*)		—		8		220,000		—		—		29,611
3rd Quarter (*)		—		2		—		—		—		—
4th Quarter (*)		—		14,659		—		—		12,647		—
After One Year (*)		—		83,200		180,000		—		—		6
Subtotal Falling Due		5,892		111,025		479,650		1,110		18,584		34,442
No Set Due Date		8,848,202		—		—		—		—		—
Past Due		—		—		—		—		—		—
Total		8,854,094		111,025		479,650		1,110		18,584		34,442
Non-interest Bearing		8,848,734		23,198		—		1,110		12,647		34,442
At Variable Rate		—		87,827		417,352		—		—		—
At Fixed Rate		5,360		—		62,298		—		5,937		—
Total		8,854,094		111,025		479,650		1,110		18,584		34,442

(*) From the closing date of these financial statements.

NOTE 10. EQUITY INVESTMENTS

The breakdown of the Company’s direct equity investments as of period/fiscal year-end was as follows:

Information as of:	06.30.14
Issuing Company	Direct Holding
	Shares				Percentage of Equity Investment Held in
	Type		Amount		Total Capital		Possible Votes
Banco de Galicia y Buenos Aires S.A. (*)		Ordinary		562,326,651		100.00000		100.00000
Compañía Financiera Argentina S.A.		Ordinary		16,726,875		3.00000		3.00000
Galicia Administradora de Fondos S.A. Sociedad Gerente de Fondos Comunes de Inversión		Ordinary		19,000		95.00000		95.00000
Galicia Warrants S.A.		Ordinary		875,000		87.50000		87.50000
Net Investment S.A.		Ordinary		10,500		87.50000		87.50000
Sudamericana Holding S.A.		Ordinary		162,447		87.50034		87.50034

(*) Ordinary shares A and B.

64

GRUPO FINANCIERO GALICIA S.A.

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD COMMENCED JANUARY 1, 2014 AND ENDED JUNE 30, 2014, PRESENTED IN COMPARATIVE FORMAT

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

Information as of:	12.31.13
Issuing Company	Direct Holding
	Shares				Percentage of Equity Investment Held in
	Type		Amount		Total Capital		Possible Votes
Banco de Galicia y Buenos Aires S.A. (*)		Ordinary		560,199,603		99.62174		99.62174
Compañía Financiera Argentina S.A.		Ordinary		16,726,875		3.00000		3.00000
Galicia Warrants S.A.		Ordinary		875,000		87.50000		87.50000
Net Investment S.A.		Ordinary		10,500		87.50000		87.50000
Sudamericana Holding S.A.		Ordinary		162,447		87.50034		87.50034

(*) Ordinary shares A and B. It includes 25,454,193 ordinary class “B” shares incorporated due to the Merger described in Note 16.

The controlled companies’ financial position and results of operations as of period/fiscal year-end are as follows:

Information as of:	06.30.14
Company	Assets		Liabilities		Shareholders’ Equity		Net Income
Banco de Galicia y Buenos Aires S.A.		80,419,912		72,232,220		8,187,692		1,446,856
Compañía Financiera Argentina S.A.		3,653,946		2,577,877		1,076,069		66,145
Galicia Administradora de Fondos S.A. Sociedad Gerente de Fondos Comunes de Inversión		33,920		10,728		23,192		19,271
Galicia Warrants S.A.		49,653		28,720		20,933		6,538
Net Investment S.A.		170		6		164		15
Sudamericana Holding S.A.		411,228		4,748		406,480		211,490

Information as of:	12.31.13						06.30.13
Company	Assets		Liabilities		Shareholders’ Equity		Net Income
Banco de Galicia y Buenos Aires S.A.		69,000,176		62,259,344		6,740,832		705,669
Compañía Financiera Argentina S.A.		3,641,812		2,631,887		1,009,925		75,798
Galicia Warrants S.A.		42,890		17,485		25,405		4,141
Net Investment S.A.		160		11		149		(3	)
Sudamericana Holding S.A.		291,079		3,510		287,569		152,182

On February 25, 2014, the Company’s Board of Directors resolved the following: (i) to issue the statement of willingness to acquire provided for in Section 91, Subsection b) of Law No. 26831, with regard to all the remaining shares of the Bank held by third parties; (ii) to approve the criterion suggested by the Management Division on the fair price provided for in Section 94, second paragraph, of Law No. 26831, and establish it in $ 23.22 (figure stated in Pesos) for each remaining share held by third parties; (iii) to request the National Securities Commission the immediate withdrawal of the Bank from the public offering and listing at the Buenos Aires Stock Exchange, under the terms of Section 94, third paragraph, of Law No. 26831; (iv) to appoint the Bank as the financial institution where the Company shall deposit the amount corresponding to the total value of the Bank’s remaining shares; and (v) to give the Bank notice of the statement of willingness to acquire.

On April 24, 2014, the Board of Directors of the C.N.V. approved the unilateral statement of willingness to acquire issued by the Company. Thus, on May 6, 2014, the amount corresponding to the total value of the Bank’s remaining shares was deposited. The C.N.V.’s approval of the aforementioned proceedings was registered with the Corporation Control Authority (I.G.J.) on July 14, 2014.

On August 4, 2014, the statement of willingness to acquire was executed by public deed, which makes the Company the owner, by operation of law, of all of the Bank’s existing shares, pursuant to the provisions of Section 95 of Law No. 26831.

65

GRUPO FINANCIERO GALICIA S.A.

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD COMMENCED JANUARY 1, 2014 AND ENDED JUNE 30, 2014, PRESENTED IN COMPARATIVE FORMAT

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

On April 7, 2014, the Bank presented the Company with an offer to sell 19,000 shares of Galicia Administradora de Fondos S.A. Sociedad Gerente de Fondos Comunes de Inversión, representing 95% of the aforementioned company’s capital stock, which was considered accepted at the time the buyer made a payment equivalent to 25% of the total purchase price.

On April 15, 2014, the Company’s Board of Directors approved the purchase of 95% of Galicia Administradora de Fondos S.A. Sociedad Gerente de Fondos Comunes de Inversión’s capital stock, and paid 25% of the total agreed price, which amounted to $ 39,482.

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.

Assets	Notes	Schedules	06.30.14		12.31.13
Investments – Special Checking Account		D		532		427
Other Receivables – Promissory Notes Receivable	3	G		87,827		76,034
Total				88,359		76,461
Liabilities	Notes	Schedules	06.30.14		12.31.13
Financial Debt in Pesos	4			62,298		25,657
Other Liabilities – Sundry Creditors	7			29,611		—
Other Liabilities – Provision for Expenses	7			1,469		1,544
Total				93,378		27,201
Memorandum Accounts	Notes	Schedules	06.30.14		12.31.13
Unused Balance of Agreement				62,704		158,343
Total				62,704		158,343
Income	Notes	Schedules	06.30.14		06.30.13
Financial Income – Interest on Promissory Notes Receivable				4,591		1,708
Financial Income – Interest on Time Deposits				1,694		—
Total				6,285		1,708
Expenses	Notes	Schedules	06.30.14		06.30.13
Administrative Expenses		H
Other Operating Expenses				24		27
Other Expenses				514		1,057
Expenses Corresponding to the Issuance of the Global Program for the Issuance of Negotiable Obligations				1,080		1,320
Financial Expenses – Interest on Financial Debt				2,705		9,060
Total				4,323		11,464

GALICIA WARRANTS S.A.

Assets	Notes	Schedules	06.30.14		12.31.13
Other Receivables – Sundry Debtors	3			9,625		—
Total				9,625		—

SUDAMERICANA HOLDING S.A.

Expenses	Notes	Schedules	06.30.14		06.30.13
Financial Expenses – Interest on Financial Debt				—		15,149
Total				—		15,149

66

GRUPO FINANCIERO GALICIA S.A.

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD COMMENCED JANUARY 1, 2014 AND ENDED JUNE 30, 2014, PRESENTED IN COMPARATIVE FORMAT

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

TARJETAS REGIONALES S.A.

Expenses	Notes	Schedules	06.30.14		06.30.13
Financial Expenses – Interest on Financial Debt				—		8
Total				—		8

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.

NOTE 13. INCOME TAX

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

Assets	Tax Loss Carry- forwards		Other Receivables			Allowances		Other Liabilities		Total
Balances as of 12.31.12		29,560		1,804			603		—		31,967
Charge to Income		38,399		683			359		—		39,441
Others		209		(1	)		—		428		636
Balances as of 12.31.13		68,168		2,486			962		428		72,044
Charge to Income		5,409		387			727		—		6,523
Balances as of 06.30.14		73,577		2,873			1,689		428		78,567

Liabilities	Fixed Assets			Financial Debt			Total
Balances as of 12.31.12		112			85			197
Charge to Income		(20	)		(85	)		(105	)
Balances as of 12.31.13		92			—			92
Charge to Income		(6	)		—			(6	)
Balances as of 06.30.14		86			—			86

Net deferred tax assets as of June 30, 2014 and December 31, 2013 amount to $ 78,481 and $ 71,952, respectively.

A provision for the deferred tax asset has been fully recorded, since it is supposed that the recovery thereof is not likely at the issuance date of these financial statements. See Schedule E.

Tax loss carry-forwards recorded by the Company, pending use, amount to approximately $ 210,216, pursuant to the following breakdown:

Year of Generation	Amount	Year Due	Deferred Tax Assets
2010	19,035	2015	6,662
2011	28,062	2016	9,822
2012	37,359	2017	13,076
2013	110,305	2018	38,607
2014	15,455	2019	5,409

The classification of net deferred tax assets and liabilities recorded in accordance with their expected term of turn-around is shown in Note 9.

67

GRUPO FINANCIERO GALICIA S.A.

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD COMMENCED JANUARY 1, 2014 AND ENDED JUNE 30, 2014, PRESENTED IN COMPARATIVE FORMAT

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

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

	06.30.14			06.30.13
Book Income Before Income Tax		1,523,945			660,740
Income Tax Rate in Force		35	%		35	%
Result for the Period at the Tax Rate		533,381			231,259
Permanent Differences at the Tax Rate
Increase in Income Tax
Expenses not Included in Tax Return		5,635			17,094
Other Causes		1,026			364
Decrease in Income Tax
Loss on Investments in Related Institutions		(546,544	)		(274,253	)
Other Causes		(27	)		(6,118	)
Allowance for Impairment of Value (Schedule E)		6,529			31,654
Total Income Tax Charge Recorded		—			—

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

	06.30.14			06.30.13
Total Income Tax Charge Recorded		—			—
Temporary Differences
Variation in Deferred Tax Assets		6,523			31,560
Variation in Deferred Tax Liabilities		6			94
Allowance for Impairment of Value (Schedule E)		(6,529	)		(31,654	)
Total Tax Determined for Tax Purposes		—			—

NOTE 14. EARNINGS PER SHARE

Below is a breakdown of the earnings per share as of June 30, 2014 and 2013:

	06.30.14		06.30.13
Income for the Period		1,523,945		660,740
Outstanding Ordinary Shares Weighted Average		1,300,265		1,241,407
Diluted Ordinary Shares Weighted Average		1,300,265		1,241,407
Earnings per Ordinary Share (*)
Basic		1.1720		0.5323
Diluted		1.1720		0.5323

(*) Figures stated in Pesos.

NOTE 15. 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 Notes, not convertible into shares. Such Notes 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 nonadjustable, 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 from the date the program is authorized by the C.N.V., or for any longer term authorized pursuant to regulations in force.

The Notes 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 reissue the amortized classes and/or series without exceeding the Program’s total amount, and notwithstanding the fact that the maturity dates of the different classes and/or series issued occur after the Program’s expiration date, with amortization terms not shorter than the minimum term or longer than the maximum term permitted by the regulations set forth by the C.N.V., among other terms.

68

GRUPO FINANCIERO GALICIA S.A.

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD COMMENCED JANUARY 1, 2014 AND ENDED JUNE 30, 2014, PRESENTED IN COMPARATIVE FORMAT

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

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. Such conditions were released on May 8, 2009.

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 Notes, which was later confirmed by the Company’s Shareholders’ Meeting held on August 2, 2012.

On February 27, 2013, the Company’s Board of Directors approved to begin the proceedings to increase the amount of the program. On April 25, 2013, the C.N.V. authorized to increase the maximum amount of issuance of the Global Program of Simple Notes, not convertible into shares, for up to a F.V. of US$ 100,000 or its equivalent in other currencies. On May 8, 2013, the Company placed Class IV Notes and, on January 30, 2014, it placed Class V, Series I and Series II, Notes.

On May 8, 2014, through Resolution No. 17343, the C.N.V. decided to authorize the extension of the term of the Global Program for five (5) years.

As of June 30, 2014 and December 31, 2013, the following Notes issued in Pesos were outstanding:

Class	F.V. Amount		Term		Maturity Date		Interest Rate	Book Value $
								06.30.14		12.31.13
III	$	78,075		18 months		02.28.14	Variable Badlar Rate + 3.59%		—		84,044
IV	$	220,000		18 months		11.10.14	Variable Badlar Rate + 3.49%		228,549		227,027
V Series I	$	101,800		18 months		07.31.15	Variable Badlar Rate + 4.25%		106,705		—
V Series II	$	78,200		36 months		01.31.17	Variable Badlar Rate + 5.25%		82,098		—

On February 28, 2014, the Company repaid Class III Notes through the payment of $ 64,302 as amortization of principal and the corresponding interest.

NOTE 16. MERGER BY ABSORPTION OF THESEUS S.A. AND LAGARCUE S.A. AND CAPITAL INCREASE

On September 10, 2013, a Preliminary Merger Agreement was entered into, which described the terms and conditions of the merger by absorption by the Company, as merging company, of the total assets and liabilities of Lagarcué S.A. and Theseus S.A., as merged companies.

The Preliminary Merger Agreement, the special balance sheets for merger purposes and the consolidated balance sheet for merger purposes, ended on June 30, 2013, were approved by Lagarcué S.A. and Theseus S.A. at the Extraordinary Shareholders’ Meetings held on September 10, 2013.

At the Company’s Extraordinary Shareholders’ Meeting held on November 21, 2013, the aforementioned documents were approved, as well as the exchange ratio and the capital increase by $ 58,858, through the issuance of 58,857,580 ordinary book-entry Class “B” shares, with a face value of $ 1 (figure stated in Pesos) and one vote per share, entitled to take part in the distribution of profits as from the fiscal year commenced on January 1, 2013.

On December 18, 2013, the Final Merger Agreement was signed and executed by public deed pursuant to the provisions of Section 83, Subsection 4 of the Corporations Law. Therefore, the Company incorporated the aforementioned companies by absorption, in effect as of September 1, 2013. This way, 25,454,193 Class “B” shares of the controlled company the Bank, representing 4.526585% of the capital stock, owned by Lagarcué S.A. and Theseus S.A., were incorporated.

Consequently, the Company held 560,199,603 shares of the Bank, representing 99.621742% of the Company’s capital stock and 99.621742% of votes.

69

GRUPO FINANCIERO GALICIA S.A.

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD COMMENCED JANUARY 1, 2014 AND ENDED JUNE 30, 2014, PRESENTED IN COMPARATIVE FORMAT

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

On February 27, 2014, through Resolution No. 17,300, the Board of Directors of the National Securities Commission (C.N.V.) gave its consent to the merger by absorption of the Company (as merging company) with Lagarcué S.A. and Theseus S.A. (as merged companies) and to the Company’s capital increase, ordering its registration.

The merger by absorption and the dissolution of the merged companies was registered at the Corporation Control Authority (I.G.J.) on June 12, 2014, while the capital increase of the merging company was registered on July 10, 2014.

70

GRUPO FINANCIERO GALICIA S.A.

SCHEDULE A – FIXED ASSETS AND INVESTMENTS IN ASSETS OF A SIMILAR NATURE

FOR THE PERIOD COMMENCED JANUARY 1, 2014 AND ENDED JUNE 30, 2014, PRESENTED IN COMPARATIVE FORMAT

(Figures Stated in Thousands of Pesos)

Main Account	At Beginning of Fiscal Year		Increases		Decreases (*)		Balance at Period- end		Amortization										Net Book Value		Net Book Value for Previous Fiscal Year
									Accumulated at Beginning of Year		Decreases (*)		Annual Rate %		Amount for the Period		Accumulated at Period- end
Real Estate (*)		918		—		—		918		194		—		2		8		202		716		724
Furniture and Fixtures		222		—		220		2		220		219		20		—		1		1		2
Machines and Equipment		1,128		—		432		696		698		432		20		70		336		360		430
Vehicles		236		—		128		108		155		92		20		11		74		34		81
Hardware		434		—		267		167		323		268		20		17		72		95		111
Totals as of 06.30.14		2,938		—		1,047		1,891		1,590		1,011				106		685		1,206		—
Totals as of 12.31.13		2,705		236		3		2,938		1,346		2				246		1,590		—		1,348

(*) See Note 1.E.

71

GRUPO FINANCIERO GALICIA S.A.

SCHEDULE B – GOODWILL

FOR THE PERIOD COMMENCED JANUARY 1, 2014 AND ENDED JUNE 30, 2014, PRESENTED IN COMPARATIVE FORMAT

(Figures Stated in Thousands of Pesos)

Main Account	At Beginning of Fiscal Year		Increases		Decreases		Balance at Period- end		Amortization										Net Book Value		Net Book Value for Previous Fiscal Year
									Accumulated at Beginning of Year		Decreases		Annual Rate %		Amount for the Period		Accumulated at Period- end
Goodwill (Schedule C)		23,544		19,508		—		43,052		10,295		—		10		2,930		13,225		29,827		13,249
Totals as of 06.30.14		23,544		19,508		—		43,052		10,295		—				2,930		13,225		29,827		—
Totals as of 12.31.13		17,190		6,354		—		23,544		8,302		—				1,993		10,295		—		13,249

72

GRUPO FINANCIERO GALICIA S.A.

SCHEDULE C – INVESTMENTS IN SHARES AND OTHER NEGOTIABLE SECURITIES – EQUITY INVESTMENTS

FOR THE PERIOD COMMENCED JANUARY 1, 2014 AND ENDED JUNE 30, 2014, PRESENTED IN COMPARATIVE FORMAT

(Figures Stated in Thousands of Pesos)

Issuance and Characteristics of the Securities	Class			Face Value		Amount		Acquisition Cost		Market Price		Equity Method		Recorded value as of 06.30.14		Book Value as of 12.31.13
Non-current Investments
Corporations. Section 33 of Law No. 19550:
Companies subject to Direct and Indirect Control (*)
		Ord. “A”			0.001		101
		Ord. “B”			0.001		562,326,550
Banco de Galicia y Buenos Aires S.A.							562,326,651		3,384,304		—		8,396,034		8,396,034		6,890,919
		Goodwill	(**)						43,052		—		—		29,827		13,249
Compañía Financiera Argentina S.A.		Ordinary			0.001		16,726,875		25,669		—		32,284		32,284		30,300
Galicia Administradora de Fondos Comunes de Inversión S.A. Sociedad Gerente de Fondos Comunes de Inversión		Ordinary			0.001		19,000		39,481		—		22,033		22,033		—
Galicia Warrants S.A.		Ordinary			0.001		875,000		11,829		—		18,316		18,316		22,229
Net Investment S.A.		Ordinary			0.001		10,500		22,341		—		143		143		130
Sudamericana Holding S.A.		Ordinary			0.001		162,447		42,918		—		349,565		349,565		245,477
Total Non-current Investments									3,569,594		—		8,818,375		8,848,202		7,202,304

(*) See Note 10. (**) See Schedule B.

73

GRUPO FINANCIERO GALICIA S.A.

SCHEDULE C – INVESTMENTS IN SHARES AND OTHER NEGOTIABLE SECURITIES – EQUITY INVESTMENTS (CONTINUED)

FOR THE PERIOD COMMENCED JANUARY 1, 2014 AND ENDED JUNE 30, 2014, PRESENTED IN COMPARATIVE FORMAT

(Figures Stated in Thousands of Pesos)

Issuance and Characteristics of the Securities	Information on the Issuing Companies
	Latest Financial Statements (*)
	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:
Companies subject to Direct and Indirect Control
Banco de Galicia y Buenos Aires S.A.	Financial Activities		06.30.14		562,327		1,446,856			8,187,692		100.00000
Compañía Financiera Argentina S.A.	Financial Activities		06.30.14		557,563		66,145			1,076,069		3.00000
Galicia Administradora de Fondos S.A. Sociedad Gerente de Fondos Comunes de Inversión	Administration of Mutual Funds		06.30.14		20		19,271			23,192		95.00000
Galicia Warrants S.A.	Issuance of Warrants		06.30.14		1,000		6,538			20,933		87.50000
Net Investment S.A.	Information Technology		06.30.14		12		15			164		87.50000
Sudamericana Holding S.A.	Financial and Investment Activities		06.30.14		186		211,490	(**)		406,480		87.50034

(*) See Note 10. (**) For the fiscal period ended June 30, 2014.

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GRUPO FINANCIERO GALICIA S.A.

SCHEDULE D – OTHER INVESTMENTS

FOR THE PERIOD COMMENCED JANUARY 1, 2014 AND ENDED JUNE 30, 2014, PRESENTED IN COMPARATIVE FORMAT

(Figures Stated in Thousands of Pesos)

Main Account and Characteristics	Notes	Schedules	06.30.14		12.31.13
Current Investments (*)
Deposits in Special Checking Accounts	11	G		5,795		10,416
Time Deposits				97		—
Total				5,892		10,416

(*) Include accrued interest, if applicable.

75

GRUPO FINANCIERO GALICIA S.A.

SCHEDULE E – ALLOWANCES

FOR THE PERIOD COMMENCED JANUARY 1, 2014 AND ENDED JUNE 30, 2014, PRESENTED IN COMPARATIVE FORMAT

(Figures Stated in Thousands of Pesos)

Accounts	Balances at Beginning of Fiscal Year		Increases		Decreases		Balances at Period-end		Balances at the Previous Fiscal Year-end
Deducted from Assets
Impairment of Value of Deferred Tax Asset		71,134		7,347		—		78,481		71,134
Impairment of Value of Miscellaneous Receivables		1,429		1,508		—		2,937		1,429
Impairment of Value of Minimum Presumed Income Tax Receivables		3,320		569		—		3,889		3,320
Total as of 06.30.14		75,883		9,424		—		85,307		—
Total as of 12.31.13		36,803		49,926		10,846		—		75,883

76

GRUPO FINANCIERO GALICIA S.A.

SCHEDULE G – FOREIGN CURRENCY ASSETS AND LIABILITIES

FOR THE PERIOD COMMENCED JANUARY 1, 2014 AND ENDED JUNE 30, 2014, PRESENTED IN COMPARATIVE FORMAT

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

Accounts	Amount and Type of Foreign Currency			Exchange Rate		Amount in Argentine Pesos ($) as of 06.30.14		Amount and Type of Foreign Currency		Amount in Argentine Pesos ($) as of 12.31.13
Assets
Current Assets
Cash and Due from Banks
Cash in Custody in Other Banks		—	—		—		—	US$	29.50		192
Investments
Deposits in Special Checking Accounts	US$		712.43		8.1327		5,794	US$	1,597.89		10,415
Other Receivables
Promissory Notes Receivable	US$		569.25		8.1327		4,630	US$	1,435.18		9,355
Total Current Assets							10,424				19,962
Non-current Assets
Other Receivables
Promissory Notes Receivable	US$		10,229.98		8.1327		83,197	US$	10,229.98		66,679
Total Non-current Assets							83,197				66,679
Total Assets							93,621				86,641
Liabilities
Current Liabilities
Other Liabilities
Provision for Expenses	US$		208.03		8.1327		1,692	US$	317.64		2,070
Total Current Liabilities							1,692				2,070
Total Liabilities							1,692				2,070

77

GRUPO FINANCIERO GALICIA S.A.

SCHEDULE H – INFORMATION REQUIRED BY SECTION 64, SUBSECTION B) OF LAW NO. 19550

FOR THE PERIOD COMMENCED JANUARY 1, 2014 AND ENDED JUNE 30, 2014, PRESENTED IN COMPARATIVE FORMAT

(Figures Stated in Thousands of Pesos )

	Total as of 06.30.14		Administrative Expenses		Total as of 06.30.13
Personnel Expenses		4,579		4,579		6,656
Directors’ and Syndics’ Fees		1,208		1,208		1,146
Other Fees		4,508		4,508		3,220
Taxes		3,204		3,204		5,025
Depreciation of Fixed Assets		106		106		122
Other Operating Expenses (*)		387		387		402
Other (*)		994		994		965
Expenses Corresponding to the “Global Program for the Issuance of Negotiable Obligations” (*)		664		664		602
Totals		15,650		15,650		18,138

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

78

GRUPO FINANCIERO GALICIA S.A.

ADDITIONAL INFORMATION TO THE NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD COMMENCED JANUARY 1, 2014 AND ENDED JUNE 30, 2014, PRESENTED IN COMPARATIVE FORMAT

Figures Stated in Thousands of Pesos ($)

I. GENERAL ISSUES REGARDING THE COMPANY’S ACTIVITIES:

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

None.

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.

3. CLASSIFICATION OF RECEIVABLES AND DEBT BALANCES ACCORDING TO THEIR ESTIMATED COLLECTION OR PAYMENT TERM.

Receivables: See Note 9 to the financial statements.

Debts: See Note 9 to the financial statements.

4. CLASSIFICATION OF RECEIVABLES AND DEBTS IN SUCH A MANNER THAT ALLOWS KNOWING THE FINANCIAL EFFECTS OF THEIR MAINTENANCE.

Receivables: See Notes 1.A., 1.B. and 9 and Schedule G to the financial statements.

Debts: See Notes 1.A., 1.B. and 9 and Schedule G to the financial statements.

5. BREAKDOWN OF PERCENTAGE OF EQUITY INVESTMENTS – SECTION 33 OF LAW No. 19550, BOTH IN THE CAPITAL STOCK AND THE TOTAL VOTES. DEBIT AND/OR CREDIT BALANCES BY COMPANY AND CONSIDERED IN THE MANNER SET FORTH IN THE AFOREMENTIONED ITEMS 3 AND 4.

See Notes 9, 10 and 11 and Schedule C to the financial statements.

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

As of June 30, 2014 and December 31, 2013, there were no receivables from or loans granted to directors or syndics or their relatives up to the second degree inclusive.

II. PHYSICAL INVENTORY OF INVENTORIES:

7. FREQUENCY AND SCOPE OF THE PHYSICAL INVENTORIES OF INVENTORIES.

As of June 30, 2014 and December 31, 2013, the Company did not have any inventories.

III. CURRENT VALUES:

8. SOURCES OF THE INFORMATION USED FOR CALCULATING CURRENT VALUES FOR THE ASSESSMENT OF INVENTORIES, FIXED ASSETS AND OTHER SIGNIFICANT ASSETS.

See Notes 1.C. and 1.D. to the financial statements.

9. FIXED ASSETS THAT HAVE BEEN TECHNICALLY APPRAISED.

As of June 30, 2014 and December 31, 2013, the Company did not have any fixed assets that have been technically appraised. See Schedule A.

79

GRUPO FINANCIERO GALICIA S.A.

ADDITIONAL INFORMATION TO THE NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD COMMENCED JANUARY 1, 2014 AND ENDED JUNE 30, 2014, PRESENTED IN COMPARATIVE FORMAT

Figures Stated in Thousands of Pesos ($)

10. FIXED ASSETS NOT USED BECAUSE THEY ARE OBSOLETE.

As of June 30, 2014 and December 31, 2013, the Company did not have any obsolete fixed assets which have a book value. See Schedule A.

IV. EQUITY INVESTMENTS:

11. EQUITY INVESTMENTS IN EXCESS OF WHAT IS SET FORTH BY SECTION 31 OF LAW No. 19550 AND PLANS FOR THE REGULARIZATION OF THIS SITUATION.

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

V. RECOVERABLE VALUES:

12. CRITERIA FOLLOWED TO DETERMINE THE SIGNIFICANT RECOVERABLE VALUES OF INVENTORIES, FIXED ASSETS AND OTHER ASSETS, USED AS LIMIT FOR THEIR RESPECTIVE ACCOUNTING VALUATIONS.

As of June 30, 2014 and December 31, 2013, the criterion followed by the Company for determining the recoverable value of its fixed assets consisted in taking their value-in-use, based on the possibility of absorbing future depreciation charges with the profits reported by it.

VI. INSURANCE:

13. INSURANCE POLICIES FOR TANGIBLE ASSETS.

As of June 30, 2014 and December 31, 2013, 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 06.30.14		Book Value as of 12.31.13
Building, Electronic Equipment and/or Office Assets	Fire, Lightening, Explosion and/or Theft		2,777		1,206		1,267
Vehicles	Theft, Robbery, Fire or Total Loss		209		34		81

VII. POSITIVE AND NEGATIVE CONTINGENCIES:

14. ELEMENTS USED FOR THE CALCULATION OF PROVISIONS, THE BALANCES OF WHICH, EITHER TAKEN INTO CONSIDERATION INDIVIDUALLY OR JOINTLY, EXCEED TWO PER CENT (2%) OF SHAREHOLDERS’ EQUITY.

None.

15. CONTINGENCIES WHICH, AT THE DATE OF THE FINANCIAL STATEMENTS, ARE NOT OF REMOTE OCCURRENCE, THE EFFECTS OF WHICH ON SHAREHOLDERS’ EQUITY HAVE NOT BEEN GIVEN ACCOUNTING RECOGNITION. IT SHOULD BE STATED WHETHER THE LACK OF ACCOUNTING RECOGNITION IS BASED ON THE LIKELIHOOD OF OCCURRENCE OR ON THE DIFFICULTY TO ANALYZE SUCH EFFECTS.

As of June 30, 2014 and December 31, 2013, there were no contingencies which are not of remote occurrence and the effects of which on Shareholders’ Equity have not been given accounting recognition.

80

GRUPO FINANCIERO GALICIA S.A.

ADDITIONAL INFORMATION TO THE NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD COMMENCED JANUARY 1, 2014 AND ENDED JUNE 30, 2014, PRESENTED IN COMPARATIVE FORMAT

Figures Stated in Thousands of Pesos ($)

VIII. IRREVOCABLE ADVANCES TOWARDS FUTURE SHARE SUBSCRIPTIONS:

16. STATUS OF CAPITALIZATION ARRANGEMENTS.

As of June 30, 2014 and December 31, 2013, there were no irrevocable contributions towards future share subscriptions.

17. CUMULATIVE UNPAID DIVIDENDS ON PREFERRED SHARES.

As of June 30, 2014 and December 31, 2013, there were no cumulative unpaid dividends on preferred shares.

18. CONDITIONS, CIRCUMSTANCES OR TERMS FOR THE TERMINATION OF THE RESTRICTIONS ON THE DISTRIBUTION OF UNAPPROPRIATED RETAINED EARNINGS, INCLUDING THOSE ORIGINATED DUE TO THE USE OF THE LEGAL RESERVE FOR THE ABSORPTION OF LOSSES WHICH ARE STILL PENDING REIMBURSEMENT.

See Note 12 to the financial statements.

81

GRUPO FINANCIERO GALICIA S.A.

SUPPLEMENTARY AND EXPLANATORY STATEMENT BY THE BOARD OF DIRECTORS

FOR THE PERIOD COMMENCED JANUARY 1, 2014 AND ENDED JUNE 30, 2014, PRESENTED IN COMPARATIVE FORMAT

Figures Stated in Thousands of Pesos ($)

Pursuant to the provisions of the Rules 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, 2014 and December 31, 2013, the Company had not set up any allowances.

b) Inventories:

As of June 30, 2014 and December 31, 2013, the Company did not have any inventories.

B. NON-CURRENT ASSETS

a) Receivables:

See Schedule E to the financial statements.

b) Inventories:

As of June 30, 2014 and December 31, 2013, 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, 2014 and December 31, 2013, the Company did not have any fixed assets that have been technically appraised.

2) As of June 30, 2014 and December 31, 2013, 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, 2014 and December 31, 2013, 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. PROVISIONS

See Schedule E to the financial statements.

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, 2014 and December 31, 2013, the Shareholders’ Equity did not include the “Irrevocable Advances towards Future Share Issues” account.

2) As of June 30, 2014 and December 31, 2013, the Company had not set up any technical appraisal reserve; nor has it reversed any reserve of that kind.

G. MISCELLANEOUS

1) The Company is engaged in financial and investment activities, therefore 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.

82

GRUPO FINANCIERO GALICIA S.A.

SUPPLEMENTARY AND EXPLANATORY STATEMENT BY THE BOARD OF DIRECTORS

FOR THE PERIOD COMMENCED JANUARY 1, 2014 AND ENDED JUNE 30, 2014, PRESENTED IN COMPARATIVE FORMAT

Figures Stated in Thousands of Pesos ($)

3) As of June 30, 2014 and December 31, 2013, 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, 2014 and December 31, 2013, 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 06.30.14		Book Value as of 12.31.13
Building, Electronic Equipment and/or Office Assets	Fire, Lightening, Explosion and/or Theft		2,777		1,206		1,267
Vehicles	Theft, Robbery, Fire or Total Loss		209		34		81

6) As of June 30, 2014 and December 31, 2013, there were no contingencies highly likely to occur which have not been given accounting recognition.

7) As of June 30, 2014 and December 31, 2013, the Company did not have any receivables including implicit interest or index adjustments.

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

Buenos Aires, August 7, 2014.

83

GRUPO FINANCIERO GALICIA S.A.

INFORMATIVE REVIEW AS OF JUNE 30, 2014 AND DECEMBER 31, 2013

Figures Stated in Thousands of Pesos ($)

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 the Bank’s position as one of the leading companies in Argentina. This strategy shall be carried out by supplementing the operations and business conducted by the Bank 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.

JUNE 30, 2014

The income for the fiscal period ended June 30, 2014 amounted to $ 1,523,945. This income has been mainly generated as a consequence of the valuation of equity investments in our subsidiaries.

On January 30, 2014, the Company issued Class V Notes, in two Series: Series I for $ 101,800, maturing on July 31, 2015, and Series II for $ 78,200, maturing on January 31, 2017, both with interest paid on a quarterly basis from April 30, 2014. Part of the subscription of Class V Notes was carried out through the payment in Class III Notes, with a face value of $ 20,622.

The General Ordinary Shareholders’ Meeting held on April 29, 2014 resolved, pursuant to the rules and regulations in force, to allocate Unappropriated Retained Earnings as of December 31, 2013, as follows:

- To Legal Reserve	$	91,183
- To Discretionary Reserve	$	1,693,875
- To Cash Dividends (2.9682% of the Capital Stock)	$	38,595

MERGER BY ABSORPTION OF THESEUS S.A. AND LAGARCUÉ S.A.

On September 10, 2013, a Preliminary Merger Agreement was entered into, which described the terms and conditions of the merger by absorption by the Company, as merging company, of the total assets and liabilities of Lagarcué S.A. and Theseus S.A., as merged companies.

The Preliminary Merger Agreement, the special balance sheets for merger purposes and the consolidated balance sheet for merger purposes, ended on June 30, 2013, were approved by Lagarcué S.A. and Theseus S.A. at the Extraordinary Shareholders’ Meeting held on September 10, 2013.

At the Company’s Extraordinary Shareholders’ Meeting held on November 21, 2013, the aforementioned documents were approved, as well as the exchange ratio and the capital increase by $ 58,858, through the issuance of 58,857,580 ordinary book-entry Class “B” shares, with a face value of $ 1 (figure stated in Pesos) and one vote per share, entitled to take part in the distribution of profits as from the fiscal year commenced on January 1, 2013.

On December 18, 2013, the Final Merger Agreement was signed and executed by public deed pursuant to the provisions of Section 83, Subsection 4 of the Corporations Law. Therefore, the Company incorporated the aforementioned companies by absorption, in effect as of September 1, 2013. In this way, 25,454,193 Class “B” shares of the controlled company the Bank, representing 4.526585% of the capital stock, owned by Lagarcué S.A. and Theseus S.A., were incorporated.

Consequently, the Company held 560,199,603 shares of the Bank, representing 99.621742% of the Company’s capital stock and 99.621742% of votes.

On February 27, 2014, through Resolution No. 17300, the Board of Directors of the National Securities Commission (C.N.V.) gave its consent to the merger by absorption of the Company (as merging company) with Lagarcué S.A. and Theseus S.A. (as merged companies) and to Grupo Financiero Galicia S.A.’s capital increase, ordering its registration.

The dissolution by absorption of each of the merged companies and the merger by absorption by the merging company were registered on June 12, 2014, while the capital increase of the merging company was registered on July 10, 2014.

84

GRUPO FINANCIERO GALICIA S.A.

INFORMATIVE REVIEW AS OF JUNE 30, 2014 AND DECEMBER 31, 2013

Figures Stated in Thousands of Pesos ($)

BANCO DE GALICIA Y BUENOS AIRES S.A.’S ACQUISITION OF MINORITY SHAREHOLDING

On February 25, 2014, Grupo Financiero Galicia S.A.’s Board of Directors resolved the following:

i. to issue the statement of willingness to acquire provided for in Section 91, Subsection b) of Law No. 26831 with regard to all the remaining shares of the Bank held by third parties;

ii. to approve the criterion suggested by the Management Division on the fair price provided for in Section 91, second paragraph, of Law No. 26831, and establish it in $ 23.22 (figure stated in Pesos) for each remaining share held by third parties;

iii. to request the National Securities Commission’s immediate withdrawal of the Bank from the public offering and listing at the Buenos Aires Stock Exchange, under the terms of Section 94, third paragraph, of Law No. 26831;

iv. to appoint the Bank as the financial institution where the Company shall deposit the amount corresponding to the total value of the Bank’s remaining shares; and

v. to give the Bank notice of the statement of willingness to acquire.

On April 24, 2014, the Board of Directors of the C.N.V. approved the unilateral statement of willingness to acquire issued by the Company. Thus, on May 6, 2014, the amount corresponding to the total value of the Bank’s remaining shares was deposited. The C.N.V.’s approval of the aforementioned proceedings was registered with the Corporation Control Authority (I.G.J.) on July 14, 2014.

On August 4, 2014, the statement of willingness to acquire was executed by public deed, which makes the Company the owner, by operation of law, of all of the Bank’s existing shares, pursuant to the provisions of Section 95 of Law No. 26831.

FINANCIAL STRUCTURE – MAIN ACCOUNTS OF THE CONSOLIDATED BALANCE SHEET

	06.30.14		06.30.13		06.30.12		06.30.11		06.30.10
Assets
Cash and Due from Banks		14,687,978		8,249,087		6,636,540		5,546,723		3,999,529
Government and Private Securities		10,322,671		3,803,370		5,210,711		5,246,016		3,627,061
Loans		58,846,394		48,276,641		34,183,981		26,079,557		17,028,298
Other Receivables Resulting from Financial Brokerage		6,473,005		5,185,908		5,137,293		4,541,679		3,207,595
Receivables from Financial Leases		1,084,585		985,189		625,632		501,986		343,641
Equity Investments		57,165		78,719		65,324		47,407		54,172
Bank Premises and Equipment, Miscellaneous Assets and Intangible Assets		3,307,373		2,706,343		2,113,245		1,639,966		1,463,719
Other Assets		1,642,805		1,383,734		1,193,484		1,249,544		877,860
Total Assets		96,421,976		70,668,991		55,166,210		44,852,878		30,601,875
Liabilities
Deposits		58,564,028		44,131,259		33,236,833		27,081,852		18,554,009
Other Liabilities Resulting from Financial Brokerage		23,393,021		16,361,853		13,945,357		11,538,254		6,690,289
Subordinated Negotiable Obligations		1,916,614		1,334,391		1,053,058		939,477		1,208,342
Other Liabilities		3,456,099		2,553,462		2,163,727		1,936,232		1,664,613
Minority Interest		659,635		781,558		612,563		435,820		325,943
Total Liabilities		87,989,397		65,162,523		51,011,538		41,931,635		28,443,196
Shareholders’ Equity		8,432,579		5,506,468		4,154,672		2,921,243		2,158,679
Total Liabilities and Shareholders’ Equity		96,421,976		70,668,991		55,166,210		44,852,878		30,601,875

85

GRUPO FINANCIERO GALICIA S.A.

INFORMATIVE REVIEW AS OF JUNE 30, 2014 AND DECEMBER 31, 2013

Figures Stated in Thousands of Pesos ($)

INCOME STATEMENT – MAIN ACCOUNTS OF THE CONSOLIDATED INCOME STATEMENT

	06.30.14		06.30.13		06.30.12		06.30.11		06.30.10
Net Financial Income		4,785,937		3,060,178		2,504,867		1,624,856		894,775
Net Income from Services		2,522,752		1,961,905		1,470,622		1,134,390		810,667
Provision for Loan Losses		1,248,470		875,684		604,344		366,347		235,999
Administrative Expenses		4,343,128		3,543,351		2,696,425		1,918,009		1,219,484
Net Income from Financial Brokerage		1,717,091		603,048		674,720		474,890		249,959
Other Miscellaneous Income		773,635		543,857		327,966		248,662		(42,711	)
Income Tax		961,783		486,165		381,877		246,981		109,168
Net Income		1,523,945		660,740		620,809		476,571		98,080

STRUCTURE OF THE CONSOLIDATED STATEMENT OF CASH FLOWS

	06.30.14			06.30.13			06.30.12			06.30.11			06.30.10
Funds Provided by (Used for) Operating Activities		4,097,519			(1,433,885	)		272,603			222,465			1,619,393
Funds (Used for) Investing Activities		(192,211	)		(163,999	)		(79,968	)		(130,128	)		(266,675	)
Funds Provided by (Used for) Financing Activities		233,922			746,512			187,287			1,727,124			(381,659	)
Financial Results and by Holding of Cash and Cash Equivalents		1,276,774			283,155			135,846			110,233			72,767
Total Funds Provided or Used during the Period		5,416,004			(568,217	)		515,768			1,929,694			1,043,826

RATIOS

LIQUIDITY

Since the consolidated accounts mainly stem from the Bank, the individual liquidity ratio for the Bank is detailed as follows:

	06.30.14		06.30.13		06.30.12		06.30.11		06.30.10
Liquid Assets (*) as a Percentage of Transactional Deposits		84.82		53.15		69.77		74.08		66.05
Liquid Assets (*) as a Percentage of Total Deposits		40.11		25.63		36.56		39.64		35.27

(*) Liquid Assets include cash due from banks, Lebacs and Nobacs, net call money, short-term placements in correspondent banks, Special Guarantees Accounts at the Argentine Central Bank and repo and reverse repo transactions with the local market.

SOLVENCY

	06.30.14		06.30.13		06.30.12		06.30.11		06.30.10
Solvency		9.58		8.45		8.14		6.97		7.59

CAPITAL ASSETS

	06.30.14		06.30.13		06.30.12		06.30.11		06.30.10
Capital Assets (*)		3.49		3.94		3.95		3.76		4.96

(*) Equity investments, bank premises and equipment, miscellaneous assets and intangible assets/total assets.

PROFITABILITY

	06.30.14		06.30.13		06.30.12		06.30.11		06.30.10
Return on Average Assets (*)		3.68		2.34		2.79		2.92		1.06
Return on Average Shareholders’ Equity (*)		39.27		25.77		33.07		35.29		9.33

(*) Annualized.

86

GRUPO FINANCIERO GALICIA S.A.

INFORMATIVE REVIEW AS OF JUNE 30, 2014 AND DECEMBER 31, 2013

Figures Stated in Thousands of Pesos ($)

EQUITY INVESTMENTS

BANCO DE GALICIA Y BUENOS AIRES S.A.

Founded in 1905, the Bank is one of the largest private-sector banks in the Argentine financial system, and one of the leading providers of financial services in the country. As a universal bank, through affiliated companies and a variety of distribution channels, the Bank offers a full spectrum of financial services to both individual and corporate customers.

The Bank operates one of the most extensive and diversified distribution networks of the Argentine private financial sector, offering 261 branches, together with 391 points of contact gathered between regional credit-card companies and Compañía Financiera Argentina S.A. During the first half of fiscal year 2014, the Bank recorded net income of $ 1,446,856, while during the same period of the previous fiscal year it had recorded net income for $ 705,669. The increase in income for the period, when compared to the first half of fiscal year 2013, mainly resulted from the increase in net operating income (net financial income plus net income from services) (41.4%), offset by higher provisions for loan losses (42.6%) and administrative expenses (22.2%). The positive evolution of net operating income was due both to an increase in net financial income, amounting to $ 1,600,749 (51.3%), and to higher net income from services amounting to $ 611,282 (27.5%). During the first semester of fiscal year 2014, the Company established provisions for loan losses of $ 1,248,470, $ 372,786 higher than those established for the same period of the previous fiscal year, an increase both regarding corporations and individuals. Administrative expenses for the period totaled $ 4,199,208, increasing 22.2% when compared to the same period of the previous fiscal year. Personnel expenses grew 19.8%, mainly due to the salary increase agreed upon with unions, offset by the decrease in staff. The remaining administrative expenses showed a 25.5% increase, mainly due to the increase in the costs related to the different services rendered to the Bank. The income tax charge amounted to $ 928,163, $ 444,724 higher than that for the first half of fiscal year 2013. Banco Galicia’s credit exposure to the private sector amounted to $ 70,084,062, showing a 21.0% growth during the last twelve months. Meanwhile, deposits reached $ 58,906,968, growing 32.2% when compared to the same period of the previous fiscal year. As of June 30, 2014, the Bank’s estimated share in loans to the private sector was 8.65%, while in deposits from the private sector its share was 8.93%, when compared to 9.11% and 8.98%, respectively, for the previous fiscal year.

NET INVESTMENT S.A.

Grupo Financiero Galicia S.A.’s equity investment in Net Investment S.A.’s capital stock is 87.50%, whereas the remaining 12.50% is owned by the Bank.

Net Investment S.A. was created to carry out Internet business transactions.

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 represents 0.19% of corporate capital.

SUDAMERICANA HOLDING S.A.

Sudamericana Holding S.A. is a holding company providing life, retirement, property insurance and insurance brokerage services. The equity investment held by the Company in this company is 87.50%. The Bank has the remaining 12.50%.

The insurance business undertaken by the Company is one of the most important aspects of the Company’s general plan 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 amounted to $ 819,400 during the fiscal period commenced on January 1, 2014 and ended on June 30, 2014. As of June 30, 2014, these companies had approximately 6 million policies/certificates in all their insurance lines.

From a commercial standpoint, 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 2014 exceeded that for the same quarter of the previous year by 32%.

87

GRUPO FINANCIERO GALICIA S.A.

INFORMATIVE REVIEW AS OF JUNE 30, 2014 AND DECEMBER 31, 2013

Figures Stated in Thousands of Pesos ($)

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 productive sector as an additional credit instrument, also rendering a full spectrum of services related to inventory management.

Its shareholders are Grupo Financiero Galicia S.A., which holds an 87.5% equity investment in the company, and the Bank, which holds a 12.5% interest.

The company has its corporate headquarters in Buenos Aires and an office in the city of Tucumán, through which it carries out its transactions in the warrants market and as well includes other services related to its main activity, for different regional economies and geographic areas of the country.

During the first half of 2014, deposit certificates and warrants were issued for $ 599,635, regarding merchandise under custody located throughout the country.

As of June 30, 2014, Galicia Warrants S.A. obtained income from services amounting to $ 15,199.

GALICIA ADMINISTRADORA DE FONDOS S.A. SOCIEDAD GERENTE DE FONDOS COMUNES DE INVERSION

On April 7, 2014, the Bank presented the Company with an offer to sell 19,000 shares of Galicia Administradora de Fondos S.A. Sociedad Gerente de Fondos Comunes de Inversión, representing 95% of the aforementioned company’s capital stock, being the offer considered accepted at the time the buyer made a payment equivalent to 25% of the total purchase price.

On April 15, 2014, Grupo Financiero Galicia S.A.’s Board of Directors approved the purchase of 95% of Galicia Administradora de Fondos S.A. Sociedad Gerente de Fondos Comunes de Inversión’s capital stock, and paid 25% of the total agreed price, which amounted to $ 39,482.

Galicia Administradora de Fondos S.A. Sociedad Gerente de Fondos Comunes de Inversión administers the FIMA mutual funds distributed by the Bank (custodial agent of collective investment products corresponding to mutual funds), through its broad channel network (branches, electronic banking, phone banking), to different customer segments (institutional, corporate and individual customers).

As of December 31, 2013, FIMA funds amounted to $ 6,631 million, representing a 9.1% market share. During this six-month period of January 1, 2014 through June 30, 2014, the volume of FIMA funds increased 6.9%, reaching $ 7,089 million. This increase in volume mainly took place in the wholesale banking customer segments (both institutional and corporate customers), particularly regarding FIMA Premium, FIMA Ahorro Pesos and FIMA Ahorro Plus.

Once the new Capital Markets Law had become effective, Galicia Administradora de Fondos S.A. sent the C.N.V. the documents necessary so that the Company, which acts as manager, could comply with its role as manager of collective investment products corresponding to mutual funds. The outlook for this fiscal year is that mutual funds will continue growing, as well as the businesses related thereto, within the framework of the new Capital Markets Law, including advisory services and management of discretionary investment portfolios.

OUTLOOK

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

Buenos Aires, August 7, 2014.

88

REPORT OF THE SUPERVISORY SYNDICS’ COMMITTEE

To the Directors of

Grupo Financiero Galicia S.A.

Tte. Gral. Juan D. Perón 430 – 25^th floor

Buenos Aires

1. We have performed a limited review of the Balance Sheet of Grupo Financiero Galicia S.A. (the “Company”) as of June 30, 2014, 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 16, and Schedules A, B, C, D, E, G and H, which supplement them, which have been submitted by the Company for our consideration. Furthermore, we have performed a limited review of the consolidated financial statements of Grupo Financiero Galicia S.A. and its controlled companies for the six-month period ended June 30, 2014, with Notes 1 to 38, which are presented as supplementary information. The preparation and issuance of those financial statements are the responsibility of the Company.

2. 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. SRL, who submitted their limited review report on August 7, 2014, 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 financial statements, the objective of which is to render an opinion on the financial statements taken 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.

We also report that, in compliance with the legality control that is part of our area 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.

3. 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 and preparing the consolidated financial statements of the Company. As mentioned in Note 1.16 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 Buenos Aires.

4. 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, 2014 and its consolidated financial statements at that date, detailed in paragraph 1 above, were prepared in accordance with Argentine Central Bank regulations and, except as mentioned in paragraph 3 above, with accounting standards applicable in 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 area of competence, we have no observations to make.

As regard to the Additional Information to the Notes to the Financial Statements required by the National Securities Commission (text amended in 2013) and by Section 68 of the Rules and Regulations of the Buenos Aires Stock Exchange, the Supplementary and Explanatory Statement by the Board of Directors required by the Rules concerning Accounting Documentation of the Córdoba Stock Exchange Regulations, and the Informative Review, we have no observations to make insofar as concerns our area 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.

Buenos Aires, August 7, 2014.

Supervisory Syndics’ Committee

LIMITED REVIEW REPORT

To the Chairman and Directors of

Grupo Financiero Galicia S.A.

Legal Domicile:

Tte. Gral. Juan D. Perón 430 – 25^th floor

Buenos Aires

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

1. We have performed a limited review of the Balance Sheet of Grupo Financiero Galicia S.A. as of June 30, 2014, and the related Income Statements, Statements of Changes in Shareholders’ Equity and Statements of Cash Flows for the six-month periods ended June 30, 2014 and 2013, as well as supplementary Notes 1 to 16 and Schedules A, B, C, D, E, G and H, 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, 2014, and the Consolidated Income Statements and Consolidated Statements of Cash Flows and Cash Equivalents for the six-month periods ended June 30, 2014 and 2013, together with Notes 1 to 38, which are presented as supplementary information. The preparation and issuance of those financial statements are the responsibility of the Company.

2. Our reviews were 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’s 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.

3. 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 and preparing the consolidated financial statements of the Company. As mentioned in Note 1.16 to the consolidated financial statements, the above-mentioned 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 Buenos Aires.

4. On February 18, 2014, we issued our audit report on the Company’s financial statements and consolidated financial statements for the fiscal years ended December 31, 2013 and 2012 with an unqualified opinion regarding the Argentine Central Bank regulations and an except-for qualification due to 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, 2013 and 2012 mentioned in item 4 of this report, we express the following:

a) the financial statements of Grupo Financiero Galicia S.A. as of June 30, 2014 and 2013 and its consolidated financial statements at those dates, detailed in item 1 above, were prepared in accordance with Argentine Central Bank regulations and, except as mentioned in item 3 above, with professional accounting standards applicable in 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.

b) the comparative information included in the stand-alone and consolidated balance sheet and in the supplementary Notes and Schedules to the accompanying financial statements stems from financial statements of Grupo Financiero Galicia S.A. as of December 31, 2013.

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

a) 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 area of competence, are in compliance with the provisions of the Corporations Law, and pertinent resolutions of the National Securities Commission.

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

c) we have read the Additional Information to the Notes to the Financial Statements required by Section 68 of the Buenos Aires Stock Exchange regulations and Title IV, Chapter III, Article 12 of the amended text of the regulations of the National Securities Commission (text amended in 2013), the Supplementary and Explanatory Statement by the Board of Directors, required by the Rules concerning Accounting Documentation of the Córdoba Stock Exchange Regulations and the Informative Review, about which, insofar as concerns our area of competence, we have no significant observations to make.

d) as of June 30, 2014, 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 $ 177,375.36, which was not yet due at that date.

e) as required by Article 2 of General Resolution No. 595 issued by the National Securities Commission, we report that:

e.1) Grupo Financiero Galicia S.A.’s corporate purpose is exclusively related to financial and investment activities.

e.2) the investment in Banco de Galicia y Buenos Aires S.A. represents 93.64% of Grupo Financiero Galicia S.A.’s assets and it is the Company’s main asset.

e.3) 95.13% of Grupo Financiero Galicia S.A.’s income stems from the equity investment in the Bank mentioned in e.2).

e.4) Grupo Financiero Galicia S.A. holds a 100% equity percentage in the capital stock, thus having a controlling interest in the Bank mentioned in e.2).

Buenos Aires, August 7, 2014.

PRICE WATERHOUSE & CO. S.R.L.